Seychelles: Types of Company
The vast majority of companies formed in the Seychelles for offshore purposes are incorporated under the International Business Companies Act 1994 (see below). However this law did not supersede the existing Companies Law 1972, which is based on English law and is used to form various types of company used by businesses trading in the Seychelles, and also for offshore businesses which are not permitted to use the IBC form, such as banks, insurance companies and mutual funds.
Companies formed under the Companies Act 1972 can be private companies limited by shares, by guarantee or hybrid; or they can be unlimited, but that is rare. Public companies can also be formed under the Act. For all these types of company, Memorandum and Articles of Association must be filed at the Companies Registry, along with the registration fee.
Foreign companies can re-establish themselves in the Seychelles by way of continuation without the necessity for reciprocal arrangements in the original country of incorporation. An IBC wishing to leave the Seychelles may do so.
In 2009, Foundations were added to the Seychelles financial services offering. In 2011, the government passed International Business Companies (Amendment) Act 2011 which requires all Seychelles companies to keep proper accounting records. The records are required to show the IBC's transactions and must enable an IBC's accounts to be prepared accurately. All records must be kept at the registered address of the IBC. If records are to be kept at a different location, the IBC is required to inform the registered agent of the location of the documentation. The new regulation provides for a fine of US$25 for each day of non-compliance.