International Business Companies (“IBC”)

1. What are the allowable business activities of an IBC?
   An IBC can carry out a wide variety of activities, except those activities that involve the provision of financial services/acting as a financial intermediary. IBCs may not carry on business in Seychelles (subject to a number of statutory exceptions, such as opening a bank account, holding meetings & keeping records).
   
2. Do IBCs need to keep books & records and file financial statements?
   Books and records must be kept for all companies. However, these do not have to be filed at the Registrar’s office. The Registrar only needs to be aware of the address where such records are kept.
   
3. Can an IBC have an office and maintain a foreign exchange account in Seychelles?
   An IBC is allowed to have an office in Seychelles provided it is used for making or maintaining professional contact with various professionals such as counsels, attorneys, accountants, bookkeepers, trust companies, management companies, investment advisers or other similar persons carrying on business within Seychelles or to prepare or maintain books and records of the company within Seychelles.
   Also, all IBCs may have access to a foreign exchange account in Seychelles through an offshore bank account.
   
4. What information is made public for IBCs?
   Confidentiality of an IBC is guaranteed by law. There is no public disclosure of shareholders/owners or directors. All civil proceeding in respect of IBCs may be heard by a judge in chambers.
   
   The Registrar only maintains copies of the Memorandum and Articles of Association as well as copies of certificates of incorporation, good standing, change of name and other similar certificates.
   
5. Can an IBC invest in Seychelles?
   An IBC may hold shares, debt obligations or other securities in a domestic company in Seychelles. An IBC may also buy bonds or other securities issued by the Government of Seychelles.
   
   An IBC may also own or manage a vessel registered in the Seychelles under the Merchant Shipping Act, 1992.

1. How is an international trust created?
   An international trust may be created by an oral declaration, or by an instrument in writing, a will or codicil.
   
   There is a one-off registration fees payable to the Registrar and this amounts to US$ 115.
   
2. What is the applicable law of the trust?
   The Settlor chooses the law governing an international trust to be the proper law - the choice may be expressed or implied in the terms of the trust.
   
   An international trust is valid and enforceable in Seychelles.
   
3. Do we need to state the name(s) of the Settlor and / or beneficiary(ies)
   The names do not need to be disclosed, unless they are Seychelles citizens or a body corporate resident in Seychelles.
   
4. Is confidentiality maintained?
   Yes, it is maintained.
   
   Disclosure of any information or document relating to an international trust is strictly prohibited by law, except under an injunction of the Seychelles Supreme Court on application made by the Seychelles Attorney General and only for the purpose of an inquiry or trial into or relating to the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering.
   
5. What are the applicable taxes to Seychelles International Trusts?
   The tax is nil on international trusts registered in Seychelles. There is also no stamp duty or capital gains tax.
   
   There is no requirement for stamp duty or capital gains tax.
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7. What are some of the main features of the Seychelles International Trust Act 1994?
   Revocable and irrevocable Trusts are permitted.
   
   The trust or the transfer or disposition by a person creating an International Trust cannot be invalidated by any foreign rule of forced heirship.
   There are no restrictions on the accumulation of income.
   
8. Can the Settlors or Trustees become beneficiaries?
   Yes, this is possible.
   
   The Settlor, however, cannot at any time during the duration of the trust a resident of Seychelles. However, at least one trustee has to be a resident of Seychelles.
   
9. Are Charitable Trusts Allowed?
   Yes, an international trust may be charitable or non-charitable.