- Population
- Area
- Location
- GDP/nation
- GDP/person
- Seychelles
- 80,000
- 455 km2
- West Indies
- USD740million
- US$ 9,036
- Mauritius
- 1,250,000
- 2,040 km2
- East Indian Ocean
- USD7.07billion
- US$ 5,652
- BVI
- 20,000
- 153 km2
- Caribbean
- USD860million
- US$36,343
Seychelles, following a foreign policy of neutral stance, non-aligned and neighborly harmony, keeps out of the Black-List of OECD with a good image. As a member of IOC, Non-Aligned Movement, African Union and COMESA, Seychelles also boast the head office of IOTC there. So far to 2008, Seychelles has signed DTT with 14 countries including China, Vietnam, Thailand and Indonesia. It has convenient transport facilities like Mah Island Airport and Praslin Airport. There are direct flights to major countries all over the world.
| Seychelles | Mauritius GBC1 |
||
| IBC | CSL | ||
| CN Embassy | 14 days | 14 days | 40 days |
| VN Embassy | 21 days | 21 days | 40 days |
| TW Embassy | 40 days | 40 days | 40 days |
| Ready-made Co. | 2 days | No | No |
| Tailor-made Co. | 7 days | 21 days | 45 days |
There are two types of offshore company: 1. International Business Company (IBC) 2. Companies Special License (CSL). IBC is an effective tool for offshore business for its zero taxation, which is similar with that in BVI and Belize in the way of one director/ shareholder (individual or corporation), no local director and Financial Report, registered/ bear share at min. US$1 per share, no paid-up capital, and Chinese, English or other languages company names. But a registered address and secretary are required. PPM can offer you such services. Seychelles has established diplomatic relationships with almost all major countries which also have embassies located there; therefore, the documents can be notarized promptly while in BVI, it may be delayed for an upper approval by UK Foreign Ministry and London Embassy after the notarization by BVI government.
| Seychelles CSL |
Mauritius GBC1 |
|
| Disclosure Of Shareholder | Undisclosed | Disclosed |
| Minimum Shareholder | 2 | 1 |
| Minimum Director | 2 | 2 |
| Local Director | No | 2 |
| Local Meeting | No | Yes |
| Bear Share | No | No |
| Financial report | Yes | Yes |
| Withholding Tax | 5% | 5% |
| Company Income | 1.5 % | 3% |
| Annual Report Fee | US$200 | US$500 |
| Government Fee | US$1,000 | US$1,700 |
| Abstract Of Seychelles Double Tax Treaty | |||
| Withholding Tax (Legal) |
Dividend (Preferential) |
Royalty (Preferential) |
|
| China | 20% | 5% | 10% |
| Vietnam | 20% | 10% | 10% |
| Malaysia | 15% | 10% | 10% |
| Thailand | 20% | 10% | 15% |
| Indonesia | 20% | 10% | 10% |
| The current withholding tax rates are: 10% in China, Thailand and Indonesia; 0% in Vietnam and Malaysia. It may be changed at any time. |
Equipped with Seychelles CSL is for the same purpose as Mauritius GBC1 to take the low corporate income tax (1.5%) and the advantages of DTT. China adjusted its withholding tax from 0% to 10% in 2008. Under the Seychelles-China DTT, the withholding tax levied on the firm’s dividend is just 5%; meanwhile, 1.5% corporate income tax is avoided. Local management, resident director and local director meeting are not required for CSL. In short, IBC can act triangle/ multiple trading and as holding company; although IBC do not qualify to DTT, it can be changed into CSL whenever needed.
It's no need to provide the Share Register and Register of Director(s) to the government; the files of beneficiary owner are in high confidentiality and nondisclosure. Although the Share register and Register of Director(s) are required for government filing when transforming IBC into CSL, according to the rigorously confidential Company Act, querying the files of company is forbidden and the one disclose the file will get harsh punish. In Mauritius, the files can be easily accessed to with the payment of US$120 to Companies Registry. In BVI, bear share should be under custody with management fee from US$800 to US$1,350, and the identity and address of shareholders are compellingly registered according to the amended Company Act (2001). The company files are easily accessed to via the official website of Hong Kong and Singapore. Unlike IBC, CSL need to submit Audited Financial Report annually, as are GBC1 in Mauritius, companies in HK and Singapore. HK, Singapore or local banks can be used for opening A/C. Major Banks in Seychelles are as follows: 1. Central Bank in Seychelles 2. Barclays Bank 3. Banque Francaise de Commerce 4. Bank of Baroda 5. Seychelles Savings Bank Ltd.
Bank A/C is a key issue for offshore company operation in int'l investment and trade. Most people would like to choose Hong Kong, Singapore or Macau, the financial centre where is tax-free, with high privacy and no limitation on foreign exchange and capital, to open bank A/C considering privacy, cost and convenience. With the correspondent invoice address, it can handle the transfer of money and order instead of using local A/C which may cause trouble from tax authority audit. PPM could offer correspondent invoice address and secretary services of tel/fax/mail forwarding in those places.
| Registered capital | Seychelles | BVI BC |
|
| IBC | CSL | ||
| ≦US$ 50,000 | US$100 | US$1,000 | US$350 |
| ＞US$ 50,001 | US$100 | US$1,000 | US$1,100 |
Subject to Seychelles Company Act modified in October, 2007, the Gov. Annual License Fee is fixed at US$ 100 for IBC and US$ 1,000 for CSL regardless of the registered capital. The day pay the Fee is the day of incorporation. Despite the similar function between IBC & BC, CSL & GBC1, the annual government fees differ much from each other.