• Only one director and one shareholder are required;
• A registered agent and a registered office in Seychelles is required;
• Shareholders, directors and officers need not be resident in the Seychelles and there is no stipulation as to their nationality;
• There is no minimum capital requirement; shares may be either registered or bearer and may be issued in any currency;
• Accounts need not be kept; however, if they are kept there is no requirement for an audit.
• No returns are needed of shareholders, directors or officers;
• Shareholders and directors meetings need not be held in the Seychelles and can be held by telephone;
• The Memorandum and Articles of Association are the only documents to be held on the public record;
• An IBC may issue bearer shares and shares of no par value; but bearer shares must be held in the custody of a local registered agent. IBC status is granted subject to certain conditions:
• No business may be transacted with residents of the Seychelles;
• No ownership interest in real property in the Seychelles is permitted; property may be leased for office use only; Banking or trust business may be carried on only if an appropriate license is issued;
• Likewise, a license is required to carry on insurance or re-insurance business;
• Engaging in the business of company management or providing registered facilities for Seychelles-incorporated companies is not permitted. IBCs are permitted various activities within the Seychelles without compromising their offshore status under the Act; these include:
• professional contacts with lawyers, accountants etc;
• preparation and maintenance of books and records;
• the holding of directors’ or shareholders’ meetings;
• ownership of shares in other Seychelles companies, whether under the Act or the Companies Act 1972;
• ownership of Government or Central Bank securities;
• ownership of a vessel registered in Seychelles.
