Special License Company:
Special license Company is formed under the Companies Act 1972 and is awarded a Special License under the Companies (Special License) Act 2003.
CSL can carry on business inside and outside of Seychelles. The CSL is a tax resident of Seychelles. CSL status is only granted where the company is to hold investments or provide services to clients outside Seychelles
CSL is considered as tax efficient vehicle and the benefits of DTAA enable the clients to access any treaty jurisdiction with reduced / no taxes
Seychelles CSL has access to steadily expanding network of DTAA with jurisdictions like China, Thailand, Indonesia, Malaysia, Cyprus, South Africa, Botswana, Mauritius, and Oman Etc
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Authority |
The Act is administered and regulated by SIBA. (Seychelles International Business Authority) |
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Business that can be undertaken |
- Investment Management and advice
- Offshore Banking
- Offshore insurance
- Re – Insurance
- Any other business approved by SIBA
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Directors |
- Two individual directors required
- No provision for corporate director
- Local director required for access to DTAA
- Public has access to records of directors
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Share Holders |
- Minimum Number required is 1
- Corporate shareholders are permitted
- No requirement for local shareholder
- No public access to the records of shareholders
- Beneficial shareholder is allowed
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Company Secretary |
- Seychelles resident license company secretary required
- Company secretary could be a corporate body
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Capital |
- Standard currency used is US Dollar
- But, any other convertible currency is permitted
- 10% of the authorized share capital must be issued and paid up
- Authorized share capital US dollar 5000
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Shares |
- Bearer share are not permitted
- Registered shares are permitted
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Local Requirements |
- Registered Local Agent required
- Registered local office required
- Local Directors required to access DTAA
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Annual Requirement |
- Annual Audit required
- Annual filing of returns required
- Tax statements to be filed
- Public access to accounts not allowed
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Meetings |
- It is required to hold the annual general meeting
- Meetings can be held anywhere
- It can be on telephone or any other electronic means
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Tax consideration |
- A CSL is liable for Seychelles business tax at the rate of 1.5% on its world wide income.
- CSL is a Seychelles resident for taxation purposes.
- CSL is exempt from Seychelles withholding taxes on dividends, interest and royalties.
- CSL is exempt from tax duties on property and share transfer and other business transactions.
- CSL has access to DTAA
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Trade restriction |
- Certain activities cannot be carried out by CSL without appropriate additional license, like Mutual Fund activity
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