Seychelles Offshore Haven
Seychelles offshore haven is made up of approximately 115 islands located in the Indian Ocean the main island is also called Seychelles. The island country has a population of about 84, 000 inhabitants. The languages spoken in Seychelles are English, French and Seychelles Creole. Seychelles has a thriving economy which is dependent on tourism, foreign investment and the country’s manufacturing sector.
Seychelles offshore haven has been providing offshore services from 1995 when the Seychelles International Business Companies Act was implemented. The country is regarded as a tax haven and services such as offshore banking, ship and vessel registration, the formation of offshore trusts, exempt limited partnerships, offshore foundations and offshore insurance. Seychelles offshore haven also offers a company called the Seychelles Special License company. Seychelles is considered to be a superior offshore tax haven because the offshore services which the jurisdiction offers are of the highest qualities.
The offshore havens of the world are the countries which provide clients with low tax schemes, privacy, security, asset protection among other characterizes. Seychelles qualifies an offshore haven on all the above mentioned points. Seychelles as a tax haven provides clients and offshore entities alike with the opportunity for tax planning. Seychelles can be considered a pure tax haven as its International Business Companies are not taxed on its global incomes. A Seychelles IBC will pay no Seychelles income tax or corporate tax. Seychelles offshore haven does not have capital gains tax, estate tax or withholding tax.
A Seychelles offshore company is only responsible for paying a registration fee and annual license fees. Seychelles offshore trusts, Limited Partnerships and offshore foundations also enjoys the same tax status as the Seychelles offshore company paying no local taxes on foreign generated incomes. The Seychelles Special license companies pay Seychelles local taxes at a low rate of 1.5% of its annual profits generated from outside of the Seychelles and is considered to be a tax resident of the offshore tax haven.
The tax haven of Seychelles offers offshore banking at reputable banking institutions. Offshore banking in the tax haven is regulated by the Financial Institution Act which was passed in 2004. Like offshore companies and other offshore entities offshore bank accounts are not subjected to local Seychelles taxation. Seychelles offshore bank accounts benefit from privacy in Seychelles offshore haven. Some of the services offered by offshore banks in Seychelles include internet banking and debit and credit cards. Offshore banking services in offshore Seychelles are available for corporations and individuals.
Seychelles offshore haven provide its offshore clients and all offshore entities registered in the offshore tax haven with privacy. The information in offshore bank accounts cannot be given out by any bank official or bank employee if the consent of the bank accountholder has not been given. It is important to note that full confidentiality is withdrawn if the bank account holder is charged with participating in criminal activities such as money laundering and terrorism. The names of offshore companies’ shareholders and the names of the beneficiaries to offshore trusts and foundations are not made public so as to protect their interests.
Information about offshore corporations, foundations and offshore trusts cannot be divulged without the permission of the owners and beneficiaries. In terms of privacy the financial audits of offshore companies are not filed with the local tax authorities. This can be kept anywhere the shareholders of the corporation desire.
The government of the Seychelles offshore haven is dedicated to maintain the Seychelles tax haven as a reputable haven. The Seychelles International Business Authority (SIBA) which was put in place in 1995 is responsible for regulating and supervising international business in the tax haven and to ensure that all the legislations are adhered to. The Government ensures that the tax haven remains very competitive by modernizing legislation and ensuring that the persons providing offshore services are highly trained individuals and professional.