Licensing in the Seychelles

Companies which activities are subject to special licensing (hereinafter abbreviated as “CSL”)

Companies of this type are established and operate in accordance with the provisions of the Companies Act, which activities are subject to special licensing of 2003. Unlike international business companies, companies which activities are subject to special licensing can carry out activities both in the Seychelles and outside their territory. CSL is considered as a local company (in accordance with the Companies Act 1972), which is licensed to conduct a certain type of activity. These companies are given some advantages in taxation, in particular, the terms of double taxation treaties are applied to them.

The main features of CSL are as follows:

• Companies can conduct any type of activity that is determined to be permitted under the 2003 Law, including the activities of international holdings, the activities of head offices, franchise companies, marketing companies, companies that own intellectual property, investment companies, etc.;
• The issue of bearer shares is not permitted;
• Ownership of shares by nominal owners is permitted, and the name and place of registration of such owner must be submitted to the state registrar. The specified information is not public in the register;
• Foreigners can also own CSL shares;
• At least two directors must be appointed to manage the company, they are not required to be on the territory of the Seychelles;
• The requirement to appoint a corporate secretary of the company from the number of residents of the Seychelles is mandatory;
• Meetings of shareholders and directors may be held not in the Seychelles, using telephone or video communications;
• Companies are required to submit an annual audit report on the activities of companies;