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Featured Seychelles CSL company for financial services

Discussion in 'Offshore Company & Bank Account Guides' started by Admin, Aug 5, 2016.

  1. Admin

    Admin Forum Moderator The Forum Cleaner

    Seychelles CSL company is not very known by the public, but can have a huge impact if you are doing business with China, India Russia and the most of the Baltic countries, regardless if you are selling or buying to those countries the profit impact a Seychelles CSL Company can have is enormous.

    Actually it is very easy and fast to incorporate a Seychelles CSL Company, what one will need is not only the CSL but also to have a intermediate holding company situated within the EU, Cyprus is used to be the place of incorporation for such an intermediate holding company because of the double taxation agreement Cyprus has with the Seychelles and the normally low corporate tax of only 10%, in this case mentioned where the Cyprus company will act as intermediate for the Seychelles company the Cyprus company will be exempted from any tax (0% tax) which increase the net profits of the beneficial owners / shareholders.

    Key features / Can do business as / undertake the business of:

    • Access to double tax treaties
    • Low tax status, almost no tax 1.5% with exemption
    • Investment management and advice Offshore banking / banking in general
    • Insurance and re-insurance
    • Investment services including Forex Trading, Mutual Funds handling
    • Operate under the Seychelles International Trade Zone License
    • Can engage in any business upon approval by the Seychelles International Business Authority
    • No capital gains tax
    • No Seychelles withholding tax on profits distributions
    • No Stamp Duties Double tax Treaty with China which reduces dividend, royalty and interest withholding tax to between 5% - 10%
    Key Requirements to register a Seychelles CSL company:

    • Copy of Passport and utility bill not older than 3 months
    • Reference letter from Lawyer
    • Reference letter from a bank
    • Passport copy must be notarized by a lawyer / notary
    • Resume from the beneficial owners / Directors and Shareholders
    • Objectives of the company
    • Type of activity the company will engage in
    • Capital Investment details
    • Detailed 3 years cash flow forecasts
    • Date of proposed commencement of business
    • Registered Office
    • Registered Company Secretary
    Secrecy:
    PLEASE NOTE THAT INFORMATION RELATING TO THE BENEFICIAL OWNERSHIP SHAREHOLDING OF THE COMPANY WILL NOT BE SUBMITTED TO THE REGISTRAR OF COMPANIES. THIS INFORMATION WILL BE RETAINED BY THE AUTHORITY AND IS PRESERVED IN SECRECY AS PER SECTION 22 OF THE COMPANIES (SPECIAL LICENSES) ACT, 2003.

    An oath of secrecy in a prescribed form is required by every person with knowledge relating specifically to the shareholding of a Special License Company. No unauthorized persons shall disclose any information contained in any document relating to the performance and duties to be conducted under the Companies (Special Licenses) Act, 2003, except for proceedings under the Penal Code, Anti-Money Laundering Act or the Business Tax Act. Contravention of these provisions can result in a fine not exceeding SR 10,000 or three years imprisonment or both.

    KYC and DD (Due Diligence) must include the following:

    That, in compliance with our obligations under the International Corporate Service Providers Act 2003 and the Anti-Money Laundering Act 2006, we have conducted all necessary enquiries and due diligence checks, and obtained satisfactory proof of identity and address such as to enable us to “know our clients” in respect of the CSL.

    The information we have supplied to the Authority is, to the best of our knowledge and belief, true and correct and is current and that it would not improperly bias the approval/application process in anyway or form.

    That, to the best of our knowledge, information and belief, should the CSL license be approved, the CSL shall only carry on with the activity(ies) which has been disclosed and approved by the Authority.

    That the CSL shall be bound by the statutory requirements of the Companies (Special Licence) Act 2003, read with the Companies Act 1972, and the conditions specified on the CSL Special License.

    That the Authority shall be at liberty to exercise its duties and obligations to impose penalties should the applicant or its agent (CSP) be found to be in breach of any of their obligations and duties or having committed any act that may bring or has brought Seychelles into bad repute.

    Main differences from regular IBS Seychelles Companies & Seychelles CSL Company:
    • The application will need to include the beneficial owner details
    • Memorandum of Articles of Association
    • Declaration containing the names and addresses of the directors and company secretary
    • Accounts, returns and beneficial ownership information must be filed, but not made public
    • 1.5% corporate tax with complete exemption from withholding tax and fully treaty access
    • Min. 2 directors need to be appointed and need to be resident in the Seychelles
    • Corporate directors are not allowed
    • A Seychelles secretary is required
    • A Seychelles CSL company can conduct Financial Services in the Seychelles.
    Government fees by SIBA the Seychelles authority for Seychelles companies:
    • Application fee for the Seychelles CSL Company US$200 + 5% Tax
    • Annual License Fee US$1.000 + 15% Tax upon renewal 7.5%
    • Annual return filing fee US$200 + 5% Tax
     
    maxmoney, uplana, hungryit and 2 others like this.
  2. zohoman

    zohoman Member Entrepreneur

    Is the the answer to a Financial license in the Seychelles or rather something inbetween?
     
    uplana likes this.
  3. hungryit

    hungryit Member Entrepreneur

    Do you know if this is good for private Investment? for instant bitcoins?
     
    maxmoney likes this.
  4. auric

    auric Offshore Agent Mentor Group Sponsor Business Angel

    Does someone know if a BitCoin Exchange or e-wallet service is allowed with a CSL in the seychelles? I plan to incorporate my own exchange service and maybe even develop my own e-wallet service. I just need a friendly country to do that.
     
    maxmoney and uplana like this.
  5. uplana

    uplana Corporate Services Business Angel

    That's actually a good question @auric I would consider a seychelles csl corp if we can use it for the purpose of financial service company!
     
  6. maxmoney

    maxmoney Mentor Group Mentor Group Sponsor

    I would like to know if this will work for bitcoin exchange services? say I want to offer my services public!