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Would Seychelles jurisdiction fit my needs?

Maikkelson

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Jun 19, 2020
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Hello. I would need a BIC and a bank account without too high annual maintenance costs for my online consulting company. I would also be taking in bitcoin payments if my customers prefer using them. The wallet would be the crypto.com's wallet. I know Seychelles is 0% tax and as much as i'm aware there are no audits. I'm looking into saving all the income from this business and then investing them later when i have enough funds. Would this be a suitable jurisdiction?

I'm also aware i could also register a company in my own country in Finland, but i would rather pass that route.... as in the coming few years i might be moving into USA. Of course at that time i might have to pay some taxes when depositing the money to a domestic bank. Not sure about that though.
 
The Seychelles IBC would be tax resident in Finland, it would be the same as if you opened a Finnish company from tax perspective (unless you live in a tax haven).

IBCs are by default not resident in the country of registration, you either need to move to or set up an office in a tax haven.

If you're planning to move to the US you'll be fucked even harder by the IRS so I suggest you rethink your strategy.
 
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Because that’s the most common way people laundered money and evaded taxes in the past.

So they will demand Proof of work, Proof of Good substance in the Seychelles (or any other jurisdiction) and much more - which you won’t be able to provide as far as I can see. And when you tell the tax authorities that you have been using crypto to receive all your payments, they will get even more suspicious.

Result: they will deny your invoices and your customers won’t be able to deduct the payment.

There aren’t many options other than moving and creating substance. Or go down the dark way - but: that will need much more work than a Seychelles IBC.
 
1. Invoices issued from Seychelles company for customers in the EU will be accepted, but withholding tax in rate 35 % from each payment will be withheld. What does it mean? If you issue invoice from company in Seychelles to some company in Finland in am,ount of 1000 Eur, customer will pay you just 650 Eur. 350 Eur will be withheld and sent to a Tax authority of Finland with a Withholding tax report. It does not make any sense to issue invoices from Seychelles company to Finland. The most of countries does not have a DTT with Seychelles.

2. If you are a Finland tax resident, Seychelles company will be considered to be a tax resident of Finland. You will be responsible to pay for all accounting, auditing, tax filling in Finland..

3. There is probably no serious bank in a world willing to open a bank account for a company incorporated in Seychelles.
 
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I wonder if Alsalam Bank in the Seychelles open accounts for Seychelles companies and if it would be a trustworthy bank.
 

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