Clients are not required to be physically present in the Seychelles in order to set up and administer their entities and bank accounts and there is no requirement to file annual returns and accounts for IBCs. This means that remaining in good standing with the registrar usually involves the simple matter of paying the annual government fee. There is no requirement to have a corporate seal. Other important advantages include a wide availability of names as well as the accessibility of ready-made or aged helf companies. The Seychelles aims to provide international clients with the widest choice and room to manoeuvre once they are in the islands. The nation efforts include having more double taxation agreements (especially with African nations), the recent introduction of a Foundations Act, a Mutual Funds Act and a new Insurance Act, all of which clearly show its commitment to a flexible regime. The Seychelles is also fortunate to be in a convenient time zone to assist clients from Western Europe to the Far East during working hours. Politically, the islands are very stable, especially since all parties are in favour of developing the financial services industry further. There are no concerns about sudden and drastic changes in the operating environment because the regulators and Government take a cautiously compliant approach to global pressures. With the political establishment giving full support to international business, it is relatively easy to introduce new and innovative legislation, to improve existing legislation and to have more double taxation agreements. Service providers are permitted an effective input in the direction that the jurisdiction takes. Very important in assessing the Seychelles attractiveness as a fiduciary centre is its main corporate vehicle, the International Business Company (IBC). At the beginning of this July there were 76896 IBCs on the register and over the last 4 or 5 years Seychelles has been one of the fastest growing IBC jurisdictions in the world. Growth is being driven by increasing demand for IBCs in Asia and by restrictions introduced by other jurisdictions on their own IBCs. The company with special licence (CSL) is proving to be popular as well and over 230 have been formed since its introduction in 2004. Unlike the IBC, the CSL is a Seychelles tax resident and can therefore also benefit from Seychelles growing network of double taxation agreements. ACT Director Mr. Pragassen noted that Seychelles appearance on an OECD White List has had a positive effect on the fiduciary services in the islands. hile staying on the white list will not be easy, overall, the challenge is helping our business. The higher requirements are helping to weed out the casual service providers who compete on price alone instead of quality. The survivors are only getting better he said. Seychelles is a rising star in the world of fiduciary centres. Its biggest challenge will be to remain compliant with emerging international requirements in order to remain on the white lists, while at the same time remaining competitive as a jurisdiction. Mr Pragassen said this situation also presents Seychelles with many opportunities. his could also afford us with opportunities where caution combined with our ability to adapt quickly may present us with further advantages over other similar jurisdictions who may react to international pressures too hastily he said. Seychelles enjoys good relationships with many countries and is currently working on developing its business ties with African nations further in the hope that Seychelles can be used as a base by Asian businesses looking to invest in Africa. Seychelles also has a strong relationship with China and China has one of its largest embassies in Seychelles. ACT Offshore is based in Seychelles but has extensive and proven connections with fellow service providers in most other jurisdictions. It offers its clients a range of fiduciary services in Seychelles and refers gratuitously to other professionals in the other jurisdictions when appropriate. The firm work involves the formation and maintenance of Seychelles IBCs, trusts and CSLs, and it also registers yachts under the Seychelles flag if owned by Seychelles IBCs. A.C.T. Offshore maintains the most extensive list of ready-made companies in Seychelles.
