Seychelles special license companies:
It is a domestic organization formed under the Companies Act 1972, and its granted a special license under the Act.
Seychelles Special License Companies, CSLs, are formed under the Companies Special License Act 2003, and it allows these entities to carry out businesses within and outside the territory.
Although a CSL is far more complicated and expensive than an IBC, it brings along a number of advantages. Since it is not a zero-tax company, an IBC, otherwise a low-tax company it is not included in the foreign blacklisting.
CSLs are benefited from the number of tax avoidance treaties Seychelles has signed. CSLs are considered tax-resident, which makes them less suspicious and easier to conduct business abroad.
As some businesses require specific regulations, CSLs are granted by the Seychelles International Business Authority, under the Act to carry out some of these businesses:
- Investment Company
- Holding Company
- Marketing Company
- Company Holding Intellectual Property
- Headquarters Company
- Human Resources Company
- Franchise Company
- Business under an Industrial Trade Zone license
- Any other approved by SIBA
CSLs are also authorized entities to operate under the Seychelles International Trade Zone License. As long as the CSL business is approved by the Seychelles International Business Authority, it can engage any activity. So, CSLs can carry out more traditional businesses, like international trading of goods and services.
Seychelles is partner of several Double Tax Treaties with these countries: China, South Africa, Indonesia, Oman, Zimbabwe, Malaysia, Botswana, Thailand and Mauritius.
- A CSL can carry on any business as permitted under the Schedule of the Act
- Bearer shares are not allowed
- Nominee shares are permitted
- Nominee shareholders are allowed
- The beneficial owners information, annual return and audited accounts have to be disclosed to the Registrar authorities, but the information is not publicly available
- It requires 2 directors, whom can be non-residents, and they have to be natural persons
- Complete confidentiality
- Seychelles legislation contains provision for redomiciliation, so foreign or Seychelles IBC may be continued as a CSL, and a CSL, in its turn, can be continued in another jurisdiction
- Seychelles CSLs is levied a 1.5% tax on worldwide income. Any foreign income derived by a CSL will be considered Seychelles-sourced.
- CSLs are exempt from withholding taxes on dividends, interest on royalties, and from stamp duties or share transfers and transactions
- Exemption from trade tax on all furniture and equipment imported into Seychelles for office use
All the tax exemptions the CSLs are entitle to, within Seychelles, remain in force for 10 years as of the date of the incorporation of the company, according to the Act. After the 10 years they continue in force, unless a written law states otherwise.
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