Legal and Compliance
In Seychelles, the responsibility of legal compliance is not a one-time affair, but a continuous process. Below is the various Seychelles legal and compliance requirement to be followed by incorporated entities:
· International Business Companies (IBC) or offshore companies are only allowed to perform operations and act as signatories with entities outside Seychelles.
· IBCs are required to have a registered address in Seychelles and appointment of local agent with business license granted by the Seychelles International Business Authority.
· IBCs are not subject to corporate income tax, filing of financial statement and annual audit.
· IBCs do not have access to Double Tax Treaty arrangements.
· A company will be considered as a Special License Company (CSL Company) if such is awarded by the Seychelles Financial Services Authority.
· CLS companies are required to have at least two shareholders of any nationality, 2 individual directors of any nationality and 1 corporate secretary who is a resident in Seychelles.
· Limited liability companies are required to have at least two shareholders of any nationality, 2 individual resident directors and one resident company secretary.
· Branches of foreign companies in Seychelles must have 2 agents who are residing in the country.
· The branch office must have their own bank account. The parent company bears unlimited liability for the branch’s debts.
YourGlobalPro will assist you with Seychelles Legal and compliance requirements.
HR and Employment Law and Immigration / VISA
Below are some of the important points in relation to HR & employment law in Seychelles:
· Employment contracts may cover continuous employment, fixed term, part-time work or casual work.
· Paid annual leaves regardless of tenure is 21 days while paid annual sick leave is 30 days with a maximum of 60 days if employee is hospitalized.
· 12 weeks’ maternity leave is granted to female employees
· Visas are not required for entry into Seychelles, regardless of the nationality of the individual.
· Visitor’s permit is issued to foreigners arriving in Seychelles for a short stay. This permit is initially valid for the duration of the visit with a maximum of 1 month. This may be extended to 3 months but with additional fee.
· A letter to the immigration department is required for business visits
· Gainful occupation permits are necessary for foreigner wishing to work in Seychelles. This must be issued at least 2 weeks before the employee is to begin working.
· The holder of a residence permit is not allowed to be gainfully occupied in Seychelles. If an individual wants to work as an employee or engage in a business or profession, he or she must obtain a Gainful Occupation Permit.