You can have a Seychelles IBC for less than the government fee of a BVI company for example!
At the time of writing there were around 206,000 IBCs registered in Seychelles as opposed to well over a million in the BVI. Clearly there are still a lot of great names available in Seychelles.
The directors of a Seychelles IBCs must keep accounting records like bank statements, invoices, receipts, and contracts for material (important) transactions but they do not have to prepare financial statements (profit and loss, balance sheet and cash flow statements). There is NO requirement to file such statements and there is NO requirement to have such statements audited either.
Since the 16th of December 2013 bearer shares are no longer allowed in Seychelles. Some jurisdictions have chosen to immobilize or charge a higher annual fee but Seychelles decided to simplify its offerings by having only registered shares. When bearer shares were abolished in Seychelles it is estimated that around only 10% of IBCs had bearer shares in issue and bearer shares were already losing favour with banks and clients generally. We understand that Panama is the only other jurisdiction that still allows true bearer shares to be issued.
Interestingly Seychelles has managed to remain on the OECD white-list and to pass Phase I of the Global Forum Peer Review while retaining all the attractive features of its International Business Company offering. Largely this is because a Seychelles IBC does not offer any advantage to a foreigner over a Seychelles resident. A Seychelles resident can own and manage a Seychelles IBC and benefit from all the advantages of a Seychelles IBC including tax exemptions. There can be no claims of ring-fencing. Seychelles has a territorial tax system so only income derived from a source in Seychelles is taxed anyway. Seychelles was one of the first jurisdictions to be assessed by the OCED Global Forum for the Phase II tests and is expected to pass an updated review. Seychelles aims to be a compliant jurisdiction.
Seychelles is not a dependency of Great Britain and the British Crown, nor is it a dependency of an EU member state. This means it has more freedom to make its own rules particularly in regards to public filings and beneficial owner requirements.