The Financial Service Authority Act 2013 was passed by Seychelles, which governs and safeguards one of the world’s fastest-growing International Business Companies (IBC) registries. The financial service authority, a branch of the Seychelles International Business Authority (SIBA), is in charge of regulating the non-bank financial services industry.
The Seychelles’ central bank, which was founded in 1983, has the authority to control and oversee the banking sector. It was one of the first nations in the region to pass the Anti-Money Laundering Act in 1996.
In the Seychelles, the banking industry is governed by a single licensing system that permits banks to operate both domestically and internationally (offshore) without the need for additional licenses.
There are many benefits to opening an offshore bank account in the Seychelles. Most banks offer a wide range of banking services, including multi-currency accounts, internet banking, and reasonable account deposits.
THINGS TO KNOW ABOUT OPENING OFFSHORE BANK ACCOUNT IN SEYCHELLES
Government intervention is minimal
Hundreds of foreign corporations are registered every day by the Financial Services Authority (formerly the Seychelles International Business Authority). Therefore, it is not unusual that the banking and financial services industries provide a sizable portion of the nation’s annual revenue. Because of this, local government agencies follow the minimal interference principle.
Full exemption from all local taxes, including corporate tax (applicable solely in the case of an international business company), is provided by having a Seychelles bank account. Additionally, there are no additional government fees that apply to offshore bank accounts in the Seychelles.
Online Banking Services
Accounts opened in Seychelles have access to internet banking services. Online services and applications make it possible to access both business and personal bank accounts held by Seychelles-based banks at any time, enhancing connectivity and convenience. Various ongoing transactions can be verified, and entities can transfer funds to and from the Seychelles account according to the needs of the customer.
Political stability
Offshore jurisdictions with stable economic and political conditions frequently draw foreign investors. The absence of instability in politics over the past 40 years is one benefit of offshore banking in the Seychelles.
Requirements
It is necessary to prepare the paperwork that Seychelles financial institutions properly require in order to open an offshore bank account. All initial shareholders of the company, including the owners, directors, and signatories, must provide certified copies of their passports, as well as proof of their residential address in the form of utility bills or bank statements.
A minimum deposit of $10,000 must be made within 4 weeks of the bank account’s establishment in order to open an offshore corporate bank account in the Seychelles. All corporate bank accounts in the Seychelles are subject to the $10,000 minimum balance requirement that must be kept in the offshore corporate bank account.
Refer to our guide on opening a corporate bank account in Seychelles for detailed information.
Confidentiality
International regulations that the jurisdiction of Seychelles is required to follow safeguard clients by guaranteeing the confidentiality and privacy of personal information. It is crucial to know that under Seychelles law, banks are occasionally obligated to report to and submit relevant financial details to tax authorities, and in the event of any disputes, the bank will then be required to divulge personal data.
Multilingual environment
As a former colony of both France and the British Empire, the Islands have a fairly volatile historical background. The two official working languages now are English and French, which are both widely spoken. A Seychelles company bank account ensures that the applicant will receive assistance from experienced employees who can communicate in their language.
Account Types
Personal, commercial, trust, and foundation offshore bank accounts are available in Seychelles. The applicant must choose the right account type based on their needs.
