Seychelles is currently an independent republic within the British Commonwealth. The main element in economic development is free trade zone, as well as the fishing industry, based mainly on issuing the license for foreign vessels to catch tuna. Seychelles are characterized by a constant increase in the number of established banks and insurance companies, subsidiaries and representative offices. Type of a company used for international trade and investment is the international business company (IBC). Act 1994 “On International Business Companies (IBC)» is the basic law governing the activities of such companies. Name of IBC can be formulated in any language. International business companies, incorporated in the Seychelles, receive favorable treatment for carrying out of business, reflected in a full exemption from payment of local taxes. It was determined only a fixed annual fee of $ 100 for the maintenance of the company. Penalties for non-payment of the fee as follows:
• 10 %, if the annual fee was paid with the delay from 1 to 89 days;
• 50 %, the annual fee was paid with the delay more than 90 days.
There is no requirement of disclosure of the beneficiary (owner) of the company for international business companies incorporated in Seychelles. Consequently, complete confidentiality is guaranteed. It remains to add that there is no the necessity of rendering a report. And changes in legislation are not planned. Law “On Money Laundering” 1996, allowing domestic and foreign investment, requires, however, adhere to the highest international standards. There are certain restrictions on commercial activities, the international business company (IBC) cannot carry out the trade or own property in the Seychelles. These companies are prohibited from engaging in banking, insurance activities, asset management, reinsurance, fund management and asset management of other companies and other businesses, which in some degree connected with the insurance and banking activity.