Whenever we think about starting a business somewhere offshore, we think about the bigger countries: Germany, Italy, Great Britain, France, and so on. The bigger the country, the better the opportunity will be, right? Well, not exactly. Smaller countries or even republics can give even better opportunities.
The Republic of Seychelles is one of these examples. Composed of 115 islands spread in the northern area of Madagascar, Seychelles became an independent republic in 1974. Since then, it has created a strong infrastructure with steady growth. So, people wanting to open a business should seriously consider Seychelles.
Steps to Start a Business in Seychelles
To start a business in Seychelles, you need to go through a couple of steps. These are:
Figure Out the Company Type
Do you want to be a sole proprietor, or do you want to form a partnership with someone? Or perhaps you want to form an LLC. Perhaps a corporation is more to your liking? Figure out the requirements for each type of business, and determine which one works best for you.
Narrow Down the Industry
If you are planning to start a business, you probably already have an idea of what you want to do. If not, you need to think about the right niche for you. In Seychelles, some strong industries are housing, agriculture, healthcare, and clothing.
Register the Business
Now that you have the business basics set, it is time to register your business. Gather the paperwork necessary and go to the government agency. You can also do this online if you are registering from offshore. Remember that depending on the type of business that you have, you may need a business license.
Register With the Social Security Fund
After you register your business, you will need to register at the Social Security Fund. Bear in mind that this needs to be done within 7 days of registering your business. Otherwise, you may come across complications and may not be able to access your social security funds.
Now, all you have to do is get your business going. Start doing your branding, find the right suppliers, and start financing your business. It might take some time until profit begins to come, especially if that is your only business location. Still, with perseverance, patience, and good work, the money should start flowing.
Benefits of Doing Business in Seychelles
Starting your business in a country such as Seychelles has numerous advantages. There is a very good reason why so many people decide to go to this area. Here are the main advantages of setting up a “shop” in Seychelles.
It’s Very Easy
Opening a business in Seychelles is perhaps one of the easiest processes in the entire world. It usually takes no more than 24 hours to incorporate a business, and 48 hours at most if there are complications. Plus, the registration process is in English, making it very easy for international business owners that want to expand.
Seychelles is a country that is politically stable. For investors, this can be a very good thing. It means that your investments won’t be placed at risk. It also has strong connections with neighboring areas such as the UK, Asia, and Europe, making it a great place for trading goods. This political stability has only been increasing over the past couple of years, so it is a promising place for a successful business.
Low Living Costs
When you start a business, you will probably have some living expenses to take care of. In Seychelles, this can turn out to be very advantageous for you. The average living cost for two people is $1,317, with small properties starting at $903 in terms of rent. This is less expensive compared to other countries and will save you money in the long run.
Aside from Seychelles being very affordable to live in, the republic is also a tax haven. As an international business set up here, you will have no tax liability to the government. There are no audits or tax returns, and you only have to do the minimum reporting. This means that you can save money by getting an advantageous tax return, making it a great business place.
Modern Banking Solutions
Seychelles has a multitude of modern banking solutions, from regular currencies to cryptos. The forex brokers in the Seychelles Islands use multiple currencies in different types of bank accounts, allowing you to make various currency investments. With the right choices, this may easily prove beneficial for your business.
Seychelles may be a young democracy, but its infrastructure is very sound. The company depends on its tourism and fisheries, but considering its location, it has never been a problem. Seychelles enjoys the highest GPD per capital in the region, which is $12,306.
Great Support for Business Owners
Seychelles is very popular for entrepreneurs, and for a very good reason: you get all the support that you need. The majority of business owners do not want to go through the process of incorporation themselves, because they find it too difficult. However, in Seychelles, you can get a law firm or a different company to do the incorporation for you. This way, you will not have to worry about making a potential mistake or wasting precious time.
Few Yearly Requirements
In most countries, you need to file countless documents every year to keep your business going. Reports, fees, and certifications – you will have to maintain all of these if you don’t want your company to be annulled. Seychelles simplifies things for you by removing the bulk of documentation. Aside from maintaining a local agent and paying the yearly $100 fee for your business license, there is nothing much for you to do.
The Bottom Line
Starting a business in Seychelles is very easy, especially when you compare the process to other countries. It takes no more than one day, and there are numerous tax advantages that you may enjoy. All you have to do now is decide on the industry and the type of business, setting your wings in motion.