Seychelles offshore companies and International Business Corporations (IBC) operate outside the jurisdiction of incorporation. To comply with different local and foreign rules and regulation and utilize the potential of the offshore financial services industry, Seychelles companies must structure their organization accordingly. Since Seychelles offshore companies and IBC’s are prohibited from claims on the applicable tax treaties, they need to strengthen their local position in an alternative way. The first and most considerable step towards local substance and presence in the Seychelles are to utilize nominee services.
Nominee services for Seychelles offshore companies and IBC’s are delivered by external professionals taking a position in the company. This position is confirmed by a civil agreement between the company and the respective nominees. Nominee services often include (non-executive) directorships and shareholdings on behalf of the beneficiary. The international character of nominee services often lay the foundation of an international organization. Although nominee services are a good start to strengthen local presence in the Seychelles, it on itself is often not enough to satisfy foreign regulators and tax authorities.
Shareholders are liable to the maximum extent of their capital contribution in the company. Directors have a duty to promote the success of the company. Therefore, nominee services that provide directors or shareholders must define the scope, nature and limitations of the responsibilities and liability. This should also include the restrictions and impossibilities relating to their assignment.
Names of corporate nominee directors or shareholders, or the names of the natural persons taking such positions are identified in the resolution of the subscriber, the shareholders register, and the register of directors. Furthermore, a certificate of incumbency provides an accurate description of the current organization of the limited liability company and names, among other things, the current directors and shareholders. For verification purposes, the publicly available sections of the corporate registry may disclose the names of directors and shareholders. In case of nominee services, the names of these are often used to protect the identity and privacy of the ultimate beneficial owner.
The request for nominee services and the actual appointment of nominees is best to happen before the Seychelles company incorporation stages. It then points out the desired and correct information on the company documents. This enables the nominees to accommodate and comply with the requests from external service providers like financial institutions, banks, and professional agencies in marketing, sales, telecom and information technology.
Seychelles Nominee Services
Seychelles companies and their beneficiaries may need to take some additional steps to operate in foreign countries. The mere incorporation of a Seychelles offshore company or IBC is often insufficient to avoid questions from tax authorities, licensing departments and private counterparts. Therefore, beneficiaries must pay close attention to the organization and structuring of their offshore company. Retaining nominee services, like professional directors and external shareholders give the company more body and an international character. Important elements that strengthen the local position of the company in the Seychelles.
Even though nominee services are not a requirement for offshore companies, they are commercially viable, helpful and convenient. Nominee services for Seychelles offshore companies and IBC’s are meant to make the business operation run smooth and gain corporate international acceptance. Corporate service providers provide these provide services for a fee. The advantages beneficiaries experience by the appropriate structuring of the Seychelles offshore company or IBC often pays of very well.
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