Facts & Info for Special Offer Company Formation & Bank Account:
Corporate InformationLEGAL FORM
In December 1994 Seychelles enacted legislation enabling the registration of International Business Companies (IBC’s), International Trusts and the licensing of International (free) Trade Zone Companies. IBC’s in Seychelles are formed under the International Business Companies Act 1994 and can take the form of private companies limited by shares, companies limited by guarantee, or hybrid companies, or they can be unlimited, but that type is rarely used. Public companies can also be formed under the Act. Foreign companies can re-establish themselves in the Seychelles by way of continuation without the necessity for reciprocal arrangements in the original country of incorporation. An IBC wishing to leave the Seychelles may do so.
In 2003, the government legislated for additional types of company: Special License Companies, Protected Cell Companies and Limited Partnerships. Seychelles companies are based on English Common Law and French Civil Law. The International Business Company is the most widely used vehicle for offshore operations in the Seychelles; it normally takes the form of a private company limited by shares, but can also be a Limited Life Company. Seychelles IBC’s cannot trade within Seychelles or own real estate there. It cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, asset management (other than the company’s own assets) or any other activity that would suggest an association with the banking and insurance industries without special license. A Seychelles IBC cannot provide registered office facilities in the Seychelles, or sell its shares to the public.
Seychelles companies’ names must end with one of the following words: Limited, Corporation, Incorporated, Société Anonyme or their abbreviations. A wide variety of other suffixes such as BV, GmbH, and SARL may also be used. The following names to be used require licensing and/or restricted: Bank, Insurance, Assurance, Re-Insurance, Trusts, Trustee, Savings, Royal, Asset Management, Funds, Foundation, Building Society, Municipal, Chartered, Finance, Healthcare, Pharmaceutical, Leasing, Lease, Forex, Broker, Brokerage, Gaming. Names denoting any connection to local, state or national governments are generally prohibited. The name can be in any language, but must be accompanied by a translation in English or French.
MEMORANDUM AND ARTICLES OF ASSOCIATION
A company is incorporated in Seychelles by application made to the Registrar of Companies. Memorandum and Articles of Association must be lodged with the Registrar along with relevant fees. Memorandum specifies the activities in which the company may engage and Articles of Association specify the rules governing the internal management of the company.
A minimum of one shareholder is required which may be a physical person or a body corporate. Details of company shareholders are not part of the public record.
There is no specific minimum capital requirement. The standard authorized share capital is US$ 100,000. The minimum issued capital may be one share of no par value or one share of par value. Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted. As from 1st of January 2014, IBCs are no longer permitted to issue bearer shares.
The minimum number of directors is one, who may be a physical person or a body corporate. A director may be of any nationality and need not be resident in the Seychelles. Details of the company directors are not part of the public record.
REGISTERED OFFICE AND LOCAL AGENT OR SECRETARY
Registered Office must be maintained in the Seychelles at the office of a licensed Registered Agent. A Seychelles IBC need not appoint a company secretary, although it is customary to do so. The secretary may be a natural person or body corporate, be of any nationality and need not be resident in Seychelles.
The directors and the shareholders meetings need not be held in Seychelles also there is no requirement for an Annual General Meeting. All meetings may be held outside Seychelles, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy.
It normally takes one business day to have an IBC incorporated and registered.
RECURRING AND MAINTENANCE FEE AS FROM 2ND YEAR - $560
- Provision of registered office and registered address
- Provision of registered agent and company secretary
- Payment of annual government fee
ABOUT THE BANK
Global Bank of Commerce Ltd. ("GBC") is a Caribbean owned and operated international bank, offering attractive financial products to its regional and international customers since 1983. It was the first Bank to be licensed in Antigua and Barbuda under its International Business Corporations Act, 1982
Antigua and Barbuda is a highly regulated jurisdiction. International banks are supervised by the Financial Services Regulatory Commission (FSRC) and are required to be compliant with international banking standards.
The bank is a member of the Caribbean Association of Banks and has relationships with another 30 Caribbean banks and credit unions. The bank is a member of SWIFT and well established correspondent relations with significant banking partners in North America and Europe.WHAT GLOBAL BANK OF COMMERCE OFFERS:
- Full range of banking services.
- Accounts in all major currencies
- Customer support in English and Spanish
- An attractive interest-bearing accounts for fixed term deposits
- Limited Internet-banking facilities
- Prepaid MasterCard
- Non-personalized MasterCard Prepaid
- Global E-Commerce Merchant Acquiring
- Corporate and Trust Services
- Private Banking and Asset management
The approximate timeframe for account allocation from 3 business days receipt of the original documents by the bank.
REQUIREMENTS FOR CORPORATE ACCOUNT SET UP WITH GLOBAL BANK OF COMMERCE IN ANTIGUA AND BARBUDA
- Personal presence is not required.
- Minimum balance of USD 2500
- Initial deposit of USD 5000
- Account opening timeframe. The account will be activated within 3 business days, upon receipt by the bank of all duly completed forms and relevant information.
- Due to bank regulations, the account cannot be opened for legal entities or individuals who are residents of Belarus, Balkan countries, Burma (Myanmar), Cote d'Ivoire (Ivory Coast), Cuba, Democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria and Zimbabwe.
IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, STARTING BUSINESS will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.
Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.
Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.
TaxationFINANCIAL STATEMENTS AND AUDIT
Whilst there is no requirement to file audited financial statements or annual returns with local authorities, a Seychelles IBC is required to keep financial records, which should reflect the financial position of the company. As per International Business Companies Act, amended in 2012, all IBC’s are required to maintain their accounting records. Unless such records are kept at the registered office of the Company, the director must notify the registered agent in writing of the place in which account records shall be kept (it may be in or outside Seychelles). Accounting records shall be maintained for a period of 7 years (from the completion of the transactions). “Accounting records” is defined as “documents relating to assets and liabilities of the company including receipts and expenditure, sales and purchases and other transactions”.
A Seychelles IBC, by definition of the law, is not subject to any tax or duty on income or profits. It is also exempt from stamp duties on transfer of property and any exchange controls.
Our Services & RequirementsOUR SERVICES FOR THE COMPANY FORMATION IN SEYCHELLES INCLUDE:
- Name check and approval
- Filling the incorporation documents with the Registrar of Companies
- A standard set of original corporate documents
- Payment of the Government fee
- Provision of registered agent and registered address for one year
- Provision of company secretary for one year
- Rubber stamp
DOCUMENTS REQUIRED FOR THE COMPANY FORMATION
Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:
- Notarized copy of valid passport.
- Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
- Original or certified copy of Banker’s reference letter (dated within 3 months).
- In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).
ASSISTANCE WITH CORPORATE BANK ACCOUNT SET UP WITH GLOBAL BANK OF COMMERCE IN ANTIGUA & BARBUDA
Package includes 1 prepaid MasterCard and limited e-banking facilities.
- Verifying personal & corporate documentation
- Completion of the bank forms which will be forwarded to you for signing with relevant instructions
- Sending the full package to the bank for approval
- Monitoring the account opening process until account allocation and banking package is received
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to the invoice during checkout. Shipping costs for international courier services are set automatically and can vary from USD 75 to USD 95. The fees depend on the jurisdiction of your ordered company, the country where the bank is based as well as your destination country.