How To Start A Business in Seychelles

How to Start a Business in Seychelles - Step by Step Guide

Starting a business in Seychelles is relatively straightforward, with a few key steps for both local and foreign investors. The following guide outlines the procedures, fees, and taxes involved in establishing a business in Seychelles.

Step-by-Step Guide for Locals

1. Choose Your Business Structure: Common business structures in Seychelles include Sole Proprietorships, Limited Liability Companies (LLCs), and Partnerships.
2. Register Your Business: The business must be registered with the Seychelles Financial Services Authority (FSA) for local businesses.
   Seychelles Financial Services Authority (FSA)
   Fees: Registration fee ranges from SCR 1,000 to SCR 2,500 depending on the business type.
3. Obtain a Tax Identification Number (TIN): You must apply for a TIN from the Seychelles Revenue Commission (SRC).
   Seychelles Revenue Commission (SRC)
   Fees: Free.
4. Register for VAT: If your business's annual turnover exceeds SCR 2 million, you must register for VAT with the Seychelles Revenue Commission.
   Fees: Free, but regular VAT filings are required.
5. Register with the Seychelles Social Security Fund (SSSF): If your business employs staff, you must register with the Seychelles Social Security Fund for employee contributions.
   Seychelles Social Security Fund (SSSF)
   Fees: 5% employer contribution, 5% employee contribution.
6. Obtain the Necessary Permits and Licenses: Certain business types may require additional licenses or permits, particularly in regulated sectors such as tourism, financial services, and healthcare.
   Fees: Varies depending on the business type.
7. Open a Business Bank Account: After completing registration, open a business bank account with any of the commercial banks in Seychelles.
   Fees: SCR 500 to SCR 1,000 for account setup.

Step-by-Step Guide for Foreign Investors

1. Choose Your Business Structure: Foreign investors can choose from the same business structures as local businesses, such as LLCs or partnerships.
2. Register with the Seychelles Financial Services Authority (FSA): Foreign investors must also register with the FSA to operate in Seychelles.
   Seychelles Financial Services Authority (FSA)
   Fees: Registration fees typically range from SCR 2,500 to SCR 5,000 depending on the business type.
3. Obtain a Tax Identification Number (TIN): Like locals, foreign investors must apply for a TIN from the Seychelles Revenue Commission.
   Seychelles Revenue Commission (SRC)
   Fees: Free.
4. Register for VAT: Foreign businesses with an annual turnover exceeding SCR 2 million must register for VAT.
   Fees: Free, but regular VAT filings are required.
5. Register with the Seychelles Social Security Fund (SSSF): For businesses employing staff, registration with the Seychelles Social Security Fund is required.
   Seychelles Social Security Fund (SSSF)
   Fees: 5% employer contribution, 5% employee contribution.
6. Obtain Necessary Permits and Licenses: Additional licenses or permits may be needed, depending on the nature of the business.
   Fees: Varies depending on the business type.
7. Open a Business Bank Account: Foreign investors are required to open a business bank account with any of the authorized commercial banks in Seychelles.
   Fees: SCR 500 to SCR 1,000 for account setup.

Estimated Duration

• For Locals: 1-2 weeks
• For Foreign Investors: 2-3 weeks (including registration with FSA)

Useful Resources

• Seychelles Financial Services Authority (FSA)
• Seychelles Revenue Commission (SRC)
• Seychelles Social Security Fund (SSSF)