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Seychelles International Business Company
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IBC and CSL: Corporate Features
Seychelles International Trust
Offshore Banking in Seychelles
Seychelles Mutual Funds
The International Trusts Act 1994 established a regime for Seychelles International Trusts. The Act

was drafted after a thorough study of current practice in other offshore trust jurisdictions, and it contains detailed and comprehensive provisions regarding International Trust in Seychelles. Under the Act, the Seychelles International Business Authority (SIBA) is appointed as the regulatory body for trusts.

A full text of the Seychelles International Trust Act 1994 is available in the Downloads chapter.

The main features of Seychelles International Trust are as follows:

- Complete confidentiality of the settlors and beneficiaries under the Act, except by Court order under the Anti-Money Laundering Act;

- Purpose Trusts are permitted;

- Revocable and irrevocable Trusts are permitted;

- Exemption from any forms of taxation in the Seychelles;

- The Trust registration fee of $100 is payable to SIBA; the professional fees of the Trustee, which may vary;

- Registration of trusts must be carried out by one of those licensed trustees currently operating in the Seychelles;

- High structure flexibility;

- Strong legal protection provided by the law.

- The possibility to create an international trust in writing, by will or by oral declaration;

- Deemed trusts are admitted, as are those resulting from a decision of the Court;

- The property of the trust may not include any Seychelles movable or immovable property;

- The standard perpetuity period is one hundred years (this does not apply to purpose trusts);

- The accumulation of income is permitted;

- Forced heirship judgements are specifically excluded.

- There is a requirement for the settlor to reside outside the Seychelles for the duration of the trust;

- At least one trustee must reside in the jurisdiction, but this trustee may be an IBC, an IBC may therefore be a settlor;

- Exemption from exchange controls and from the obligation to file public financial statements; however, a trust must keep records to reflect its financial position.

- Trust assets can be anything, except a property situated in the Seychelles or any shares, debentures, or any interests in any body incorporated in the country other than Seychelles, or Seychelles IBC, or another International Trust.

Secrecy

Strict confidentiality is maintained in all matters relating to Seychelles International Trusts. The names of the settlor or beneficiary of a Seychelles International Trust are not mentioned, unless

beneficiary is a Seychelles national or a corporate entity resident in Seychelles. The Trust Deed is not publicly filed. Disclosure of any information or document relating to an International Trust is strictly prohibited by law, except under an injunction granted by the Seychelles Supreme Court on application made by the Seychelles Attorney General and only for the purpose of an inquiry or trial into or relating to the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering.

Trust Structure

- Purpose, discretionary or charitable trusts are possible, both revocable and irrevocable. Redomiciliation of a foreign trust into Seychelles is accepted.

- The Settlor or Trustee may also be a beneficiary of the Trust, provided that he is not the sole beneficiary.

- The law governing the International Trust may be chosen at will by the Settlor.

- Beneficiary has to be defined on creation of a trust; at any time beneficiaries can be added or excluded by the Trustees.

- Seychelles International Trusts can be drawn up in a very flexible way to reflect the particular needs and circumstances of the Settlor.

- The minimum number of Trustees is one, and this must be a licensed Trustee in the Seychelles.

- There are stringent requirements as regards competence, integrity and financial standing of Trustees.

- A Seychelles International Trust can usually be formally established and registered within a few days.

Incorporation Procedure and Requirements

The first stage of registering an International Trust in Seychelles is to have a consultation of a licensed trustee. The law permits establishment of a Seychelles International Trust by an oral declaration, a will or a codicil, but the more usual procedure is formal establishment of the written instrument (Trust Deed).

After completing the required documentation and the Trust Deed, the Trustee makes a Trust Declaration confirming that the Settlor is not resident of the Seychelles, the Trust property does not include immoveable property situated in the Seychelles, and all requirement s of the Act have been met to qualify the trust as Seychelles International Trust. This declaration is submitted to the Seychelles International Business Authority.

Corporate documentation can be completed in two languages – English or French. If any other language is used, it must be accompanied by a translation in either English or French. After all documents are completed and submitted, the usual time of registering a Trust is two days.

The registration fee for the Registrar amounts to US$ 100 as a one off charge. The trustees have their own fees to incorporate a company and these will depend on what level of services are required.