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Seychelles company formation with bank account is one of the rising popular options among various foreign investors. The island is located off the eastern coast of Africa in the Indian Ocean and the jurisdiction of Seychelles is often associated and commonly known to be popular tourist destinations, with its main economic activities revolving around tourism and fishing. In an effort to transit itself into a financial services hub, Seychelles maintained a pro-business stance and passed the Seychelles Investment Act which makes foreign investors who wish to incorporate in Seychelles possible but restrictions are placed upon industries that are active with local businesses such as taxi or small boats charters.
With the country welcoming foreign investments and expertise to transform itself into a financial hub, foreign investors are increasingly choosing Seychelles as its destination for incorporation. Before you register company in Seychelles, it is important to learn about opening offshore bank account in Seychelles for your incorporated business.
1. Requirements for Opening a Corporate Bank Account in Seychelles Opening offshore bank account in Seychelles will require proper preparation of company documents solicited by financial institutions in the country. Some of the documents required include the certified copies of passports of directors, shareholders and signatory and their residential address (utility bills or bank statements) provided once your incorporation process has been completed. It is important to note as well that when setting up your offshore corporate bank account in Seychelles, there is a requirement of a minimum deposit of $10,000 that has to be completed within 4 weeks of setting up the bank account.
All documents submitted in the process of opening a corporate bank account in Seychelles have to be translated to English Language and there is no obligation or requirement for applicants to travel down to the country for setting up of the offshore corporate bank account.
2. Minimum Balance to Maintain In The Corporate Bank Account The minimum balance that is required to be maintained in the offshore corporate bank account is $10,000 and it is a condition imposed upon all corporate bank accounts in Seychelles. If not adhered to, additional fees can be charged by the local bank in the jurisdiction of Seychelles.
3. Online Banking Services Both corporate and personal bank account opened in the jurisdiction of Seychelles with the local banks can be accessed anytime via online services and applications, allowing for greater connection and convenience. This allow parties to transfer money to and fro from the Seychelles account in accordance to the needs of the client and you will be able to verify various ongoing transactions.
4. Personal Information are kept private International laws protect clients by offering confidentiality and privacy on personal information of which the jurisdiction of Seychelles have to abide with. However, it is important to note that according to the legislation of Seychelles, banks are obliged to report and provide relevant financial details to tax authorities at times and in the event of any litigation, the bank will then be required to disclose personal information.
5. Additional Fees From Banks Most of the local banks found in the jurisdiction of Seychelles imposed what is known as monthly or periodical fees and charged minor fees related to transfers and money transactions. Prior to setting up your offshore corporate bank account in the country, it is important to get yourself familiar with the various fees charged by the different banks.
Need Assistance INTERSHORES provides a comprehensive service package that includes planning and strategizing with our clients to select a suitable business entity, completing the registration and documentation processes, obtaining required licenses, opening a corporate bank account, and ensuring your compliance with the government regulations. Please contact us at info@intershores.hk or by whatsapp at (852) 6499 4686.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.
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