The formation of offshore companies in the tax haven of Seychelles commenced in 1994 when the Seychelles International Business Company Act was passed. The passing of this legislation made the country a very well accepted offshore jurisdiction. Seychelles is well known for offering offshore services such as offshore banking, the formation of offshore trusts, exempt insurance, the registration of vessels and ships. Seychelles company formation helped tremendously in making the offshore jurisdiction the success that it is today.

Seychelles Company Formation and registration is carried out by the Seychelles International Business Authority (SIBA). SIBA is responsible for supervising the incorporation of offshore business companies within the jurisdiction of Seychelles. The Seychelles International Business Authority was established in 1995.

For Seychelles offshore company formation a very uncomplicated process which is carried out by a registered agent in the jurisdiction. It is very important to note that offshore companies cannot be incorporated in Seychelles without a registered agent. The registered agent has the responsibilities of putting the necessary documents for incorporation together and filing them with the Registrar of Companies which in Seychelles is the SIBA.

For Seychelles Company formation the registered agent with the help of the person or persons wishing to incorporate a Seychelles offshore company must put together a complete Memorandum of Articles. Offshore company formation in Seychelles will only be done if the all of the following documents are submitted:

- The name of the proposed company

- The name and address of the registered agent

- The purpose for forming the company

- The issued capital must be stated

- The number of shares to be issued

- The types of shares to be issued

- The rights, privileges and limitations attached to each type of share

- The by laws of the company

As long as all the right documents are submitted the incorporation of a Seychelles offshore company will be complete. A Certificate of Incorporation will be granted to the owners of the company. Once Seychelles company formation is complete the corporation becomes a legal body recognized under Seychelles Law. Seychelles offshore companies are not permitted to carry out business within the territory or with members of the population. A Seychelles offshore company cannot operate as an insurance company or engage in any type of banking business without a special license.

Prospective owners of Seychelles offshore companies must take not that the names for Seychelles corporations must be chosen carefully as the Registrar of Companies does not allow certain words or phrases to be used in offshore company named. This includes any name which makes mention of or shows patronage to the government of Seychelles. Legislation does not make allowances for Seychelles offshore company name to include words such as insurance, mutual funds, bank, chamber of commerce, imperial or royal.

Seychelles company formation takes for the most two (2) days to complete. Seychelles offshore companies can do business anywhere in the world. One of the biggest advantages of the Seychelles company formation is that these companies pay no taxes on income earned outside of the jurisdiction.