Seychelles Special License Company (CSL)

CSL is a new entity introduced by the Seychelles Companies (Special Licenses) Act 2003. Whilst it is more complex than the traditional IBC, a CSL presents a great number of advantages.

A CSL takes advantage of the growing number of double tax avoidance treaties concluded by Seychelles. These treaty advantages are not accessible to the IBCs. Contrary to the IBC, a CSL is regarded as tax-resident in Seychelles, which in turn facilitates the conduct of its business overseas. Download Double Tax Agreements

Any CSL is subjected to 1.5% tax on its worldwide income. Other than the aforementioned, a CSL is exempted from any withholding taxes on dividends, interest and royalties, and from stamp duties on any property or share transfers and transactions.

A CSL is also permitted to operate within the Seychelles territory; it is also exempted from customs duties on all imported equipment, necessary for its operation, and from the tax payments under the Social Security Act.

A CSL could be the appropriate vehicle if a proposed business requires specific regulation. It can be organized to undertake the business of investment management and advisory services, offshore banking, offshore insurance and re-insurance, investment services, holding, marketing; intellectual property and franchise, human resources, and it may operate as a headquarters or holding company. CSL is also the prescribed entity to operate under the Seychelles International Trade Zone License. The law also make provisions for a CSL to engage in any other business that has approved by the Seychelles International Business Authority. A CSL may also be utilised for any of the more traditional businesses like international trading in goods and provision of services.

It should be noted that although the CSL Act 2003 makes provision for such activities like offshore banking and insurance, engagement into these particular activities would require special additional licensing by the Seychelles Central Bank or by other appropriate Government Authority.

Creation of a Special License Company requires preparation of a detailed Application from The Seychelles Financial Services Authority (FSA). This requires substantial information from the client (Beneficiary Owner) of the Company.

Apart from standard incorporation documents, a CSL application file must contain a business plan, indication of company objectives, the exact type of activity the company will carry out, a 3 year financial forecast, description of the markets and marketing strategy and details about the company capitalisation.

All beneficiary owner, shareholder or Director of a CSL is subjected to a set of due diligence documents which will be provided. Such as certified copy of passport, proof of address, bank reference, and curriculum vitae. Each individual would also need to complete a personal application form.

Upon review and approval of the CSL application by FSA, a certificate of approval will be issued. This preliminary certificate would allow the registration of the new Company by the Seychelles (domestic) Registrar of Companies. At this stage, the primary incorporation documents would go to the Registrar of companies for proper incorporation. The company would come into existence upon issuance of the Certificate of Incorporation.

All information relating to the beneficial owners of the CSL is retained on file with the Seychelles International Business Authority and there are strict provisions in the law, pertaining to confidentiality of all information gathered during the application process.

A Seychelles CSL is subjected to the following government fees:

    One-time application fee       US$   200.00
    Annual License fee               US$1000.00
    Annual filing fee                    US$  200.00

These are in addition to the professional service fees that would be charged by us for incorporation services and any other assistance with the processing of the application and company management as may be applicable.

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