The Central Bank of Seychelles, which has a long history dating back to the late 1940s, regulates and issues licenses to all commercial banks in the Seychelles. There are many well-known financial firms on the Seychelles’ list of offshore banks, including Absa Bank (formerly Barclays Bank) and Al Salam Bank.
There are many benefits of opening an offshore bank account in the Seychelles. Most banks offer a wide range of banking services, including multi-currency accounts, internet banking, and reasonable account deposits. Additionally, no signatory travel is required to open a Seychelles bank account.
Things to know about opening an offshore bank account in Seychelles
Banking requirements in Seychelles
Non-residents are permitted to open Seychelles bank accounts. As long as they have all the paperwork ready in advance, the process should be simple.
Those anticipating Seychelles offshore banking to offer complete privacy will be surprised when they visit. The era of tax havens with no questions asked is coming to an end. Seychelles is putting a lot of effort into becoming OECD compliant and restoring its reputation.
Previously, Seychelles banks weren’t too choosy, but as the country struggles to restore its damaged reputation, banks deliberately turn away potential customers if they have any concerns about their enterprises, the source of their cash, or the extent of their political exposure.
This implies that they will perform standard due diligence procedures, such as source of income and anti-money laundering inspections.
Less government intervention
Hundreds of foreign corporations are registered every day by the Financial Services Authority (formerly the Seychelles International Business Authority). Therefore, it is not unknown that the banking and financial services industries provide a sizable portion of the nation’s annual revenue. Because of this, local government agencies adhere to the minimal interference principle.
Full exemption from all local taxes, including corporate tax (applicable solely in the case of an international business company), is provided by having a Seychelles bank account. Additionally, there are no additional government fees that apply to offshore bank accounts in the Seychelles.
Stable political environment
Offshore jurisdictions with stable economic and political circumstances frequently draw foreign investors. The absence of instability in politics over the past 40 years is one of the benefits of offshore banking in the Seychelles.
As a former colony of both the British Empire and France, the Islands have had a somewhat volatile historical past. The two official working languages now are English and French, which are both widely spoken. A Seychelles company bank account ensures that you will receive assistance from knowledgeable personnel who can communicate in your language.
All banks in Seychelles will demand comprehensive personal and business information from the owners and controllers of the offshore account in order to register a corporate account for an offshore firm.
The bank will need to know and be able to identify the offshore company’s real beneficial owner or owners. All owners and controllers of the IBC, as well as anyone who will be given account signatory rights, must provide a number of documents, including a certified copy of their passport, a copy of a second photo ID, a reference from a banker or other professional, a thorough business description, and a cash flow forecast.
Available commercial banks
- The Asba group, originally known as Barclays Africa Group Ltd., includes Absa Bank (Seychelles) Ltd. The British Barclays Group continues to have a majority stake in the Absa Bank Group, which has its main offices in Johannesburg, South Africa. The bank provides personal, business, and commercial banking services.
- In the Kingdom of Bahrain, Al Salam Bank Seychelles Ltd.’s main office is located. It provides retail banking, business banking, and online banking services.
- An Indian bank named Bank of Baroda provides both personal and business banking, as well as other related services in Seychelles.
- The Seychelles government and Standard Chartered Bank jointly own Nouvobanq, commonly known as Seychelles International Mercantile Banking Corporation (SIMBC). It was established in 1991 and provides both individual and business accounts.
- The State Bank of Mauritius’s commercial bank, Mauritius Commercial Bank, is the parent entity of MCB Seychelles. It provides numerous retail banking services in addition to other associated services.