SEYCHELLES’ LEAP TO FINANCIAL INTEGRITY: A TRIUMPH FOR GLOBAL TRANSPARENCY

The recent announcement of Seychelles’ transition from the Financial Action Task Force’s (FATF) grey list to the white list is a testament to the country’s commitment to upholding global financial standards. Joining the ranks of countries like Gibraltar, the UAE, Barbados and Jamaica, Seychelles’ move signifies a significant step forward in combating financial crime and promoting transparency on a global scale.

 

Against the backdrop of regulatory processes, Seychelles has witnessed a notable surge in the establishment of offshore banking and businesses within the jurisdiction. Companies from around the world are increasingly drawn to Seychelles’ favourable tax regime, robust regulatory framework, and strategic geographic location to diversify portfolios and optimise financial operations.

 

The importance of Seychelles’ move to the FATF white list holds paramount importance for economic growth and global reputation. Achieving white list status signifies Seychelles’ commitment to adhering to stringent international standards in battling financial crime and promoting transparency. This move enhances Seychelles’ credibility as a reputable offshore jurisdiction, instilling confidence among international investors and businesses seeking a secure and regulated environment for their operations. Furthermore, being on the FATF white list opens new avenues for Seychelles to engage in global trade and finance, fostering economic development and prosperity for its citizens.

 

When considering setting up an offshore business in Seychelles, it’s essential to understand the tax and reporting requirements. Seychelles offers a business-friendly environment with favourable tax regulations, including no corporate income tax, no capital gains tax and no withholding tax on dividends, interest, or royalties. However, companies operating in Seychelles are required to maintain accurate accounting records and file annual reports with the Seychelles Revenue Commission.

 

In conclusion, the transition to the FATF white list presents an array of opportunities for businesses seeking to establish a presence in a well-regulated offshore jurisdiction. With its tax advantages, regulatory stability, and access to the global market, Seychelles offers an attractive proposition for companies looking to expand their international footprint. The location is poised to work its way to becoming a leading global offshore financial centre, with a keen commitment to transparency, promoting best practices and creating a secure, resilient, and regulated financial ecosystem.

 

At Turner Little, we know offshore company formation can be a complicated and tedious process when going at it alone, with multiple documents and many dos and don’ts to consider. We incorporate companies in many overseas jurisdictions across the world to give you the widest variety of options. If this is what you are looking for, whether it be Seychelles or an alternative location, please get in touch to find out more > https://www.turnerlittle.com/company-formations/offshore-company-formations/.