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Commercial Code in Seychelles

Updated on Friday 09th August 2019

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Commercial-Code-in-SeychellesNo matter the activities one wants to undertake in Seychelles, he or she must respect the legislation imposed by the authorities here. The main laws which govern Seychelles are the Company Law which provides for setting up a company here, the Civil Code which covers a wide range of activities and the Commercial Code which provides for commercial activities and the types of entities which can undertake them.

Our lawyers in Seychelles can offer detailed information on the provisions of the Commercial Code. We can also help foreign investors who want to create offshore companies in Seychelles.

The main provisions of the Seychelles Commercial Law

The first Commercial Code of Seychelles dates back in 1977 and ever since it has undergone various alterations with the purpose of providing for a modern approach to commercial undertakings. The last modification of the Seychelles Commercial Code took place in 2014.

The new Commercial Code provides for the following:

  1. merchants and their activities which are mainly related to trading activities in Seychelles;
  2. commercial books which must be kept by merchants (accounting documents which must reflect their activities);
  3. legal persons who, under the new law, are divided into companies, partnerships, commercial partnerships and associations;
  4. commerce by sea, maritime and shipping laws and jurisdictions and commercial jurisdictions;
  5. arbitration – the Commercial Code provides for several articles related to arbitration procedures;
  6. bankruptcy – the Code provides for bankruptcy and offences of Seychelles companies.

Our company formation specialists in Seychelles can offer more information on the content of the Commercial Code.

Types of companies covered by the Commercial Code in Seychelles

As mentioned above, the Seychelles Commercial Law covers several types of companies, however, it stipulates that some of them also fall under the provisions of the Civil Code, while others are governed by the Company Act.

In order to be deemed a commercial company, a business entity must be incorporated following the provisions of the Company Law in Seychelles. The only exception from this rule is the Seychelles offshore company which must be registered under the International Business Company Act of 2016.

According to the Commercial Code, associations must be registered in accordance with the Register of Association Law, while partnerships must be concluded in accordance with the Civil Code.

The Code also provides for foreign companies with activities in Seychelles and which are recognized as corporate entities in the insular state.

If you need legal services for setting up an offshore company in Seychelles, you can rely on our local specialists.

Commercial books in Seychelles

An extensive part of the Seychelles Commercial Code covers the financial documents which must be kept by a local business. According to the law, all merchants and companies in Seychelles are required to maintain appropriate books and accounts. These documents must contain every transaction registered by a business. The commercial books of a Seychelles company must contain:

  • - invoices;
  • - bills;
  • - receipts;
  • - letters.

The accounts of companies in Seychelles must contain an annual balance sheet with assets and liabilities and must comply with Generally Accepted Accounting Principles in Seychelles.

Traders who do not complete a commercial activity on a regular basis or from specific business premises are not required to keep commercial books. However, they must report with the tax authorities in Seychelles.

Our Seychelles company formation consultants can also help with accounting services, no matter if you own an onshore or offshore company here.

Arbitration according to the Seychelles Commercial Code

One of the main provisions of the Commercial Law of Seychelles provides for dispute resolution methods for commercial contracts. In order to ease the resolution of such disputes, the law provides for all contracts to contain arbitration clauses or for the parties to enter arbitration agreements.

If one of the parties does not want to settle a dispute through arbitration, the case can be judged by a Seychelles court.

Why invest in Seychelles?

Seychelles is not only an appealing offshore jurisdiction, but it is also a thriving economy relying on industries such as tourism and financial services.

According to Trading Economics:

  • - between 2000 and 2019, Seychelles experienced an average annual economic growth of 4.24%;
  • - the highest Gross Domestic Product (GDP) increase was registered in the 1st quarter of 2007 (13.90%);
  • - the 1st quarter of 2019 also brought a significant economic increase for Seychelles of 8.30% compared to the same period of 2018;
  • - Seychelles has the 2nd largest GDP per capita in Africa, according to Invest in Seychelles.

For complete information on the Commercial Law and assistance in setting up a company, please contact our company registration agents in Seychelles.

 

 

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Call us now at +248 4321018 to set up an appointment with our business consultants in Victoria, Seychelles. Alternatively you can incorporate your company without traveling to Seychelles.

As a Valsen Fiduciaries client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Seychelles.

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