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Restrictions for Name of the Seychelles Company

Updated on Thursday 12th September 2019

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Restrictions for Name of the Seychelles Company.jpg.jpgSeychelles represents a well-known offshore jurisdiction that offers the needed environment and protection of assets besides a simple registration procedure and a favorable tax structure.
 
It is good to know from the beginning that registering the name of a company in Seychelles may be subject to certain restrictions which can be explained by our specialists in company formation in Seychelles. Providing complete support in the company registration process is also a matter of our advisors who can help you set up your offshore in a fast and reliable manner.
 

What are the limitations on company names in Seychelles?

Having complete confidentiality on the market, offshore companies in Seychelles are preferred by many entrepreneurs who want to protect their belongings and make business on favorable terms. Even if such entity can be easily established in Seychelles, one should know that there are particular restrictions regarding the names of the companies. First of all, the name is accepted in any kind language, but it is mandatory to consider the translation in the English and/or French language.
 
When investors choose to open an offshore company in Seychelles with the help of our team, our specialists will provide a checkup of the chosen name in order to make sure that it is compliant.
 
The first requirement when choosing a company name is that the new International Business Company cannot have a name that is identical to the one held by an already registered company. the registration may also be refused if the chosen name resembles another too closely. The reason for this is that a new name cannot be used to deceive or confuse customers who would be faced with the similarity between the two legal entities. However, in some cases, the company which already holds a similar name can give its approval so that the second legal entity may use a similar one. In practice, most investors will be aware of the name they wish to choose when they open a Seychelles offshore company, however, we recommend having one or more name ideas. 
 
As a general rule, please consider the following restrictions before choosing the name of your business in Seychelles:  
 
  • Restricted words: the name cannot contain the words: “Assurance” “Bank” “Building Society” “Cooperative” “Chartered” “Chamber of Commerce” “Insurance” “Imperial” “Trust” “Foundation” “Municipal” – see below for more details.
  • Other restrictions: the company cannot use a word that has a similar meaning to the ones listed above.
  • Prohibited words: names cannot be used if they suggest the patronage or the connection with the Seychelles Government or the Government in any other country.
  • Exceptions: in some cases, the Registrar may approve the usage of the word “Seychelles” if it considers that there may be a good reason for this. 
 
Those who are interested in company formation in Seychelles should consider these four points. It is important to note that companies which will effectively engage in the provision of the services listed above under the prohibited words category are able to use them, however, only after they have received proper licensing. This means that words like bank, insurance, or trust can, in fact, be used, however, only by those companies that actually offer the services and have obtained the licenses to do so. 
 
It is good to know that the government in Seychelles accepts particular names if a letter of approval and the company’s documents are provided by the owner of the company in the insular state.
 
In some cases, the Registrar can refuse the name even if it does comply with the two conditions described above. The authorities may decide to refuse the name if, in their opinion, it is indecent, misleading, offensive or generally objectionable. 
 
In general, the company name restrictions or prohibitions in Seychelles attempt to prevent the general public from being misled by a business with a certain name. 
 
You may talk to one of our company formation agents in Seychelles in company registration matters, including support and information about how to choose the name of your offshore.
 

What words or suffixes can be added to the company name?

After taking into consideration the restrictions of names for a company in Seychelles, business owners should know that a legal entity is to end its name in a work or an abbreviation that suggests its type. Investors will be required to use one of the following: Limited, Corporation, Incorporated, Ltd, Corp, Inc. For protected cell companies, the name will end with either Protected Cell Company or PPC.
 
Investors should observe all of the requirements and restrictions that apply to the company name if they wish to be compliant with the ongoing regulations and to avoid any delays during the registration process. When they set up a company in Seychelles, they can also register their trademark to better protect the identity of their company. One of our agents can provide interested individuals with more information about trademarks and the general intellectual property law principles. 
 

What are the main requirements for companies in Seychelles?

 
Investors who open a Seychelles offshore company are not subject to a minimum share capital, accounting reports, the disclosure of beneficiaries, or taxes on profits. This type of legal entity is a suitable one for many foreign investors, however, it does have to comply with some requirements, as we have seen above with the prohibited or restricted names. 
 
Other issues that need to be taken into consideration by those who open a company in Seychelles are the following:
 
  • - the government license fee: although there are no taxes for the company, a license fee of 100 USD is applicable.
  • - minimum shareholders: the company needs to have at least one shareholder; no nationality restrictions apply.
  • - minimum directors: like in the case of the shareholders, at least one director is required for the company.
  • - registered agent and registered address: these two are mandatory requirements for the company in Seychelles.
  • - accounting records: while the company does not have to file the financial accounts, it does have to keep the accounting records.
 
As far as other limitations are concerned, the International Business company is not subject to the double tax treaties, it does not require a company seal and cannot issue bearer shares. 
 
Some other advantages of the IBC include the fact that there is no need for an annual meeting, there is no requirement to audit the financial accounts and the capital can be paid in any currency.
 
Seychelles is an attractive destination for investors who are interested in offshore company formation, however, it also has a developed tourism sector and other economic sectors, other than the financial one, which present business opportunities. 
 
Some of the recent figures issued by the National Bureau of Statistics include the following: 
 
  • - the inflation rate in July 2018 was lower, at 1.53% compared to the same month in 2018 when it was 3.13%.
  • - the year-on-year GDP rose by 8.3% in the first quarter of 2019, compared to the same quarter in 2018.
  • - the total number of visitors during the second quarter of the year was 85,594 – a 6% increase compared to the second quarter in 2018.  
 
For more details in this matter, please contact our team of company incorporation representatives in Seychelles.

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