Seychelles

Basic law for formation	International Business Companies Act 1994, amended in 2000
Type of company available for offshore business	IBC
Out-of-territory income taxed	No
Minimum number of Directors	1
Minimum number of shareholders	1
Shares unregistered to a name	No
Standard share capital	5,000 USD
Registered agent / seat necessary	Yes / Yes
Local secretary necessary	No
Tax report obligatory	No
Audit obligatory	No
Local general meetings	No
Annual state tax	100 USD
Companies registered in 2008	13,751

This island state is a rather untypical offshore destination – it is located at the East Coast of Africa. Local offshore business laws are rather recent and copy proven Caribbean patterns. Well known for offshore company formations, trusts, and also banks and insurance companies.