Seychelles is a small country located in the Indian ocean. The number of its population is less than 100 thousand people. An island nation is located to the North from the island of Madagascar. The archipelago consists of hundreds of separate Islands, most of which remain uninhabited. Victoria, the capital and the administrative centre of the state, is located on the largest island of Mahé.
Tourism and the financial services sector have been actively developing since the time when the state gained its independence. Today the country features a well developed and fairly reliable banking sector, and therefore, opening a bank account in Seychelles is a convenient and advantageous solution for international businesses.
Seychelles Banking System
The state banking system of Seychelles consists of state-owned banks as well as commercial and offshore banking institutions. The functions of the main state financial regulator are assigned to the Central Bank of Seychelles.
The main advantage of setting up a company in Seychelles with the purpose of opening a bank account is the lack of necessity for the personal presence. It means that there is no need to visit Seychelles at all as the registration procedure will be performed without your being involved.
Opening a Bank Account in Seychelles by Private Persons
The required documents:
- International passport of the account holder;
- Documents evidencing the actual place of residence (address);
- Letters of recommendation from other banking institutions.
Letters of recommendation from other banking institutions.
Opening a Bank Account in Seychelles by Legal Entities
The required documents:
- Information regarding business activities of a legal entity (a detailed business plan, business partners, trade and other commercial schemes, targeted public, etc.);
- Bank accounts registration form;
- Documents that identify corporate account signatories (international passports, proofs of the actual place of residence, bank statements and letters of recommendation);
- Duly certified copies of documents of all the shareholders, directors, managers, and signatories, who have the appropriate powers;
- Copies of the incorporation documents of a legal entity.
The procedure of certifying the documents submitted to a bank is performed by the following persons:
- A banking institution or a notary;
- Local practicing lawyers or legal advisers.
Banks in Seychelles offer a possibility of opening both personal and corporate bank accounts. There are no minimum threshold requirements for opening a bank account. Moreover, there is a possibility of obtaining MasterCard and Visa international payment cards. The bank’s personnel consists of Franco and English-speaking employees with the appropriate qualifications.
It should be noted that the banks in Seychelles are characterized by the high efficiency of transactions and payments. Remote account management can be performed by all the modern means of communication including the Inter
Period of opening a bank account in Seych
The time taken to open a bank account in Seychelles is determined based on the following scheme:
- Obtaining bank details of the opened account — from 2 to 3 weeks after submitting all the required documents;
- Registering a remote access service (Online Banking) – two weeks;
- Issuance of international payment cards – from six to eight weeks;
- Placing a minimum deposit for activating a bank account – depending on the bank
In conclusion, we would like to emphasize the fact that Seychelles provides a possibility of setting up a bank account for an offshore company opened on the territory of the jurisdiction.