| The CSL (Company Special Licence) in Seychelles
Special License Companies (CSL) are formed under the Companies (Special License) Act, 2003 (the Act). Unlike the IBC, a CSL may carry on permitted business in or out of Seychelles. The CSL entity is a Seychelles domestic company (under the Companies Act 1972), which is granted a special license under the Act.
Activities that can be conducted under a CSL company:
Key features of the CSL are as follows:
- International Holding Company
- Franchise company
- Marketing company
- Intelectual property
- Investment company (suitable for HYIP and MLM companies)
- Offshore Bank (USD 1 000 000 licence fee)
- Insurance company (USD 1 000 000 licence fee)
- A CSL may carry on any business as permitted under the schedule to the Act - including as an international holding company, a headquarters company, a franchise company, a marketing company, a company holding intellectual property, an investment company, etc.
- Bearer shares are not permitted;
- Nominee shares are permitted, but the name and address of beneficial owner is required for the Registrar of Companies. The Registrar does not make this information publicly available.
- Foreign shareholders are permitted;
- There is a minimum of 2 Directors, who may be located outside of the Seychelles;
- A Seychelles-resident Company Secretary is required;
- Directors' or shareholders' meetings can be held anywhere, including by telephone or video-link;
- An annual company returns and audited accounts must be filed;
- There is provision for "redomiciliation" - a foreign or Seychelles IBC may be continued as a CSL - and a CSL may redomicile to another jurisdiction
- The CSL Company needs to have at least 2 associates and 2 directors. (Can be nominee).
- This type of company has to keep accountancy and has to pay a 1,5% tax on the international profits.
- A bank account will be set up for your CSL Company, offer accountancy services, secretarial services...