Whenever we think of starting a business somewhere abroad, we think of the largest countries: Germany, Italy, Great Britain, France, etc. The bigger the country, the better the opportunity, right? Well not exactly. Smaller countries or even republics can provide even better opportunities.
The Republic of Seychelles is one such example. Composed of 115 islands spread across northern Madagascar, Seychelles became an independent republic in 1974. Since then, it has built a strong infrastructure with steady growth. Therefore, people who want to open a business should seriously consider Seychelles.
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Steps to start a business in Seychelles
To start a business in Seychelles, you need to follow a couple of steps. These are:
Find out the type of company
Do you want to be a sole proprietor or do you want to form a partnership with someone? Or maybe you want to form an LLC. Perhaps a corporation is more to your liking? Find out the requirements for each type of business and determine which one works best for you.
reduce industry
If you’re planning to start a business, you probably already have an idea of what you want to do. If not, you need to think about the right niche for you. In Seychelles, some strong industries are housing, agriculture, healthcare, and clothing.
Register the business
Now that you have the business basics established, it’s time to register your business. Gather the necessary documentation and go to the government agency. You can also do it online if you register from abroad. Remember that depending on the type of business you have, you may need a business license.
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Register in the Social Security Fund
After registering your business, you will need to register with the Social Security Fund. Please note that this must be done within 7 days of registering your company. Otherwise, you may encounter complications and may not be able to access your social security funds.
Begin
Now all you have to do is start your business. Start making your brand, find the right suppliers and start financing your business. It may take some time for you to start making a profit, especially if that is your only business location. Still, with perseverance, patience, and good work, the money should start flowing.
Benefits of doing business in Seychelles
Starting your business in a country like Seychelles has numerous advantages. There is a very good reason why so many people decide to go to this area. These are the main advantages of setting up a “shop” in Seychelles.
Too easy
Opening a business in Seychelles is perhaps one of the easiest processes in the world. It usually takes no more than 24 hours to incorporate a business and 48 hours maximum if there are complications. Also, the registration process is in English, making it very easy for international business owners looking to expand.
Political stability
Seychelles is a politically stable country. For investors, this can be a very good thing. It means that your investments will not be put at risk. It also has strong connections to neighboring areas such as the UK, Asia and Europe, making it a great place to trade goods. This political stability has only increased in recent years, making it a promising location for a successful business.
low cost of living
When you start a business, you will probably have to take care of some living expenses. In Seychelles, this can be very advantageous for you. Median cost of living for two people is $1,317, with small properties starting at $903 in rental terms. This is less expensive compared to other countries and will save you money in the long run.
It is fiscally advantageous
Aside from Seychelles being very affordable to live in, the republic is also a tax haven. As an international company established here, you will have no tax liability to the government. There are no audits or tax returns, and you only have to do the minimum reporting. This means you can save money by getting an advantageous tax return, making it a great place to do business.
Modern banking solutions
Seychelles has a multitude of modern banking solutions, from regular currencies to cryptocurrencies. Forex brokers in the Seychelles use multiple currencies across different types of bank accounts, allowing you to make various currency investments. With the right options, this can easily turn out to be beneficial for your business.
sound infrastructure
Seychelles may be a young democracy, but its infrastructure is very strong. The company depends on its tourism and fishing, but considering its location, it has never been a problem. Seychelles enjoys the highest GDP per capita in the region, which is $12,306.
Great support for business owners
Seychelles is very popular with entrepreneurs, and for a very good reason: you get all the support you need. Most business owners don’t want to go through the incorporation process themselves, because it’s too difficult for them. However, in Seychelles, you can get a different law firm or company to do the incorporation for you. This way, you won’t have to worry about making a possible mistake or wasting precious time.
few annual requirements
In most countries, you have to file countless documents each year to keep your business going. Reports, rates and certifications: you will need to keep all of these if you do not want your company to be voided. Seychelles makes things simple for you by eliminating most of the paperwork. Other than keeping a local agent and paying the $100 annual fee for your business license, there isn’t much you can do.
The bottom line
Starting a business in Seychelles is very easy, especially when you compare the process to other countries. It doesn’t take more than a day and there are numerous tax benefits you can enjoy. All you have to do now is decide on the industry and type of business, setting your wings in motion.
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Source: vtt.edu.vn