Whenever we think about starting a business somewhere abroad, we think about bigger countries: Germany, Italy, UK, France, etc. The bigger the country, the better the opportunities, right. Are not? Yes, not really. Smaller countries or even republics may offer even better opportunities.
The Republic of Seychelles is one such example. Consisting of 115 islands spread across the northern region of Madagascar, the Seychelles became an independent republic in 1974. Since then, the country has built a solid infrastructure with rapid growth. stable. So those who want to start a company should seriously consider Seychelles.
Also Read: The Best New Businesses to Start in 2023
- 1 Steps to Start a Business in Seychelles
- 2 Business advantages in Seychelles
- 3 Key point
Steps to Start a Business in Seychelles
To start a business in Seychelles, you have to go through several steps. That is:
Specify the type of company
Do you want to be an independent entrepreneur or do you want to partner with someone? Or maybe you want to start an LLC. Perhaps one company is more for you? Define the requirements for each type of job and determine which is best for you.
If you are 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 niche that’s right for you. In the Seychelles, some of the strong industries are housing, agriculture, healthcare and clothing.
Register your company
Now that you’ve laid out the basics of your business, it’s time to register your company. Gather the necessary paperwork and go to the state agency. You can also do this online if you’re applying from abroad. Note that depending on your business type, you may need a business license.
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Once you have registered your company, you will need to register with the Social Insurance Fund. Please note that you must do this within 7 days of registering your company. Otherwise, you could be in trouble and might not be able to access your Social Security funds.
Now all you have to do is start the business. Start branding, find the right suppliers and start funding your business. It can take a while for the income to start coming in, especially if it’s your sole place of business. However, with perseverance, patience and good deeds, money will start to flow in.
Business advantages in Seychelles
Starting a business in a country like the Seychelles has many advantages. There is a very good reason why so many people choose this area. Here are the main advantages of opening a “store” in the Seychelles.
It is very easy
Opening a business in the Seychelles is probably one of the easiest processes in the entire world. The time to establish a company normally does not exceed 24 hours and maximum 48 hours if there are complications. In addition, the registration process is in English, making it very easy for international business owners who want to expand their operations.
The Seychelles is a politically stable country. For investors, this can be a very good thing. This means your investments will not be at risk. It also has strong links with neighboring regions such as the UK, Asia and Europe, making it a great place to exchange goods. This political stability has only increased in the last few years, so it is a promising place to do business successfully.
Low cost of living
When you start a business, you will likely have to worry about some living expenses. In Seychelles it can be very convenient for you. The median cost of living for two is $1,317, with small properties $903 in rent. This is cheaper than in other countries and will save you money in the long run.
It’s a tax advantage
Apart from the fact that the Seychelles has a very affordable cost of living, the republic is also a tax haven. As an international company incorporated here, you will have no tax liability to the government. There are no audits or tax filings and you only have to make minimal reports. This means you can save money by getting a favorable tax return, making it a great place to do business.
Modern banking solutions
Seychelles has a wide range of modern banking solutions, from conventional currencies to cryptocurrencies. Forex brokers in Seychelles use multiple currencies in different types of bank accounts, allowing you to invest in different currencies. With the right choices, this can easily prove beneficial for your business.
The Seychelles may be a fledgling democracy, but its infrastructure is very good. The company relies on tourism and fishing, but with its geographical location, that has never been an issue. Seychelles has the highest GDP per capita in the region, at $12,306.
Effective support for business owners
Seychelles is very popular among entrepreneurs and for a very good reason: you get all the support you need. Most business owners do not want to go through the process of setting up a company on their own because it is too difficult for them. However, in the Seychelles, you can ask a law firm or other firm to do the incorporation for you. That way, you won’t have to worry about potential mistakes or waste precious time.
Fewer annual requirements
In most countries, you need to submit countless documents each year to continue doing business. Reports, Fees, and Receipts – You will need to maintain all of these if you do not want your business to go out of business. Seychelles makes things simple for you by eliminating a lot of paperwork. Aside from maintaining a local agency and paying $100 in annual fees for your business license, you don’t have to do anything.
Starting a business in Seychelles is easy, especially when you compare the process with other countries. This takes no more than a day and there are many tax benefits you can enjoy. All you have to do now is decide the industry and type of business, spread your wings.