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 opportunities, right? Well not really. Smaller countries or even republics can provide even better opportunities.
The Republic of Seychelles is one such example. Composed of 115 islands spread across the northern region of Madagascar, Seychelles became an independent republic in 1974. Since then, it has built a strong infrastructure with steady growth. Therefore, people who want to start 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 several steps. These are:
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 a corporation is more to your liking? Determine the requirements for each type of job and determine which one is 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 of the strong industries are housing, agriculture, healthcare, and clothing.
register your company
Now that you’ve established the basics of your business, it’s time to register your company. Gather the necessary documentation and go to the state agency. You can also do it online if you register from abroad. Please note that depending on the type of business you have, you may need a business permit.
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Apply to the Social Security Fund
Once you have registered your company, you will need to register with the Social Security Fund. Please note that you must do this within 7 days of registering your company. Otherwise, you may have complications and may not be able to access your Social Security funds.
Begin
Now all you have to do is start a business. Start building your brand, find the right suppliers and start financing your business. It could take a while for the profits to start accruing, especially if it’s your only business location. However, with persistence, patience, and good work, the money should start rolling in.
Advantages of doing business in Seychelles
Starting a business in a country like Seychelles has many advantages. There is a very good reason why so many people choose this area. These are the main advantages of opening a “shop” in Seychelles.
Too easy
Opening a business in Seychelles is perhaps one of the easiest processes in the world. Normally it takes no more than 24 hours to incorporate a company, and a maximum of 48 hours if there are complications. Also, the registration process is in English, which makes it very easy for international entrepreneurs looking to expand.
Political stability
Seychelles is a politically stable country. For investors, this can be a very good thing. This means that your investments will not be at risk. It also has strong links 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 successful businesses.
low cost of living
When you start a business, you may have to worry about some living expenses. In Seychelles it can be very convenient for you. Median cost of living for two people is $1,317, with small properties $903 in rental terms. This is cheaper compared to other countries and will save you money in the long run.
It is tax friendly
Apart from the fact that Seychelles is very affordable to live in, the republic is also a tax haven. As an international company established here, you will have no tax obligations to the government. There are no audits or tax returns, and you only have to do minimal reporting. 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 many modern banking solutions, from regular currencies to cryptocurrencies. Forex brokers in Seychelles use multiple currencies across different types of bank accounts, allowing you to invest in different currencies. With the right options, this can 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 given the location it has never been a problem. Seychelles has 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 do not want to go through the incorporation process themselves because it is too difficult for them. However, in Seychelles you can get a law firm or other company to do the incorporation for you. That way, you don’t have to worry about a possible mistake or waste valuable time.
few annual requirements
In most countries, you must submit countless documents each year to continue doing business. Reports, fees and receipts – you will need to keep all of these if you do not want your company to be liquidated. Seychelles makes things simple for you by eliminating a lot of paperwork. Other than maintaining a local agent and paying the $100 annual fee for your business license, you don’t have to do a thing.
The bottom line
Starting a business in Seychelles is very easy, especially if you compare the process with other countries. It takes no more than a day, and there are numerous tax benefits you can enjoy. All you need to do now is decide on the industry and type of business, spreading your wings.
Categories: How to
Source: HIS Education