Opening a Seychelles business bank account for an IBC or a local company

The Seychelles IBC and the 2016 Act

A Seychelles business bank account is opened in the name of an international business company (IBC) or of a domestic company, through an agent licensed by the FSA. The bank checks the beneficial owners, the real activity, the counterparties and the origin of flows. The IBC is formed through a registered agent with no minimum capital and is mainly used for foreign-facing activities.

The International Business Company is governed by the International Business Companies Act 2016. It is formed through a registered agent with no minimum capital and is mainly used for foreign-facing activities; in principle it cannot trade with Seychelles residents.

Domestic company for business in the islands

A hotel, restaurant or shop on Mahé operates through a company formed under local company law. It obtains sector licences, employs Seychellois staff and opens a Seychelles business bank account in rupees, a situation banks understand easily.

The central role of the registered agent

Every IBC must have a registered agent licensed by the FSA, which keeps the register of directors, shareholders and beneficial owners. Banks often rely on this agent to receive certified documents and check the consistency of the structure.

Beneficial owners in the central register

Since the 2020 Beneficial Ownership Act, this information is sent to a central database accessible to the authorities. The bank compares the chart provided with that register; any undeclared nominee leads to immediate refusal and may be reported.

Territorial taxation and substance requirements

Foreign income of a Seychelles company is in principle exempt, but since 2021 large entities receiving passive income must show adequate substance in the islands. Banks ask how the company meets these criteria.

Trading, consulting, shipping: accepted activities

Banks more readily accept a trading company with contracts and bills of lading, consulting billed to identified clients, or a shipping-related company. Currency exchange, crypto-assets or online gambling are often ruled out from the start.

Accounting and the financial summary held by the agent

An IBC must keep accounting records and, since the 2021 reforms, file an annual financial summary with its registered agent. These documents also serve the bank during periodic reviews of the corporate account file.

Multi-currency accounts and international payments

Most IBCs hold US dollar and euro accounts, with payments routed through foreign correspondent banks. These correspondents also screen transactions; a transfer without an invoice or contract can be held for several days.

The account of a Seychelles SME

Seychelles Commercial Bank mainly supports businesses established in the islands, from retail to tourism; a domestic company with a licence, lease and local staff presents a much simpler profile there than an IBC owned from abroad.

Reporting by shareholders and the company

The bank reports the company and its controlling persons under CRS. A shareholder resident in France must declare foreign shareholdings and comply with French controlled foreign company rules, without relying on the islands' remoteness.

Steps to open a Seychelles business bank account

Opening usually follows a clear order: forming the structure through a registered agent or creating a domestic company, gathering the incorporation documents, choosing the bank, submitting the file, an interview if required and then activation of the account. Each step can take longer than expected, especially when the shareholders live in several countries. Plan a realistic timetable and keep a dated record of every step taken with the agent and with the bank.

The file usually contains the certificate of incorporation, the articles, the registers of directors and shareholders, certified identity documents for the beneficial owners, recent proof of address and a description of the business. Depending on the bank, further documents may be requested. Have documents written in another language translated and certified when the bank asks, to avoid a needless round trip.

Frequent mistakes include a vaguely described activity, an incomplete group chart, a mismatch between the register held by the agent and the declarations given to the bank, or a lack of contracts. Underestimating timelines is another classic error: allow a reasonable margin before committing to spending that depends on access to the account. Correcting these points before submission costs far less than restarting an application that was refused because the file looked incomplete.

Company bank account in the Seychelles: questions to ask the bank

Before submitting a file, ask the bank which company types it accepts, which activities it excludes, whether an initial deposit applies, what account fees are charged and which currencies are available. Also ask whether online banking is offered to international companies. Write down the answers so you can compare institutions without relying on a general impression. Compared across three or four institutions, this information quickly shows which one suits a structure of your size and sector. A Seychelles business bank account should be compared on these points rather than on price alone.

Find out about international payments: which correspondent banks are used, what evidence is required for a large transfer and what delays to expect in practice. A complete payment file, with an invoice or contract, limits holds. This point deserves clarification before you sign contracts with foreign customers or suppliers. Also ask who at the bank will be your contact and how to reach that person if a payment is blocked.

Remote opening is possible in some cases, through the registered agent, with certified documents and sometimes a video interview. Other banks prefer a visit in person. Comparing these arrangements before choosing avoids an unnecessary trip and lets you align the timetable for forming the company with the timetable for opening the account. For a Seychelles business bank account, this check often saves several days when the first transfers are made.

Corporate account: choosing between an IBC and a domestic company

The IBC suits mainly foreign-facing activity: trading, consulting billed to identified clients, holding international contracts. Its business account is often kept in dollars or euros. The bank wants to understand why the structure is useful, who the customers are and where the expected flows come from. That initial choice then shapes taxation, the substance expected and how easily the bank understands your business model.

The domestic company corresponds to a business operating in the islands, with local licences, a lease, employees and Seychellois customers. Its rupee account fits a pattern that local banks know well. The file is easier to justify, but it assumes a real presence and the reporting duties of companies established locally. Document the local presence with concrete evidence: a lease, employment contracts, licences and invoices from suppliers in the islands.

A common mistake is to choose an IBC when most customers are local, or the reverse. The legal form should follow the real activity, not the other way round. Discuss it with the registered agent and, if necessary, with independent legal counsel, before forming the company and applying for a bank account. An independent opinion before incorporation costs little compared with the expense of restructuring a poorly chosen vehicle.

Tax duties and checks before opening

The bank identifies the company and the people who control it, then sends the required information under CRS. Shareholders remain bound by their own declarations in their country of residence, notably for foreign shareholdings. A tax adviser can say how these rules apply to your situation before any decision. If you are unsure about your personal position, ask for a written analysis rather than an oral opinion of which nothing remains afterwards. Declaring the company bank account in Seychelles correctly is the shareholder's own responsibility.

Check that the registered agent is genuinely licensed by the FSA, that the bank is a supervised institution and that the documents you receive carry the exact names of the company. Do not accept an intermediary who promises guaranteed opening: no bank can commit to that, and the final decision always depends on its own review. Ask the agent for written confirmation of its licence, with a reference you can cross-check on the authority's website.

Keep a complete company record: registers, minutes, contracts, invoices and statements. It will be requested during periodic reviews. Regular bookkeeping and a Seychelles business bank account used in line with the activity described at opening reduce the risk of later questions or of a transaction being held. This discipline also simplifies exchanges with auditors, tax advisers and the company's future banking partners.

If the application is declined: a second Seychelles business bank account

A refusal does not always mean the structure is unsuitable. Ask the bank, in writing, which part of the file raised concern: unclear activity, missing documents on the beneficial owners or counterparties it does not accept. Correct the weak point before applying elsewhere, because several rejections in a row can make later discussions harder. A company bank account in the Seychelles is often easier to obtain when the registered agent presents a coherent file, with a clear description of the trading model and the expected flows.

Some companies later add a second bank to spread operational risk or to serve a different currency. Treat that request like a new opening: the same checks apply and the documents must still agree with the first file. Ask whether the new bank needs certified copies, an updated agent certificate or a fresh declaration of the source of funds. Keep the correspondence with each bank in order, since it shows that the company has been consistent and transparent throughout.