BusinessSeychelles5 Things to Know About Opening Offshore Bank Account in Seychelles

March 11, 2022by Tetra Consultants0
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Seychelles company formation with bank account is one of the rising popular options among various foreign investors. The island is located off the eastern coast of Africa in the Indian Ocean and the jurisdiction of Seychelles is often associated and commonly known to be popular tourist destinations, with its main economic activities revolving around tourism and fishing. In an effort to transit itself into a financial services hub, Seychelles maintained a pro-business stance and passed the Seychelles Investment Act which makes foreign investors who wish to incorporate in Seychelles possible but restrictions are placed upon industries that are active with local businesses such as taxi or small boats charters.

With the country welcoming foreign investments and expertise to transform itself into a financial hub, foreing investors are increasingly choosing Seychelles as its destination for incorporation. Before you register company in Seychelles, it is important to learn about opening offshore bank account in Seychelles for your incorporated business. Follow Tetra Consultants as we share 5 things to know about opening offshore bank account in Seychelles.

opening offshore bank account in seychelles

1) Requirements for Opening a Corporate Bank Account in Seychelles 

The first thing to know about opening offshore bank account in Seychelles is the requirements needed to be fulfilled prior to the opening of a corporate bank account in the jurisdiction. Opening offshore bank account in Seychelles will require proper preparation of company documents solicited by financial institutions in the country. Some of the documents required include the certified copies of passports of all company initial shareholders (owners, directors and signatory), residential address that can be proven via utility bills or bank statements as well as the certificate of association provided once your incorporation process has been completed. It is important to note as well that when setting up your offshore corporate bank account in Seychelles, there is a requirement of a minimum deposit of $10,000 that has to be completed within 4 weeks of setting up the bank account.

All documents submitted in the process of opening a corporate bank account in Seychelles have to be translated to English Language and there is no obligation or requirement for applicants to travel down to the country for setting up of the offshore corporate bank account.

2) Minimum Balance to Maintain In The Corporate Bank Account 

The second thing to know about opening offshore bank account in Seychelles is the minimum balance that has to be maintained in the corporate bank account. The minimum balance that is required to be maintained in the offshore corporate bank account is $10,000 and it is a condition imposed upon all corporate bank accounts in Seychelles. If not adhered to, additional fees can be charged by the local bank in the jurisdiction of Seychelles.

3) Online Banking Services:

The third thing to know about opening offshore bank account in Seychelles is that there are online banking services made available to accounts opened in the country. Both corporate and personal bank account opened in the jurisdiction of Seychelles with the local banks can be accessed anytime via online services and applications, allowing for greater connection and convenience. This allow parties to transfer money to and fro from the Seychelles account in accordance to the needs of the client and you will be able to verify various ongoing transactions.

4) Personal Information are Kept Private: 

The fourth thing to know about opening offshore bank account in Seychelles is that personal information of bank account holders are kept private. International laws protect clients by offering confidentiality and privacy on personal information of which the jurisdiction of Seychelles have to abide with. However, it is important to note that according to the legislation of Seychelles, banks are obliged to report and provide relevant financial details to tax authorities at times and in the event of any litigation, the bank will then be required to disclose personal information.

5) Additional Fees From Banks

The fifth thing to know about opening offshore bank account in Seychelles is that there are additional fees imposed upon account holders. Most of the local banks found in the jurisdiction of Seychelles imposed what is known as monthly or periodical fees and charged minor fees related to transfers and money transactions. Prior to setting up your offshore corporate bank account in the country, it is important to get yourself familiar with the various fees charged by the different banks. Additionally, you can always contact Tetra Consultants as we provide corporate bank account opening services.

Conclusion:

Engage Tetra Consultants as we guide you on how to register a company in Seychelles through a smooth and hassle-free process. The team provides a comprehensive service package that includes planning and strategizing with our clients to select a suitable business entity, completing the registration and documentation processes, obtaining required licenses, opening a corporate bank account, and ensuring your compliance with the government regulations. 

Contact us to find out more about company registration in Seychelles and our dedicated and experienced team will revert within the next 24 hours.

Tetra Consultants

Tetra Consultants is the consulting firm that works as your advisor and trusted partner in your business expansion. We tell our clients what they need to know, instead of what they want to hear. Most importantly, we are known for being a one-stop solution for our valued clients. Contact us now at enquiry@tetraconsultants.com for a non-obligatory free consultation. Our team of experts will be in touch with you within the next 24 hours.

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