Seychelles Banking System Overview
Processing Time
3 – 5 Weeks
Average Opening timeline
Initial Share Capital
USD$ 10000
Minimum required capital
Bank Fees
10$ – 400$
Per Transaction
Following the adoption of legislation on the establishment of International Business Companies (IBCs), the financial system began to undergo significant transformation, which manifested itself in:
- The formation of the offshore sector (70,000–90,000 active IBCs).
- The application of FATF recommendations, the introduction of AEOI and CRS.
- The digitization of all processes, the spread of fintech, and the strengthening of reputation at the global level.
The Central Bank of Seychelles (CBS) supervises the activities of all banking institutions and:
- Compliance procedures performed by all participants.
- UBO verification.
- Transaction monitoring, detection of anomalies and non-standard operations.
- Basel III compliance, audit compliance.
Structure of the banking system
| Category | Bank/Company Name | Services | Notes |
|---|---|---|---|
| International banks (60–70% international clients, 20–35k non-resident accounts) | Absa Bank; MCB; Al Bank | Corporate accounts, multi-currency, SWIFT; Digital banking; Corporate offshore accounts | Works with international companies, e-commerce. High service level. Best for large corporate structures. |
| Local Banks (80–95% operations online) | Nouvobanq; Seychelles Commercial Bank | FX accounts, SWIFT; Advanced digital banking | Works with IBC. Most convenient for local companies. |
| EMI (10–15 providers) | Al Global Payment Services (HUDA); EURO Payment Services (EPS) | International payments; Multi-currency and online services | Convenient for e-commerce. |
When opening a Seychelles company bank account, you can take advantage of:
- Digital offices, mobile applications, 24/7 access to multi-currency transactions, online support.
- SWIFT payments, Visa/Mastercard card systems, integration with EMI.
- Multi-currency accounts: USD, EUR, GBP, 10+ currencies for one account, online exchange.
- Minimum deposit from $100 to $10,000.
- Average opening time is 10-25 days.
Comparison of Seychelles vs Other Jurisdictions
| Criteria | Seychelles | BVI | Bahamas |
|---|---|---|---|
| Reputation | Medium–High | High | Medium |
| AML/CFT | Strict | Strict | Strict |
| Speed of opening a corporate account | 1–4 weeks | 3–8 weeks | 2–6 weeks |
| Remote account opening | — (additional KYC conditions may apply) | + (additional KYC conditions may apply) | — (additional KYC conditions may apply) |
| Multi-currency accounts | + | + | + |
| Confidentiality level | High + CRS | High + CRS | Medium |
Tax benefits of Seychelles Corporate Banking
When registering corporate structures and opening a Seychelles bank account, businesses are entitled to the following benefits:
Zero corporate tax.
No taxes are paid on income earned outside the company’s jurisdiction.
No taxation of dividends, interest, and royalties.
Business structures can pay interest, dividends, and transfer profits abroad without tax obligations.
No income tax.
The sale of shares, securities, and corporate interests is not taxed.
No inheritance tax.
Simplified asset transfer planning and family capital management are possible due to the absence of tax obligations.
Minimization of double taxation.
Approximately 28 DTAs have been signed with India, France, China, Singapore, and others.
CRS and AEOI are in effect.
This means that participants in the finance sector are required to report information about non-residents to the tax authorities of their countries.
Key benefits of Seychelles Corporate Banking
| Indicator | Description |
|---|---|
| Zero corporate tax | Territorial taxation principle; 0% for IBC on income earned outside the country |
| No currency control | Unrestricted profit repatriation; multi-currency accounts (USD, EUR, GBP) |
| Number of IBCs | Around 70,000–90,000 active IBCs |
| Confidentiality | Registers of UBOs, shareholders, and directors are not public |
Remote Account Opening In Seychelles
There are several commercial banks that offer Seychelles offshore company bank accounts remotely, subject to certain requirements, such as minimum capital, deposit, availability of an agent/consultant, etc.
Comparison of banks, features of remote account opening
| Bank | Remote Opening | Features |
|---|---|---|
| Absa | + | Minimum balance: $35,000. KYC procedure required (ID documents, proof of address, source of funds). |
| Bank of Baroda | (branch submission required) | Original documents must be submitted for verification. |
| Nouvobanq | + | Minimum balance: $25,000. |
Remote account opening process:
- Collection of documents (incorporation documentation, ID and proof of address of owners, managers, provision of statements/contracts/invoices for receipt of funds).
- Sending copies of documents (usually notarized, translated into English).
- Verification and verification of data, possible video meeting as part of the KYC procedure (during the meeting, questions may be asked about the purpose of opening the account, business activities).
- Signing documents electronically or in paper format (not all accept e-signatures).
- For high-risk businesses, a personal meeting and a detailed explanation of the sources of funds will be required.
- With proper preparation of documents, the process of obtaining an IBAN will take 2 weeks.
Required Documents for Seychelles Corporate Account
Opening a Seychelles offshore bank account is a key requirement for international companies that have decided to operate with minimal tax burden and free movement of funds.
The main documentation required by banking institutions includes:
- Certificate of incorporation.
- Memorandum and articles of association (latest version).
- UBO register.
- Register of directors indicating the date of their appointment, nationality, and residential address.
- Corporate governance structure (number of shares, par value).
- Identification documents of directors/representatives/UBOs, their professional resumes.
- Description of main activities and financial forecasts.
- Source of funds, declaration of origin of wealth.
- Recent bank statements (3-6 months).
- Contracts with counterparties.
- Licenses, permits, certificates – Good Standing/Certificate of Incumbency – to confirm the company’s charter.
Any trading structures, investment companies, SaaS, IT projects, and non-residents may open a Seychelles bank account online, provided that the following requirements are met:
- Minimum capital requirements, usually IBCs specify $1,000, to operate in the financial sector and investment funds, companies must prove their financial solvency and significant capital.
- Disclose UBO data and describe the entire ownership structure.
- Prove the source of capital (bank statements, accounts, contracts).
- Prove reputation and legal status, in accordance with regulations, in particular, directors, representatives, and shareholders must not be included in sanctions lists, the company’s activities must not be related to the sale of prohibited goods or substances, and it must not cooperate with countries that are on the FATF blacklist or with high-risk jurisdictions.
- Add additional materials if necessary, explain business activities.
Types of Companies That Can Bank in Seychelles
To open an offshore Seychelles bank account, the following types of companies are often used:
- IBC – a standard offshore company suitable for international trade and investment. Special feature – cannot conduct business within the country.
- CSL – it is permitted to provide services to local residents and conduct licensed activities.
- Trusts – banks will require disclosure of the full structure and all UBOs.
- Holding companies can take advantage of tax benefits and protect intellectual property rights.
- Trading companies can integrate multi-currency accounts with payment systems.
- Investment companies are required to have a license to manage assets.
- Consulting and service companies conduct standard checks when interacting with financial institutions.
Types of Bank Accounts Available in Seychelles
Among the types of bank accounts in Seychelles are:
- Current accounts, which are necessary for regular business transactions and payments.
- Deposit accounts can be opened in SCR, USD, or EUR for terms ranging from 3 to 24 months.
- Multicurrency accounts provide companies with online currency exchange and access to FX instruments. Such accounts are especially important for international activities.
- Merchant accounts are used by e-commerce and SaaS companies to accept a large number of payments.
- Investment accounts are necessary for securities trading and fund management.
- Escrow accounts are used to guarantee the fulfillment of contracts and agreements.
- Swift accounts are for businesses with a large volume of transactions that require SWIFT transfers.
Seychelles banking Fees
Commissions and requirements for the opening balance when opening a bank account for a Seychelles company vary; for non-residents, rates are always higher than for local businesses.
Comparison of rates for corporate business
| Bank | Opening Fee | Monthly Fee | SWIFT-out | Minimum Balance |
|---|---|---|---|---|
| MCB | $700–$1200 | $40–$80 | $35–$65 | $10,000 |
| Absa | $800–$1500 | $50–$100 | $40–$70 | $15,000 |
| Nouvobanq | $500–$1000 | $30–$60 | $30–$50 | $5,000 |
| Bank of Baroda | $300–$700 | $20–$40 | $25–$45 | $2,500 |
| Al Salam | from $1000 | $60–$120 | $40–$70 | $20,000 |
The cost of services and the minimum balance amount are affected by:
- Type of business.
- Complexity of corporate structure.
- License.
- UBO/KYC requirements.
Step-by-Step Process to Open a Seychelles Account
The average time to open an offshore bank account in Seychelles takes 6-12 weeks, for low-risk businesses – 3-5 weeks, and involves the following steps:
Stage 1. Analysis of needs and selection of a bank.
The business must determine the purpose of the account, its type, currency, and the country from which the main payments will come. It is often recommended to submit applications to two different banks.
Stage 2. Verification of the validity of all documents.
The full list of documents includes corporate, personal, and financial data, which banks use to assess the risks of the business profile, check sanctions lists, court cases, tax debts, and more. In addition to the documents required by law, the company may provide professional letters of recommendation.
Stage 3. AML Screening.
Based on the documents submitted, banks establish a risk rating, which will subsequently affect the terms of cooperation and the minimum balance.
Stage 4. Approval of opening.
Upon approval, the company must sign service agreements, make a minimum deposit, obtain IBAN/SWIFT/BIC, access and passwords to log into the online platform.
Choosing the Right Bank in Seychelles
Opening an overseas bank account in Seychelles is one of the popular solutions among large holding companies and investors operating in the global market.
Comparison of banks when opening an account
| Criteria | MCB | Nouvabanq | Absa | Al Salam | Baroda | Ceylon |
|---|---|---|---|---|---|---|
| Minimum deposit | $10,000–$25,000 | $5,000–$20,000 | $20,000–$50,000 | $10,000 | $5,000 | $5,000 |
| Account opening speed | 6–10 weeks | 6–12 weeks | 8–12 weeks | 6–10 weeks | 5–8 weeks | 6–10 weeks |
| Online banking | + | + | + | + | + | + |
| International transfers | Fast | Medium | Very fast | Medium | Not very fast | Medium |
| SWIFT fee | $35–65 | $30–60 | $40–75 | $30–55 | $25–45 | $25–45 |
| Available currencies | USD / EUR / GBP / ZAR / CHF | USD / EUR / GBP | USD / EUR / GBP | USD / EUR | USD / EUR | USD / EUR |
| Suitable for IBC | + | + | + | + | + | + |
| Suitable for e-commerce | + | + | Partially | Partially | Partially | Partially |
| Suitable for holdings | + | + | + | + | + | + |
Packages of services for opening a corporate offshore account in Seychelles
The main service packages for a Seychelles business bank account include:
Additional services related to confirmation of economic presence, appointment of nominal managers and shareholders.
Why you should use Corporate Services by Gofaizen & Sherle
When opening an international bank account in Seychelles, it is worth using the services of Gofaizen Sherle, as the company provides:
- A personalized approach that identifies the specific needs of the structure: IBC, holding company, e-commerce.
- Emphasis on KYC quality and speed of compliance.
- Comprehensive turnkey services, from document preparation to selecting a bank with the necessary services, tariffs, and available currencies.
- Minimization of risks related to the company’s structure and sources of funds.
- Local representative.
- Post-opening support when working with online banking.
- Proven reputation and trustworthiness.
- Compliance with the principles of customer data confidentiality.
With Gofaizen&Sherle, your business gains a partner who will be there for you from company registration to banking services, ensuring maximum transparency and speed.
FAQ About Bank account opening in Seychelles
What are the tax benefits of a Seychelles company?
When opening an offshore bank account, Seychelles companies have a 0% tax rate on income earned outside the country. At the same time, the entire process of interacting with banks can take place remotely.
Are there any restrictions on the types of businesses that can open a bank account in the Seychelles?
Yes, unlicensed activities (Forex, investments only with a license), the sale of prohibited substances, or the provision of illegal services. Anonymous bank accounts in Seychelles are strictly prohibited when setting up any type of business.
Are there any minimum deposit requirements for opening a bank account for Seychelles companies?
Yes, depending on the banking structure and business risk, the minimum amount is between $10,000 and $50,000 for online registration.
Can I open a corporate investment account for my offshore company in the Seychelles?
Yes, most business formations have access to opening corporate investment and custodial accounts.
What are the best banks for companies registered in the Seychelles?
For offshore structures, there is a choice between: Absa, Al Salam, MCB, Nouvobanq, and EMI services.
What are the requirements for a Seychelles offshore company bank account?
In accordance with international transparency standards and FATF recommendations, banks must conduct compliance checks, analyze business structures, and identify risks.
Seychelles offshore banking – is it expensive?
No, opening costs range from $300 to $1,500, maintenance costs range from $50 to $200, and transfers cost $25 to $75.
