Seychelles Offshore Banking

#Go Seychelles. Be Global

WHY OPEN BANK ACCOUNT IN SEYCHELLES?

The first thing that comes to mind when someone hears about the Seychelles is probably vast sandy beaches scattered across azure crystal waters of the Indian Ocean. That being said, this tropical paradise is actually one of the most well-known offshore jurisdictions.

By virtue of its favourable domestic legislation, the Seychelles remains a safe place for foreign investors who come here either for offshore company formation or for opening offshore bank account in the Seychelles.

All commercial banks in the Seychelles are subject to and licensed by the Central Bank of Seychelles, which has a long history dating back to the late 1940s. The list of offshore banks in Seychelles is relatively large and comprises established financial institutions such as Absa Bank (formerly Barclays Bank) and Al Salam bank.

Probably the second most popular question after “How do I register a company in Seychelles?” would be “How to open a Seychelles bank account?”. But before going into more detail, let’s first look at the main advantages that Seychelles offshore banking can offer clients.

  1. Minimal government intervention

The Financial Services Authority (formerly Seychelles International Business Authority) carries out the daily registration of hundreds of international business companies. Therefore, it is not surprising that the financial services and banking sector constitute a significant source of revenue for the domestic budget annually. That is why local authorities follow the principle of minimal interference.

Having a Seychelles bank account means full exemption from all local taxes, including corporate tax (only applicable in the case of an international business company). Furthermore, no additional government fee is applicable for Seychelles offshore bank accounts.

  1. Multilingual environment

The Islands have a somewhat turbulent historical heritage as a former colony of France and the British Empire. Today, most people are fluent in English and French, the two official working languages that are spoken. Having a Seychelles company bank account means that you will be served by well-trained staff who speak your language.

  1. Political stability

Foreign investors are usually attracted to offshore jurisdictions with stable economic and political environments. One of the benefits of Seychelles offshore banking is the absence of any political turmoil over the last forty years.

  1. Low costs for company registration

Registering a company in Seychelles is relatively inexpensive compared to other offshore jurisdictions. The Seychelles company register comprises one of the largest number of registered Seychelles IBCs. That is why Seychelles company formation with a bank account is among the most popular services that international businesses are looking for in this paradise.

 

WHAT ARE THE SEYCHELLES OFFSHORE BANKING OPTIONS?

AL SALAM BANK

Al Salam Bank Seychelles (or ASBS) is a top-ranked bank in the list of offshore banks in Seychelles and a Seychelles subsidiary of Al Salam Bank Bahrain. Part of ASBS’s mission is to become a pioneer in banking services by bridging the gap between the West Indian Ocean and the Persian Gulf. ASBS holds a licence issued by the Central Bank of Seychelles and is authorised to provide financial services and banking products to its clients.

ASBS offers its clients a user-friendly online banking system, remote account opening and a bank account under the umbrella of a reputable financial institution. Furthermore, as an Islamic institution, Al Salam Bank Seychelles also has special Shariah-compliant banking products for its clients. There is no additional stamp duty or government fee in the Seychelles, which may apply to a bank account opened with ASBS.

ASBS is able to open a bank account for a Seychelles IBCs or an offshore company incorporated in other offshore jurisdictions. The bank opens offshore current bank accounts for companies and individuals (but no Seychelles offshore merchant account).

  • Corporate account
  • Individual account
Location
AL SALAM BANK
Personal Visit
Not required
Type of Account
Current account
Online Banking
Yes
Currencies
USD, EUR, GBP
Card
VISA classic Debit card, but no Credit card
Minimum Initial Deposit
USD 25,000.00
Time to Open
3-4 weeks
Minimum Monthly Balance
N/A (but Monthly fee of USD 20.00 )
Service Fee
GBP 399
Prohibited industries/jurisdictions
Those listed in OFAC sanctions list
Additional services
Bank account opening for US citizens without additional fees, Islamic banking available
Location
Mahé
Personal Visit
Not required
Type of Account
Current Account
Online Banking
Yes
Currencies
USD, EUR, GBP
Card
VISA classic Debit card, but no Credit card
Minimum Initial Deposit
USD 10,000.00
Time to Open
3-4 weeks
Minimum Monthly Balance
N/A (but monthly fee of USD 20.00)
Service Fee
GBP 399
Prohibited industries/jurisdictions
Those listed in OFAC sanctions list
Additional services
Bank account opening for US citizens without additional fees, Islamic banking available
Location
Personal Visit
Type of Account
Online Banking
Currencies
Card
Minimum Initial Deposit
Time to Open
Minimum Monthly Balance
Service Fee

HOW DO YOU OPEN A SEYCHELLES BANK ACCOUNT?

1. Contact Astra Trust

If you want to open a bank account for a Seychelles company or a pre-existing international business company, all you need to do is contact us (link). Astra Trust is ready to provide you with an extensive range of services, including:

  • Seychelles offshore company formation – if you’re planning to establish a Seychelles IBCs to do business globally;
  • Seychelles offshore company bank account – if you’re looking for banking options to help grow your existing business;
  • Seychelles personal bank account – if you have various personal needs to fulfil such as asset protection, savings, diversification of funds, retirement, etc.

2. Collect required documents

To open a bank account in the Seychelles is not a straightforward task. We cooperate closely with the major domestic banks in the Seychelles and have an up-to-date list of documents required to get everything sorted out. Our extensive expertise helps us to mitigate any issues during the opening account process.

It is possible to proceed with opening a Seychelles company bank account for a pre-existing company. However, when it comes to opening a bank account for an international business company in the Seychelles, information about the company should be filed with the Republic of Seychelles company register.

To open bank account in Seychelles, local banks require the following information:

 

Seychelles offshore company bank account Seychelles personal bank account
Application forms and KYC questionnaire
Application forms and KYC questionnaire
  • Certificate of Incumbency and Certificate of Good Standing
  • Passport
  • Register of directors and shareholders
  • Financial/professional reference on the name of an account holder
  • Shares Certificate (information about a

share capital)

  • Copy of utility bill (for the last 3 months) on the name of an account holder
  • Corporate documents (Memorandum & Articles of Association)
N/A
  • Additional documentation, if required (e.g. latest audited financial statements, information regarding the source of funds, business plan, board resolution to open an account in the Seychelles, information about a company’s director and shareholders, etc.)
N/A

The Astra Trust team will draft and fill in all the documents required for opening a bank account.

 

3. Account opening process

Once all the required documents have been duly provided, the bank needs to undertake obligatory internal risk and compliance procedures. If you are interested in a Seychelles offshore bank account right now, we can provide you with an already incorporated cheap offshore company with a bank account (i.e. a shelf company).

If a bank account is required for a Seychelles IBCs or a domestic company, then a bank may also conduct a so-called “Seychelles company check”. This check involves further investigation of a company’s activities, whereby the Seychelles registrar of companies and identities of the company’s director and shareholders are verified.

Upon completion of all necessary checks, a bank will authorise the opening of a Seychelles bank account.

 

4. Access to Seychelles offshore banking

Congratulations! After receipt of the bank’s approval, you will receive all the information regarding your new Seychelles company bank account.

 

FREQUENTLY ASKED QUESTIONS (FAQ)

  • Seychelles offshore banking – is it expensive?

No, the Seychelles is one of the cheapest offshore jurisdictions, which is why the cost of opening and maintaining a bank account here is comparatively low. Apart from the standard monthly fees and transaction charges, no stamp duty or other government fee applies.

  • Can I open a bank account in the Seychelles without Seychelles offshore company incorporation?

Yes, banks in the Seychelles are ready to offer opening accounts for both a Seychelles IBCs or foreign companies and individuals. If you require additional assistance to incorporate your offshore company in the Seychelles, contact the Astra Trust Team now (link).

Registering a company in Seychelles is not a prerequisite for opening a bank account here. At the same time, local banks are more inclined to provide access to the domestic banking system for companies incorporated in the Seychelles.

  • What are the requirements for a Seychelles offshore company bank account?

There are a number of requirements that a business needs to fulfil in order to access the Seychelles offshore banking system. Firstly, a company’s director and shareholders should not be included in any sanctions list. Secondly, a company must not be engaged in criminal or illegal activities. Unlike some other offshore jurisdictions, local banks in the Seychelles do not impose a minimum threshold for a company’s share capital. Thirdly, providing all required documents as requested by the banks is key to obtaining a bank account in the Seychelles.

  • How long does it take to open a Seychelles personal bank account?

Usually, the whole process of opening account takes a maximum of four weeks (including additional requests from a bank). There is no difference in the time it takes to open an individual or company bank account. If you wish to open a Seychelles bank account as soon as possible, we are ready to provide you with a cheap offshore company with a bank account.

  • Is it possible to open a Seychelles personal bank account anonymously?

No, the process of opening account requires full disclosure of an account holder’s identity by filling in various questionnaires and bank forms. In the modern world, where CRS and FATCA are our new reality, anonymous personal bank accounts no longer exist.

  • Can I obtain a company with a Seychelles offshore bank account?

Yes, Astra Trust has various shelf companies holding opened bank accounts with reputable financial institutions, including Seychelles offshore banks. Contact us, and we will help you choose the best option for your business needs.

  • Can I open a Seychelles offshore merchant account for my business?

Having a merchant account with local banks is only possible for Seychelles companies operating domestically. At the same time, offshore incorporations can benefit from current accounts with Seychelles offshore banks.

  • Do you offer Seychelles company formation with a bank account?

Yes, Astra Trust is a professional intermediary that provides an extensive range of services such as company registration in various offshore jurisdictions, offshore banking, trust formation and yacht registration.

We can assist you with registering a company in Seychelles (through the local registered agent), including full assistance with opening an offshore bank account in Seychelles.

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