1. What is EU blacklist and how it can affect your business?

The EU blacklist, formally known as the EU list of non-cooperative tax jurisdictions, is a list of countries or territories that the European Union considers non-compliant with international tax standards and practices. These jurisdictions are deemed to be not doing enough to tackle tax evasion, tax avoidance, and other harmful tax practices.

Being on the EU blacklist can have implications for businesses operating in those jurisdictions. Some potential effects include:

- Increased Scrutiny: Businesses operating in blacklisted jurisdictions may face increased scrutiny from tax authorities, both domestically and internationally. This can lead to more audits, and investigations

- Limited Access to Financial Services: Companies operating in blacklisted jurisdictions may find it more difficult to access banking and financial services internationally.

- Trade and Investment Barriers: Being on the EU blacklist can also create barriers to trade and investment.

However, if your offshore business does not operate directly from these jurisdictions such as having physical office, bank accounts from listed countries, opening offshore company in these jurisdictions won’t affect your international business activities and opening a business bank account.

For further details, please contact our sales specialist to get personal consulting on each case.

Seychelles has been removed from EU Blacklist

From 20/02/2024, Seychelles, Bahamas, and Belize have been removed from the EU Blacklist for their ongoing commitment to transparency, and cooperation to international tax standards. This demonstrates the Seychelles government's commitment to implementing strong regulatory measures and improving its standing as a reliable location for global business activities along with its high reputation in international market.

You can find more information about this update on the official website of the Council of the European Union: EU List of Non-Cooperative Jurisdictions.

2. Why incorporating offshore company in Seychelles is a good choice?

Although Seychelles was listed in the EU blacklist, Seychelles company still remains noble and reliable for international banks. Besides, their tax benefits and economic advantages are undeniable for any business which wants to expand internationally:

• Tax Benefits: Seychelles offers a favorable tax environment, including no corporate income tax, no capital gains tax, and no withholding tax on dividends, interest, or royalties.
• Privacy: Seychelles company provides strict confidentiality laws, allowing for confidential business operations and ownership structures. 
• Ease of offshore company formation: Setting up an offshore company in Seychelles is relatively straightforward and cost-effective, with minimal yearly maintenance process.
• Asset Protection: Seychelles offshore business offers strong asset protection laws, safeguarding assets from potential creditors or legal disputes.
• Political Stability: The Seychelles government provides a stable political environment, reducing risks associated with political instability or regime changes.
• Global Business Hub: Seychelles serves as an international business hub, with access to global markets and a well-established financial sector.
• Flexibility: Seychelles company structures offer flexibility in terms of corporate governance. The Seychelles offshore company only requires at least 1 director, 1 shareholder and 1UBO to start the incorporation process.
• No Currency Restrictions: There are no restrictions on currency transactions, making it easier to conduct international business activities.
• Bank friendliness: Opening company in Seychelles means you will get more bank choices and the application process is much easier compared to other jurisdictions like Cayman Islands and Panama.

3. How to incorporate a Seychelles company

The Seychelles incorporation process is simple and straightforward with 5 steps including business bank account application:

• Step 1: Collecting KYC documents of all company members and business description in details.
• Step 2: Doing compliance check on KYC documents and review business line.
• Step 3: Incorporating Seychelles company in 2 to 3 business days and get full company documents.
• Step 4: Applying for business bank accounts of choice.
• Step 5: Kick-start your business operation.

Overall, incorporating offshore company in Seychelles can provide numerous advantages for your business, making it an attractive jurisdiction for entrepreneurs and businesses seeking favorable tax regimes, privacy, and ease of doing business.

*Disclaimer: This guide serves as a reference tool and should not substitute legal advice. Contacting Global Offshore Company Sales Specialists now to receive personalized consulting on your business requirements and bank choices via Whatsapp +84 766 23 31 31 and email info@globaloffshorecompany.com