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Companies Special Licence(CSL)

Home Companies Special Licence(CSL)

investing in zimbabweA CSL is a Seychelles domestic company (under the Companies Act 1972), which enjoys various fiscal concessions by virtue of being granted a special licence under the Companies (Special Licence) Act 2003.

The CSL is liable to Seychelles corporation tax, levied under the Business Tax Act at the rate of 1.5% on its world-wide income, and therefore is eligible for residency if certain conditions are met.

A CSL will enjoy this low rate of tax for a period of ten years from the date of incorporation, and thereafter unless a written law in the future provides otherwise.

The "tax resident" CSL (unlike the tax exempt IBC) may access Seychelles' steadily expanding network of Double Taxation Avoidance Agreements. The Seychelles has several double taxation treaties signed with various countries.

Key Features of a CSL

The rate of the tax payable by a company in respect of its taxable income is 1.5%.

The rates of withholding tax are the following:

  • dividend paid to a resident – nil;
  • dividend paid to a non-resident – nil;
  • interest paid to a resident – nil;
  • interest paid to a non-resident – nil;
  • royalty paid to a non-resident for the right to use a copyright, patent, trademark, design, model, plan – nil;
  • royalty paid to a non-resident for supply of scientific, technical, industrial or commercial knowledge, services, information – nil;
  • royalty paid to a non-resident for the right to use a secret formula, process ot know-how whether technical, managerial or otherwise, other intellectual property or right – nil;
  • royalty paid to a non-resident for the right to use an industrial, commercial or scientific equipment – nil.

Share capital or equivalent  
Standard currency: US$
Permitted currencies: Any except Rs
Minimum paid up: 10% of the Authorised capital
Minimum number: Two
Local required: No, but advisable
Publicly accessible records: Yes
Location of meetings: Anywhere
Corporate Director No
Minimum number: Two
Publicly accessible records: No
Location of meetings: Anywhere
Company Secretary  
Required: Yes, must be Seychelles Corporate Service Provider
Local or qualified: Local
Requirement to prepare: Yes
Audit requirements: Not applicable
Requirement to file accounts: Yes
Publicly accessible accounts: No
Requirement to file annual return: Yes, but not public
Allowed and expected activities An Investment company A holding company A marketing company Company holding intellectual property A headquarters company A human resources company A franchise company Any other business approved by SIBA

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