Seychelles

Company Incorporation

Starting an iGaming company in Seychelles involves three main steps, each with its own set of requirements and timelines. By understanding these phases, you can streamline the process and minimise delays in launching your business.

Step 1: Company Registration and Structure Selection

The journey begins with selecting your company structure and completing the initial registration. Many iGaming businesses prefer the International Business Company (IBC) structure due to its flexibility and tax benefits for offshore operations.

To get started, you'll need to choose a unique company name that includes a limited liability suffix (like "Limited", "Ltd", or "Inc") while avoiding restricted terms such as "Bank", "Insurance", or "Trust" unless you have the necessary authorisation. Once chosen, your name will be reserved and approved during the registration process.

The documentation required includes your Memorandum and Articles of Association, details about shareholders, directors, and beneficial owners, as well as proof of your registered office and agent. You’ll also need to provide information about share capital and a compliance declaration from shareholders and directors.

Each director, shareholder, and beneficial owner must submit certified identification, proof of address, Tax Identification Numbers, and even a selfie for verification.

The initial registration process typically takes 24–48 hours if all documents are correctly prepared, while the complete incorporation process may take up to a week. MGL offers guidance to help you navigate this phase, ensuring you take full advantage of Seychelles' tax and regulatory framework.

Once your company is registered and the structure is finalised, the next step involves preparing your business documentation and ensuring compliance.

Step 2: Documentation and Compliance Checks

This phase focuses on creating the necessary business documentation and meeting all regulatory requirements. It’s a critical step for obtaining your licence and starting operations.

You’ll need to draft a detailed business plan that outlines your iGaming operations, target markets, compliance measures, and financial projections for regulatory review.

Developing compliance policies is another key task. This includes Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures tailored to your business model. These policies must align with Seychelles’ regulations and international standards for gaming and financial services.

"All Seychelles Companies are required to comply with the International Business Companies (Amendment) Act, 2021. The legislation now requires all companies to keep their accounting records at their registered office in the Seychelles."

• CFS Formations

You must also file beneficial ownership details with the Seychelles Financial Intelligence Unit (FIU) through your registered agent. Companies with annual turnovers exceeding AU$5,625,000 (approximately USD $3,750,000) are required to prepare a Financial Summary within six months of their financial year-end.

Appointing a licensed registered agent is mandatory for all Seychelles IBCs. This agent provides your registered office address, serves as your official liaison with local authorities, and ensures compliance with statutory obligations. Appointing this agent early in the process helps avoid delays.

Once your documentation and compliance measures are in place, you can move on to securing final approvals and licensing.

Step 3: Final Approval and Licensing

The final phase is securing regulatory approvals and obtaining your gaming licence. This step is essential for iGaming businesses and involves meeting specific licensing requirements set by the Financial Services Authority (FSA) or other relevant bodies.

Applying for an iGaming licence requires extensive documentation and can take three months or more for verification and approval by the FSA.

"The VASP Act introduces a new supervision and regulation for virtual assets service providers carrying out certain business activities. Any entity wishing to provide virtual asset services is now required to be licensed and registered by the FSA (Financial Services Authority)."

• CFS Formations

If your business plans to incorporate cryptocurrency or virtual asset services, you’ll need a Virtual Assets Service Provider (VASP) licence. This licence costs approximately AU$22,500 (USD $15,000) and is mandatory for platforms handling cryptocurrency transactions or offering virtual asset-related services.

Opening a bank account typically runs parallel to licensing and may take one to three weeks due to enhanced due diligence requirements.

At this stage, finalise your company structure, establish accounting systems, and meet statutory obligations. Accounting records must be maintained at your registered office in Seychelles, updated at least twice a year, and retained for seven years.

The entire incorporation and licensing process usually takes around four months. Expert guidance from MGL can simplify each step, helping you establish your iGaming company efficiently and in full compliance with Seychelles’ regulations.

Selecting the right corporate structure in Seychelles is crucial for shaping your iGaming business strategy. The country offers three main options, each tailored to different operational goals and regulatory needs.

International Business Company (IBC)

The International Business Company (IBC) stands out as a preferred choice for iGaming businesses, with over 200,000 registered since its introduction in 1994 [3]. Known for its simplicity and privacy, this structure offers zero tax on foreign-sourced income and requires just one director and one shareholder, who can even be the same person, regardless of nationality. Corporate directors are also allowed, further boosting privacy.

Setting up an IBC is quick, usually taking only 1–2 days, and confidentiality is safeguarded through the registered agent. The annual government licence fee is approximately AU$225 (USD $150), regardless of the authorised capital. For iGaming operators, an IBC can also be used to secure an interactive gambling licence in Seychelles. However, it does not provide access to double taxation treaties.

"The International Business Company is usually preferred by more relaxed clients whose personal or business circumstances allow them to be at relative ease from regulatory and fiscal scrutiny." - Kaizen [12]

Special Licence Company (CSL)

The Special Licence Company (CSL) combines the benefits of offshore flexibility with tax residency status, making it ideal for iGaming businesses requiring access to double taxation treaties [10]. CSLs are considered tax residents in Seychelles and are subject to a 1.5% tax rate on worldwide income. While this involves a tax obligation, it adds credibility and treaty benefits for operations in high-tax regions.

CSLs demand at least two directors and two shareholders, who must be natural persons, along with a Seychelles-based licensed company secretary. Compliance requirements are more stringent, including annual audits. Additionally, at least 10% of the authorised share capital must be paid upon incorporation, though company information remains confidential.

Annual maintenance fees start at around AU$3,000 (USD $2,000), and the incorporation process typically takes 2–4 weeks due to the added compliance checks.

"The Seychelles Special Licence Company has certain elements of a domestic company together with a traditional offshore company, forming a unique financial licence that in the world of offshore company formation." - Offshore Protection [10]

Limited Partnership

Limited Partnerships are a flexible option for iGaming joint ventures, investment funds, or arrangements requiring customised profit distribution. They require at least one general partner with unlimited liability (responsible for managing operations) and one limited partner whose liability is capped at their investment [11]. The general partner must be a Seychelles IBC, CSL, or a Seychelles resident individual.

This structure is tax-exempt on foreign-sourced income and avoids stamp duty on partnership assets and transactions. However, Limited Partnerships cannot engage in local business activities except as needed to manage overseas operations.

Annual costs, including registration fees and office expenses, total roughly AU$1,800. While accounting records must be maintained and a financial summary prepared annually, the Register of Beneficial Owners is filed confidentially with the Financial Intelligence Unit.

"Seychelles Limited Partnership is a vehicle that is very suitable for Mutual Fund or Hedge Fund structuring." - Fidelity Corporate Services Ltd [13]

Feature	IBC	CSL	Limited Partnership
Tax Rate	0% on foreign income	1.5% on worldwide income	0% on foreign income
Minimum Directors/Partners	1 director	2 directors	1 general + 1 limited partner
Corporate Directors	Yes	No	Yes (if using a corporate general partner)
DTA Access	No	Yes	N/A (tax-exempt)
Annual Government Fee	AU$225	AU$3,000+	AU$300 + AU$900 office fee
Incorporation Time	24–48 hours	2–4 weeks	Registration process
Audit Requirement	No*	Yes	No

*Unless annual turnover exceeds AU$5,625,000 (USD $3,750,000)

Each of these structures caters to specific needs within the iGaming sector. Whether you're prioritising privacy and tax efficiency with an IBC, seeking treaty access and regulatory credibility with a CSL, or opting for the flexibility of a Limited Partnership, Seychelles offers a solution tailored to your business goals. With MGL's expertise, you can navigate these options to ensure your iGaming operation runs smoothly and remains compliant.