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Newsletter | Articles SEYCHELLES ENACTS NEW LEGISLATION On the 15th July 2003 a package of 4 new bills was unanimously approved by the National Assembly, expressing undivided national support of the importance of the offshore industry as a national economic contributor. The four new acts are: The Companies (Special Licenses) Act The Protected Cell Companies Act The Limited Partnership Act The Interactive Gambling Act The Companies (Special Licences) Act (CSL) allows companies to be incorporated under the Companies Act, 1972 with special provisions providing them with a certain measure of confidentiality and low tax status. Unlike many other low tax companies, the CSL satisfies all the disclosure requirements that are expected of the modern corporation and enjoys access to all of Seychelles' double taxation avoidance treaties. It is taxable at 15% of worldwide income and enjoys complete exemption from withholding tax. The CSL Act also makes it possible for Seychelles IBCs as well as foreign registered companies, if permitted to do so under their relevant statutes to continue as a Seychelles CSL. In order to do so they will have to comply with all the requirements of the Companies Act, 1972. Continuation will enable them to gain access to an expanding network of DTAs, which includes one with the People's Republic of China, where the maximum rate of withholding tax has been set at 5%. The Protected Cell Companies Act (PCC) allows a company incorporated under the Companies Act, 1972 to divide into identifiable cells, each of which can have its own cellular assets and thus acquire a certain measure of detachment, without assuming a separate legal personality. This company structure is ideal for use in umbrella funds and captive insurance structures. It is expected to be the natural complement to the existing legislative framework permitting the establishment of captive insurance companies and mutual funds. The Limited Partnership Act (LP) enables the registration of partnerships subject to the Commercial Code. An LP must have at least one limited partner and at least one general partner who must be a Seychelles person (natural or legal). The partnership must file annual returns with the Authority. However, the LP has a 20 year guarantee of exemption from all forms of taxation. The Interactive Gambling Act, 2003 allows for the licensing of legitimate operations to offer internet gaming and sports betting activities in a well-regulated environment, which includes recognition and regulation of electronic transactions under the Electronic Transactions Act, 2001. Furthermore, internet gaming activities may be licensed under the SITZ regime, which provides further tax incentives and concessions. This legislation is soon to be complemented by the International Corporate Service Providers Act, 2003, which will regulate company and trust formation and related services. Given that the legislation, drafted with the assistance of KPMG's FIRST regulatory team in Leeds, UK, and been the subject of extensive consultation not only with local practitioners but also with leading global service providers and regulators such as the IMF and the OECD, it is expected to facilitate the establishment of a modern regulatory framework in Seychelles. New measures to introduce controls on the use of bearer shares are expected next. Jurisdiction information: ILS SEYCHELLES DATASHEET