Whenever we think about starting a business somewhere abroad, we think about larger countries: Germany, Italy, UK, France, etc. The bigger the country, the better the opportunities will be. Are not? Not exactly exactly. Smaller countries or even republics may offer even better opportunities.
The Republic of Seychelles is one such example. Consisting of 115 islands spread across the northern region of Madagascar, the Seychelles became an independent republic in 1974. Since then, the country has built a solid infrastructure with rapid growth. stable. So those who want to open a business should seriously consider Seychelles.
Also read: Best new businesses to consider starting in 2023
Steps to Start a Business in Seychelles
To start a business in Seychelles, you need to take several steps. That is:
Specify the type of company
Do you want to be a sole proprietor or do you want to form a partnership with someone? Or perhaps you want to form an LLC. Perhaps a company is more to your liking? Figure out the requirements for each type of business and determine which is best for you.
Narrow industry
If you are planning to start a business, you probably already have an idea of what you want to do. If not, you need to think about the niche that’s right for you. In the Seychelles, some of the strong industries are housing, agriculture, healthcare and clothing.
Business Registration
Now that you have the business basics, it’s time to register a business. Gather the necessary documents and go to the government agency. You can also do this online if you are applying from abroad. Remember that depending on the type of business you have, you may need a business license.
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Register with the social security fund
After you register your business, you will need to register at the Social Security Fund. Remember this needs to be done within 7 days of your business registration. Otherwise, you could be in trouble and may not be able to access your social security funds.
Begin
Now, all you have to do is start your business. Start building your brand, find the right suppliers and start sponsoring your business. It can take some time until profits start to come in, especially if it’s your sole location of business. However, with perseverance, patience, and good work, the money will start to flow.
Benefits of doing business in Seychelles
Starting your business in a country like the Seychelles has many advantages. There is a very good reason why so many people decide to go to this area. Here are the main advantages of setting up a “store” in the Seychelles.
It is very easy
Opening a business in the Seychelles is probably one of the easiest processes in the entire world. It usually takes no more than 24 hours to set up a business and up to 48 hours if there are complications. In addition, the registration process is in English, making it very easy for international business owners who want to expand their operations.
Political stability
The Seychelles is a politically stable country. For investors, this can be a very good thing. That means your investments will not be at risk. It also has strong connections with neighboring regions such as the UK, Asia and Europe, making it a great place to trade commodities. This political stability has only increased in the last few years, so it is a promising place for a successful business.
Low cost of living
When you start a business, you will probably have to take care of some living expenses. In the Seychelles, this can be very beneficial for you. The average cost of living for two is $1,317, with small properties starting at $903. This is less expensive than in other countries and will save you money in the long run.
It’s a tax advantage
In addition to the very affordable cost of living in the Seychelles, the republic is also a tax haven. As an international business established here, you will not be liable for tax liability to the government. There are no audits or tax returns and you only have to do minimal reporting. This means you can save money by getting a favorable tax return, making it a great place to do business.
Modern banking solutions
Seychelles has a multitude of modern banking solutions, ranging from conventional currencies to cryptocurrencies. Forex brokers in the Seychelles Islands use multiple currencies in different types of bank accounts, allowing you to make different currency investments. With the right choices, this can easily prove beneficial for your business.
Audio infrastructure
The Seychelles may be a fledgling democracy, but its infrastructure is very good. The company relies on the tourism and fishing industries, but given its location, it has never been an issue. Seychelles has the highest GPD per capita in the region, at $12,306.
Great support for business owners
Seychelles is very popular among entrepreneurs and for a very good reason: you get all the support you need. Most business owners do not want to go through the process of setting up a company on their own because they find it too difficult. However, in the Seychelles, you can ask a law firm or another firm to do the incorporation for you. This way, you won’t have to worry about making mistakes or wasting precious time.
Some annual requests
In most countries, you need to file countless documents each year to keep your business running. Reports, fees and certificates – you will have to maintain all of these if you do not want your company to be destroyed. Seychelles simplifies things for you by eliminating the bulk of the document. Aside from maintaining a local agent and paying $100 in annual fees for your business license, you don’t have much to do.
Key point
Starting a business in Seychelles is easy, especially when you compare the process to other countries. It takes no more than a day and there are many tax advantages you can enjoy. All you have to do now is decide on the industry and type of business, giving wings to your journey.
Categories: How to
Source: vothisaucamau.edu.vn
