The Insurance (Non-domestic Insurance Business) Regulations, 2009 governs the conduct of non-domestic insurance business activities in Seychelles.

Key Features

A Non-domestic insurer in Seychelles is one who carries out foreign insurance business but is regulated from Seychelles.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Seychelles Domestic Company, Protected Cell Company

  • License application fee
  • Annual license fee
  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

 (General and long term insurance)

 (Solely reinsurance)

USD 25,000 (Solely captive insurance)

Directors

  • Minimum number

No

  • Corporate directorship allowed

Yes

  • Local director required

No

Shareholders

  • Minimum number

No

  • Corporate shareholder allowed

Yes

  • Local shareholder required

No

Service Providers Required

  • Company secretary

Yes

  • Auditor

Yes

  • Legal adviser

Yes

 Tax Treatment

The Business Tax Act does not apply to a licensed Non-domestic Insurer.

Duration to Set Up

About 3 months

Distinctive Benefits of Licence

  • Ease and speed of establishment
  • Favourable compliance restrictions
  • Friendly regulatory environment

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers