The Companies Act of 1972 governs the registration process of companies in Seychelles. This act has clearly stipulated that in order for any business enterprise to be allowed to do business in this country, it should have been registered with the registrar of companies of that country. The accompanying documents which ensure that this process is completed include the Articles of Association as well as the company’s memorandum. They should be signed by the directors of the company. The numbers of shares which are held by the shareholders also need to be specified.
The local companies’ registration in Seychelles is pretty easy. The company owners are required to file a declaration by the Attorney indicating that all the requirements which are supposed to be filled by the company before the incorporation process can be done have been incorporated. The registrar also needs to confirm that the name which is given to the company is not registered with another company. The names should also not be misleading and neither should they be against the natural order which is followed in order to register Seychelles Company. Once the company is registered, a certificate is normally issued as prescribed in the companies act. There is a fee which is charged to cater for the incorporation charges. This fee normally differs and it is based on the amount of the share capital that a particular company possesses.
There are two types of companies which are formed. The limited companies which are limited by the number of shares held as well as the unlimited companies. A company which has a membership of more than 20 people cannot be allowed to function unless it has been incorporated by being registered with the company’s act. The private companies have a certain amount of share capital but they restrict the transfer of the shares to the members of public. The total number of share holders for such companies is fifty.
It is a requirement for the registered companies to make an allotment for the shares that it has issued. This is done after one month after the shares have been issued. The company must state the number of the shares which have been issued as well as the amounts comprising each allotment. The amount for each allotment which has been paid or will be paid at a later date must also be included. The different classification of the shares must also be included and the number of shares included in each class of three allotted shares.
The companies are also required to lodge an annual report to the registrar of companies. This is done after holding the annual general meeting of the company whose date has to be communicated to the registrar at least fourteen days prior to the meeting. It is mandatory that the annual meeting be held once in every twelve months and should not exceed fifteen months after the last meeting has taken place. The directors should present to the shareholders the profit and loss accounts as well as the balance sheet of the company.
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