How to open an account for a Seychelles company in 2025

Opening an account for a Seychelles company was a popular task for endeavours until recently, as it allowed them to work in a loyal polity with comfortable fiscal rules. Liberal directive and the absence of strict prerequisites for records attracted international endeavours. However, increased control over abidance with international openness norms has changed this situation.

The introduction of a novel excise network in the polity has become a key stage in the transformation of the polity. Organizations are necessitated to comply with strict prerequisites for economic presence (substance), which necessitates real trade activity and regular reporting. These measures are aimed at abiding by global norms, but limit the access of expats to banking aids.

In the current reality, opening an account for a company registered in the Seychelles necessitates detailed preparation and fulfillment of a number of conditions. Banks cooperate exclusively with organizations that can confirm their operational schemes. This makes using the polity as a territory for trading less attractive and stimulates the search for alternative solutions. The novel reality for trade emphasizes the need to reconsider approaches to opting for a polity.

Activation of an account for Seychelles companies before the excise legislation changed

Until 2020, the polity was known for its favorable polity for offshore organizations. The main leverage was the absence of excise reporting prerequisites and a minor range of government intervention. However, since 2021, there have been prime innovations in the statutory setup aimed at bringing the polity's excise network in line with global fiscal market norms.

Before the reforms, the polity licit setup was based on the International Business Companies Act (2016). This record established base norms for trading, including the absence of the obligation to file excise reports and declarations. Organizations enrolled in the polity could conduct transnational schemes without levy at the local range. This made the polity popular among expats interested in confidentiality and minor bureaucracy.

During an activation, It was enough to provide a base package of records. Usually, the charter and founding undertaking of the firm, the certificate of enrollment, and an indenture recording the powers of the director were necessitated. Banks working with the polity organizations did not request detailed records about the beneficiaries, which further sponsored maintaining confidentiality.

The polity legislation supported the chosen model by keeping the range of directive low and the absence of disclosure needs. For example, the Privacy Act of 1987 safeguarded the personal data of firm owners from being disclosed to third parties. These provisions made the polity among the leading centres for the enrollment of offshore structures.

What is needed today to open an account for a Seychelles company

Since 2021, the polity's excise network has undergone prime alterations. In line with the needs of the Organisation for Economic Co-operation and Development (OECD) and the EU, the polity has introduced a mandatory corporate excise that applies to all organizations operating in the polity. Alongside this innovation, mandatory accounting and excise returns were implemented.

These days, a greater variety of documents are required in order to activate an account for a Seychelles company. Banks need the filing of the company's fiscal records, excise returns, and beneficiary documents in addition to the usual incorporation indentures. A thorough examination of the ownership structure and funding sources is now part of the increasingly intricate client verification process.

The account activation procedure has also become dependent on the type of activity of the organization. For example, organizations engaged in fiscal aids or trade are needed to additionally provide licenses issued by local statutory authorities. In addition, banks need confirmation of the firm's abidance with transnational principles of AML and CTF.

When opening an account for a Seychelles company, the sequence of entering data into the register needs firms to provide detailed records about the beneficiaries, including their full name, address, nationality, date of birth and percentage of ownership. These details must be supported by documentation, which increases the administrative burden on the trade. Fines are provided for late updating of data or provision of inaccurate details.

The existence of beneficiary registers has complicated the sequence of activating bank accounts. Banks need confirmation of the firm's abidance with licit needs and conduct additional checks of the data specified in the register. As a result of the alterations, the terms needed to open an account have increased, and the range of administrative procedures has increased.

Substance need when opening an account for a Seychelles company

In 2025, banks in the island nation are imposing strict needs on organizations seeking to cooperate. The main emphasis is on having real economic substance and bookkeeping. Organizations that do not meet these criteria are deprived of admittance to banking aids. These measures are aimed at increasing the level of trust and abidance with generally accepted norms.

Firms wishing to open a bank account in Seychelles are needed to demonstrate real economic presence. This need, known as substance, involves proving that they have an office, employees and active commercial activity. To meet this need, a venture must rent or own office space in the polity. This office must be enrolled in the venture's official indentures and used for management and administrative schemes. Virtual offices or fictitious addresses are not accepted.

Activating an account for a firm in the polity needs proof of employees. These can be residents or foreign specialists, provided that they are officially employed. Employment contracts, excise deductions and insurance contributions must be enrolled with local authorities. Firms are needed to provide indentures confirming their trade activity, such as contracts with partners, invoices for aids rendered and commercial correspondence. Banks analyze the data provided to assess the degree of abidance with substance needs.

After 2021, the polity law needs all firms to maintain mandatory accounting records. In 2025, this need remains in force and includes regular fiscal reporting and audit. Accounting must be in accordance with IFRS.

The accounting sequence includes recording all fiscal transactions of the venture, preparing an annual report and filing an impost return. These indentures must be submitted to the Seychelles Revenue Commission within the prescribed time. Failure to comply with these needs may result in fines and administrative sanctions.

Auditing is carried out by accredited auditors who check the accuracy of fiscal records and their abidance with the law. Firms are needed to keep accounting records for at least seven years. This includes invoices, delivery notes, bank records and other fiscal indentures. The complexity of bookkeeping in the polity lies in the need to meet strict norms and have qualified personnel. Many organizations engage external consultants to ensure all needs are met.

The polity's banks have tightened needs for expats opening accounts in the Seychelles. Companies that do not conduct real schemes in the polity cannot count on access to banking aids. This is due to the polity's desire to increase the visibility of fiscal transactions and eliminate the possibility of using the polity for money laundering.

To prove real activity, a venture must provide indentures confirming the existence of an office, employees and commercial operations. Banks necessitate detailed fiscal records, impost returns and details on beneficiaries. The check may include an analysis of contracts, invoices and correspondence confirming interactions with clients and partners.

The verification procedure has become more stringent and includes a detailed analysis of the venture's sources of funding. Banks also necessitate details on the ultimate beneficiaries, including their personal data, citizenship and share of ownership. This eliminates the possibility of using nominal owners to circumvent licit needs. The difficulty of activating an account for a Seychelles venture for expats is associated with the need to prepare a large number of indentures and undergo multi-stage checks. However, organizations that meet the needs become clients of the stable and reliable banking network of the island state.

Problems with opening an account for a Seychelles company

In the recent past, the island nation was a popular choice for firm enrollment due to its favorable criteria, minor impost directives, and protection of clients’ personal data. However, in 2025, activating an account for the polity's ventures is associated with many problems. The main difficulties concern the deterioration of the reputation of local banks and strict restrictions for expats. These alterations force endeavours to look for more stable territories in which to conduct their schemes.

The island nation’s banking network has faced a number of challenges that have had a negative impact on its reputation. In recent years, some banks in the polity have lost access to transnational payment networks such as SWIFT. This was a consequence of tightening transnational controls over fiscal transactions in offshore regions.

Transnational regulators have expressed concern about the possible use of the polity accounts for impost evasion and other illicit schemes. Such suspicions have forced many foreign banks to stop trading with the polity’s fiscal institutions, making transactions much more difficult.

The polity firms are experiencing difficulties in making transnational payments. The restrictions are related to both the tightening of domestic legislation and the refusal of major foreign banks to cooperate with the polity financial institutions. This has led to an increase in the number of payment processing refusals and transfers being blocked, which threatens the stability of trade operations.

Difficulties also arise when attempting to transfer funds to countries with high norms of financial control. Ventures are forced to provide comprehensive documentation confirming the legality of the origin of funds and the economic feasibility of each transaction. This increases time costs and increases the risk of payment refusal.

The sequence of opening an account for a Seychelles company has become more complex and expensive. Tighter needs for checking the reliability of a firm, including confirmation of its economic activity and the provision of financial records, have increased the time and financial costs for endeavours.

Ventures are necessitated to provide detailed records about their structure, beneficiaries and sources of income. The introduction of novel Due Diligence procedures in accordance with transnational norms also increases the cost of pecuniary aids. Some financial institutions necessitate advance deposits or high fees for processing indentures and supporting transactions.

Ventures are faced with the need to hire professional accountants and lawyers to comply with novel needs. This is an additional burden on enterprises, especially if they are focused on small turnover, which previously allowed them to operate with minor costs.

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Review of popular banks for opening an account in Seychelles in 2025

The financial system of the island state allows ventures focused on transnational trade to take leverage of a number of modern tools. Among the key players in the market is Nouvobanq, known for its focus on corporate clients. The bank offers competitive service rates and maximum potential for transnational settlements. In 2025, the institution announced an improvement to the online platform. Those who opened an account in the Seychelles with the institution have admittance to additional functions for managing multi-currency accounts.

Another important player in the market is Al Salam Bank Seychelles, which specializes in Islamic finance and offshore structures. The bank provides Shariah-compliant services, as well as investment management and capital raising programs.

Absa Bank Seychelles is an transnational bank that provides premium services to large ventures, including asset management, project finance and admittance to a global network of branches. The main leverage is integration with the transnational payment system SWIFT and support for high privacy norms. For ventures focused on the local market, this bank is an attractive choice due to its affordable rates and simplified account initiation procedure. The bank actively implements digital technologies, providing convenient account management through mobile applications.

Seychelles Commercial Bank, formerly known as Seychelles Savings Bank, Seychelles Commercial Bank aims to fully and efficiently meet all the pecuniary needs of all its customers, small and large, and excel in customer service.

Thus, the choice of a bank in the polity depends on the specific needs of the firm. Institutions offer a wide range of services, which allows you to effectively conduct trade and minimize financial risks. Let's consider the features of opening an account in Seychelles in each of the described commercial institutions:

Necessities for opening a bank account in Seychelles

Successful financial activity for a firm necessitates the mandatory initiation of a bank account. The sequence includes the provision of various indentures that confirm the legality and visibility of the firm. As of early 2025, the necessities remain strict and closely regulated, which is due to generally accepted norms and abidance rules.

To open a bank account in Seychelles, you must provide licit indentures confirming the firm's enrollment and its licit status. Among the mandatory indentures, the following should be highlighted:

• Company enrollment certificate. This is an official indenture issued by the enrollment authority. It confirms the fact of the establishment of a licit entity and contains key records about the firm (name, enrollment number, date of foundation).
• Constituent indentures. The charter and the memorandum of association, which regulate the internal structure of the firm, the management procedure and the distribution of responsibility between the participants. The indentures confirm the legality of the firm's actions and are the basis for interaction with third parties.
• Extract from the register of firms. This indenture reflects the current status of the firm, comprising records about directors, shareholders and enrolled address. Banks necessitate it to confirm the current status of the organization and the absence of restrictions on its schemes.

The preparation of these documents should be carried out taking into account the necessities of a specific bank, because additional criteria may be provided, such as notarization or apostille. Some of them, to open a bank account in Seychelles, necessitate confirmation of a physical address, origin of funds (Absa Bank), internal declarations for PEP, CRS and FATCA (Nouvobanq) and others.

Banks are necessitated to conduct thorough due diligence on the beneficial owners of a firm as part of the KYC policy. This necessitates the provision of:

• Passports of beneficiaries. Copies of valid identity documents with clear details of the owner are necessitated. Banks often necessitate notarized copies.
• Proof of residence documents, which may include utility bills or bank records. They are usually valid for no more than three months.
• Records about the ownership shares in the firm. This may be reflected in the constituent documents or a special share certificate.

The schemes of organizations can be of completely different nature. Therefore, opening an account may necessitate different steps:

• Impost certificates confirming the impost status of the organization and its obligations to the state. This is relevant for endeavours operating in regions with preferential levy.
• Licenses and permits if the firm is engaged in schemes that necessitate government approval.
• Letters of recommendation from other banks or partners confirming the reliability of the firm. This is not always a mandatory need, but can increase the bank's trust.

Banks may also request additional forms and records relating to abidance with anti-money laundering and counter-terrorism legislation.

How to open an account for a Seychelles company in 2025?

First, you need to prepare a list of necessitated indentures and decide on a pecuniary institution so that the procedure is quick and comfortable. This stage is critically important, since the correct choice of bank and collection of correct documentation simplifies the further sequence.

Collection of indentures includes the firm's constituent indentures, enrollment certificate, charter, beneficiary data and pecuniary records. Contingent on the polity and nature of the organization's schemes, banks may request additional materials such as a trade plan, impost returns or licenses. These needs are aimed at confirming the legality of the firm's schemes and pecuniary visibility.

The final choice of a commercial organization may be influenced by the specialization of the firm's work, terms of service and tariffs. Global endeavours should clarify whether the bank provides services to expats and supports transactions in foreign currencies. The selection criteria also include the level of service, the availability of online banking and the reputation of the pecuniary institution.

The next step in opening an account for a Seychelles company is to prepare and submit the relevant application. This usually involves filling out a standard form provided by the bank, which specifies records about the firm, beneficiaries, types of proposed schemes and volumes of pecuniary transactions.

When submitting an application, you must attach all the required indentures. Some banks provide the option of submitting an application online, which speeds up the sequence and minimizes the need for personal presence. However, in some cases, a video conference or personal visit may be required to confirm the identity of the beneficiaries. Once the application is submitted, the commercial institution begins processing it, which includes an initial check of the completeness and accuracy of the records provided. Errors or incomplete indentures can lead to delays, so preparation must be thorough.

Abidance procedures are an integral part of the account initiation sequence and are aimed at ensuring pecuniary security and abidance with licit needs. Banks conduct a comprehensive check of the firm and its beneficiaries, analyzing the indentures provided, pecuniary history and the nature of the proposed schemes. The abidance service assesses the potential risks that opening an account for a Seychelles company may lead to and checks clients against transnational databases.

From the moment of account activation, the client gets admittance to the full range of pecuniary services, comprising conducting transactions, managing funds through online banking and using additional tools, such as corporate cards or currency accounts. The terms and functionality of the account depend on the pecuniary policy and the selected tariff plan.

Completing the procedure of initiating an account for a firm in the polity requires abidance with all internal rules of the bank, which includes timely submission of requested indentures and fulfillment of obligations. This ensures that the client can effectively use the pecuniary services that meet his trade needs.

Alternatives to opening a Seychelles company account

Tightening of pecuniary requirements in 2025 in the polity forces firms to look for other options for conducting interstate pecuniary transactions. The main problems are related to the deterioration of the reputation of local banks, limited admittance to transnational payment systems and requirements for real economic presence. In these criteria, Hong Kong, Kazakhstan, Kyrgyzstan, Laos and Vietnam are becoming attractive alternatives. These regions offer a stable pecuniary infrastructure, convenient criteria for expats and a favorable legislative setup for trade.

Hong Kong is considered among the world's leading pecuniary regions due to its strict statutory norms and admittance to transnational markets. Banks in this region offer a wide range of aids for firms, comprising multi-currency accounts, support for transnational payments and credit products. A pecuniary presence in Hong Kong, compared to initiating an account in the Seychelles, allows admittance to the largest pecuniary centers of Asia and the world. In addition, the client receives the following benefits:

• Visibility and a high degree of directive, which sponsors the safety of funds.
• Possibility of working with large transnational payment systems.
• Developed infrastructure for pecuniary transactions, comprising the availability of qualified personnel and technological solutions.

For non-residents, Hong Kong has clear requirements, but the main difficulty remains strict abidance checks. The bank requires records about the firm, comprising incorporation indentures, ownership structure and proof of real activity. Although these procedures take time, they provide a high range of trust in Hong Kong banks. Disadvantages include high account maintenance costs and the need to comply with strict reporting norms. However, these factors are offset by the stability of the fiscal system and admittance to large markets.

Another alternative to initiating an account for a firm in the polity is working with commercial institutions in Kazakhstan. The polity has recently been improving its pecuniary system, seeking to attract transnational trade. Membership in the Eurasian Economic Union (EAEU) provides additional opportunities for cooperation with partners from neighboring countries.

In this case, the ease of enrollment for non-residents is guaranteed, comprising the absence of the need for personal presence when initiating an account. Clients of the Bank of Kazakhstan have the opportunity to work with the currencies of the EAEU and transnational payment systems. Attractive criteria are provided for foreign investors, which also include benefits in special economic zones.

The sequence of opening an account in Kazakhstan involves submitting a standard package of indentures, which includes constituent indentures, confirmation of the firm enrollment and details on beneficiaries. The main leverage is the absence of complex procedures typical of many other regions. Disadvantages include the need to maintain records in accordance with local norms, which may require the involvement of professional accountants. However, these costs are offset by low bank fees and admittance to regional markets.

An alternative to opening an account for a Seychelles company is to enter the fiscal market of Kyrgyzstan. The polity's pecuniary network is becoming increasingly attractive to foreign enterprises due to flexible directive and minor prerequisites for initiating accounts. It offers the following leverages:

• Favorable criteria for non-residents, comprising simplified identification procedures.
• Possibility of making transnational payments and currency transactions without strict restrictions.
• Low cost of bank account maintenance.

To open a bank account in Kyrgyzstan It is necessary to provide a base set of indentures: company enrollment data, passport data of beneficiaries and confirmation of sources of income. These criteria make the polity attractive to firms looking for low-cost solutions for fiscal aids. Among the possible difficulties, it is worth noting the limited admittance to transnational payment networks, which can become an obstacle for organizations engaged in active foreign economic activity. However, for regional endeavours, Kyrgyzstan remains a profitable option.

Laos, located in the center of Southeast Asia, offers low operating costs and favorable criteria for firms focused on Asian markets. Among the leverages of working with this polity, it is worth highlighting affordable tariffs for account maintenance and transactions and ease of interaction with banks, comprising the ability to manage accounts remotely. At the state range, support for foreign investors is offered through national incentive programs.

The activation sequence includes checking the company's records, providing a trade plan and confirming the existence of real economic activity. Lao banks are interested in attracting foreign clients, which creates comfortable criteria for enrollment. The main disadvantages are limited integration with transnational payment networks and the need to adapt to local legislation. However, for firms operating in the region, these difficulties are minor.

Another alternative to opening an account for a Seychelles company is Vietnamese banks. The local fiscal network offers a wide range of opportunities for foreign firms, comprising favorable conditions for transnational payments and admittance to the fast-growing economy of the ASEAN region. Among the leverages of opening an account in Vietnam:

• Convenient conditions for working with transnational payment networks.
• Developed infrastructure that supports active interaction with foreign partners.
• Investment incentive programs that include excise incentives.

To open an account in Vietnam, you need to provide a standard package of records, comprising the company's statutory records, details about the beneficiaries and confirmation of real activity. Banks conduct a thorough check, which ensures a high range of reliability. Among the disadvantages, one can highlight the difficulty of adapting to local prerequisites, incorporating mandatory reporting in Vietnamese. But these difficulties are compensated by admittance to among the most promising markets in Southeast Asia.

Neo-banks and payment networks

Account initiation in the polity in traditional banks on the islands has been associated with many difficulties in recent years. This forces endeavours to look for novel ways to admit fiscal aids. Neo-banks and payment networks provide a convenient solution for SMEs, providing quick admittance to banking instruments with minor prerequisites. These platforms successfully replace traditional bank accounts in a number of cases, although they have certain limitations.

Neo-banks like Revolut and Wise are digital fiscal platforms that provide aid to transnational endeavours. Revolut allows multi-currency accounts, supporting more than 30 currencies for transactions. Wise, formerly known as TransferWise, specializes in fast and low-cost transnational transfers, making it especially useful for endeavours operating in multiple regions.

The algorithm for opening an account in neo-banks is much simpler than in traditional banks. To register, it is enough to provide basic records, comprising a company enrollment certificate, data on beneficiaries and passports of managers. Verification is carried out online, which reduces the processing time to several days. As of early 2025, Revolut offers trade accounts with a monthly service cost of 10 to 90 euros (Basic, Grow, Scale), depending on the selected tariff. In turn, Wise charges a fixed enrollment fee of 50 euros. For this amount, admittance to a trade account with increased transaction limits is provided.

The main leverage of such platforms is the absence of strict prerequisites for the company's economic presence in the polity. For expats, this opens up wide opportunities, eliminating the need to provide evidence of local operating schemes. However, it is worth considering that neo-banks do not provide all the aid typical of traditional fiscal institutions.

Despite the convenience and speed, the functionality of neo-banks will be lower than when opening an account for a Seychelles company. Among the key drawbacks is the lack of credit and insurance aids. Firms that need additional fiscal resources or guarantees will not be able to use these platforms to meet such needs.

In addition, neo-banks do not always accept payments from all regions, which can create difficulties when working with partners from countries with a high range of fiscal risks. For example, transactions with counterparties from countries under sanctions can be completely blocked. It is also important to consider transfer limits and commission fees, which can be higher than in traditional banks for large transaction volumes.

The lack of strict prerequisites for substance makes such platforms attractive to transnational firms. While banks in the polity necessitate a local office, employees or other elements of economic presence, neo-banks allow you to get by with a minor package of records. This reduces administrative and fiscal costs.

These banks also offer modern fiscal management tools. For example, Revolut clients get admittance to expense analytics, multi-currency cards, and payment automation. Wise, in turn, allows you to minimize currency conversion costs thanks to the interbank rate. Such features make neo-banks an ideal choice for SMEs focused on transnational operations.

Opening an account for a Seychelles company

Trading within the island nation has become more complex due to alterations in transnational directives and stricter abidance procedures. Banks necessitate proof of economic presence, detailed details on beneficial owners and the company’s fiscal schemes. These measures are aimed at increasing visibility of transactions, but increase the time and cost of activating an account, which poses a challenge for SMEs without resources.

As an alternative, many firms are turning to neo-banks and payment networks that offer simplified enrollment processes, minor prerequisites, and admittance to international fiscal instruments. Opening bank accounts in other regions with more lenient directives is also becoming a popular solution. To choose the best approach, including an analysis of the advantages and limitations of various options, we recommend that you seek support from qualified consultants of our company. Their experience and knowledge will not only facilitate the sequence of activating an account in the Seychelles or in another polity, but also reduce the risks associated with opting for the best fiscal platform.