Briefly, the 'offshore industry' in Seychelles is based on the creation, maintenance, management and regulation of International Business Companies ('IBC'). These are companies created under the International Business Companies Act 1994. These IBC's have their registered address in the Seychelles but are not allowed to own property in Seychelles or do business in the Seychelles apart from the running of their local office. The running of these local offices are undertaken by Corporate Service Providers (aka Registered Agents). The IBC's benefit in that publicly available information on them are limited. The only information that the public may obtain about an IBC are its articles & memorandum of association, it current share capital and its standing. This can be obtained from the Seychelles International Business Authority ('SIBA'). As such, IBC's are generally used as holding companies in complex organisations. Primarily, IBCs are used as vehicles to reduce or eliminate corporate/business tax.
 
SIBA is the body in charge of regulating this industry. In addition to charging the public for information on an IBC, they also charge IBC's an annual licence fee. It is through these fees that SIBA (the Government) makes a substantial amount of money.
 
However, it is the Corporate Service Providers of IBC's that actually make the most money. They charge the IBC's maintenance and operational fees. Although this may come up to only a few hundred dollars here and there a year per IBC, taking into account the number of IBC's (over 40,000 registered in Seychelles), this ends up as a significant amount of money. For contact details of Registered Agents listed on the SIBA website click here.