British Virgin Islands vs Seychelles
Seychelles is £325 cheaper in year 1 and £470 a year cheaper after that.
| British Virgin IslandsBVI Business Company | SeychellesInternational Business Company (IBC) | |
|---|---|---|
| Costs | ||
| Minimum, year 1 | £925 | £600 |
| Minimum, per year after | £810 | £340 |
| Typical year 1 | £1,533 | £825 |
| Government fee | £540$550 to $700 incorporation | £100US$130 IBC incorporation fee |
| Indirect setup | £385–1,210 | £500–950 |
| Running per year | £810–1,395 | £340–1,380 |
| Share capital | None | None |
| Rules | ||
| Directors | No local director | No local director |
| Remote setup | Through a providerFully remote through a licensed registered agent. | Through a providerFully remote through a registered agent. |
| Audit | No audit | No audit |
| Time to form | 2 to 5 days | 1 to 3 days |
| Ease for foreign owners | 4/5 | 4/5 |
| Tax and banking | ||
| Corporation tax | 0% | 0%0% on foreign income. Passive foreign income needs local substance. |
| Dividend withholding | None | None |
| VAT / GST | None | None |
| Banking | 1/5Very hard to bank. Most use e-money firms or banks elsewhere. | 1/5Very hard to bank. |
| All company setup fees in the British Virgin Islands | All company setup fees in Seychelles | |
Questions
Is the British Virgin Islands cheaper than Seychelles for company setup?
No. Seychelles is cheaper, at least £600 in year 1 against £925 for the British Virgin Islands.
Which is cheaper to run each year?
Seychelles, at least £340 a year against £810 for the British Virgin Islands.
Which needs a local director?
Neither. You can run a company in either without a local director.
Which is faster to set up?
Seychelles, in 1 to 3 days. The British Virgin Islands takes 2 to 5 days.
How does corporation tax compare?
The British Virgin Islands: No corporation tax, dividend withholding or VAT. Seychelles: 0% on foreign income. Passive foreign income needs local substance.
Sources: Mourant · Trident Trust · Seychelles FSA · Air Corporate