What is the difference in forming a BVI and a Seychelles Company?
BVI companies and Seychelles companies are very similar while BVI companies are more popular and Seychelles companies are gaining popularity.
There are cases where banks, especially the bigger multinational banks, rejected applications of BVI companies to open new bank account due to the crackdown of money laundering and terrorists. Some local banks are more open to BVI companies. Seychelles Companies are somewhat more welcomed by banks.
Forming a Seychelles company does not have additional costs for over 50,000 shares as in forming a BVI company. Moreover, even with 50,000 shares or less, forming a Seychelles company is still cheaper than forming a BVI company.
Other than the above, most other important factors are very similar – like tax-free on overseas income, privacy protection, minimum number of directors and shareholders.