The British Virgin Islands (BVI) and Seychelles are two offshore jurisdictions where an international company is registered and maintained by a licensed agent. The BVI is more often chosen for holding companies and joint ventures that go through due diligence by investors and banks. A Seychelles IBC is used for simpler asset-holding structures, and banks and payment services often review it in more detail, so the choice depends on who will be looking at the structure.
Comparison at a glance
| Parameter | BVI | Seychelles |
|---|---|---|
| Legal form | BVI Business Company under the BVI Business Companies Act | International Business Company under the International Business Companies Act, 2016 |
| Registrar and supervisor | Registry of Corporate Affairs, BVI Financial Services Commission | Financial Services Authority (FSA) Seychelles |
| Who files documents | only a licensed registered agent | a licensed registered agent |
| Beneficial owners | since January 2, 2025, information is filed with the registry through the VIRRGIN system | register of beneficial owners kept by the company and a database under the Beneficial Ownership Act, 2020; threshold of 10% |
| Annual financial information | annual financial return to the agent within 9 months after year-end (section 98A) | accounting records are kept at the registered agent's office in Seychelles |
| Link with the tax authority | companies that file a return and financial statements with the BVI Inland Revenue are exempt from the annual return to the agent | a business tax return is required if there is Seychelles-source income |
| EU list of October 9, 2026 | not on the list; in Annex II with a commitment on the Global Forum review by February 15, 2027 | not on the list |
Registered agent, registers and beneficial owners
In the BVI, only a registered agent licensed by the BVI FSC can file an application for registration with the Registry of Corporate Affairs, and that agent becomes the company's first agent. Since January 2, 2025, all BVI companies file beneficial ownership information through the VIRRGIN system under the Beneficial Ownership Regulations 2024; the registers of directors and members are filed there as well.
In Seychelles, an IBC is registered by the FSA, and beneficial ownership information is governed by the Beneficial Ownership Act, 2020. According to FSA guidance, a company's beneficial owner is an individual who owns or controls 10% or more; the beneficial owner notifies the company of changes within 14 days, and the register of beneficial owners must be accurate and up to date. For a shelf company before it is sold, the beneficial owners are the persons who own the registered agent. For details, see our article on beneficial ownership disclosure.
Reporting and accounting
A BVI company files its annual financial return with its agent within 9 months after the end of the financial year. If the return is not filed, the agent reports this to the Registrar within 30 days after the deadline. On October 15, 2026, the BVI FSC announced a new return form: returns for 2026 are filed on it, and agents accept them from September 2027.
For Seychelles, the tax authority (Seychelles Revenue Commission) explains that an IBC's accounting records are kept at the registered agent's office in Seychelles. A company in good standing can obtain a tax identification number (TIN). If an IBC does not carry on business in Seychelles and has no Seychelles-source income, it does not file a business tax return; if it starts operating on the islands, the business is registered with the SRC within 14 days.
Banking and reputation
A bank assesses the owner, the business and the flow of funds, and the company's jurisdiction affects how many questions it asks. Banks and brokers know BVI companies from investment and holding structures. A Seychelles IBC used for active trading or card acceptance often needs a more detailed package: contracts, a website, clients, suppliers and proof of the source of funds. It is better to agree on the banking route before registration; we prepare the package under our bank account for an offshore company service.
How to choose
- A holding company for investors, a joint venture, a future sale of a stake: more often the BVI, since buyers' lawyers know its corporate law and registers. For details, see the page BVI offshore company.
- A small company to hold an asset on a limited budget: Seychelles is worth considering if the bank has confirmed in advance that it will work with a Seychelles IBC. For details, see our article on a company in Seychelles.
- A fund or a large investment structure: compare the Cayman Islands as well: Cayman Islands vs BVI.
- Sales to EU clients with card payments: both jurisdictions usually add questions from PSPs, so we look at operating countries in the offshore jurisdictions section.
In both cases, the owner's taxes are determined by the country of their residence: the company's profit may be taxed under CFC rules, when dividends are paid, or because the company is managed from that country.
Belize is another frequent candidate for this kind of structure; see the comparison BVI or Belize. Which payment models raise questions at banks is described in the article on the banking risks of an offshore company.
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