SEYCHELLES

Economy

Introduction  |   Health  |   Education and Training  |   Economic Performance  |   The fisheries sector  |   Tourism
International Business Services  |   Manufacturing and processing for the local market
Agriculture and niche natural domestic products  |   Trade

Since 1995, when the Seychelles International Business Authority (SIBA) was established, the Seychelles has become an emerging International Business Services Centre. IBCs have known rapid growth, reaching 14,000 in 2003 (see Figure I).

Figure I. IBC Incorporations (1995-2003) Source: SIBA

In addition, the registration of trust companies, which had a slow start (20 companies between 1995 and 2000) has picked up rapidly and reached 100 in 2003 (Figure II).

Figure II. Trend of Annual Trust Registration Source: SIBA

The corporate service providers directly employ about 70 persons in 2004, but this does not take into account the spin off effects of this sector. The renewal and other associated fees generated by IBCs increased from US 350,000 in 2001 to US 463,000 in 2002 and an estimated US 600,000 in 2003. Overall IBC fees are estimated at US 900,000 in 2003.

Government has recently decided to give a new impetus to offshore business activities, and as from the second half of 2003 SIBA has been allowed to register specified international companies such as holding, protective cell and limited liability partnership companies. There is also a special Act to promote International Gambling. Legislation is in place regulating IBCs, International Trade Zone operations, International Trusts, Offshore Banking and Insurance, Mutual funds and Ship and Aircraft registration.

NEWS OF THE MINISTRY

Seychelles Minister of Foreign Affairs leads delegation at the Golden Spear Regional Disaster Preparedness Initiative held in Djibouti from the 5th to 8th November 2007 Minister Patrick Pillay was leading a delegation of two government officials from the Ministry of Foreign Affairs and the Department of Risk and Disaster Management.,
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