Seychelles Marketing Board

Posted in Business and Economy, Seychelles offshore jurisdiction at 11:45 pm by Robert Klien

Seychelles Marketing Board (SMB) mentioned before has been highly essential in the economic resurgence of the Seychelles.

The SMB is fully devoted to the economic growth of the country and the welfare of its people.

It was formed in 1985 to ensure a stable flow of necessary commodities at stable economic prices to consumers.

Since then, the SMB has developed to become the single largest business in the Seychelles and a major employer, taking an important part in the economy as a importer, exporter, manufacturer,  retailer and employer.

To describe the work of Seychelles Marketing Board more in detail, the following activities should be mentioned:

  • providing secure long-term supplies of goods at stable prices;
  • seeking and developing opportunities of increasing export earnings;
  • seeking and developing business opportunities in fields of a competitive advantage or community interests;
  • competing, where appropriate, with the private sector in order to provide fairly priced goods and services to end customers;
  • responding quickly and efficiently to customers’ needs for quality service and products;
  • providing employees with a supportive work environment and career development opportunities, etc.


Seychelles Institute of Management runs ACCA’s accountancy training course

Posted in Business and Economy, International Organisations at 6:45 am by Robert Klien

On January 29, 2007, the Seychelles Institute of Management (SIM) will launch the Association of Chartered Certified Accountants’ (ACCA) part 3 course.

So, a high-level course for people who want to become chartered accountants will be in the Seychelles, which will be the first time in its history. To become a chartered accountant, now people do not have to visit the UK in order to complete part 3 of the ACCA training.

Previously, the Seychelles Institute of Management has been offering the ACCA part 1 and part 2. Part 3 is the Professional level divided into 2 modules – Essentials and Options. Both imply an intellectual expert level equivalent to a Masters degree.

It is also worth mentioning that training opportunities will be available to private and public sector at technician and professional levels.

The goal of upgrading accountancy training locally is helping the country to place less reliance on expatriates in the field of accountancy as well as to strengthen its professionally trained accountants. Reaching this goal will let the country become a financial centre of excellence.


SPF leases more properties

Posted in Business and Economy, Seychelles offshore jurisdiction at 11:43 pm by Robert Klien

The Seychelles Pension Fund (SPF) has made an announcement about acquiring more properties for commercial development.

In accordance with the SPF, its Board of Trustees has approved the lease from the Government of Seychelles of the Pirates Arms building for R20 million, and the Huteau Lane land being used currently by the Seychelles Marketing Board (SMB) Builder’s Depot for R30 million.

The lease of both properties is provided for a period of 99 years. According to the SPF, the rent for the duration of the lease has been paid upfront. The rent costs have been determined according to the valuation of the properties by experienced practicing property valuers commissioned for this purpose by the SPF after taking into account the market value of the properties.

The Government has leased the 2 properties directly to the Pension Fund, not first calling for tenders, in order to provide better investment opportunities to the SPF to fully secure pensions and benefits of its 34 thousand members.

Having completed its development programme, the SPF is going to make available renting space to small businesses.

The proposed investments by the SPS correspond the its policy of diversifying investments and maximizing its return to be sustainable in its operation. According to the Fund, the new lease and the lease taken in November reveal its main property purchase plan for re-development for the next 10 years.


Seychelles PUC will save on bills postage

Posted in Business and Economy, Seychelles offshore jurisdiction at 3:54 pm by Robert Klien

When the Seychelles Public Utilities Corporation (PUC) reintroduces instant billing starting next month, it will save an annual R672,000 on the postage of bills.

On January 4, 2007, the organization’s financial controller, Wingate Mondon, said that PUC is in the process of importing more than 20 handheld meter reader’s equipment to print the bills instantly on consumers’ premises where they will be left. Currently, PUC workers check electricity and water consumption rates on users’ meters, transfer the obtained data to computers at the corporation’s offices and then bills are printed out and posted.

As fas as the use emails, faxes and widespread telephone communication facilities grew, postage of letters through the postal services has dropped dramatically. Just recently, PUC was the main customer of the postal services, however a situation is about to change.

Company’s instant billing equipment was 10 years old and needed changing, therefore the new units will be bought from India at USD1,000 for each.

However, it should be mentioned that the financial controller said that when both the necessary software and hardware were installed, the company should in the beginning run the new system on an experimental basis in parallel with the old.


Seychelles employment increases by 14%

Posted in Business and Economy, Seychelles offshore jurisdiction at 3:37 pm by Robert Klien

In accordance with the statistical bulletin released by the National Statistics Bureau (NSB) on January 4, 2007, there was an increase in the number of people employed in Seychelles – the rate went 13.8% up.

The NBS publication says that the increase represents 4,726 more workers recruited between January and September 2006.

Besides the formal employment of home carers and beautification programme workers, hotel and construction industries account for the other major increases. There was an increase of 913 more workers in the construction industry, while the hotel industry registered an increase of 335 more workers during the same period.

According to the statistical bulletin by the NBS, increases in the number of employees were recorded in all industries with the exceptions only in education and mining and quarrying.

As to average earnings for all sectors, the NBS says that comparing January – September 2006 with the same period in 2005 they increased by 1.8%.


Bharti to launch 3G services in Seychelles

Posted in Business and Economy, Seychelles offshore jurisdiction at 11:28 pm by Robert Klien

Having launched 3G mobile services in the Seychelles, Bharti Global has become the 1st Indian company to launch the next generation services overseas.

It is worth mentioning that Bharti Global, a wholly-owned subsidiary of Bharti Enterprises, has won the licence to operate as a national telecom operator in the Seychelles in 1997 and has been providing telecom services there since 1998 under the Airtel brand, where it operates through its subsidiary Telecom Seychelles.

The Company has made quite significant investments to launch state-of-the-art 3G services in the Seychelles. This launch demonstrates shows not only the beneficial possibilities of Bharti but also the readiness of Indian telecom industry to introduce world-class 3G services.

The company initiated an extensive programme aimed at upgrading the existing Airtel network in the Seychelles. This upgrade included commissioning of Ericsson’s new MSC/Media gateway/BSC/RNC/IN and new 3G Node B’s. All RBS 200 base stations with the latest 2206 BTSs have been enabled with EDGE in order to give customers a robust and futuristic telecom infrastructure. Clients will get access to a host of 3G services on the Airtel network both on mobile through WAP and on laptop through Airtel 3G data card.