11.29.07

SIBA publishes updated list of DTAs

Posted in Double Taxation Agreements, International relations, Seychelles offshore jurisdiction at 1:18 pm by Robert Klien

As discussed previously, in recent years, the Seychelles has significantly expanded its double tax treaty network and Double Taxation Treaties is one of the cornerstones of developing Seychelles offshore industry.

Recently, the Seychelles International Business Authority (SIBA) published the updated list of Double Taxation Agreements (DTAs).

So, the DTAs that have already been ratified (so, are currently in force) are the agreements with China, South Africa, Indonesia, Oman, Botswana, Mauritius, Thailand, Malaysia, Vietnam and Cyprus.

The DTAs with Zimbabwe, Qatar, Belgium and the UAE have been signed.

Negotiations about signing DTAs between Seychelles and the following countries – Egypt, Bahrain, Czech Republic, Tunisia, Kuwait, Namibia and Russia – have been concluded.

The Seychelles is holding negotiations about signing the DTAs with Philippines, Malta, Burundi, Ivory Coast, Lesotho, Morocco, Uganda and Barbados. Negotiations with Spain, Pakistan, Israel, Portugal, Turkey, Kenya, Burundi and Zambia are also in progress.

Also, Seychelles agreed to negotiate on signing double tax avoidance treaties with Sweden and Tanzania.

The updated list provided by SIBA shows what has been done and what is still to be done by Seychelles regarding DTA support to the offshore financial services industry.

11.24.07

World Travel Market hosts Seychelles delegation in London

Posted in International relations, Tourism industry at 3:48 pm by Robert Klien

Vice-President of Seychelles Joseph Belmont left the country for official mission to the World Travel Market (WTM) in London. The WTM is the largest annual travel show in the UK and one of the largest in Europe that was held on November 12-15, 2007.

Vice-President Belmont, in his capacity as the minister responsible for tourism, was leading a delegation that consisted of over 40 travel professionals representing over 20 companies and organisations from Seychelles. The delegation also included chairman and CEO of the Seychelles Tourism Board (STB) Maurice Loustau-Lalanne and other representatives of the STB.

A yearly business-to-business fair that concluded the event on November 15 attracted more than 45 000 travel professionals from more than 200 countries and regions.

Year 2007 was the 1st time Seychelles was represented at WTM by its new “Another World” brand. The new brand was launched earlier in 2007 at the ITB fair in Berlin, Germany.

It should be noted here that visitor arrivals from the UK and Ireland have shown an increase of 9% so far in 2007, which is a remarkable turnaround after a 3-year decline for the market until 2006.

11.21.07

SIBA issues Public Warning

Posted in Seychelles IBC, Seychelles offshore jurisdiction, SIBA at 5:45 am by Robert Klien

The Seychelles International Business Authority (SIBA) has recently issued a public warning notice.

The Authority intended to warn the public about 2 companies that claim to be on the Register of IBCs of the Seychelles International Business Authority. However, SIBA has stated that this information is false as far as the names of the 2 companies are not on the Authority’s records.

The companies not included in the Register of IBCs of SIBA are the following:
– NCC INVESTMENTS HOLDING;
– NCC INVESTMENTS LLC.

According to the information provided by SIBA, the person connected with the above-mentioned companies identified himself as Carlos Alberto da Silva Duarte with Portuguese Passport no: F-560657. SIBA informed that Carlos Alberto da Silva Duarte is trying to procure originals of certificates for NCC INVESTMENTS HOLDING and NCC INVESTMENTS LLC from the local Corporate Services Providers and could possibly be transacting under the above-mentioned company names.

The Seychelles International Business Authority urged all people considering dealing with NCC INVESTMENTS HOLDING, NCC INVESTMENTS or Carlos Alberto da Silva Duarte to exercise the greatest possible caution before proceeding. Anyone who has entered into dealings with one of the companies or the person are welcomed to contact the Seychelles International Business.

11.17.07

SIBA selects World-Check for Compliance

Posted in Seychelles offshore jurisdiction at 4:03 pm by Robert Klien

Recently, the Seychelles International Business Authority (SIBA) has subscribed to the top provider of structured intelligence on heightened risk individuals and entities called World-Check. This was done to facilitate SIBA’s due diligence reviews of submissions for registration and application of licenses.

A new subscription signifies that SIBA aims to ensure that the Seychelles is in compliance with internationally accepted standards and best practices when maintaining its reputation of a well-established offshore financial centre.

World-Check database of heightened risk individuals and entities is a famous must-have in any protocol related to anti-money laundering, counter-terrorist financing and fraud prevention. It is considered reliable by more than 2 000 institutions that include 46 of the world’s 50 largest financial institutions and hundreds of government agencies. They use World-Check to check the potential risk for their customers, applicants, associates, employees and transactions.

SIBA will join the above-mentioned institutions already counting on World-Check.

Implementating World-Check is one of SIBA’s activities aimed to enhance the effective framework, which is a part of “Know Your Client” procedures that should be conducted in accordance with internationally standards.

11.12.07

Seychelles President delighted as ties with Bulgaria improved

Posted in Diplomatic missions, International relations at 11:16 pm by Robert Klien

Seychelles President James Michel expressed his delight that the development of bilateral relations with Bulgaria was successful at a meeting with Bulgarian Honorary Consul to Bulgaria Maxim Behar in the capital Victoria.

After the meeting, Honorary Consul Maxim Behar said that it is an honour for him to work for enhancing relations between Bulgaria and Seychelles as well as to represent Seychelles in Bulgaria.

The two parties agreed that the process of bringing Bulgaria and Seychelles closer was significantly boosted after Seychelles opened a consulate in Bulgaria and appointed Honorary Consul in 2004. A Bulgarian delegation visited the jurisdiction in October 2006.

Maxim Behar was appointed Honorary Consul of the Republic of Seychelles to Bulgaria in July 2004.

11.06.07

Ministry of Foreign Affairs updates webpage

Posted in International relations, Seychelles government at 11:01 am by Robert Klien

The Ministry of Foreign Affairs of the Republic of Seychelles has updated its website design and structure.

The updated website of the Ministry now includes new sections “Consular Services”, “Vacancies”, “Archives”, “Links”.

However, “Vacancies” are not completed yet.

As to and “Links” section, it includes mostly information on tourism in Seychelles as well as some information on media and transport.

Section “Consular Services” should be mentioned because it contains FAQ that provides essential and detailed information related to visas. It provides an explanation of what a visa actually is, how and where to apply for it, what documents to provide for it and how long to wait for it.