12.27.07

Airtel Seychelles marks 10th year anniversary

Posted in Business and Economy, Seychelles infrastructure at 11:06 pm by Robert Klien

On December 12, 2007, Airtel (Telecom Seychelles Limited) started marking the commencement of its 10th year anniversary since its 1st launch in 1998.

When the company was launched in Seychelles, there were about 2,500 mobile customers there. Airtel made a significant contribution to an increase in the mobile market share. When Airtel entered the market, it reduced the international calling rates by 58% and local call rates by 40%. In as little as one year of operating, the company had registered more than 2,300 customers. The mobile market has experienced a progressive growth, and Airtel can boast of having captured 54% of the mobile market.

It is important that the launch of Airtel services broke the telecommunications monopoly and opened the market to competition.

Airtel was the 1st to introduce the concept of 24-hour customer service in Seychelles. It also was 1st to introduce prepaid cards & vouchers, value added services such as SMS, ringtones, logos, chat and data fax services.

12.20.07

Commonwealth Secretary-General holds talks with Seychelles’ President and Vice-President

Posted in Business and Economy, International relations, Seychelles government at 11:00 am by Robert Klien

During his official visit to Seychelles on November 27-28, 2007, Commonwealth Secretary-General Don McKinnon held talks with Seychelles’ President James Michel and Vice-President Joseph Belmont.

Besides the President and the Vice-President, Mr McKinnon had a meeting with the Speaker of the National Assembly Patrick Herminie and Opposition Leader Wavel Ramkalawan.

The issues under discussion included governance issues, parliamentary matters, local politics as well as the outcomes of the recent Commonwealth Heads of Government Meeting that was held in Kampala, Uganda, on November 23-25.

The Secretary-General also toured the Mahé fishing port in order to discuss a traffic study that is sponsored by the Commonwealth Secretariat.

12.12.07

SIBA sponsors important events

Posted in Seychelles offshore jurisdiction, SIBA at 12:43 pm by Robert Klien

The Seychelles International Business Authority (SIBA) is active in promoting Seychelles offshore business, recently, it has sponsored two important events in offshore community.

The first event sponsored by SIBA was Asia Offshore Association (AOA) Conference held on October 31 – November 2, 2007 in Saigon, Vietnam. The event offered presentations by leading practitioners in the law, accounting, banking and realty industries in Vietnam. One of the highlights of the AOA Conference was a Keynote Speaker Mr. Marshall Langer, a member of the Wise Men Advisory Committee of the AOA, who spoke on many aspects including his being offshore for 40 years.

The second event was International Tax Planning Association (ITPA) meeting in Hong Kong held on November 4-6, 2007. The meeting was regarded as an excellent platform for networking and amrketing offshore products.

12.05.07

Amendments in Seychelles offshore legislation published by SIBA

Posted in Seychelles CSL, Seychelles IBC, Seychelles legislation, Seychelles offshore jurisdiction at 1:27 pm by Robert Klien

Recently the Seychelles International Business Authority (SIBA) has informed about proposed amendments in Seychelles offshore legislation. It is expected that Seychelles IBC Act and CSL Act will be amended, but Seychelles Mutual Fund Act 1997 will be replaced by new Mutual Fund Act.

The SIBA has stated that Seychelles is experiencing a surge in its international business level, and, according to it, in 2006 Seychelles recorded another important increase in its International Business Companies (IBCs) registration. The jurisdiction registered a record number of new companies being formed in 2006 – 8237 companies. This number represents a 16% increase  over the year 2005. The total amount of companies on SIBA register as at December 2006 was 33161 companies. The SIBA noted that the above-mentioned results make Seychelles, perhaps one of the most favoured offshore jurisdictions in the world.

In order to maintain the continuous growth and to adopt the country in the competitive environment, Seychelles has proposed amendments to the existing legislation. According to the SIBA, the amendments will align the jurisdiction with such well-regulated jurisdictions as the BVI, the Cayman Islands and Jersey.

The proposed amendments published by the Seychelles International Business Authority are proposed amendments to the IBC Act, proposed amendments to the Seychelles Special Licences Companies Act, and proposed new Mutual Fund Act.

The proposed amendments rare expected to improve the existing legislation as to allow Seychelles to remain at the forefront of the developing offshore industry. And, as far as Seychelles’ offshore industry growth is going on, we should expect to hear a lot more about Seychelles as an offshore centre in the near future.