01.28.08

Seychelles negotiates on EPA agreement

Posted in Bilateral Treaties, International Organisations, International relations at 5:45 pm by Robert Klien

Negotiations on a temporary agreement for an Economic Partnership Agreement (EPA) between African, Caribbean and Pacific countries, of which Seychelles is a member, with the EU has been initiated by Barry Faure, Seychelles Ambassador to the European Union.

It should be noted that negotiating of an EPA with the European Union is being undertaken by the African, Caribbean and Pacific countries (ACP) Group and by the Eastern and Southern Africa (ESA) Group. It is also important that Seychelles, as well as 15 other Common Market for Eastern and Southern Africa (Comesa) Member States, opted to undertake these negotiations within the ESA Group. Seychelles, along with Mauritius, Comoros and Madagascar, has clinched the temporary agreement within the ESA Group as well.

In the beginning of December, Patrick Pillay, the Minister for Foreign Affairs, and Vivianne Fock-Tave, his Special Advisor, made presentations to the National Assembly in order to explain the importance of an EPA for Seychelles and countries of the region. According to the Minister for Foreign Affairs, Seychelles’ exports to the EU will face import duty without a new agreement or without a temporary agreement.

In accordance with World Trade Organisation (WTO) guidelines, the temporary agreement was reached on November 14 and initialed on November 29. On December 31, 2007, the arrangement allowing Seychelles and other ACP countries to export to the EU at 0% import duty expired. To continue uninterrupted exports to the EU, the temporary arrangement is needed.

According to Minister Pillay, the negotiations with the EU will go on and they are expected to lead to a complete agreement by the end of 2009.

01.16.08

SIBA publishes International Business Companies (Amendment of Schedule) Regulations, 2007

Posted in Seychelles IBC, Seychelles legislation, Seychelles offshore jurisdiction, SIBA at 11:18 am by Robert Klien

On December 17, 2007, the Seychelles International Business Authority (SIBA) published a document entitled International Business Companies (Amendment of Schedule) Regulations, 2007. The above-mentioned document was signed by the Minister of Finance.

What the document does is simplifying the fees related to Seychelles offshore company registration (Schedule 1 of INTERNATIONAL BUSINESS COMPANIES ACT, 1994).

The amendments are as follows:

previously:
(a) $100 upon the registration by the Registrar of a company incorporated under this Act the authorised capital of which is $5,000 or less;

now:
(a) $100 upon the registration by the Registrar of a company incorporated under this Act;

previously:
(e) $500 upon the registration by the Registrar of articles of merger or consolidation, but $700 in the case of articles of merger or consolidation that also constitute the Memorandum of a company the authorised capital of which, exceeds $50,000 or that amend the Memorandum of a surviving company to increase the authorised capital from $50,000 or less to more than $50,000;

now:
(e) $500 upon the registration by the Registrar of articles of merger or consolidation;

previously:
(f) $500 upon the registration by the Registrar of articles of arrangement, but $700 in the case of articles of arrangement that also constitute the Memorandum of a company the authorised capital of which exceeds $50,000 or that amend the Memorandum of a company to increase the authorised capital from $50,000 or less to more than $50,000;

now:
(f) $500 upon the registration by the Registrar of articles of arrangement;

previously:
(g) (i) $100 upon the submission to the Registrar of articles of continuation for a company the authorised capital of which does not exceed $5,000;

now:
(g) $100 upon the submission to the Registrar of articles of continuation.

As regards annual fees, there is the following amendment:

Instead of fees divided according to the authorised capital:
(2) A company the name of which is on the Register on 31st December in any year shall, before the date of the relevant anniversary of its incorporation under the Act pay to the Registrar an annual licence fee as follows –
(a) $100 if its authorised capital does not exceed $5,000;
(b) $300 if its authorised capital does not exceed $50,000 and its shares have a par value;
(c) $1,000 if its authorised capital exceeds $50,000; and
(d) $350 if its authorised capital does not exceed $50,000 and some or all of its shares have no par value

now the fee $100 is to be paid:
(2) A company the name of which is on the Register on 31st December in any year shall, before the date of the relevant anniversary of its incorporation under the Act pay to the Registrar an annual licence fee of $100.”

he above-mentioned document named “International Business Companies (Amendment of Schedule) Regulations, 2007” was signed by the Minister of Finance Danny Faure on October 12, 2007.

01.11.08

Seychelles national theme for 2008 announced by President Michel

Posted in Business and Economy, Foreign investments, Seychelles government, Seychelles offshore jurisdiction at 10:31 am by Robert Klien

On December 31, 2007, in his televised New Year’s message, Seychelles’ President James Michel announced Seychelles national theme for 2008 which is the Constitution, the voice of the nation.

Earlier, the President said that Seychelles Constitution contains the democratic principles of the country, embodies rights and responsibilities of the people as well as serves as a to the behaviour of individuals, government and bodies. On December 31, 2007, President Michel said that it is necessary to promote Seychelles Constitution with a view to build our democracy and to reinforce the institutions of nation-building. In his speech, Michel also said that in 2008 Seychelles will mark 15 years of the Third Republic after the majority approved the new Constitution.

For Year 2008, the President wished the people of Seychelles to learn to value what they have as well as to appreciate the good things offered by their. He also wished that the jurisdiction continues to enjoy peace, unity, greater stability and progress.

As regards the launching of Strategy 2017 aimed to double GDP in 10 years, President James Michel said that in 2007 more confidence in the future of Seychelles and its economy was built by the people, which can be seen from the record level of investments and economic activity into the jurisdiction. According to the Head of the State, foreign investments into the country in 2007 were an estimated USD 180 million compared to USD 146 million in 2006.

01.07.08

Seychelles Strategy 2017: Doubling GDP, Focusing on offshore financial services

Posted in Seychelles government, Seychelles offshore jurisdiction at 12:20 pm by Robert Klien

Recently, Seychelles Strategy for 2017 has been published. In the foreword, President of the Republic of Seychelles James A. Michel has emphasized that the nation “has come a long way in a short time”, which has provided the right platform for the country’s socio-economic development. He also noted that much was done in the kast 2 years in terms of re-dynamising the economy of Seychelles. This is why a dynamic strategy was needed.

President Michel said that Seychelles’ Strategy for 2017 is a government-led document that represents a template for sustained growth through a strategic positioning of Government.

Seychelles’ Strategy for 2017 develops the policies that were compiled in order to address the needs of all sectors.

The mission stated in the document is doubling the Seychelles’ GDP by 2017 by focusing on developing the offshore financial services industry, fisheries and tourism expansion programmes, and the growth of other economic sectors.

01.03.08

Seychelles offshore company Global Voice threatens the world with new RansomWare demanding money for unlocking PC

Posted in Seychelles IBC, Seychelles offshore jurisdiction at 8:19 pm by Robert Klien

This week a security researcher has warned the public that new “ransomware” locks up one’s PC and then demands USD 35 from the user to unlock it.

Alex Eckelberry, CEO of US security developer Sunbelt Software Distribution, said that the extortionists ask victims of the Delf.ctk Trojan horse to dial a 900 number, and added that the number they tell can be traced to a payment processor also used by hardcore pornography websites in order to charge for access to their content, and this processor is named “passwordtwoenter.com”.

According to a search on Google, the 900 number points to passwordtwoenter.com, which is a website registered to Seychelles offshore company Global Voice S.A. with registered address at Suite 13, First Floor, Oliaji Trade Center, Francis Rachel Street,  Victoria, Mahe, Seychelles. This is a registered address of Seychelles offshore agent Mossack Fonseca & Co (Seychelles) Ltd.

Eckelberry informed that users infected with the Trojan see a full-screen message, which looks like an error generated by Windows. He also provided the wording of the message to help PC users recognise the virus. The wording is as follows: “ERROR: Browser Security and Antiadware [sic] Software component license exprited [sic]. Surfing PORN, ADULT and some other kind of sites you like without this software is dangerous and threatens with infection of your computer by harmful viruses, adware, spyware, etc.” The message includes update window that tells to click to activate new license. This leads to another screen that tells US users to dial a 900 telephone number as well as enter a personal identification number (PIN). If the number indicated on the page does not work, users get the instructions to dial alternate numbers – one of them is located in the West African nation of Cameroon, while the other is a satellite telephone number. After the Delf.ctk Trojan horse installs and runs, the user is completely locked out of the system, and, to return control of the PC, the user has to pay up dialing the number.