Seychelles Strategy 2017: developing offshore services

Posted in Double Taxation Agreements, Financial Services, Offshore Services, Seychelles banking, Seychelles companies, Seychelles IBC, Seychelles offshore jurisdiction at 3:01 pm by Robert Klien

Publishing Seychelles Strategy for 2017 has been announced previously.

It has also been already told that the mission stated in the above-mentioned document was doubling the Seychelles GDP by 2017, which is to be achieved by focusing on developing the offshore financial services industry, fisheries and tourism expansion programmes, and the growth of other economic sectors.

However, it is worth covering another important aspect of Seychelles Strategy 2017. The strategy emphasizes the importance of the active promotion of the menu of offshore services on offer including IBC registration, special licence companies, mutual funds, and insurance captives. On of the strategic objectives regarding this is promoting corporate culture and developing the financial sector by means of setting up a stock exchange that will serve as an important mechanism to enhance Seychellois stakeholding in fisheries and tourism.

Innovation in business practice is to be encouraged and customer service delivery standards are to be raised to strengthen the industry.

As Seychelles is going to develop as a financial jurisdiction, its potential of developing a reputable offshore banking sector will be exploited.

According to Seychelles Strategy 2017, the impetus to offshore banking development could be the country’s double taxation avoidance (DTA) agreements signed with 10 countries. Through Seychelles-incorporated offshore companies, international investors will be encouraged to invest in Seychelles’ DTA partners, and the jurisdiction is to benefit from banking services on these transactions. Of course, where appropriate, local legislation should be updated.


Michel’s visit to Kuwait attracts investors

Posted in Business and Economy, Foreign investments, International Organisations at 11:52 am by Robert Klien

The visit by President Michel to Kuwait in February helped attract Kuwaiti investors to the Seychelles.

On April 8, 2008, three representatives of a major Kuwaiti business developer paid a visit to Seychelles’ President James Michel at State House. Later they said that they are going to make huge investments into the jurisdiction.

After discussions with the President, the managing director of the BluePrint company, Meshal Almelhem, told the local media that with assurances from the African Development Bank (ADB), the private sector represented by his firm has made a decision to invest in the African region. He said that having seen President Michel, the country and the people, he ans his colleagues from BluePrint need not look any further than Seychelles as they have understood that it is a very stable jurisdiction.

He also added the following: “We have realised that Seychelles is a goldmine and a haven for investors. There are many opportunities that will create mutual benefits for the government and the people of Seychelles and the investors as well”.

BluePrint will work with the government of the Seychelles to develop potential projects in the finance, technology, and tourism as well as in other sectors.

Mr Almelhem was accompanied by Ahmed Alquraishi and Yousel Al Bader from BluePrint, and Peter Sinon, executive director of the ADB. Also, the Minister for Community Development, Jacquelin Dugasse; Secretary of State, Alain Butler Payet; principal secretary for Presidential Affairs, Jean-Paul Adam; and special adviser in the Ministry of Foreign Affairs, Vivienne Focktave, were present at the meeting.


Qatar ratifies DTA with Seychelles

Posted in Double Taxation Agreements at 9:10 pm by Robert Klien

According to the Qatari English language daily, on April 4, 2008, Sheikh Tamim bin Hamad Al Thani, the Deputy Emir of Qatar, issued a decree ratifying a double taxation avoidance agreement (DTA) between the Seychelles and Qatar.

The double taxation avoidance agreement was signed by representatives of the Seychelles and Qatari governments in July 2006. This DTA allows investments made in one of the two jurisdictions from the other one to qualify for tax breaks on dividends and royalty payments.

Following a visit by Seychelles President James Michel to Qatar earlier in 2006, the agreement has come into being. The talks were aimed to enhance investment links between the Seychelles and Qatar. They came a few days after the Seychelles had concluded a similar double taxation agreement with Cyprus.


Seychellois business is welcomed in China’s Canton Fair

Posted in Business and Economy, International relations, Seychelles companies, Seychelles IBC at 10:28 pm by Robert Klien

Recently China urged the business community of Seychelles to its largest fair.

The Seychellois companies are invited to visit and take part in the 103rd China Import and Export Fair, which is known as the Canton Fair.

The Fair will be held in several phases. The 1st one will take place on April 15-20, 2008, while the 2nd will be held on April 25-30, 2008 in Guangzhou. The 1st session will focus on medicines and health products, industrial products, textiles and garments, while the 2nd will focus on consumer goods and gifts. The Canton Fair will be staged at the centre of the Pearl River Delta and it will manufacture powerhouse and exporting bases.

The Canton Fair is the largest trade fair in China held twice a year – in April and October. It provides with a rich variety of Chinese goods. The international sections of this 103rd Fair will be placed in the Pazhou and Liuhua complexes of China Import and Export.