04.18.08

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.

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