SIBA issues Public Warning on Shelf Holding

Posted in Offshore Services, SIBA at 5:17 am by Robert Klien

On September 15, 2008, the Seychelles International Business Authority (SIBA) issued a notice to warn the public to a offshore service provider company called Shelf Holding.

In the notice, SIBA draws attention to the fact that there are no service providers known as Shelf Holding Ltd. and SHELF HOLDING that are licensed under the Seychelles International Corporate Service Providers Act 2003. So these offshore companies are not licensed to engage in any business in Seychelles that is connected with the establishment, management, or any other activities related to international corporate services or international trustee services.

SIBA states that any activity of the above-mentioned nature by Shelf Holding Ltd. or SHELF HOLDING would be unlawful and unauthorised. None of them may conduct these regulated activities.

To verify the status of any service provider that offers International Trustee Services and International Corporate Services, SIBA may be contacted.


SIBA sponsors conference

Posted in Offshore Banking, Offshore Services, Seychelles CSL, Seychelles IBC, Seychelles offshore jurisdiction, SIBA at 11:52 am by Robert Klien

It has already been discussed that the Seychelles International Business Authority (SIBA) sponsors many important events.  Today, on September 25, 2008, SIBA sponsors another important event – Seychelles Road Show Event. It is a half-day conference held in Shanghai, People’s Republic of China.

It should be noted that distinguished panel of speakers are presenting numerous topics at this conference. The issues under discussion are aimed to further strengthen the existing ties between the Seychelles and China. This event is a unique forum that explore the products of the Seychelles financial services industry. The issues to be adressed are the International Business Companies (IBCs), Mutual and Hedge Funds, the benefits of the Seychelles CSL used in conjunction with the Seychelles/China Double Taxation Agreement, and tax-efficient structures. Also, the speakers will discuss the uses of Seychelles as the jurisdiction for offshore banking purposes.


Seychelles and Mauritius speed up to claim continental shelf

Posted in International Organisations, International relations, Seychelles offshore jurisdiction at 12:32 pm by Robert Klien

On September 18, 2008, Seychelles and Mauritius speeded up their efforts with a view to claim the extended continental shelf before the deadeline.

The deadline is scheduled in May 2009. By May 13, 2009, the two offshore jurisdictions have to make their submission to the UN, otherwise they will lose forever the area that they are seeking.

To speed up the process, Seychelles and Mauritius signed a framework that enables these offshore jurisdictions to meet the target. So, on September 18 Raymond Chang-Tave, special adviser in the Ministry of National Development, and Mauritian Ambassador to Seychelles Jagdish Koonjul signed the framework at the Ministry of Foreign Affairs.

According to Chang-Tave, Seychelles and Mauritius have resolved to pay the same undivided attention to the work as they paid to the delimitation of the extended economic zone boundary endorsed in Mauritius in July.

Ambassador Koonjul stated that the countries moved forward very fast because a few weeks ago they started working on the maritime boundary, and just a few weeks after a bilateral joint commission between Seychelles and Mauritius the relevant agreement was signed.


Seychelles President visits SADC Summit

Posted in International Organisations, International relations at 2:16 am by Robert Klien

President James A. Michel headed a delegation to the 28th South African Development Community (SADC) Heads of States and Government Ordinary Summit which took place on August 16 – August 17, 2008 in Johannesburg, South Africa.

The story of the relationships between the Seychelles and the Southern African Development Community (SADC) has been previously discussed in details. But it should be noted that the readmission of Seychelles into SADC was one of the main highlights of this year’s Summit.

Besides the readmission of Seychelles into SADC, the official launching of the SADC Free Trade Area (FTA) was an important issue at the Summit. SADC’s main goals include forming common political interests and supporting greater trade and investment flows between SADC members. So, the SADC Free Trade Area is vital to achieve these goals. The SADC FTA was officially launched at the Johannesburg Summit on August 17, 2008.

The Summit also discussed the political situation in Zimbabwe and regional economic integration issues.


Seychelles and Cyprus hold talks

Posted in Double Taxation Agreements, International relations at 11:34 pm by Robert Klien

On August 19, cooperation between Seychelles and Cyprus began with the 1st meeting of the Permanent Cypriot-Seychelles Intergovernmental Commission.

The permanent secretary of the Cyprus Planning Bureau, Andreas Moleskis, led his delegation August 19 until August 22 at the Ministry of Foreign Affairs.

It should be noted that Seychelles and Cyprus enjoyed historical ties long before the opening of diplomatic relations in April 1976.

It is important that in 1998 an agreement on long-term economic, scientific, technical and industrial cooperation was signed in 1998 to set a framework and become the 1st step towards formalising the connections between Seychelles and Cyprus. This document provided for the establishment of the Cypriot-Seychelles commission, which will explore new areas of bilateral cooperation through regular consultations.

In June 28, 2006, Seychelles and Cyprus signed a double taxation avoidance agreement.

The meeting held from August 19 until August 22 was aimed at exploiting all opportunities for new partnerships between Seychelles and Cyprus, and it will raise regional and international issues of vital importance to both countries.