IMF approves US$1.4 Million Disbursement for Seychelles

Posted in Business and Economy, International Organisations, International relations, Seychelles legislation at 10:27 am by Robert Klien

The Executive Board of the International Monetary Fund (IMF) has recently completed the second review of Seychelles’ economic programme under  the two-year stand-by arrangement. By the results of the review, IMF decided to approve a  disbursement to Seychelles in the amount of  approximately US$1.4 million.

The Executive Board of IMF also completed the latest review of quarterly financing assurances and approved the modification of quarterly quantitative performance criteria, and agreed to establish a schedule of semi-annual program reviews.

Deputy managing director and chairman of the Executive Board, Mr. Takatoshi Kato, speaking about Seychelles, noted rapid progress on macroeconomic stabilization of the jurisdiction, and the significant fiscal consolidation backed by the market-based monetary policy. By his words, the country should continue its efforts to expand monetary policy instruments, and modernize “the the legal and institutional framework for the financial sector.”

He pointed out that the authorities of Seychelles “have strengthened tax administration and launched a fundamental tax policy reform, which are key to improving the investment climate, reducing economic distortions, and securing fiscal sustainability.”

Mr. Kato also said that good progress is being made with public external debt restructuring, and the authorities should reinforce their debt management capacity, supported by IMF technical assistance.


Seychelles goverment completes talks on signing agreement with India

Posted in Bilateral Treaties, International relations at 9:07 am by Robert Klien

The government of Seychelles completed negotiations with India on signing Bilateral Investment Promotion and Protection Agreement between the two countries. This meeting helped to resolve the few remaining issues from the second round of talks.

After ratification of the document, India will become the fourth country which concluded such an agreement with Seychelles.

Bilateral Investment Promotion and Protection Agreement (BIPPA) is an agreement between two countries providing for the reciprocal encouragement, promotion and protection of investments in each other’s territories by the companies based in any of these countries. The purpose of these agreements is to create favourable conditions for investors of one country to invest in the economy of the other country, and vice versa. So, the agreement between Seychelles and India will give protection to Seychellois and Indian investors carrying on business in either country. By stimulating business initiatives, it will bring benefits to both countries.


Top Offshore Law Firm Appleby Opens New Office in the Seychelles

Posted in Offshore Services at 8:21 am by Robert Klien

Global offshore law firm Appleby has opened an office in the Republic of Seychelles in the end of June. The new office provides customers with greater access to the fast-growing emerging markets in Africa, Asia and India. Appleby became the first international law firm to open in the jurisdiction.

The entity incorporated by Appleby in the Seychelles, Appleby Corporate Services (Seychelles) Limited, will specialize in offering corporate and trust administration services. Malcolm Moller, the Managing Partner of Appleby’s Mauritius office, who provided much assistance in establishing the Seychelles office, will serve as the Managing Partner in the Seychelles.

Conrad Benoiton, the Chairman of the Seychelles International Business Authority (SIBA) and Director General of Securities and Financial Markets and Central Bank of Seychelles, will become Managing Director of Appleby Corporate Services (Seychelles) Limited.

Appleby recently announced its merger with the law firm Dickinson Cruickshank located in the Isle of Man, which will create the world’s largest offshore law firm by partner numbers. The merged firm will have 10 offices in major offshore and financial jurisdictions in the world. The new Appleby office in Seychelles will focus on investment into the emerging African, Asian and Indian markets.

Malcolm Moller has commented on the opening of the new office: “This is a significant opportunity for both Appleby and the Seychelles as we will offer world-class legal, fiduciary and administration services from the Seychelles to international clients and to businesses based in the islands. We believe our presence in this fast growing jurisdiction will complement our Mauritius office and, as the first international law firm to open here, we will be well positioned to offer our clients sophisticated offshore services for investment in the African, Asian and Indian markets. In addition, our global resources and reputation will further assist the growth of international business in the Seychelles.”


SIBA warns against Nexins

Posted in Offshore Services, Seychelles companies, Seychelles IBC, SIBA at 5:12 am by Robert Klien

On June 1, 2009, a notice was issued by by the Seychelles International Business Authority.

In the notice, the SIBA drew attention of the public to the fact that a company entitled Nexins Inc that is registered and/or licensed by SIBA under the International Business Companies Act, 1994 is non-existent.

So, members of the public were strongly advised by the Authority to be extremely cautious when dealing with  Nexins Inc.