11.05.14

Seychelles climbs 2 positions in 2015 Doing Business Report

Posted in Business and Economy, Seychelles offshore jurisdiction at 6:47 pm by Robert Klien

Seychelles has been ranked 85th out of 189 countries in the World Bank’s 2015 Doing Business Report, climbing an effective two places.

The report was published on October 29, 2014.

Due to a change in the way the scores are calculated, the latest scores could not be compared to the previous year’s, which led to the World Bank re-calculating all the scores from the 2014 Doing Business report for comparison purposes.

Although the Seychelles was in 80th place last year, the recalculations placed the jurisdiction further down in 87th place, with a total score of 62.05 out of 100.

Seychelles’ 2015 score of 63.16 percent has bumped it up by two places to 85th in comparison to the re-calculated 2014 score.

Seychelles’ 85th position places the archipelago 6th in the Sub Saharan Africa region.

First in the region is Mauritius, which is ranked 28th globally, while South Africa, ranked 43rd, and Rwanda ranked 46th, are 2nd and 3d in the region respectively.

The 2015 Doing Business Report once again ranks Singapore in first position as the country with the most favourable business environment in the world, unchanged from last year’s position.

The Seychelles Minister for Finance, Trade and Investment has expressed disappointment with this year’s ranking, primarily because in his view “the latest ranking fails to take into account the important progress that Seychelles has achieved in many areas over the past year.” He said: “Despite the improvement of two places, we are obviously overall disappointed that yet another report by a major international organization has failed to capture the reality on the ground”.

According to the Chief Executive Officer of the Seychelles Investment Board (SIB), the World Bank correspondent was not up to date with changes happening in the Seychelles. He made examples where access to credit had been improved, such as loan schemes with attractive interest rates for small and medium-sized businesses. He also added that there had also been a measurable improvement in both the registration of businesses and the time taken to get a new electricity connection. However, Simeon acknowledged that there is work to be done to if Seychelles wants to further improve its ranking.

11.01.14

Seychelles Seeks OECD Tax Transparency Endorsement

Posted in Business and Economy, International Organisations, Seychelles legislation, Seychelles offshore jurisdiction at 3:54 pm by Robert Klien

With a view to communicate measures aimed to enhance how the jurisdiction exchanges tax information with other territories in practice, Seychelles is preparing to submit a supplementary report to the Organisation for Economic Co-operation and Development (OECD) Global Forum.

In 2013, during Phase Two of the Peer Review Group rating process, the OECD rated Seychelles as non-compliant in certain areas, raising concerns regarding Seychelles’s tax transparency rules.

The Seychelles Minister of Finance, Trade and Investment, Pierre Laporte, met OECD representatives on the sidelines of the 7th Global Forum in Berlin from October 28-29 in order to update them on the new measures put in place to address the areas of non-compliance, and prepare for the submission of a supplementary report to the Peer Review Group for re-assessment.

At the same time, the Organisation for Economic Co-operation and Development has stated that Seychelles became one of the “early adopters” (by end-September 2017) of the Multilateral Competent Authority Agreement on the implementation of a new automatic exchange of information standard.

In accordance with the new standard, jurisdictions are obliged to obtain information from their financial institutions and automatically exchange it with other jurisdictions annually.