02.06.10
Posted in Business and Economy at 2:30 pm by Robert Klien
At the International Conference Centre held in the end of February, import agents learned more about customs as well as discussed the ways to improve the relationship between the two sides.
This one-day meeting marked International Customs Day that was celebrated under the theme “Building performance through partnership”.
Seychelles’ revenue commissioner Rene Nusse addressed the air and shipping agents as well as other business representatives, expressing his wish to ensure clients are well informed about the Customs Division and its operatations. He noted that, in order to support the economic reforms, customs is reforming its administration with advice from the International Monetary Fund (IMF) (http://www.imf.org/external/about.htm). He said, “In the months to come we will try to implement these suggestions by the IMF, but what we are trying to do is to increase self-compliance and make it easier and less expensive to comply with the laws”.
At the forum, agents’ representatives asked questions on many issues related to goods and services tax and concessions. Also, they were briefed about the procedures for gaining concessions, import and export permit procedures, and their own responsibilities when producing a bill of entry.
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01.21.10
Posted in Business and Economy, Seychelles legislation at 4:27 pm by Robert Klien
The newly-formed Fair Trading Commission will look out for practices that hinder competition as well as advise on or take action against them. This was announced by the Commission’s chief executive Daniel Gappy on January 20.
According to Gappy, one of the practices is price fixing for which the Fair Trading Commission can fine or jail guilty traders.
On January 15, the commission’s board members met for the 1st time. At the meeting, the commission’s chairman, Dr Shelton Jolicoeur, said that liberalisation of the market economy can “not only bring fierce and vigorous competition but also some amount of anti-competitive practices as firms jostle for economic advantage”.
Gappy said: “When we receive complaints we will investigate them, and the commission will give a ruling based on its findings”. The commission can impose a fine, a jail sentence or both. The traders can appeal agaist its decision to the tribunal and later at the Supreme Court.
The newly-created body will be fully operational in April2010 as the Fair Competition Act will come into force in April.
The Fair Competition Act is aimed to encourage competition in trade and business as well as in the supply of a wide variety of quality goods and services at competitive prices.
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01.12.10
Posted in Business and Economy at 3:07 pm by Robert Klien
On January 7, Finance Minister Danny Faure said that high investment in modern technology and telecommunications is vital because more businesses come to Seychelles’ shores and the demand for new products increases.
The Minister was speaking after a tour of the Cable & Wireless (C&W) headquarters and telecommunication facilities on Francis Rachel Street, Victoria.
The Minister’s visit was aimed to explain the current tax reforms. Also, this visit was a chance for Mr Faure and officials from the Ministry of Finance and the Department of Information Communications Technology to see themselves the work of the company.
It should be noted that the visit coincided with the tax reform talks held with the Cable & Wireless management. Mr Faure was impressed by the level of development and investment, especially in modern equipment, that the company has made. He said that the company has prepared itself for any future development.
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01.08.10
Posted in Business and Economy at 3:03 pm by Robert Klien
On January 8, 2010, a new service started to makes it easier to apply for and get various kinds of licences in Seychelles.
This advice service is offered by the Seychelles Licensing Authority to businesses and individuals as part of the Authority’s new “one-stop shop” at the revenue commission’s office, Oceangate House.
Also, now the licensing authority staff at Oceangate House will accept payment for the following licences: local fishing vessels;
fishing nets;
coin-operated machines;
hirer of goods;
advertising agent;
carpenter;
commission agent;
mason;
motor mechanic;
repairer of electrical apparatus.
The new service is aimed at cutting the licence procedure to a minimum. Staff of the Seychelles Licensing Authority will accept applications for new licences or renewal of existing ones.
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11.22.09
Posted in Business and Economy, International relations at 12:47 pm by Robert Klien
On November 18, President James Michel held bilateral talks with the Lebanese President, General Michel Sleiman.
During this working visit to Beirut. the President aimed at strengthening cooperation and bilateral relations with Lebanon. Also, he intended to exchange ideas on economic development and investment opportunities.
Michel said that Seychelles and Lebanon have much in common in the way they manage economies, environment and tourism marketing. Both jurisdictions have strong tourism industries, and exchanging knowledge and information in this field could be useful for both countries.
The presidents discussed the piracy in the western Indian Ocean and touched upon the issue of the way the global economic crisis influences the tourism industries of both countries.
Michel spoke of the Seychelles’ success in its economic reform programme as well as stressed its achievements in environmental sustainability.
According to General Sleiman, following a slowdown in Lebanon’s economy, it is starting to experience growth in many fields.
The presidents exchanged opinions on this week’s Lebanon 2020 National Summit where Michel was to be a keynote address.
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11.19.09
Posted in Business and Economy, International relations at 11:49 am by Robert Klien
The World Bank Board of Executive Directors has endorsed the Interim Strategy Note (ISN) for re-engagement with Seychelles and has approved a Development Policy Loan (DPL) of EUR 6.5 million to the jurisdiction.
After 17 years, the Interim Strategy Note is the 1st for Seychelles and lays out a 2-year Bank re-engagement strategy for the country.
The DPL that was approved by the Board will assist the country in implementing the economic reform programme.
It is an International Bank for Reconstruction and Development (IBRD) fixed spread facility with a 25.5 years maturity.
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11.16.09
Posted in Business and Economy, International relations at 11:49 am by Robert Klien
A delegation left Seychelles in order to take part in the World Travel Market (WTM). The event was held in London on November 9-12.
The delegation was led by Vice-President Joseph Belmont and Seychelles’ director for tourism marketing Alain St Ange. Seychelles’ presence at the trade fair was significant as it was a message to the world that Seychelles is back in the United Kingdom.
The Seychelles Tourism Board (STB) is reopening an office in London after it was closed in 2008. The market has suffered, so the delegation was working hard during the 4 days at the WTM in order to address the lower-than-expected visitor arrival figures from the United Kingdom. Today, visitor arrivals from the United Kingdom stand at 18% below the 2008 figure.
Also, Mr Belmont and Mr St Ange met the British media and answered their questions.
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11.02.09
Posted in Business and Economy, Seychelles banking at 12:03 pm by Robert Klien
On November 3, the Central Bank of Seychelles (CBS) will host a special event in its series of anniversary lectures at the International Conference Centre.
This year’s lecture is titled “Seychelles’ economic reforms, one year on – what the future holds”.
The event will be a round-table discussion of the reform programme started in November 2008. At the event, the results that have been achieved so far will be outlined. Also, the challenges that have arisen and the outlook for future reforms that will come will be discussed. After the discussion, the participants may ask questions to the speakers.
The panel of the speakers will include:
• Moderator Peter Sinon,
• principal secretary for finance Ahmed Afif,
• CBS governor Pierre Laporte,
• Seychelles Bankers’ Association Jocelyn Ah Yu,
• Seychelles Chamber of Commerce and Industry Dr V. Ramados,
• Lungos (civil society) the Rev Christine Benoit,
• Seychelles Polytechnic Sheera Philoe,
• manufacturing sector Aubrey Lucas,
• fishing sector Beatty Hoareau,
• small business Santasha Hoareau.
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10.16.09
Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations, Offshore Services, SIBA, Seychelles IBC, Seychelles government at 9:54 am by Robert Klien
Seychelles’ Minister of Finance Danny Faure has said that the jurisdiction’s presence at the meeting of the International Monetary Fund and the World Bank held last week in Istanbul, Turkey, was highly productive.
Having returned after leading a high-level delegation to the annua meetings, Faure said that the team met finance ministers and executive board directors of the 2 institutions. These were bilateral discussions where Seychelles was seeking the same 45% debt cancellation as it received from the Paris Club from other creditors including China, India, the UAE, Malaysia, Algeria, and Libya. The Minister confirmed that Malaysia has already approved a cancellation of 45% of the total debt of USD 12.1 million, so USD 5.5 million has been canceled.
According to Faure, the result of these meetings was very encouraging because Seychelles received much support and encouragement for its reforms.
Also, in Istanbul, Faure discussed the restructuring of Seychelles’ commercial debts with Dr Donald Kaberuka, African Development Bank president.
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10.13.09
Posted in Business and Economy, Seychelles banking at 1:44 pm by Robert Klien
On October 12, a team led by Central Bank governor Pierre Laporte explained the requirements of the Foreign Exchange Act for those who use both the rupee and foreign currency in order to complete their transactions.
At a meeting that was held at the International Conference Centre, the Central Bank representatives answered questions of a 150-strong audience. Most of the visitors came from the tourism industry. This meeting was organised in order to explain, in a transparent manner, the provisions of the law after as far as, according to Laporte, many people had called the Central Bank asking to clarify certain aspects of the Foreign Exchange Act.
Laporte stressed that hotels must not set their own exchange rates, so, customers will know how much approximately they will be expected to pay for goods and services.
According to Laporte, goods and services should be advertised in rupees. However, there is an exception for adverts that appear abroad or on the Internet where they may be meeting both local and overseas clients. In the above-mentioned cases both the rupee and another currency are allowed.
Also, Laporte said that even though the demand for the local currency is increasing and many old notes are being withdrawn, the Central Bank of Seychelles does not intend to print any new notes over the next 2-3 years. The jurisdiction has enough notes that are not in circulation.
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