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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07.10.09
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.”
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07.02.09
Posted in Offshore Services, SIBA, Seychelles IBC, Seychelles companies 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.
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06.26.09
Posted in Offshore Services, SIBA, Seychelles offshore jurisdiction at 9:54 am by Robert Klien
This year, a notice was issued by the Seychelles International Business Authority.
In the notice, the SIBA drew attention to the website nastla .com as well as to the fact that what is being advertised on this website is not true. The Authority claimed that neither Nastla Investments nor Nastla Inc are licensed, authorised or registered by the SIBA.
Members of the public were strongly advised by the Authority to be extremely cautious when dealing with Nastla Investments and Nastla Inc.
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03.12.09
Posted in Offshore Services, SIBA, Seychelles offshore jurisdiction at 1:36 pm by Robert Klien
The Seychelles International Business Authority (SIBA) along with the China Economic Review have recently announced a forthcoming event in Shanghai, China. The half-day event will be held on March 26, 2009. It will follow the Bangkok AOA Conference that will take place on March 22-24, 2009.
The event arranged by the SIBA and the China Economic Review will take place in China as a result of the positive feedback received by the Seychelles International Business Authority after the Seychelles road show entitled “Seychelles - the Investment Gateway to China” held in Shanghai on September 25, 2008.
On March 26, speakers will talk on what is currently of great interest to Chinese offshore practitioners and in what Seychelles structures can efficiently be applied.
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03.03.09
Posted in Business and Economy, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 11:18 am by Robert Klien
In the end of January, at a meeting, the Seychelles Bankers’ Association (SBA) appointed a new chairman with immediate effect. The managing director of Barclays Seychelles Loganaden Sidambaram was appointed to this position, so he will replace R. C. Behl.
The other officer holders that were appointed are treasurer Michael Benstrong of the Seychelles Savings Bank and auditor Ahmad Saeed of Nouvobanq.
In 2009, the SBA will be aimed at mounting a communication campaign in order to shed more light on the roles and responsibilities of commercial banks towards their customers and the general public.
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09.30.08
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.
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09.25.08
Posted in Offshore Banking, Offshore Services, SIBA, Seychelles CSL, Seychelles IBC, Seychelles offshore jurisdiction 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.
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08.19.08
Posted in Offshore Banking, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 10:24 am by Robert Klien
In July, BMI Offshore Bank (BMIO) has announced that its offshore banking operations in Seychelles have been officially launched.
BMI Offshore Bank is a joint venture between Bahrain-based BMI Bank and Seychelles-incorporated Nouvobanq. Managed by BMI Bank, the venture will deal with offshore banking and private banking services and provide access to trust and investment services for corporate and private customers who reside abroad.
To celebrate the launch, a special ceremony was held. The event was attended by Government officials, key businessmen related to the offshore industry, Chief Executive Officer of BMI Bank Andrew Bainbridge, Wholesale Banking Director of BMI Bank Karl Stumke and other bank representatives, media and guests.
Chief Executive Officer of BMI Bank, Andrew Bainbridge, said that the launch of the first offshore bank in the Seychelles is an important move. BMI Bank was established with a vision to form a universal bank with presence in selected emerging markets and this move is the way to achieve it. He also said that BMIO will be supported by the head office in Bahrain in order to run a successful banking operation in Seychelles.
Initially, BMI Offshore Bank will offer deposits and investments on varying terms, transactional banking from current and call accounts, and internet banking facilities. Then, new products including Debit and Credit cards, loan financing, trust business and a range of other investment products will be introduced.
A license to operate was received by BMIO from the Central Bank of Seychelles in March 2008.
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08.01.08
Posted in Financial Services, Mutual Funds, Offshore Services, Seychelles legislation at 8:59 pm by Robert Klien
The Central Bank of Seychelles has recently announced that Seychelles’ Mutual Fund Act has been updated. To build on the success of the financial services industry, Mutual Fund Act has been redrafted in order to plug gaps in the previous mutual funds legislation as well as to allow local financial service providers to tap into the multi-trillion dollar offshore mutual funds industry.
The redraft has been undertaken with a view to enable companies working in the financial services sector to offer services to mutual funds investors, which combine the assets of many investors in order to create larger funds for investment in stock exchanges and money markets as well as other investment opportunities.
The original legislation came into force in 1997. This was the beginning of mutual funds development.
The global mutual funds industry was estimated to be worth USD 26.2 trillion by the end of 2007. The industry has surpassed any other offshore business structure. It is growing at an average of 1 trillion USD per year.
It is also worth noting that the newly drafted legislation is aimed at bolstering banking and legal services for mutual fund operations.
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