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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05.31.08
Posted in Financial Services, Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 2:09 pm by Robert Klien
According to the press release published on May 20, 2008, Bahrain-based BMI Bank appointed Frank Hoareau as the Managing Director of BMI Offshore Bank Limited, its new Offshore banking business in Seychelles.
Andrew Bainbridge, Chief Executive Officer of BMI, welcomed Frank Hoareau and noted that he brings extensive experience and knowledge of the offshore industry and banking. Bainbridge also said that the Bank is confident it will build a thriving business and capitalize on the many exciting opportunities in the Seychelles market as Seychelles is an attractive location for this venture that is supported by legal and regulatory framework and continuing economic progress.
It should be noted that Frank Hoareau is well-known in Seychelles financial circles and he is familiar with the Ministry of Finance and the Central Bank, where he held a senior position before joining Barclays offshore.
In March 2008, BMI received its offshore banking license and is planning to open for business in the 3rd quarter of 2008.
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04.18.08
Posted in Double Taxation Agreements, Financial Services, Offshore Services, Seychelles IBC, Seychelles banking, Seychelles companies, Seychelles offshore jurisdiction at 3:01 pm by Robert Klien
Publishing Seychelles Strategy for 2017 has been announced previously.
It has also been already told that the mission stated in the above-mentioned document was doubling the Seychelles’ GDP by 2017, which is to be achieved by focusing on developing the offshore financial services industry, fisheries and tourism expansion programmes, and the growth of other economic sectors.
However, it is worth covering another important aspect of Seychelles Strategy 2017. The strategy emphasizes the importance of the active promotion of the menu of offshore services on offer including IBC registration, special licence companies, mutual funds, and insurance captives. On of the strategic objectives regarding this is promoting corporate culture and developing the financial sector by means of setting up a stock exchange that will serve as an important mechanism to enhance Seychellois stakeholding in fisheries and tourism.
Innovation in business practice is to be encouraged and customer service delivery standards are to be raised to strengthen the industry.
As Seychelles is going to develop as a financial jurisdiction, its potential of developing a reputable offshore banking sector will be exploited.Â
According to Seychelles Strategy 2017, the impetus to offshore banking development could be the country’s double taxation avoidance (DTA) agreements signed with 10 countries. Through Seychelles-incorporated offshore companies, international investors will be encouraged to invest in Seychelles’ DTA partners, and the jurisdiction is to benefit from banking services on these transactions. Of course, where appropriate, local legislation should be updated.
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03.15.08
Posted in Offshore Services, SIBA, Seychelles offshore jurisdiction at 10:50 am by Robert Klien
The Seychelles International Business Authority (SIBA) has lately published the Calendar of Promotional Events for 2008 to cover all the events in which the Authority will definitely participate and in which it will probably participate.
It has already been discussed previously that the Authority is is active in promoting Seychelles offshore business, and so in atumn 2007 the SIBA sponsored two important events in offshore community. This year it will sponsor the Shorex Wealth Management Forum to be held in Moscow, Russia. The forum is scheduled for October 24-26, 2008.
In 2008, the Seychelles will take part in two important events by Asia Offshore Association (AOA) aimed at promoting various offshore products. The 1st event will be held on March 16-18 (so, it starts tomorrow) and the 2nd on September 21-23, 2008.
The dates of two events as well as SIBA participation in them are still to be announced and the programmes are still to be confirmed. These are possible Roadshow in Seychelles to be possibly held in May and possible Roadshow in China to be possibly held in September.
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09.07.07
Posted in Offshore Services, Seychelles banking, Seychelles offshore jurisdiction at 6:42 pm by Robert Klien
The license to operate as an offshore bank in Ghana has been recently given to Barclays Bank of Ghana.
According to Bank of Ghana’s policy, only reputable and internationally active banks are licensed to operate in the International Financial Services Centre (IFSC). On August 28, 2007, the Central Bank issued its 1st General Banking Licence to Barclays Bank of Ghana Limited, a fully-owned subsidiary of Barclays Bank PLC. Now, Barclays Bank can operate as an offshore bank.
The General Banking Licence allows Barclays Bank of Ghana Limited to operate the first banking business under the International Banking component of the IFSC.
The IFFSC will have a full range of non-bank financial services, and is a part of a comprehensive financial sector development programme.
It is well-known that offshore banking is often associated with the hidden economy and organized crime related to through money laundering. However, Barclays Bank of Ghana and the Bank of Ghana have assured the residents of the country that they are able to check it.
Offshore banks are usually located in a low-tax jurisdictions, outside the country of residence of the depositor, called tax havens, and therefore have both financial and legal advantages such as strong privacy, low or no taxation, less restrictive legal regulation, protection against local political or financial instability and easy access to deposits.
Having offshore banking is beneficial for the country as it could increase foreign investments into Ghana, create a number of jobs, increase, revenue for government, strengthen the financial sector as well as transfer skills to Ghanaians.
At a workshop on offshore banking organized for the media, Ms. Catherine Addo of Barclays Bank cited Seychelles as an example of good offshore banking. She said that the strict control measures that are used for offshore banking branches in Seychelles and Mauritius would be applied also in Ghana. These measures include the usage of the World Checking System to double check clients’ background.
Head of Banking Supervision of the Bank of Ghana, Mr. Dela Selormey, said that also the Financial Services Authority in London would extend its surveillance into Ghana. He stated that when the Money Laundering Bill is passed into law by parliament in 2007 the measures would be strengthened.
It is good that Seychelles is considered to be a respectable offshore jurisdiction that might serve as a good example for other countries.
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04.05.07
Posted in Business and Economy, Offshore Services, Seychelles offshore jurisdiction at 7:28 pm by Robert Klien
On March 20, 2007, at his annual State of the Nation address, Seychellois President James Michel said that the government is looking for opportunities to expand the offshore business sector with new products. Also, he said the government and is looking to boosting foreign investment by means of further liberalisation of foreign exchange controls.
According to President Michel, the Seychelles offshore sector has already revealed its potential to assist the development of the Seychelles. Also, he emphasized that the government is able to initiate more schemes used for attracting further capital from around the world, which is possible to a great extent due to the growth in the tourism and fisheries sectors.
The President expressed the intention to widen the offshore financial services that are already provided. He also added that such new services as offshore special license companies, offshore mutual funds, a stock exchange as well as new products and services in the insurance sector will be offered.
President Michel was also speaking about promoting investment in the onshore business environment. A new law exempts payment of business tax on the 1st USD 41 000 of profits for all companies, and it comes into effect from January 1, 2007.
In accordance with Michel, the government is also going on restructuring the tax system – it is creating a single Revenue Authority empowered to collect all dues on behalf of the government, registration fees and licenses includingly. Currently, the general Office of Tax operates under the the Ministry of Finance.
The Seychellois government is expecting an increase in the incoming flows of foreign exchange. Michel informed that exports of goods and services have risen by 20% from 2005 to 2006, whilst flows linked to investments have increased by more than USD 65.5 million from 2005 to 2006.
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