Seychelles ready to support Sri Lanka’s probe on offshore bank accounts

Posted in International relations, Offshore Banking, Offshore Services, Seychelles government, Seychelles offshore jurisdiction at 2:16 pm by Robert Klien

The government of Seychelles is ready to cooperate with the Sri Lankan government in its efforts to investigate into fraud and corruption, especially with regard to offshore bank accounts and assets in the Seychelles.

The Seychelles is already cooperating with the Sri Lankan government through the Finance Investigation Unit in Seychelles with regard to investigations into any fraud and corruption.

Seychelles Environment, Energy and Climate Change Minister Didlier Dogley said that Seychelles has signed the OECD guidelines for offshore banking to keep offshore dealings transparent. So, all information on transactions can be inspected and checked by authorized bodies. He noted that owners have to be declared for each account opened in Seychelles. Earlier in other jurisdictions, people were able to open a briefcase and didn’t have to declare ownership, while this is impossible today as all jurisdictions are reviewed. The minister said that Seychelles is “one of the countries that is clean” as it is abiding by all international rules.

The Seychelles is ready to help the Sri Lankan government in investigating fraud and corruption. “We have made sure that we are not allowing the wrong people into our country. So if there is any investigation, Seychelles will cooperate as long as it is reciprocal on both sides,” the minister added.


Norway says DNB Bank must explain Seychelles policy

Posted in Business and Economy, Offshore Banking, Offshore Services, Seychelles companies, Seychelles offshore jurisdiction at 2:24 pm by Robert Klien

Norway’s biggest bank DNB must provide a written explanation of its policy of helping clients register offshore companies in the Seychelles, the Norwegian industry minister said in a statement on April 4.

Trade and Industry Minister Monica Maeland said: “DNB says this should not have happened and that the bank should not have participated.”

The Norwegian government is the bank’s top owner with a stake of 34%. DNB’s Seychelles activities were first reported by daily Aftenposten, quoting leaked documents from Panama-based law firm Mossack Fonseca.

The leak involves more than 11.5 million documents from the files of the law firm, revealing details of hundreds of thousands of clients in multiple jurisdictions.

DNB said in a separate statement it regretted assisting about 40 customers in establishing the offshore companies between 2006 and 2010, and that the practice had ended.


SIBA renamed as FSA to Regulate Offshore Financial Sector

Posted in Business and Economy, Offshore Services, Seychelles offshore jurisdiction, SIBA at 2:13 pm by Robert Klien

On March 1, 2014, under the Financial Services Authority Act 2013, the Seychelles International Business Authority (SIBA) changed its name to the Financial Services Authority (FSA), and became the regulator for non-bank offshore financial services in the Seychelles.

In the past, the SIBA was also a service provider and facilitated international business, but the FSA represents an evolution in international financial services in Seychelles. It is the new institution that will concentrate on regulatory matters. It will be responsible for the licensing, supervision, and development of the non-bank financial services industry, including the registration and regulation of international finance companies, foundations, limited partnerships, and trusts in the Seychelles.

The FSA has also launched its new website, as well as signed of memoranda of understanding with 3 of its most important stakeholders – the Central Bank of Seychelles, the Fair Trading Commission and the Seychelles Investment Board.


Offshore Company Registrations decrease in Seychelles

Posted in Offshore Services, Seychelles companies, Seychelles offshore jurisdiction at 12:28 pm by Robert Klien

According to legal services consultancy the Applebly Group, most of jurisdictions experienced a decline in offshore company registration activity in the 2nd half of 2012 compared with the 1st half.

Appleby’s latest “On the Register” report provides insight and data on company incorporations in offshore financial centers.

Farah Ballands, partner and global head of fiduciary and administration services at Appleby, said that continued uncertainty in some markets and the shift in focus from China/Asia to Africa for offshore jurisdictions such as the Seychelles are preventing a speedy return to the numbers of company incorporations recorded prior to the global economic crisis.

Ms. Ballands also added: “Add to this several major international events during the second half of 2012 including the US Presidential Elections, continued economic uncertainty in the Eurozone and the once-in-a-decade change in leadership in China, and it’s hard to be surprised at the company registrations barometer struggling to quickly improve.”


Offshore Incorporation specialist expands into Europe

Posted in Business and Economy, Offshore Services, Seychelles companies, Seychelles IBC, Seychelles offshore jurisdiction at 4:06 pm by Robert Klien

Offshore Incorporations Limited (OIL), a leading global company formation specialist, has announced the opening of its 1st office in Europe.

Offshore Incorporations Limited serves professional intermediaries and specializes in company formation in the Seychelles and other offshore jurisdictions. Besides company incorporation in the Seychelles, OIL provides company formation services for those who wish to set up a company Hong Kong, the Cayman Islands, the British Virgin Islands, Singapore, the Bahamas, Anguilla, Delaware, Mauritius, and Samoa.

This Asia-based company will move its office to London to further support companies based in Asia requiring international structures to facilitate strong capital flows from Asia to Europe.

OIL was established in Hong Kong in 1986.

Martin Crawford, CEO for OIL, commented: “This is the first step in expanding OIL’s presence across Europe and it is an exciting milestone for the business, having just celebrated 25 years in Asia. We wish to continue supporting our clients as they grow globally and require a wider variety of services for their offshore activities. You just need to look at the fact that over 50% of new properties in London are purchased by Asian investors to see the growth in demand.”


Seychelles’ offshore investment potential appreciated by China

Posted in Business and Economy, Foreign investments, International relations, Offshore Services, Seychelles offshore jurisdiction, SIBA at 11:50 am by Robert Klien

On March 10, a seminar on Seychelles’ offshore investment potential was held in Beijing. The theme of the seminar was: “Seychelles offshore planning for China companies in 2010 – how to maximize your company value through offshore practices”.

Around 120 Chinese professionals from the offshore sector along with several high-level officials were attracted by the event. Henry Liu, executive director of the Eastern Africa Investment Department, China-Africa Development Fund, was one of them.

The seminar was jointly organised by Seychelles’ embassy in China and the Seychelles International Business Authority (SIBA).

Conrad Benoiton, managing director of Appleby Corporate Services, chaired the meeting. Other speakers included Laurence Lipsher, a US expert on Chinese taxation; Jennifer Sullivan, head of financial services supervision and economist Hilda Palconit, both from the Central Bank of Seychelles; and Anuj Sharma, director of Abacus Seychelles. Barclays Bank was represented by its commercial director John Esther. Also, many Seychellois offshore services providers took part in the seminar.

With the help of a delegation from SIBA, headed by chief executive and managing director Steve Fanny, all the participants had a chance to meet representatives of Chinese companies showing interest in Seychelles’ offshore opportunities. As a result, all Seychellois and Chinese delegates were optimistic about the potential of the event to make Seychelles more distinctly noticeable as a very competitive offshore jurisdiction.


Seychelles’ talks with IMF and World Bank were productive

Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations, Offshore Services, Seychelles government, Seychelles IBC, SIBA 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.


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.


SIBA warns against Nastla

Posted in Offshore Services, Seychelles offshore jurisdiction, SIBA 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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