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.


Private equity gives $4 million boost to WHL’s offshore oil exploration activities in Seychelles

Posted in Business and Economy, Seychelles companies at 1:26 pm by Robert Klien

Australian hydrocarbons explorer WHL Energy announced having received a loan of $4 million from a US investor, Magna Equities. The first tranche of $125,000 will be used to maintain its ongoing oil exploration activities in the Seychelles and its ‘La Bella’ gas prospecting project 200 kilometres west-southwest off the coast of Australia.

WHL Energy holds a 12,856 square kilometre offshore exploration area in the Seychelles.


Seychelles maintains 2nd best position in the African region in 2015 Global ICT report

Posted in Business and Economy, International Organisations, Seychelles companies, Seychelles infrastructure, Seychelles' statistics at 12:29 pm by Robert Klien

Seychelles has maintained its ranking as the 2nd best in Africa in the Networked Readiness Index (NRI) 2015. However, the jurisdiction has dropped from position 66 out of 148 countries in 2014 to 74 out of 143 countries assessed in 2015.

The global information technology report was compiled by the World Economic Forum – the non-profit international organization based in Switzerland. The report assessed 143 countries based on their capacities in the information and communication technology (ICT) sectors.

The classification is based on 52 individual indicators categorized under 10 different pillars including the political and regulatory environment, business and innovation, infrastructure, affordability, skills, individual usage, business usage, government usage, as well as economic and social impacts.

Seychelles has improved its score in the readiness subindex for infrastructure and digital content to 61 overall in 2015 from 74 in 2014. The area where there has been the most improvement under this subindex is affordability, where Seychelles ranks 93 compared to 113 in 2014. Skills have also improved to 42 from 44 in last year’s ranking. However, the Seychelles’ score in 3 other main subindices of environment, usage and impact have witnessed a drop in 2015 from a score of 62, 64 and 77 in 2014 to 79, 70 and 85 respectively.

The neighbouring Indian Ocean island of Mauritius has not only maintained its ranking as the best in Africa but has also climbed up 3 places to 45 position from 48 in 2013. In the African region, South Africa is now 3rd in the region behind Mauritius and Seychelles.

According to a report published by the International Telecommunications Union in 2013, Seychelles has 100% mobile phone penetration, 47% of the population uses the Internet, and there is 12% fixed (wired)-broadband penetration. The jurisdiction has 2 telecoms providers, Airtel Seychelles and Cable & Wireless Seychelles. Kokonet and Intelvision are 2 local companies providing internet services.


Black Diamond Oil Seychelles opens corporation in UK

Posted in Business and Economy, Seychelles companies at 7:59 am by Robert Klien

Black Diamond Oil Seychelles opened corporation in the United Kingdom with refinery launch into Middle East.

Black Diamond’s lead investors are excited about the returns from refining crude oil to motor fuel which brings in huge upside profits. Rezhwan’s strategic location with a long-term supply of crude oil gives them 100% security in their rapidly growing partnership. Moreover Erbil Kurdistan and its refining projects represents huge investment opportunities for BDDEC partners.

Black Diamond Oil Co. strategy is to cash flow internationally oil and refinery projects thus delivering giant revenue for their partners, Black Diamond Development and Exploration Co ltd. Seychelles, who fund these companies, will follow a more conservative approach as there investors require a more dependable income stream preferably with the potential for growth.


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.”


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.


Seychelles Strategy 2017: developing offshore services

Posted in Double Taxation Agreements, Financial Services, Offshore Services, Seychelles banking, Seychelles companies, Seychelles IBC, 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.

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.


Seychellois business is welcomed in China’s Canton Fair

Posted in Business and Economy, International relations, Seychelles companies, Seychelles IBC at 10:28 pm by Robert Klien

Recently China urged the business community of Seychelles to its largest fair.

The Seychellois companies are invited to visit and take part in the 103rd China Import and Export Fair, which is known as the Canton Fair.

The Fair will be held in several phases. The 1st one will take place on April 15-20, 2008, while the 2nd will be held on April 25-30, 2008 in Guangzhou. The 1st session will focus on medicines and health products, industrial products, textiles and garments, while the 2nd will focus on consumer goods and gifts. The Canton Fair will be staged at the centre of the Pearl River Delta and it will manufacture powerhouse and exporting bases.

The Canton Fair is the largest trade fair in China held twice a year – in April and October. It provides with a rich variety of Chinese goods. The international sections of this 103rd Fair will be placed in the Pazhou and Liuhua complexes of China Import and Export.