09.08.11

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.”

10.16.09

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.

07.02.09

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.

09.25.08

SIBA sponsors conference

Posted in Offshore Banking, Offshore Services, Seychelles CSL, Seychelles IBC, Seychelles offshore jurisdiction, SIBA 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.

04.18.08

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.

04.04.08

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.

01.16.08

SIBA publishes International Business Companies (Amendment of Schedule) Regulations, 2007

Posted in Seychelles IBC, Seychelles legislation, Seychelles offshore jurisdiction, SIBA at 11:18 am by Robert Klien

On December 17, 2007, the Seychelles International Business Authority (SIBA) published a document entitled International Business Companies (Amendment of Schedule) Regulations, 2007. The above-mentioned document was signed by the Minister of Finance.

What the document does is simplifying the fees related to Seychelles offshore company registration (Schedule 1 of INTERNATIONAL BUSINESS COMPANIES ACT, 1994).

The amendments are as follows:

previously:
(a) $100 upon the registration by the Registrar of a company incorporated under this Act the authorised capital of which is $5,000 or less;

now:
(a) $100 upon the registration by the Registrar of a company incorporated under this Act;

previously:
(e) $500 upon the registration by the Registrar of articles of merger or consolidation, but $700 in the case of articles of merger or consolidation that also constitute the Memorandum of a company the authorised capital of which, exceeds $50,000 or that amend the Memorandum of a surviving company to increase the authorised capital from $50,000 or less to more than $50,000;

now:
(e) $500 upon the registration by the Registrar of articles of merger or consolidation;

previously:
(f) $500 upon the registration by the Registrar of articles of arrangement, but $700 in the case of articles of arrangement that also constitute the Memorandum of a company the authorised capital of which exceeds $50,000 or that amend the Memorandum of a company to increase the authorised capital from $50,000 or less to more than $50,000;

now:
(f) $500 upon the registration by the Registrar of articles of arrangement;

previously:
(g) (i) $100 upon the submission to the Registrar of articles of continuation for a company the authorised capital of which does not exceed $5,000;

now:
(g) $100 upon the submission to the Registrar of articles of continuation.

As regards annual fees, there is the following amendment:

Instead of fees divided according to the authorised capital:
(2) A company the name of which is on the Register on 31st December in any year shall, before the date of the relevant anniversary of its incorporation under the Act pay to the Registrar an annual licence fee as follows –
(a) $100 if its authorised capital does not exceed $5,000;
(b) $300 if its authorised capital does not exceed $50,000 and its shares have a par value;
(c) $1,000 if its authorised capital exceeds $50,000; and
(d) $350 if its authorised capital does not exceed $50,000 and some or all of its shares have no par value

now the fee $100 is to be paid:
(2) A company the name of which is on the Register on 31st December in any year shall, before the date of the relevant anniversary of its incorporation under the Act pay to the Registrar an annual licence fee of $100.”

he above-mentioned document named “International Business Companies (Amendment of Schedule) Regulations, 2007” was signed by the Minister of Finance Danny Faure on October 12, 2007.

01.03.08

Seychelles offshore company Global Voice threatens the world with new RansomWare demanding money for unlocking PC

Posted in Seychelles IBC, Seychelles offshore jurisdiction at 8:19 pm by Robert Klien

This week a security researcher has warned the public that new “ransomware” locks up one’s PC and then demands USD 35 from the user to unlock it.

Alex Eckelberry, CEO of US security developer Sunbelt Software Distribution, said that the extortionists ask victims of the Delf.ctk Trojan horse to dial a 900 number, and added that the number they tell can be traced to a payment processor also used by hardcore pornography websites in order to charge for access to their content, and this processor is named “passwordtwoenter.com”.

According to a search on Google, the 900 number points to passwordtwoenter.com, which is a website registered to Seychelles offshore company Global Voice S.A. with registered address at Suite 13, First Floor, Oliaji Trade Center, Francis Rachel Street,  Victoria, Mahe, Seychelles. This is a registered address of Seychelles offshore agent Mossack Fonseca & Co (Seychelles) Ltd.

Eckelberry informed that users infected with the Trojan see a full-screen message, which looks like an error generated by Windows. He also provided the wording of the message to help PC users recognise the virus. The wording is as follows: “ERROR: Browser Security and Antiadware [sic] Software component license exprited [sic]. Surfing PORN, ADULT and some other kind of sites you like without this software is dangerous and threatens with infection of your computer by harmful viruses, adware, spyware, etc.” The message includes update window that tells to click to activate new license. This leads to another screen that tells US users to dial a 900 telephone number as well as enter a personal identification number (PIN). If the number indicated on the page does not work, users get the instructions to dial alternate numbers – one of them is located in the West African nation of Cameroon, while the other is a satellite telephone number. After the Delf.ctk Trojan horse installs and runs, the user is completely locked out of the system, and, to return control of the PC, the user has to pay up dialing the number.

12.05.07

Amendments in Seychelles offshore legislation published by SIBA

Posted in Seychelles CSL, Seychelles IBC, Seychelles legislation, Seychelles offshore jurisdiction at 1:27 pm by Robert Klien

Recently the Seychelles International Business Authority (SIBA) has informed about proposed amendments in Seychelles offshore legislation. It is expected that Seychelles IBC Act and CSL Act will be amended, but Seychelles Mutual Fund Act 1997 will be replaced by new Mutual Fund Act.

The SIBA has stated that Seychelles is experiencing a surge in its international business level, and, according to it, in 2006 Seychelles recorded another important increase in its International Business Companies (IBCs) registration. The jurisdiction registered a record number of new companies being formed in 2006 – 8237 companies. This number represents a 16% increase  over the year 2005. The total amount of companies on SIBA register as at December 2006 was 33161 companies. The SIBA noted that the above-mentioned results make Seychelles, perhaps one of the most favoured offshore jurisdictions in the world.

In order to maintain the continuous growth and to adopt the country in the competitive environment, Seychelles has proposed amendments to the existing legislation. According to the SIBA, the amendments will align the jurisdiction with such well-regulated jurisdictions as the BVI, the Cayman Islands and Jersey.

The proposed amendments published by the Seychelles International Business Authority are proposed amendments to the IBC Act, proposed amendments to the Seychelles Special Licences Companies Act, and proposed new Mutual Fund Act.

The proposed amendments rare expected to improve the existing legislation as to allow Seychelles to remain at the forefront of the developing offshore industry. And, as far as Seychelles’ offshore industry growth is going on, we should expect to hear a lot more about Seychelles as an offshore centre in the near future.

11.21.07

SIBA issues Public Warning

Posted in Seychelles IBC, Seychelles offshore jurisdiction, SIBA at 5:45 am by Robert Klien

The Seychelles International Business Authority (SIBA) has recently issued a public warning notice.

The Authority intended to warn the public about 2 companies that claim to be on the Register of IBCs of the Seychelles International Business Authority. However, SIBA has stated that this information is false as far as the names of the 2 companies are not on the Authority’s records.

The companies not included in the Register of IBCs of SIBA are the following:
– NCC INVESTMENTS HOLDING;
– NCC INVESTMENTS LLC.

According to the information provided by SIBA, the person connected with the above-mentioned companies identified himself as Carlos Alberto da Silva Duarte with Portuguese Passport no: F-560657. SIBA informed that Carlos Alberto da Silva Duarte is trying to procure originals of certificates for NCC INVESTMENTS HOLDING and NCC INVESTMENTS LLC from the local Corporate Services Providers and could possibly be transacting under the above-mentioned company names.

The Seychelles International Business Authority urged all people considering dealing with NCC INVESTMENTS HOLDING, NCC INVESTMENTS or Carlos Alberto da Silva Duarte to exercise the greatest possible caution before proceeding. Anyone who has entered into dealings with one of the companies or the person are welcomed to contact the Seychelles International Business.

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