02.25.10
Posted in Seychelles offshore jurisdiction at 12:30 pm by Robert Klien
The World Health Organisation (WHO) has renewed its support to the Seychelles’ Health Department with funding of over USD 1.6 million. This support is expected to strengthen the health system of the jurisdiction.
The support takes the form of a further 2-year working plan, which was handed to Health and Social Development Minister Marie-Pierre Lloyd by WHO liaison officer Dr Cornelia Atsyor. Mrs Lloyd signed the plan in the presence of social development principal secretary Linda William, Health Services Agency chief executive Daniella Larue and Public Health Commissioner Dr Jude Gedeon. Also, members of the central management team and other health officials were present at the signing at Victoria hospital.
According to the new work plan, the priority areas are communicable and non-communicable disease control, child and adolescent health, sexual reproductive health, and addressing the socio-economic factors affecting health. The plan includes medical products and technologies as well as promotion of healthier lifestyles.
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02.12.10
Posted in International relations, Seychelles offshore jurisdiction at 2:37 pm by Robert Klien
An information technology centre will be set up in Seychelles in 2011 in order to upgrade the skills of technicians. This news followed an agreement that was signed between Seychelles and India.
On February 11, 2010, Education Minister Bernard Shamlaye and Indian high commissioner Asit Kumar Nag signed the memorandum of understanding. The document was signed at the Ministry of Education’s conference room. At the signing, education principal secretary Jeanne Simeon, Seychelles Institute of Technology director Jean Rassool, representatives of the Information Communications Technology Department and other officials from the Ministry of Education were present.
Mr Shamlaye thanked Mr Nag for help in setting up this centre that is much-needed for Seychelles. Mr Nag said that the project is part of India’s ongoing cooperation to develop Seychelles’ human resources.
Mrs Simeon said that this joint venture between Seychelles and India followed President James Michel’s visit to India in August 2005.
The new centre will provide part-time training for technicians. Later, it will also provide training for IT teachers.
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08.13.09
Posted in International Organisations, International relations, Seychelles offshore jurisdiction at 12:55 pm by Robert Klien
According to assistant registrar general Brassel Adeline, Seychelles is making its deciding on the best possible agreement under which it might join the World Trade Organisation (WTO). The jurisdiction’s intention to join the WTO has been discussed here last year.
During the 3-day workshop on intellectual property rights that is currently being held at the Coco D’Or Hotel, Beau Vallon, assistant registrar general said, “We must see how we would negotiate to get the best possible deal so that as a small nation we benefit to the maximum through the WTO”. According to him, after the workshop, it will be better known what advantages Seychelles will have under a treaty it might sign.
Attorney-General Ronny Govinden said that there will be fresh negotiations on an economic partnership agreement with the EU when the talks about joining the WTO will be reopened. He informed the delegates that the jurisdiction is seeking help from the World Intellectual Property Organisation (Wipo) in order to draft new intellectual property rights laws that would cover geographical indications, layout designs of integrated circuits and undisclosed information. He said, “Seychelles respects intellectual property rights and regards laws and other measures to protect them as important aspects of long-term economic development”.
It should be noted that customs, police and trade officers, economists and other staff from the ministries of Finance and Foreign Affairs attended the workshop.
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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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04.20.09
Posted in Financial Services, SIBA, Seychelles offshore jurisdiction at 7:16 pm by Robert Klien
Seychelles has been listed by the Organisation for Economic Cooperation and Development (OECD) among 40 countries on its “white list”. The white list includes such countries as the United Kingdom, the USA, Canada, Sweden, France, Germany and New Zealand. Accordingly, Seychelles has been listed among many developed countries
Steve Fanny, chief executive of the Seychelles International Business Authority, said that this fact means that Seychelles is not on the OECD’s black or grey list. Fanny said that Seychelles used to have substantially imposed internationally agreed tax standards in a transparent manner and that this offshore jurisdiction has made every effort to know its customers in order to avoid the risk of providing havens for criminals.
It is worth noting that since April 2 the international media have been reporting on the disappointment of countries placed on the OECD’s grey or black list despite years of striving to get into the white list.
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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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02.19.09
Posted in Business and Economy, Diplomatic missions, International relations, Seychelles offshore jurisdiction at 12:38 pm by Robert Klien
On February 10, 2009, relations between Seychelles and Russia were described as being “at their best” since diplomatic ties between the two countries were established.
This comment was made by outgoing Russian ambassador to Seychelles Alexander Vladimirov after he had paid a final visit to President James Michel and Vice-President Joseph Belmont at State House. He called Seychelles a friend and noted that during its time of hardships the offshore jurisdiction can still rely on Russia for support.
Alexander Vladimirov spent in Seychelles 4 years. He said that during this time, he saw remarkable developments between Seychelles and Russia. He noted that more Russian businessmen have been investing in Seychelles, more Russian tourists have been coming to Seychelles, direct flights from Moscow to Mahe have begun, and more education exchanges have taken place.
At a farewell reception held in his honour at the Coral Strand Hotel, Vladimirov said that his time in Seychelles was a very pleasant chapter in his diplomatic career.
At the reception, Minister for Foreign Affairs Patrick Pillay recalled the great enthusiasm of Ambassador Vladimirov when approaching his posting in Seychelles 4 years ago.
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02.12.09
Posted in Business and Economy, International Organisations, International relations, Seychelles government, Seychelles offshore jurisdiction at 10:24 am by Robert Klien
On January 19, 2009, the agreement to develop renewable energy including wind and solar power was signed with the Abu Dhabi future energy company Masdar. President James Michel said that this agreement is good for Seychelles.
When President Michel had talks with Dr Sultan Al Jaber, Chief Executive Officer of Masdar, future cooperation between Seychelles and Abu Dhabi was the main focus.
The President addressed the World Energy Summit in Abu Dhabi, United Arab Emirates. He said that Masdar has already done the pre-feasibility work and now it will make a progress towards a full feasibility study.
Masdar is looking at methods to tap wind power in order to generate electricity. Previously, there has been research in Seychelles on renewable energy, but the projects are the 1st major initiatives in this field in Seychelles.
According to Michel, his 2 days at the summit gave him the opportunity to publicise the offshore jurisdiction and to establish contacts with leaders in the renewable energy sector as well as to encourage investment into Seychelles.
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02.05.09
Posted in Business and Economy, Foreign investments, Seychelles banking, Seychelles offshore jurisdiction at 5:50 pm by Robert Klien
The high inflation that hit Seychelles in November 2008 was caused by one-off factors and December figures will most likely show similar trends. Nevertheless, prices in Seychelles are expected to come down soon.
On January 19, Central Bank governor said that inflation figures for December are not yet available. Central Bank governor Pierre Laporte was summing up the main messages at a press conference with Finance Minister Danny Faure and principal secretary in the ministry Ahmed Afif.
According to unofficial indications, generally, December prices remained at the same level as in November. Laporte noted that the reasons for high inflation in November were such factors as the exchange rate depreciation, new taxes (GST), and speculative factors. He also noted that the Central Bank is keeping liquidity tight, so, inflation should start coming down soon.
Laporte said that the Central Bank was aware of the hardship on the population and businesses that were caused by higher interest rates on loans but he noted that they were expected. According to the Central Bank governor, “However, there are indications that the interest rates could have reached its peak as evidenced by more competitive bidding on government treasury bills. With more competition for these securities and inflation likely to start falling soon, interest rates should follow”.
It is important that the higher interest rates could attract more foreign investment to Seychelles, one of the leading offshore jurisdictions of the region.
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