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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07.09.08
Posted in Business and Economy, International Organisations, Seychelles offshore jurisdiction at 12:53 pm by Robert Klien
In the end of June, the Minister for Finance Danny Faure said that Seychelles has officially started the process of debt rescheduling. This process aims at rescheduling and partly writing off its bilateral debt.
Details of recent approaches by the government to the Paris Club, an international grouping of financial officials from 19 of the richest countries in the world, over the Seychelles’ debt, were given to the National Assembly by Minister Danny Faure. The debt now stands at R1.15 billion.
According to Mr Faure, the money borrowed over the years through Seychelles’ bilateral relations with countries such as the United Kingdom, France, Germany, Japan, Spain, Italy, Belgium and Russia has been invested in the socio-economic development of the Seychelles.
Faure said that the President, the minister of finance, the minister of foreign affairs and other government officials have contacted institutions like the African Development Bank (ADB) and the World Bank in order to rally support for negotiation on Seychelles’ debt.
Mr Faure said that the Paris Club wants to move forward with the debt issue, but it needs an indication that the jurisdiction wants to negotiate a programme with the International Monetary Fund (IMF). The Minister also stressed that the country already enjoys good relations with the IMF. So, the process has already begun.
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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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03.02.08
Posted in Seychelles banking, Seychelles offshore jurisdiction at 6:00 am by Robert Klien
In the middle of February, the Development Bank of Seychelles (DBS), a joint venture between the Government of Seychelles and financial organizations (Agence Française de Development, European Investment Bank, DEG, Nouvobanq) that was created in 1977 and started its operations at the Supreme Court building in February 1978, was celebrating its 30th anniversary with a series of activities.
DBS hosted a 3-day exhibition at its offices along Independence Avenue starting from February 12.
According to Mary de Comarmond, a spokesperson for DBS, the bank hoped to showcase its progress. To do this, it highlighted some of the main projects it has financed.
To mark the anniversary, the Development Bank of Seychelles contributed 2 sponsored articles on some of the bank’s achievements that appeared in the Seychelles Weekend Nation on February 16.
The bank started off by granting 108 loans in 1978. It has grown to the extent that in 2007 alone, it funded more than 270 projects giving priority to viable projects contributing to the improvement of Seychelles’ sustainable economic development.
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02.17.08
Posted in Business and Economy, International Organisations, Seychelles offshore jurisdiction at 3:12 am by Robert Klien
An International Monetary Fund (IMF) staff mission issued the Statement at the Conclusion of the 2008 Article IV Staff Mission to Seychelles. The statement was issued on January 30, 2008 in Victoria and published on IMF website on February 1, 2008.
The statement says that an IMF team, headed by Mr. Norbert Funke, visited Victoria, Seychelles on January 17-30, 2008 in order to conduct the Article IV consultation discussions with the jurisdiction. The team reviewed economic developments and prospects, as well as discussed the policies to achieve debt sustainability, external stability, and the goals of their “Strategy 2017″ with the Seychellois authorities. According to the statement, the mission met with President Michel, the Minister of Finance Danny Faure, the Minister of National Development Jaquelin Dugasse, the Governor of the Seychelles Central Bank Francis Chang Leng, as well as with other government officials, non-government organizations, private sector representatives, and the diplomatic community.
In accordance with the IMF statement, economic growth continued to be robust in the jurisdiction in 2007, at over 5%, which was supported by strong foreign direct investment (FDI), mainly in the tourism sector. The IMF mission concluded the following: “Unemployment is at an historic low. Inflation rose in response to the gradual realignment of the Seychelles rupee, which is aimed at increasing Seychelles’ international competitiveness. Fiscal policy remained expansionary as a result of higher-than-budgeted spending and lower revenues. The current account deficit widened, partly reflecting imports related to record inflows of new foreign direct investment and the purchase of another oil tanker. Growth may ease somewhat in 2008, reflecting high international oil prices, an expected slowdown in global growth, and local capacity constraints. Inflation is likely to remain elevated in the near term, as one-off factors due to price adjustments feed through.â€
The IMF mission welcomed the broad-based reform strategy of Seychelles authorities outlined in March 2007 and appreciated the positive steps towards closer relations with multilateral institutions. It noted that the 2008 budget breaks with the past and is an important step in the right direction being targeted at a sizeable primary surplus. It suggested that “a range of structural reforms are set to play an important complementary role in reducing macroeconomic imbalances†that include foreign exchange market liberalization measures, upward revisions of utility prices, and removal of price controls on imports. “The reforms will reduce subsidies to public enterprises, limit budgetary pressures, and improve market signals. The government’s announcement that privatization will continue strengthens the prospects for private sector development.â€
In order to put the economy of Seychelles on the path of a strong and sustainable growth for the medium term, the IMF mission found it important to broaden and deepen reform efforts to restore macroeconomic balance and improving competitiveness.
As a conclusion of the statement, the IMF press release pointed out the following: “The IMF stands ready to assist the authorities in refining and implementing their reform program, and looks forward to continuing a close and constructive dialogue.”
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01.16.08
Posted in SIBA, Seychelles IBC, Seychelles legislation, Seychelles offshore jurisdiction 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, 2007â€. 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.â€
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.
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01.11.08
Posted in Business and Economy, Foreign investments, Seychelles government, Seychelles offshore jurisdiction at 10:31 am by Robert Klien
On December 31, 2007, in his televised New Year’s message, Seychelles’ President James Michel announced Seychelles national theme for 2008 which is the Constitution, the voice of the nation.
Earlier, the President said that Seychelles Constitution contains the democratic principles of the country, embodies rights and responsibilities of the people as well as serves as a to the behaviour of individuals, government and bodies. On December 31, 2007, President Michel said that it is necessary to promote Seychelles Constitution with a view to build our democracy and to reinforce the institutions of nation-building. In his speech, Michel also said that in 2008 Seychelles will mark 15 years of the Third Republic after the majority approved the new Constitution.
For Year 2008, the President wished the people of Seychelles to learn to value what they have as well as to appreciate the good things offered by their. He also wished that the jurisdiction continues to enjoy peace, unity, greater stability and progress.
As regards the launching of Strategy 2017 aimed to double GDP in 10 years, President James Michel said that in 2007 more confidence in the future of Seychelles and its economy was built by the people, which can be seen from the record level of investments and economic activity into the jurisdiction. According to the Head of the State, foreign investments into the country in 2007 were an estimated USD 180 million compared to USD 146 million in 2006.
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01.07.08
Posted in Seychelles government, Seychelles offshore jurisdiction at 12:20 pm by Robert Klien
Recently, Seychelles Strategy for 2017 has been published. In the foreword, President of the Republic of Seychelles James A. Michel has emphasized that the nation “has come a long way in a short timeâ€, which has provided the right platform for the country’s socio-economic development. He also noted that much was done in the kast 2 years in terms of re-dynamising the economy of Seychelles. This is why a dynamic strategy was needed.
President Michel said that Seychelles’ Strategy for 2017 is a government-led document that represents a template for sustained growth through a strategic positioning of Government.
Seychelles’ Strategy for 2017 develops the policies that were compiled in order to address the needs of all sectors.
The mission stated in the document is doubling the Seychelles’ GDP by 2017 by focusing on developing the offshore financial services industry, fisheries and tourism expansion programmes, and the growth of other economic sectors.
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