09.08.11
Posted in Business and Economy, Offshore Services, Seychelles IBC, Seychelles companies, 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.”
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02.05.11
Posted in International Organisations, Seychelles offshore jurisdiction at 12:14 pm by Robert Klien
Ten reports have been released by the Global Forum on Transparency and Exchange of Information for Tax purposes, hosted by the OECD. The reports evaluate jurisdictions’ commitment to tax transparency as well as examine whether information is made available and accessible to foreign tax authorities. Seychelles was one of the offshore jurisdictions evaluated by the Global Forum.
Seychelles, as well as Barbados, San Marino and Trinidad and Tobago fall short of the international standard. According to the OECD, they will need to implement the recommendations made in their reports before they move to the next phase of their evaluations.
The OECD report on Seychelles notes the following: “The review of the Seychelles showed deficiencies as regards the availability of ownership and accounting information in respect of offshore entities. In addition, powers to access information should be strengthened. Amendments to its legal and regulatory system are necessary in order for the Seychelles to qualify for the next phase of the evaluation.”
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05.06.10
Posted in Bilateral Treaties, Double Taxation Agreements, Seychelles offshore jurisdiction at 11:05 am by Robert Klien
During a recent visit to the USA, the Seychelles’ Minister of Finance, Danny Faure, and Bahrain’s Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, signed an agreement for double taxation avoidance (DTA) between the jurisdictions.
The new agreement is a reciprocal arrangement between the Seychelles and Bahrain not to tax the repatriated income that an individual or corporate resident of one jurisdiction has earned in another one and which has already been taxed.
The new document applies to taxes on income and capital imposed in the Seychelles and Bahrain, irrespective of the way in which they are levied. It includes capital gains taxes on real estate and company shares and taxes on income.
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04.07.10
Posted in Seychelles offshore jurisdiction at 6:06 pm by Robert Klien
Barclays Seychelles has made significant contributions to support local community of the jurisdiction.
On March 26, donations from Barclays Seychelles were received by 3 community groups. The 1st was the family of 13 from Glacis whose home was recently razed to the ground. The 2nd donation was given to the School for the Exceptional Child (physically challenged) at Roche Caiman. Also, a donation from Barclays was received by the Anse Etoile Primary School.
Mr Loganaden Sidambaram, Barclays Seychelles managing director, said: “This initiative is very much in line with our new vision for Barclays Africa: to be the Best Bank in Africa, with a focus on ‘Lives Made Much Easier for our customers, colleagues, company and the communities in which we operate.”
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03.22.10
Posted in Business and Economy, Foreign investments, International relations, Offshore Services, SIBA, Seychelles offshore jurisdiction 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.
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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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