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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10.31.08
Posted in Business and Economy, Seychelles government, Seychelles offshore jurisdiction at 5:01 am by Robert Klien
Tonight, Seychelles’ President Michel will address the nation on the current macro-economic reforms the country is going through. The address will be available in the evening both on radio and television.
The official announcement made by Michel about addressing the nation was during a recent visit to the Bel Ombre district that has been described recently.
The address is going to be about the home-grown economic reform package that currently is being discussed with the International Monetary Fund (IMF) and other multilateral institutions. The President was going to come before the people and to explain what has been dome and what is being done. He will also discuss the measures to be taken in future with a view to overcome the present difficulties of the jurisdiction, which are becoming even worse by the current global financial crisis.
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10.08.08
Posted in Business and Economy, Seychelles offshore jurisdiction, Tourism industry at 9:26 am by Robert Klien
Within the next 30 months, a USD 350 million resort will be built at the location where the condemned Plantation Club Resort & Casino is now situated. Most of the existing buildings of Plantation Club Resort & Casino will be demolished and, after that, a 3-phase development will start. The 1st part will be ready in 18 months.
The resort property has been awarded through public tender to European Hotels and Resorts Ltd. The development partner is Mantis Development International.
The development is expected to attract an extra 9 000 tourists per year to Seychelles. Also, it should contribute USD 350 million to the offshore jurisdiction’s GDP. It is also important that construction work will provide the equivalent of 14 000 jobs.
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09.25.08
Posted in Offshore Banking, Offshore Services, SIBA, Seychelles CSL, Seychelles IBC, Seychelles offshore jurisdiction 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.
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09.23.08
Posted in International Organisations, International relations, Seychelles offshore jurisdiction at 12:32 pm by Robert Klien
On September 18, 2008, Seychelles and Mauritius speeded up their efforts with a view to claim the extended continental shelf before the deadeline.
The deadline is scheduled in May 2009. By May 13, 2009, the two offshore jurisdictions have to make their submission to the UN, otherwise they will lose forever the area that they are seeking.
To speed up the process, Seychelles and Mauritius signed a framework that enables these offshore jurisdictions to meet the target. So, on September 18 Raymond Chang-Tave, special adviser in the Ministry of National Development, and Mauritian Ambassador to Seychelles Jagdish Koonjul signed the framework at the Ministry of Foreign Affairs.
According to Chang-Tave, Seychelles and Mauritius have resolved to pay the same undivided attention to the work as they paid to the delimitation of the extended economic zone boundary endorsed in Mauritius in July.
Ambassador Koonjul stated that the countries moved forward very fast because a few weeks ago they started working on the maritime boundary, and just a few weeks after a bilateral joint commission between Seychelles and Mauritius the relevant agreement was signed.
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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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