10.16.09
Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations, Offshore Services, SIBA, Seychelles IBC, Seychelles government 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.
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10.07.09
Posted in Bilateral Treaties, International relations, SIBA at 11:22 am by Robert Klien
As a result of the negotiations, the governments of Seychelles and Monaco agreed to sign the treaty aimed to avoid double taxation and prevent fiscal evasion with respect to taxes on income.
These talks began on October 5 and completed with a draft agreement, which will be presented to the government in order to be further considered.
The talks were held by senior government officials from the ministries of Finance and Foreign Affairs, the Seychelles Revenue Commission and the Seychelles International Business Authority (SIBA) from the Seychelles and Pierre-Jean Douvier, technical consultant at the Department of Finance and Economy, represented the Principality of Monaco.
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07.02.09
Posted in Offshore Services, SIBA, Seychelles IBC, Seychelles companies 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.
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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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09.30.08
Posted in Offshore Services, SIBA at 5:17 am by Robert Klien
On September 15, 2008, the Seychelles International Business Authority (SIBA) issued a notice to warn the public to a offshore service provider company called Shelf Holding.
In the notice, SIBA draws attention to the fact that there are no service providers known as Shelf Holding Ltd. and SHELF HOLDING that are licensed under the Seychelles International Corporate Service Providers Act 2003. So these offshore companies are not licensed to engage in any business in Seychelles that is connected with the establishment, management, or any other activities related to international corporate services or international trustee services.
SIBA states that any activity of the above-mentioned nature by Shelf Holding Ltd. or SHELF HOLDING would be unlawful and unauthorised. None of them may conduct these regulated activities.
To verify the status of any service provider that offers International Trustee Services and International Corporate Services, SIBA may be contacted.
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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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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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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, 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.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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