SIBA becomes the Regulator of Insurance

Posted in SIBA at 11:44 am by Robert Klien

The Commonwealth Secretariat, based in London, United Kingdom, engaged an insurance regulation expert, Mr. Stephen Rossiter, to assist SIBA in assuming the role of regulating and supervising the insurance industry in the Seychelles.

This appointment coincided with the realisation of the decision of the government of the Seychelles to transfer this responsibility from the Central Bank of Seychelles, effective on July 1, 2013.


SIBA renamed as FSA to Regulate Offshore Financial Sector

Posted in Business and Economy, Offshore Services, Seychelles offshore jurisdiction, SIBA at 2:13 pm by Robert Klien

On March 1, 2014, under the Financial Services Authority Act 2013, the Seychelles International Business Authority (SIBA) changed its name to the Financial Services Authority (FSA), and became the regulator for non-bank offshore financial services in the Seychelles.

In the past, the SIBA was also a service provider and facilitated international business, but the FSA represents an evolution in international financial services in Seychelles. It is the new institution that will concentrate on regulatory matters. It will be responsible for the licensing, supervision, and development of the non-bank financial services industry, including the registration and regulation of international finance companies, foundations, limited partnerships, and trusts in the Seychelles.

The FSA has also launched its new website, as well as signed of memoranda of understanding with 3 of its most important stakeholders – the Central Bank of Seychelles, the Fair Trading Commission and the Seychelles Investment Board.


Seychelles targets Russian investors at conference in Prague‏

Posted in Business and Economy, Financial Services, Foreign investments, International relations, SIBA at 3:38 pm by Robert Klien

A Seychelles’ delegation has attended a 2-day conference. The event was held in Prague on November 10-11, 2011.

The event was organized by the SIC Corporation based in the Czech Republic with the support of the Seychelles Investment Board (SIB). The conference targeted mainly Russian investors interested in investing.

The delegation was led by Investment, Natural Resources and Industry Minister Peter Sinon. Also, there were members of the delegation from the SIB, the Central Bank of Seychelles, the Seychelles International Business Authority (SIBA), and several domestic private financial services sector companies.

This conference aimed to tell investors about various emerging opportunities and possibilities for investment in Seychelles. Also, the event was used as an occasion to formally nominate the partners of SIC Corporation as candidates for the Trade and Investment Representatives’ of Seychelles in Russia and the Commonwealth of Independent (CIS) countries.

In his opening speech, Sinon emphasized that Seychelles is a well-positioned jurisdiction and that there is an increase in trade and investment potentials between Africa and the growing emerging markets of the Far East. He stressed that the jurisdiction is a politically stable, open, welcoming, multi-cultural and idyllic destination in the middle of the Indian Ocean that is a potential powerful platform for offering financial solutions and related services.

Seychelles has maintained a good relationship with Russia and the CIS countries. Investment from this part of the world has significantly contributed to the figures for foreign direct investment (FDI) in Seychelles.

It should be noted that, in accordance with the data revealed by the UN Conference on Trade and Development (UNCTAD), the Russian Federation is the largest outward investing emerging economy surpassed only by Hong Kong. Russia stands ahead of Brazil, China and India. This is the motivation for trying to get to know specific and interested investors in what Seychelles has to offer.


Seychelles to get Stock Exchange

Posted in Business and Economy, Financial Services, SIBA at 1:24 pm by Robert Klien

This year, the financial system of the Seychelles, which currently is bank-based, is to get a boost as a stock exchange will be opened in the jurisdiction.

Chief executive officer of the Seychelles International Business Authority (SIBA), Steve Fanny, said that SIBA is responsible for setting up the stock exchange and the Seychelles Stock Exchange will start operating in 2011.

Many Seychelles’ companies as well as big hotels will qualify to be listed on the Exchange.


Seychelles’ offshore investment potential appreciated by China

Posted in Business and Economy, Foreign investments, International relations, Offshore Services, Seychelles offshore jurisdiction, SIBA 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.


Seychelles’ talks with IMF and World Bank were productive

Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations, Offshore Services, Seychelles government, Seychelles IBC, SIBA 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.


Seychelles and Monaco agree to sign Tax Agreement

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.


SIBA warns against Nexins

Posted in Offshore Services, Seychelles companies, Seychelles IBC, SIBA 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.


SIBA warns against Nastla

Posted in Offshore Services, Seychelles offshore jurisdiction, SIBA 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.


OECD places Seychelles on White List

Posted in Financial Services, Seychelles offshore jurisdiction, SIBA 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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