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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12.12.07
Posted in SIBA, Seychelles offshore jurisdiction at 12:43 pm by Robert Klien
The Seychelles International Business Authority (SIBA) is active in promoting Seychelles offshore business, recently, it has sponsored two important events in offshore community.
The first event sponsored by SIBA was Asia Offshore Association (AOA) Conference held on October 31 – November 2, 2007 in Saigon, Vietnam. The event offered presentations by leading practitioners in the law, accounting, banking and realty industries in Vietnam. One of the highlights of the AOA Conference was a Keynote Speaker Mr. Marshall Langer, a member of the Wise Men Advisory Committee of the AOA, who spoke on many aspects including his being offshore for 40 years.
The second event was International Tax Planning Association (ITPA) meeting in Hong Kong held on November 4-6, 2007. The meeting was regarded as an excellent platform for networking and amrketing offshore products.
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11.21.07
Posted in SIBA, Seychelles IBC, Seychelles offshore jurisdiction at 5:45 am by Robert Klien
The Seychelles International Business Authority (SIBA) has recently issued a public warning notice.
The Authority intended to warn the public about 2 companies that claim to be on the Register of IBCs of the Seychelles International Business Authority. However, SIBA has stated that this information is false as far as the names of the 2 companies are not on the Authority’s records.
The companies not included in the Register of IBCs of SIBA are the following:
- NCC INVESTMENTS HOLDING;
- NCC INVESTMENTS LLC.
According to the information provided by SIBA, the person connected with the above-mentioned companies identified himself as Carlos Alberto da Silva Duarte with Portuguese Passport no: F-560657. SIBA informed that Carlos Alberto da Silva Duarte is trying to procure originals of certificates for NCC INVESTMENTS HOLDING and NCC INVESTMENTS LLC from the local Corporate Services Providers and could possibly be transacting under the above-mentioned company names.
The Seychelles International Business Authority urged all people considering dealing with NCC INVESTMENTS HOLDING, NCC INVESTMENTS or Carlos Alberto da Silva Duarte to exercise the greatest possible caution before proceeding. Anyone who has entered into dealings with one of the companies or the person are welcomed to contact the Seychelles International Business.
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09.20.07
Posted in SIBA, Seychelles government at 11:14 pm by Robert Klien
According to a restructuring of the government announced by President James Michel, the number of ministries was on reduced from 10 to 8.
President Michel said that in his State-of-the-Nation Address on March 20 and on National Day on June 18 he was speaking about the necessity to transform the way things are done in Seychelles.
In his address on June 18, President Michel also announced the restructuring of the government. So, after a long period of reflection, he announced the reorganization. According to him, the following portfolios have taken effect:
Rolph Payet is appointed in the Office of the President as president’s special advisor for Environment. He also became chairman of the newly established Foundation for Seychelles University.
Lucy Athanasius became the principal secretary (PS) for “Special Dutiesâ€, which includes a new project “Young Leadersâ€.
Jean-Paul Adam is the principal secretary in the Office of the President dealing with a new portfolio for the exploration of oil.
Principal secretary Marie-Ange Hoareau continues to deal with Internal Affairs, but in the Office of the Vice-President (VP).
Jessie Esparon is the new Principal secretary for Public Administration.
The Seychelles Tourism Board under the direction of Maurice Loustau-Lalanne will discharge the responsibilities of the Department of Tourism.
Minister Danny Faure retains the portfolio for Finance consisting of 3 departments with Ahmed Afif as the PS for Finance and Commerce, Lekha Nair being responsible for the Treasury Department as the Comptroller General. The budget and government spending will be controlled by the department.
The Tax office will work under Steve Jardin. It is being restructured to be the Revenue Authority to allow government to collect revenue in an efficient and centralized way.
The Minister for Finance will continue to be in charge of the Licensing Authority, Social Security and the Seychelles International Business Authority (SIBA). Steve Fanny will become chief executive of SIBA.
Patrick Pillay will continue to be the head of the Ministry of Foreign Affairs. Callixte d’Offay will be his new PS to replace Claude Morel who will become Ambassador in Paris.
The Ministry of Investment, Industries and Technology replaced by the Ministry of National Development will work under Minister Jacquelin Dugasse, and Veronique Herminie will become the PS for Investment, Land Use and Industries. Christian Lionnet becomes the PS for Housing. Benjamin Choppy remains PS for Information, Communication and Technology.
Jones Belmont becomes the chief executive of the Planning Authority, and Patrick Lablache will be consultant for reclamation work.
The Ministry of Community Development and Youth will be called the Ministry of Community Development, Youth, Sports and Culture. Its Minister will be Vincent Meriton. Olsen Vidot will continue to be PS for Community Development, while Denis Rose now will be PS for Youth, Sports and Culture. The position of the chief executive officer of the National Sports Council will be taken by Alain Volcere.
The Ministry of Environment, Natural Resources and Transport will be headed by Joel Morgan, while Didier Dogley becomes the PS for Environment, Walter Talma remains PS for Natural Resources and Gerard Lafortune remains PS for Transport.
Minister Bernard Shamlaye remains responsible for the Ministry of Education. Jeanne Simeon remains PS for Education.
A new Ministry of Employment and Human Resources Development will be headed by Macsuzy Mondon, andh Jean Ragain will be PS. Also, Mondon will be the chairperson of the new Human Resources Development Council.
The Ministry of Health and Social Development will be formed to be headed by Marie-Pierre Lloyd. Anne Lafortune will be the PS for Social Development, Marie-Antoinette Alexis will be special adviser to the minister and Dr Jude Gedeon – PS for Health.
President Michel said that the restructuring is already under way, and that ministers have one month to work on it.
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06.29.07
Posted in SIBA, Seychelles offshore jurisdiction at 11:17 pm by Robert Klien
Recently, the Seychelles International Business Authority (SIBA) has subscribed to the top provider of structured intelligence on heightened risk individuals and entities called World-Check. This was done to facilitate SIBA’s due diligence reviews of submissions for registration and application of licenses.
A new subscription signifies that SIBA aims to ensure that the Seychelles is in compliance with internationally accepted standards and best practices when maintaining its reputation of a well-established offshore financial centre.
World-Check database of heightened risk individuals and entities is a famous must-have in any protocol related to anti-money laundering, counter-terrorist financing and fraud prevention. It is considered reliable by more than 2 000 institutions that include 46 of the world’s 50 largest financial institutions and hundreds of government agencies. They use World-Check to check the potential risk for their customers, applicants, associates, employees and transactions.
SIBA will join the above-mentioned institutions already counting on World-Check.
Implementating World-Check is one of SIBA’s activities aimed to enhance the effective framework, which is a part of “Know Your Client” procedures that should be conducted in accordance with internationally standards.
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