11.22.11
Posted in Double Taxation Agreements, International relations, Seychelles government, Seychelles legislation at 2:21 pm by Robert Klien
An agreement aimed at avoiding double taxation and preventing fiscal evasion with respect to taxes on income has been signed between Seychelles and Sri Lanka.
The double tax treaty was signed in Colombo by the commissioner general of Sri Lanka, K.M.S. Kandegedara and Jennifer Morel from the Seychelles Revenue Commission.
It should be reminded that communications on double tax avoidance were initiated in May 2008 by Seychelles authorities and acknowledged in July 2008 by Sri Lanka. The two countries agreed to have the 1st round of negotiation in Seychelles on December 15-19, 2008 whereby agreement was reached on all articles. So, the document was initialed on December 19, 2008.
When ratified by both parties, the signing of this DTA brings Seychelles’ double taxation agreement number to a total of 17.
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10.26.11
Posted in Business and Economy, Foreign investments at 1:36 pm by Robert Klien
The Seychelles Investment Board (SIB) aimed to stimulate economic development, to expand and escalate growth through effective investment promotion plans acknowledges that the Seychelles business environment should be further enhanced with a view to facilitate processes for businesses to go through during the business cycle.
The Board suggests that the improvement process will require dialogues and participation of both the private and public sectors. It foresees that a complete and effective transformation of the business environment will take a few months of dedicated hard work and cohesive approach. SIB is convinced that support structures should be put in place to ensure that the process not only makes it easy for the business community but will also allow government institutions to continuously monitor the business processes as well as maintain records on business development.
The above-mentioned commitment was reinforced during the Seychelles Investment forum held on July 20-21, 2011.
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10.22.11
Posted in Tourism industry at 1:36 pm by Robert Klien
On October 17, key tourism operators came together to discuss ways to increase numbers of visitor arrivals from South Africa.
The meeting was conducted by the general sales agent (GSA) of Air Seychelles in South Africa, Deon Fremantle, who was accompanied by some top tour operators that sell Seychelles as a tourist destination. The event was attended by the chairman of the Seychelles Hospitality and Tourism Association (SHTA), Louis d’Offay.
The participants were informed that while an average 7 000 South African visitors came to Seychelles in 2010, Mauritius, the jurisdiction’s main competitor, received more than 81 000 tourists. The 2011 arrival figures to date compared to 2010 reflect a stagnation, however, in Mauritius this was up by 10%.
As to other competitors, Mozambique, Zanzibar, the Maldives and Thailand are offering similar products at significantly lower prices. Around 100 000 South Africans travel to Thailand a year. Visitor number to Maldives is just a few thousand, but it is growing by 35% since 2010.
Mr D’Offay said that it is necessary to clarify certain matters and learn more about the specificities of the South African market.
The South African tour operators present said that it is far easier to sell other countries, especially Mauritius and the Maldives. According to them, not only are hotels more expensive in Seychelles, but even rates of Air Seychelles are prohibitive. It costs more to fly from Johannesburg to Seychelles, than to the Maldives, much further away.
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10.18.11
Posted in Business and Economy, International Organisations, Seychelles government at 2:59 pm by Robert Klien
On October 17, an International Monetary Fund (IMF) team led by its head to Seychelles, Jean Le Dem, visited President James Michel to appraise him on how they find the economic reform going. Also, Vice-President Danny Faure, who is also the Minister for Finance, Central Bank Governor Pierre Laporte and principal secretary for Finance and Trade Ahmed Afif were present during the meeting.
Mr Le Dem said that the programme’s performance was good and the jurisdiction has met all the quantitative criteria as at the end of June 2011. He said that the Fund will next review the structural reform programme and see where it is necessary to accelerate the programme. Also, it will discuss Seychelles Budget 2012 including the situation with Air Seychelles.
Mr Le Dem noted: “We also discussed the inflation issue which has risen a little to 3.3% in September and the chances for price increases but also how this can be mitigated through the social welfare agency”. He stated that the reforms have stabilised the economy of the offshore jurisdiction as well as stressed that it is needed to ensure the private sector continues to grow in order to support the economy.
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10.02.11
Posted in International Organisations, International relations, Seychelles government at 2:52 pm by Robert Klien
Seychelles and Guernsey are to sign a Tax Information Exchange Agreement (TIEA).
Guernsey has announced that it will conclude 6 bilateral Tax Information Exchange Agreements (TIEAs) negotiated with members of the Southern African Development Community (SADC), in line with the Organization for Economic Co-operation and Development’s (OECD) priority of working closely on tax issues with developing countries. The tax treaty between Guernsey will be signed. Also, Guernsey is to sign the agreements on sharing tax information with Botswana, Lesotho, Malawi, Swaziland and Zambia.
Ron van der Merwe, Chair of the Tax Agreements Working Group of the SADC, said: “The multi-party TIEA negotiations between 6 SADC member states and Guernsey is considered to be a major step forward in creating a basis for exchange of information for SADC members. This was a first opportunity for SADC and it is hoped that it will be the start of an ongoing programme in the negotiation of TIEAs by member states.”
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09.24.11
Posted in International Organisations at 12:39 pm by Robert Klien
Dr Nasri Abu Jaish, new Palestinian ambassador to Seychelles, presented his credentials to President James Michel at State House on September 20.
The Palestinian diplomat is the 4th Palestinian ambassador to be accredited to Seychelles since Seychelles and Palestine established diplomatic relations in 1980.
Dr Jaish is based in the Tanzanian capital Dar es Salaam.
Dr Jaish said that the two countries have a long-standing and friendly relationship, and he hopes to build on this. He noted: “I hope to promote and strengthen this friendly relation between Palestine and Seychelles, between the Palestinian people and the people of Seychelles in many sectors like culture, tourism and other areas to be explored by the two countries.”
Dr Jaish discussed several actual issues with President Michel and Vice-President Danny Faure.
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09.21.11
Posted in International Organisations at 12:39 pm by Robert Klien
Alexandre Vassalo is the new Portuguese ambassador to Seychelles.
This follows presenting his credentials to President James Michel at State House on September 20. Also, he called on Vice-President Danny Faure for more talks.
Mr Vassalo is is based in Nairobi, Kenya. He diplomat replaces Luis Lorvao, who was accredited here in 2007.
The diplomat said that he will work to further strengthen the cooperation between Portugal and Seychelles in various spheres during his mandate. He noted: “Portugal and Seychelles have had cooperation agreements in various fields in the past and the two countries have supported each other on the international arena. I hope to continue with this”.
Seychelles’ President and Portuguese diplomat discussed bilateral issues and challenges that the 2 jurisdictions are facing. Mr Vassalo said that Portugal supports Seychelles in the fight against piracy as it understands its threats.
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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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08.31.11
Posted in Seychelles banking at 3:35 pm by Robert Klien
With a view to ease electronic payment, firms having transactions with government-budgeted agencies are being urged to provide proper banking details.
This was said on August 30 by director budget management in the Ministry of Finance and Trade, Damien Thesée, at a press conference. The event took place at the Central Bank of Seychelles (CBS).
Christophe Edmond, the head of banking services division and Mike Tirant, director banking, currency and payment system services in the CBS, was also present at the press conference.
According to Mr Thesée, the Finance Department and the CBS introduced a system whereby payments to these clients can be made directly into their accounts as opposed to issuing of cheques. He said: “Government agencies submit their requests to the treasury and we process and make payments to the businesses’ commercial banks accounts.” This system gives provides the customers with a faster and more efficient service.
He said that the new system has also significantly reduced the number of customers who have to queue up in the CBS banking area. The system whereby payments were made only on week days and whereby cheques had to be cleared in banks in 3 days has been eliminated. However, it is important that customers understand this system will only work if they provide correct banking details (account number and name).
Mr Edmond noted that they are working with commercial banks in order to ensure improving and modernising their payment system as electronic transfer is less risky.
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08.27.11
Posted in Business and Economy, International relations at 3:28 pm by Robert Klien
Seychellois officials received training on how to manage offshore oil and gas resources as oil has been discovered in Seychelles’ waters.
The representatives of the jurisdiction learned how to manage the above-mentioned resources through a 3-day workshop. The event was run by the US Department of the Interior’s Bureau of Ocean Energy Management (BOEMRE), in collaboration with the Seychelles Petroleum Company (Sepec).
The workshop that opened on August 23 was aimed at officials involved in petroleum engineering, environment, regulatory formulation, revenue management and legal affairs. The opening of the workshop took place in the presence of the Vice-President and Minister for Finance Danny Faure and finance principal secretary Ahmed Afif.
It should be mentioned that this is the 3rd visit to Seychelles by the US Department of the Interior since 2010. It comes at a time when 2 foreign companies are active in exploring a total area of about 36,000 sq km of Seychelles’ exclusive economic zone. Both companies are committed to drill wells in 2012.
The workshop included discussions on how issues relevant to Seychelles’ oil and gas sectors are handled in the US. The issues under discussion include tendering, licencing, geologic and economic modelling, managing transactions and revenue and environmental review and compliance.
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