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Seychelles

Seychelles

Executive Summary:
The Seychelles are a byword for tropical beauty. The 115 islands, near the equator and outside the cyclone belt, are indeed unspoiled. The main island, Mahe, has an airport and a very good port, Victoria. Most of the 89,000 inhabitants live on Mahe, and are a blended mixture of French and African, speaking Creole, but also English and French, especially in business. The British granted independence only in 1976; the Seychelles are an independent democratic republic with a presidential style of government. The President from 1977 until 2004, Albert Renee oversaw the conversion of a 'fishing and bananas' type of economy into a modern tourist mecca, alongside a carefully created offshore financial centre which has taken good notice of its competition.

The service sector contributes 70% of the Seychelles's economy, which is based on tourism, fish processing and commerce. The International Trade Zone is successful, and the Seychelles are on the way towards becoming an Indian Ocean trading entrepot, which is their avowed goal. The Government is torn between Colbertian paternalism (very French) and economic liberalism (very English) and it is hard to say which is winning.

Until late 2004, when the tsunami did substantial damage, there was growth but also unemployment and a deficit. The local population is not always willing to be cast in the role of economic superstars, to the despair of the Government, which privately would like the Seychelles to be a new Singapore. A macro-economic programme under the acronym MERP, launched in 2004, aimed to correct fiscal and economic imbalances with increased taxation and government retrenchment. The commodity price spike, a shortage of currency reserves and high inflation has prompted a further round of fiscal tightening after the country defaulted on much of its debt in mid-2008, when the government turned to the IMF for financial assistance. By the end of 2009, an Extended Fund Facility (EFF) of USD31m was approved by the IMF. Following a visit by an IMF mission in June, 2011 the Government of the Seychelles was praised for its' fiscal policies and the progress achieved in structural reforms.

Country:
Seychelles
Region:
Indian Ocean, Africa
Currency:
Seychellois rupee (SCR) (SR)
Languages:
English, French
Time Zone:

UTC +4

Phone Code:
+248
Communications:
Good
Formation Cost:
600-2000 USD$
Formation Time:
1 - 3 days
Maintenance cost:
400 - 800 USD$
 

Suitable for:

  • Wealth Management,
  • Banking,
  • Fund Management,
  • Shipping,
  • Yachting,
  • Trading Goods,
  • Trading Financial,
  • Holding Companies

Vehicle Types:

  • Limited companies,
  • public limited companies,
  • trusts,
  • sole proprietorships,
  • general partnerships and limited partnerships

Capital primary business districts:
Victoria

Good Relationships:
China, Indonesia, Switzerland, United Kingdom

Bad Relationships:
Burma, Iran, Korea (Democratic People's Republic of), Libya, Somalia, Sudan, Syria

Tax Burden - Business:
Very Light

Tax Burden - Individual:
Very Light

Headline tax rates:
CIT 25-33% (sole traders and partnerships 18.75%-33%), PIT 0%, VAT 15%

Treaty Jurisdictions:
Bahrain, Barbados, Botswana, China, Cyprus, Indonesia, Isle of Man, Luxembourg, Malaysia, Mauritius, Oman, Qatar, San Marino, South Africa, Thailand, United Arab Emirates, Vietnam, Zambia

TIEA Jurisdictions:
Denmark, Faroe Islands, Finland, Greenland, Guernsey, Iceland, Netherlands, Norway, Sweden

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