Population: 81,000 (est. 2003)
Languages: English/French (official),
Area: 455 sq. km (land area)
Currency: Seychelles Rupee (SCR)
Fiscal year: Calender year
Independence status: 29/06/1976
THE SEYCHELLES are a string of 92 small islands that lie about
1,000 miles off the east coast of Africa in the middle of the
Indian Ocean. The Seychelles islands have historically been a
tourist destination. In 1994, the Seychelles announced its intention
to turn the country into a full-fledged international business
centre and announced with a number of steps taken to promote inward
bound investment by the private sector.
The legislative side of Government is headed by a National Assembly
of directly elected Members. Seychelles is an independent republic
within the British Commonwealth. It is based on English common law,
French civil law, and customary law.
Exchange controls do not apply to ¡§offshore¡¨ business. Local currency
can be imported for free, but export is limited to 100 Rupees. There
are no restrictions on import/export of foreign currency. Euros,
British Pounds and U.S. Dollars are also accepted for local uses.
Confidentiality is one of the key features as details of the company
beneficial owners, directors and shareholders are NOT part of public
record. This information is kept only at the offices of the Registered
Agent in complete confidentiality.
A Seychelles IBC is by law not subject to any tax or duty on income
or profits. It is also exempt from stamp duties on transfer of property
and any exchange controls.
To expand the economy, a collection of modern business legislations
modeled after other successful havens, including the British Virgin
Islands, the Bahamas, the Cook Islands, Panama, and the Caymans,
was setting up. In 1995, the Seychelles International Business
Authority ("SIBA") was set up to act as regulator for
the new of business legislation being introduced and it was made
up of both private sector members and Government Statutory members.
The main role is to advance the jurisdiction as a centre, safeguard
and carry out the function of the Authority/Registrar for International
business activities. The new legislation include:
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