December 18, 2006. Nowadays, the Seychelles has a good reputation in the world - it is not in arrears regarding any debts with multi-lateral organization, it has a good rating and its economy is improving. At announcing the Appropriation Bill 2007, the principal secretary for Finance, Lekha Nair, confirmed the fact that the Seychelles had cleared all its debts to multi-lateral organizations, which improved its international profile.

As a result of clearing its debts, the Seychelles caused more interest from financial organizations that willingly studying areas to finance projects there. One of these organizations is African Development Bank (ADB) that has already dispatched a delegation here.

The Seychelles does not owe ADB, as well as to the International Monetary Fund (IMF) anything now.

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December 1, 2006. After quite a hard year 2005, the Seychelles has been experiencing an impressive economic growth of 4.5% in 2006. The economic outlook of the Seychelles' situation was presented by the International Monetary Fund mission after its visit in November in the form of concluding statements.

The IMF concluded that "the economic situation is improving, with strong tourism arrivals and construction activity driving the recovery".

Also, economic reforms are very significant for the Seychelles. According to Policy reforms implemented by the authorities since July 2006 are aimed at addressing Seychelles' key macroeconomic imbalances. These are mainly new currency exchange guidelines, repayment of external debt and banking reforms.

However, the IMF does not consider the abov-mentioned reforms to be enough for securing long-term growth. So, it suggests implementing further structural reforms related toinfrastructure,  employment, further privatisation and price controls.

The IMF sees record inflows of FDI in the country as the indicator of renewed confidence in the Seychelles' economy, which is one of the strongest economies in Africa.

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November 17, 2006. A bilateral Double Taxation Avoidance Agreement between the Seychelles and the United Arabs Emirates signed on September 19 and announced in October was approved by the United Arabs Emirates' cabinet on November 12. This agreement is to strengthen the existing good economic relationship between the Seychelles and UAE.

The UAE cabinet approved an agreement on avoidance of double taxation signed with the Seychelles as well as bilateral agreements signed with France, the UK and Northern Ireland.

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November 10, 2006. According to United Nations Development Programme's (UNDP) 2006 Human Development Report, the Seychelles takes the 47th position in the rating of countries with high human development. It has been ranked 47th among 63 countries with high human development. As to last year's results, the Seychelles was ranked 51st in 2005.

This result from the above-mentioned report was released on November 9, 2006.

It is worth mentioning that out of all the countries in the African and Indian Ocean region, just the Seychelles and Mauritius (63rd) were ranked in this Report.

The Seychelles rating among the countries with high levels of human development shows that the the Government of Seychelles made successful efforts towards achieving sustainable and equitable development within the past 30 years.

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October 13, 2006. The Seychelles cleared all its overdue payments to the International Bank for Reconstruction and Development, known as the World Bank, as of October 6, 2006. So, all the bank's loans to the Seychelles or the loans guaranteed by the Seychelles have been restored to accrual status. Consequently, the Seychelles' eligibility for new operations as well as project preparation facility advances, disbursements under existing loans, Institutional Development Fund and other grants has been reinstated.

The country's arrears to the International Bank for Reconstruction and Development amounted to approximately USD 770 thousand. Around USD 631 thousand of this sum was overdue principal payments. As the Republic of Seychelles is does not have large exposure to the International Bank for Reconstruction and Development, clearance of these arrears will increase net income of the World Bank by less than USD 1 million in fiscal 2007.

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October 2, 2006. Standard & Poor's Ratings Services, a reputed international organisation, assigned its 'B' credit rating to the Seychelles - 'B' long-term and 'B' short-term foreign currency sovereign ratings, and its 'B+' long-term and 'B' short-term local currency sovereign ratings - as well as characterized its outlook as stable.

Over last 10 years, Seychelles' economic and social performances have been observed by Standard & Poor's.

The ratings on the country are supported by a turnaround in its fiscal management, which evidenced robust surpluses delivered in recent years. The ratings are also conditioned by social and political stability in a combination with high levels of human development including per capita income, education, health and literacy standards.

As to the constraining factors for the ratings on the Seychelles, the main of them is its high public sector debt level and the associated impairment of fiscal and external flexibility. Also, the  constraining factor is the Seychelles' fixed, administratively set exchange rate, estimated to be at more than 50% above its market rate.

The ratings on the Seychelles could be improved by exchange rate liberalization enabling adjustment of the Seychelles Rupee toward its equilibrium level without a major shock to the economy. It goes without saying that the ratings would also benefit from the complete resolution of the arrears to preserve good creditor relations.

But, to conclude, the ratings by Standard & Poor's as they are can be considered to be a great achievement of the Seychelles government.

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September 19, 2006. The Seychelles signed a bilateral Double Taxation Avoidance Agreement  with the United Arab Emirates expanding its growing network of bilateral double taxation avoidance treaties.

It already has Double Taxation Avoidance Agreements in force with China, South Africa, Belgium, Indonesia, Malaysia, Thailand, Oman, Zimbabwe and Namibia. Just recently the Seychelles concluded double tax agreements with Qatar and Cyprus. Also, the Seychelles is holding talks on treaties with a number of its trading partners.

The agreement was signed by the Minister for Finance of the Seychelles, Danny Faure, and the UAE's Minister for State Finance and Industry, Dr Mohammed Khalfan Bin Khirbash.

The new agreement will strengthen the existing economic relationship between the two countries and will provide an inducement to people of both countries to draw their attention to increasing investment, trade and employment opportunities.

Our latest offshore news
30/09/2006
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25/08/2008
President of Seychelles led his delegation to the 28th South African Development Community (SADC) Heads of States and Government Ordinary Summit held on August 16-17 in Johannesburg, South Africa.
21/08/2008
Cooperation talks between the Seychelles and Cyprus began on August 19 with the 1st meeting of the Permanent Cypriot-Seychelles Intergovernmental Commission.
01/08/2008
BMI Offshore Bank (BMIO) made an announcement that its offshore banking operations in the Seychelles have been officially launched.
20/07/2008
The Central Bank of Seychelles has announced that Seychelles' Mutual Fund legislation has been updated. Mutual Fund Act has been redrafted so that it plugged gaps in the previous mutual funds legislation.
16/07/2008
Concluding the 8th Session of the Seychelles-Mauritius Commission on Bilateral Cooperation, the Governments of both jurisdictions agreed to support each other and strengthen cooperation regarding bilateral relations.
05/07/2008
The Minister for Finance Danny Faure announced that Seychelles has launched the process of debt rescheduling as well as partial writing off its bilateral debt.
06/06/2008
The Central Bank of Seychelles announced that it will introduce a new service in order to increase investment flexibility.
20/05/2008
On May 16, 2008, new Ambassador of China to Seychelles Wang Weiguo arrived in Seychelles and presented his credentials to Seychelles President James Alex Michel in the capital Victoria.
15/04/2008
Three representatives of a major Kuwaiti business developer, who visited President Michel at State House, are going to make huge investments into the jurisdiction.
06/04/2008
Sheikh Tamim bin Hamad Al Thani, the Deputy Emir of Qatar, issued a decree that ratified a double taxation avoidance agreement (DTA) between Qatar and the Seychelles.
10/03/2008
Recently, publishing Seychelles Strategy for 2017 has been announced. The mission stated in the document was doubling the GDP by 2017, which is going to be achieved by means of focusing on developing the offshore financial services industry, tourism and fisheries expansion programmes, as well as the growth of other economic sectors.
02/03/2008
The European Commission made the 1st step towards the signing of short stay visa waiver agreements between the European Community and Seychelles.
12/02/2008
The Development Bank of Seychelles, a joint venture between the Government of Seychelles and financial organizations, is celebrating its 30th anniversary with a series of activities in the middle of February 2008.
08/02/2008
An International Monetary Fund staff mission issued and published the Statement at the Conclusion of the 2008 Article IV Staff Mission to Seychelles.
05/02/2008
As a result of the invitation of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Amir of the State of Kuwait, Seychelles' President James A. Michel is visiting Kuwait.
28/01/2008
The 4-day workshop on multilateral trade negotiation and regional integration was organized by the COMESA in conjunction with the Trade Division within the Ministry of Finance of Seychelles.
05/01/2008
In his New Year's message, Seychelles' President James Michel announced Seychelles the Constitution - the national theme for 2008.
15/12/2007
Negotiations on a temporary agreement for an Economic Partnership Agreement between African, Caribbean and Pacific countries and the EU have been started by Barry Faure, Seychelles Ambassador to the European Union.
10/11/2007
With a view to promote Seychelles offshore business, the Seychelles International Business Authority (SIBA) has recently sponsored two important events in offshore community - Asia Offshore Association Conference and International Tax Planning Association meeting.
01/10/2007
On September 19, 2007, the Embassy of the Republic of Seychelles was officially opened in Beijing, People's Republic of China. The Ministry of Foreign Affairs of Seychelles announced the opening in the beginning of September.
07/09/2007
Barclays Bank indicated the Seychelles as a country with good money laundering control in offshore banks. The strict control measures used for offshore banking branches in Seychelles are to be applied in Ghana.
24/08/2007
Seychelles has re-entered the Southern African Development Community (SADC), which now has 15 members. Seychelles had already been SADC member previously, but it quit it.
18/08/2007
In 2006, a 13.71% rise was recorded by the Seychelles Credit Union (SCU) on its general reserve. Capital available for immediate disbursement to clients has risen by 137%.
02/08/2007
According to Seychelles President James Michel's expectations, the Seychelles' economy is to grow by 7.5% in 2007 as far as investment in the jurisdiction's keeps on increasing.
09/06/2007
In the beginning of June, Russia's Federal Tax Service (FTS) has announced that Russia should sign agreements on exchange tax information with the Seychelles and other offshore jurisdictions.
20/05/2007
May 23, Barclays Bank will open a new retail branch of Barclays Bank (Seychelles) at the Providence Industrial Zone, which was chosen by the Bank as far as over the years it has seen an increased level of business activity.
05/05/2007
It was announced on May 1 that Emirates Hotels & Resorts has decided to support Seychelles resort - it is investing $253 million in a project in this country.
15/04/2007
The Seychelles and Kenya have signed a new bilateral agreement to provide for increasing trade between their capitals Victoria and Nairobi.
30/03/2007
According to the National Statistics Bureau, the Seychelles' tourism industry has showed a good start, which was marked by an increase in visitor arrivals of 15% during January, February and March of 2007.
10/03/2007
The Embassy of Seychelles in the capital of Italy, Rome, was opened in the end of February. The establishment of the Embassy is aimed at reinforcing the diplomatic relationship between the Seychelles and Italy.
14/02/2007
As a result of the visit of Chinese Head of State to the Seychelles in February, 2007, China and Seychelles agreed to promote pragmatic co-operation in tourism, human resources, fishery and other areas.
05/02/2007
Members of the National Economic Planning Council of Seychelles were looking for ways to increase the economic growth of the country. Their meeting took place on January 31, 2007.
24/01/2007
In 2006 the number of tourists in Seychelles was 140 627. According to the chief executive officer of the Seychelles Tourism Board, the country hopes to increase this record figure, with a target of 10% growth in overall arrivals.
18/12/2006
At announcing the Appropriation Bill 2007, the principal secretary for Finance, Lekha Nair, confirmed the fact that the Seychelles had cleared all its debts to multi-lateral organizations, which improved its international profile.
01/12/2006
After quite a hard year 2005, the Seychelles has been experiencing an impressive economic growth of 4.5% in 2006. The economic outlook of the Seychelles' situation was presented by the International Monetary Fund mission after its visit in November in the form of concluding statements.
17/11/2006
A bilateral Double Taxation Avoidance Agreement between the Seychelles and the United Arabs Emirates signed on September 19 was approved by the United Arabs Emirates' cabinet on November 12.
10/11/2006
According to United Nations Development Programme's (UNDP) 2006 Human Development Report, the Seychelles takes the 47th position in the rating of countries with high human development. It has been ranked 47th among 63 countries with high human development.
13/10/2006
Seychelles cleared its credit to the World Bank, as of October 6, 2006. Now all the bank's loans to the Seychelles or the loans guaranteed by the Seychelles have been restored to accrual status. The country's arrears to the International Bank for Reconstruction and Development amounted to approximately USD 770 thousand.
02/10/2006
Standard & Poor's Ratings Services assigned its 'B' credit rating to the Seychelles - 'B' long-term and 'B' short-term foreign currency sovereign ratings, and its 'B+' long-term and 'B' short-term local currency sovereign ratings - as well as characterized its outlook as stable.
19/09/2006
Seychelles and the United Arabs Emirates signed a bilateral Double Taxation Avoidance Agreement in Singapore. The new agreement will strengthen the existing economic relationship between the two countries and will provide an inducement to people of both countries to draw their attention to increasing investment, trade and employment opportunities.
25/11/2007
Recently, the Seychelles International Business Authority has sponsored Asia Offshore Association (AOA) Conference in Vietnam, and International Tax Planning Association (ITPA) meeting in Hong Kong.