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Seychelles company formation

Basic facts regarding Seychelles

The Republic of Seychelles is situated in the western Indian Ocean, North West of Madagascar and consists of 115 granite and coral islands which cover a total area of 455.3 square kilometres. Victoria which is the situated on the biggest island Mahé, is the economic and administrative centre of the islands.

Seychelles obtained independence from the British in June 1976 and has a multiparty political system with an executive President as head of State and government.

Economic growth, since its independence, has been led by the tourist sector, which employs about 30% of the labour force and provides more than 70% of hard currency earnings, and by the tuna fishing industry. In recent years, the government has encouraged foreign investment to upgrade hotels and other services. At the same time, the government has moved to reduce the dependence on tourism by promoting the development of farming, fishing, and smallscale manufacturing.

Offshore business in Seychelles

In 2006, the Seychelles witnessed a substantial increase in its international business level namely with the registration of 8237 international business companies (IBCs). This represents an increase of 16% over the year 2005.

As of January 2009, there were 57,205 registered IBCs and 312 trusts that pay no taxes in Seychelles and are not subject to foreign exchange controls.

[Sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Eastern and Southern Africa Anti-money Laundering Group]

Offshore companies formation