The new laws consist of a number of bills, three of which will allow the Seychelles International Business Authority (SIBA) to register overseas firms such as limited liability partnerships, protective cell and holding companies. These bills will be known as: the Companies (Special Licences) Bill; the Limited Partnership Bill; and the Protected Cell Companies Bill.

The local Corporate Service Provider sector will be tightened up with an International Corporate and Trustee Service Providers Bill, and the Ministry of Finance and the Central Bank have begun consultations with experts from the IMF with a view to modernising the Financial Institutions (Banking) and the Central Bank Acts.

A fourth bill, proposed for implementation in parallel with these measures, is an Interactive Gambling Bill which seeks to incorporate this aspect of the gaming industry into existing law.

In total, the new measures are expected to bring in an extra Rupees 15 million by 2006, with foreign exchange reserves reaching $25 million. Vice President and Finance Minister James Michel recently said he wanted the offshore sector to become a 'third pillar' of the economy, saying that SIBA's efforts had led to a 40% increase in offshore incorporations: there are now more than 10,000 International Business Companies in the Seychelles.

Mr Michel also said that the government wanted to enlarge the country's Double Taxation Agreement network: agreements had been ratified with China, Indonesia and South Africa and signed with Thailand and Zimbabwe. Negotiations have been concluded with Russia, Vietnam, Malaysia, Oman and Egypt and are in progress or planned with 12 other countries.