Seychelles International Business Authority Confirms Further Developments Ahead For Offshore Industry

by Carla Johnson, Investors Offshore.com

23 July 2001

According to the new chairman of the Board of Directors of the Seychelles International Business Authority (SIBA), Mr Jacquelin Dugasse, the Seychellois offshore industry generated around US$30 million last year and has registered over 7,000 International Business Companies (IBCs), and granted licences to 22 companies based in the Seychelles International Trade Zone (SITZ) within the past six years.

Mr Dugasse, who is also the Minister for Industries and International Business, was speaking last week at the Board's first meeting since his appointment. According to reports from the Seychelles Online news service, the US$30 million gained from the offshore industry last year includes US$25 million retained out of US$150 million of exports from the SITZ in addition to a further sum of US$5 million in terms of revenues flowing directly from IBCs and other corporate services.

Investments within the SITZ to date are reported to exceed US$75 million in facilities, and Mr Dugasse said it employed over 2,200 workers, 70% of whom are Seychellois.

He added that SIBA's reputation as a credible financial services centre was boosted by the recent decision of the FATF and the OECD not to include the Seychelles on their blacklists of countries that did not possess adequate banking and financial regulatory procedures governing tax and anti-money laundering activities.

Mr Dugasse expounded: 'Looking ahead at the vast potential of the offshore industry worldwide, estimated to account for US$5 trillion, I believe that we have a long way to go and it is my desire to see us capitalise on existing legislation, treaties and valuable experience gained to launch into the second and crucial phase of the development of the offshore industry.'

He confirmed that the government intends to continue its development of the offshore sector and increased activity is expected within the areas of Mutual Funds, Offshore Banking, Offshore Insurance and specified structured products. 'It should represent the realisation of our vision of Seychelles as a financial and trading hub of the Indian Ocean Region, drawing synergy between the offshore and onshore sectors through the SITZ sector,' he said.

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