The Seychelles are composed of approximately 100 islands to the northeast of Madagascar. The British controlled these islands for centuries and only in 196 did they finally reach independence. It is a Democratic Republic, with a presidential style of government, although it continues to form part of the Commonwealth of Nations. Its economy is based mainly on agricultural produce, but only 3% of its work force works in this sector, whereas 23% of the force is employed in industry and the other 74% is employed in various services. Its main trade partners are the United Kingdom, France, Italy, Japan and Spain. The currency is the Seychelles Rupee, set at a fixed rate with the USD at 10 Rupees=0.78 USD. The International Trade zone in the Seychelles has been very successful. There are territorial taxes in the country; however, earnings obtained outside the country are tax free. New legislation was recently approved for the formation of International Business Corporations, offshore banks, Security Corporations, Mutual Foundations, and Trusts. They also put investment incentive programs into practice. Through these programs, the government offers ample tax benefits to foreign investors in various sectors. More than 50 thousand companies have registered in the Seychelles. This country has signed fiscal treaties with various nations, including China. The VAT will be applied for the first time in the Seychelles beginning in 2013.
Information about the Seychelles
Central Bank of the Seychelles
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