The economy of Seychelles

The economy of Seychelles is a developing economy with a focus on tourism and fishing. Tourism is the largest sector of the economy, accounting for nearly 60% of GDP. Fishing is the second-largest sector, accounting for about 15% of GDP. Other sectors of the economy include construction, manufacturing, and financial services. The country has a large trade deficit, and its currency, the Seychellois rupee, is pegged to the euro. The government has implemented a number of reforms to improve the economy, including reducing the budget deficit, liberalizing foreign investment, and encouraging private sector growth.

How does Seychelles regulate financial markets?

The Seychelles Financial Services Authority (FSA) is the primary regulator of the financial services sector in the Seychelles. The FSA is responsible for the licensing and supervision of all financial services providers, including banks, insurance companies, securities dealers, and other financial services providers. The FSA also regulates the activities of intermediaries, such as stockbrokers, investment advisors, and other financial services providers. The FSA also oversees the activities of the Seychelles Stock Exchange and the Seychelles International Business Authority. The FSA is also responsible for the enforcement of anti-money laundering regulations and the prevention of terrorist financing.

How to register a company in Seychelles?

1. Choose a company name: The company name must be unique and not similar to any other registered company in Seychelles. 

2. Choose a Registered Agent: A Registered Agent is a person or company that will act as the company’s representative in Seychelles.

3. Prepare the company documents: The company documents must be prepared in accordance with the Companies Act of Seychelles. 

4. Submit the documents to the Registrar of Companies: The documents must be submitted to the Registrar of Companies in Seychelles.

 

5. Pay the registration fee: The registration fee must be paid to the Registrar of Companies. 

6. Receive the Certificate of Incorporation: Once the registration process is complete, the Registrar of Companies will issue a Certificate of Incorporation.

Taxation in Seychelles

Taxation in Seychelles is based on a territorial system, meaning that only income generated within Seychelles is taxable. The government of Seychelles levies taxes on income, goods and services, and property.

Income Tax

The Seychelles government levies a progressive income tax on individuals and companies. The tax rate for individuals ranges from 0% to 30%, with the top rate applying to income over SCR 1,000,000. Companies are taxed at a flat rate of 25%.

Goods and Services Tax

The Seychelles government levies a 15% Goods and Services Tax (GST) on most goods and services. Exemptions are available for certain goods and services, such as basic food items, medical services, and educational services.

Property Tax

The Seychelles government levies a property tax on real estate located in the country. The tax rate is 0.2% of the market value of the property.

Stamp Duty

The Seychelles government levies a stamp duty on certain documents, such as contracts, deeds, and leases. The rate of stamp duty varies depending on the type of document.

Other Taxes

The Seychelles government also levies taxes on gambling, alcohol, tobacco, and certain other goods and services.