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Seychelles first recognised the potential revenue generating capabilities of off-shore financial services in the early 1990’s but the industry only began to take off in the early years of the following decade. Today the industry is rapidly becoming a third pillar (alongside tourism and fisheries) to the country’s economy.
Part of the reason for its success has been the stringency of the industry regulating International Corporate Services Act, which ensures that all service providers in Seychelles adhere to strict professional standards and are subject to a high level of due diligence prior to the issuance and renewal of a licence.
But while the Act may have slowed the growth of the sector it also ensured the reputation of Seychelles’ off-shore industry, a key ingredient in guaranteeing its long-term viability and differentiating it from other, less scrupulous jurisdictions.
Assisted by the Seychelles International Business Authority (SIBA), companies operating in Seychelles’ off-shore sector today enjoy a range of fiscal advantages not generally available elsewhere.
Together with its local and international partners, SIBA is expending considerable resources in the continuous development of local professionals in order to maintain high levels of service delivery and continue to attract legitimate international business activity.
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