Seychelles General Outline

General
The Seychelles group of islands in the Indian Ocean comprises over one hundred named islands, most being situated between four and five degrees South of the equator. The largest island is Mahe. A lengthy struggle between France and Great Britain for the islands ended in 1814, when they were ceded to the latter. Independence came in 1976. Socialist rule was brought to a close with a new constitution and free elections in 1993. The most recent presidential elections were held 31 August-2 September 2001. President RENE, who has served since 1977, was re-elected. On 14 April 2004 RENE stepped down and Vice President James MICHEL was sworn in as president.

Population
The Seychelles has a population of around 85,000, descended primarily from French settlers, Africans, British sailors and traders from India, China and the Middle East.

Political Structure
Discovery of the Islands is credited to the Portuguese explorer Vasco de Gama. The first French settlement was established on St. Anne Island on the 27th August 1770.
In 1814 the Seychelles, along with Mauritius, were ceded to Great Britain under the terms of the Treaty of Paris. It was only in 1960 that the first gradual constitutional reforms were introduced.
The Head of State is the President and a National Assembly of directly elected Members heads the legislative side of Government. Seychelles is an independent republic within the British Commonwealth.

Infrastructure And Economy
The Seychelles economy is primarily tourism and fishing based. Industrial fishing is on the increase.
The rapidly expanding financial sector, linked to the establishment of the Seychelles International Business Authority and a suite of progressive laws facilitating the establishment of offshore structures and encouraging inward investment, is now a significant element of the economy.
An ever-increasing number of international banks and insurance companies have established either branches or subsidiaries whom, together with local management, accounting and legal firms provide clients with support.
The Port of Victoria is well equipped with modern cargo handling equipment and has more than 6,000 square metres of covered storage space.
The Seychelles International Airport is one of the finest in the Indian Ocean region. In addition to the national flag carrier, Air Seychelles, the airport is served by a number of other airlines.

Language
The official languages are English, French and Creole. Creole is spoken widely. English is the main language of business.

Exchange Control
Exchange controls do not apply to "offshore" business.

1.2        Advantages of Seychelles

1. STRATEGIC LOCATION

• Located at the centre of the Indian Ocean
• Direct access to major cities in Asia, Africa, Europe, Middle East and Far East
• Mid-way between the largest trading and manufacturing blocks of Asia and Europe
• Favourable time zone (GMT+4) and working hours coincide with the Middle East and overlap with Asia and Far-East
• Situated in a cyclone-free belt

2. EXCELLENT INFRASTRUCTURE

• Port
  • Deepest port in the region
  • Close to the airport which facilitates sea-air-sea transhipment
  • All modern port handling facilities are available 7 days a week, 24 hours a day
  • Competitive marine and shore handling charges with special volume and frequency discounts
  • Facilities for storage warehousing transhipment and redistribution
  • Dedicated fishing port located alongside the commercial port

   

• Airports
  • Mahe International airport is a modern airport with modern Air Traffic  Control System which is an aviation landmark in the region
  • Modern air cargo handling facilities

   

• Communications
  • High-tech telecommunications network
  • GSM cellular with international roaming facilities
  • Excellent Internet access provided  by two Internet-provider companies, including wireless communication facilities
  • Reliable and efficient postal services. Commercial courier such as DHL, TNT, UPS, FedEx are available

   

• Air links
  • Air Seychless, Air France, Aeroflot, British Airways, Condor, Kenya Airways link Seychelles to Europe (London, Paris, Frankfurt, Zurich, Rome, Madrid, Moscow), Africa (Nairobi, Johannesburg), Asia (Singapore, Bombay), Middle East(Dubai)
  • Air Seychelles operates regular domestic flights to other islands of Praslin, Desroches, Bird and Fregate
  • Helicopter Seychelles provides transfer services between various points gate
  • Helicopter Seychelles provides transfer services between various points on Mahe, Praslin, La Digue, Silhouette and other islands
  • Aircraft charters are available from Air Seychelles

   

• Shipping links
  • Served by major shipping lines operating to and from Asia, Europe, Africa

   

• Accommodation
  • Various types of office space and housing for staff and workers are easily available

   

• Banking
  • Well developed banking services with commercial banks having branches around the island

 3. STRONG ECONOMY

• Long term economic and fiscal policies geared towards private sector development
• Steady economic growth of 4% to 6% during last decade

4. POLITICAL STABILITY

• Democratically elected government that enjoys wide support

5. TRAINED WORKFORCE

• Multilingual, trained and disciplined workforce

6. LIFESTYLE

• Multiracial population representing a diversity of cultures creating a social environment of harmony and acceptance

7. PLEASANT CLIMATE

• 4º South of the Equator and sunshine all year round coupled with lush greenery restrict the mean temperature between 27ºC to 31ºC

8. INTERNATIONAL RELATIONS

• Seychelles is a member of the United Nations, and all its agencies, the IMF, the World Bank, the International Finance Corporation, the African Development Bank, the Organisation of African Unity and the Indian Ocean Commision
• Embassies or Consulates of all major countries such as Belgium, China, Finland, Germany, India, Italy, Netherlands, Norway, Russia, Sweden, Switzerland, France, United Kingdom and Unated States of America among others, have their offices in Seychelles, while others are covered from neighbouring countries
• Seychelles is a member state of the ACP (African Caribbean Pacific) coutriesand a signatory to the Lome IV convention and benefits from all the provision of the convention.
• The  DTA with China, South Africa and Indonesia are already in force. The table below shows the scope of treaty negotiations currently taking place