The Seychelles archipelago in the Indian Ocean includes over one hundred named islands, most of which are located between four and five degrees south of the equator. The largest island is Mahé.
Population
The Seychelles has a population of around 80,000, derived 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 August 27, 1770.
In 1814, the Seychelles, together with Mauritius, were ceded to Britain under the terms of the Treaty of Paris. It was not until 1960 that the first gradual constitutional reforms were introduced.
The head of state is the president and National Assembly members directly elected head of 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 increasing.
The rapidly growing financial sector, contributing 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 part of the economy.
A steadily increasing number of international banks and insurance companies have established branches or subsidiaries or which, together with local management, accounting and legal firms provide customers with support.
Port Victoria is well equipped with modern cargo handling equipment and has more than 6,000 square meters of covered storage space.
The Seychelles International Airport is one of the finest in the Indian Ocean. Besides the national carrier, Air Seychelles, the airport is served by a number of other airlines.
Language
The official languages are English, French and Creole. Creole is widely spoken. English is the most important language in business.
Currency
Seychelles Rupee.
Exchange Control
Exchange controls do not apply to 'offshore' operations.
Type of Law
Based on English common law and French civil law.
Principal Corporate Legislation
The International Business Companies Act 1994.
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Offshore Services
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