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FINANCIAL SERVICES


Seychelles has a mixed, developing economy that is heavily dependent upon tourism and fisheries.

Seychelles is also committed to developing its financial services sector. Aside from the now booming tourism and building/real estate markets, officials and industry participants believe that this could overtake the tourism industry as the chief pillar of the economy.

The Ministry of Finance is responsible for economic decisions and budgetary policy. A separate Monetary Authority supervises the banking system and manages the money supply.

Although foreign banks operate branches in Seychelles, the government owns the two local banks, the Development Bank of Seychelles, which mobilizes resources to fund development programs, and the Seychelles Saving Bank, a bank for savings and current accounts.

The Seychelles International Business Authority (SIBA) is charged with overseeing the quickly growing offshore industry. Seychelles is home to a number of offshore incorporation specialists which specialize in offshore company formation, mutual funds, hedge funds and captive insurance.

The rapidly expanding financial sector, linked to the Seychelles International Business Authority and a suite of progressive laws facilitating the establishment of offshore structures, is now a significant element of the economy.

In accordance with the stabilization process, the development of infrastructures, education and health was undertaken to create a solid base for future economic growth. Today the country is in transition from central planning to a free market economy with greater private sector involvement.

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