Services to be offered by the Investment Bureau |08 July 2004

The Bureau is based in the offices at ICCS which were formerly occupied by the Ministry of Indutries and International Business. It will offer a range of services to potential investors to facilitate the implementation of their investment project right from the beginning until after it has become operational, to ensure that it develops to its full potential.
The services to be offered by the Bureau include:

-Provision of information to potential investors
-Receipt, appraisal, approval of investment projects as well as any other investment related issues
-Issuance of certificates after approval of projects
-Assistance with identifying potential local partners and matching them for joint ventures
-Assistance with identification and selection of sites and business premises
-Organisation of visits and meetings with public agencies and economic operators on the island
-Provision of market intelligence, market opportunities and information on costs of doing business in Seychelles
-Assistance with obtaining gainful occupational permit and all required licences and clearances from relevant authorities
-Prepare brochures, newsletter, placing adverts in selected magazines
-Organising trade missions/road shows
-Providing an aftercare service to the investor to facilitate the growth and development of the full potential of the investment

Promotion and facilitation of investments in strategic sectors

-As is the practice in other jurisdictions, because of their socio-economic impact and cross-cutting nature, Government will consider investments in certain key socio-economic sectors as investment of strategic national importance

-Therefore, its been agreed that bankable investment, in excess of R500,000, in the following sectors be promoted and facilitated as investments of national strategic importance, and as such will only be allowed for the time being to proceed with the approval of Cabinet, in the form of detailed project memorandum with appropriate outline drawings where feasible:
        
 - Tourism
 - Industrial Fishing
 - Utilities – Generation and Distribution
 - Extractive Industries
 - Agriculture

Investment Approval Process

-To ensure speedy processing of investments, a focal person will be designated in each of the following Ministries/Agency – Tourism, Land Use and Habitat, Industries, Natural Resources, Health, Environment and Seychelles International Business Agency. The focal person will be the link between the Ministries/Agency and the Investment Bureau for all matters concerning projects being appraised.

-All Investment projects once appraised by the Investment Bureau will be forwarded to the designated focal person for comments by the sectoral Ministry or for Health and environment clearances, where relevant and necessary. Comments on all projects submitted to the designated focal person must be submitted to the Investment Bureau, in writing within 72 hours of receipt of project documents. On receipt of comments all projects will be processed for approval in line with the following policies:

-Recommendations for investment projects in non strategic sectors with monetary value of up to R250,000, shall be submitted and approved by the Minister with portfolio responsibilities for the Investment Bureau within a lead time of 7 days

-Recommendations for investment projects in non strategic sectors with monetary value in excess of R250,000, shall be approved by the President through the Minister with portfolio responsibilities for the Investment Bureau within a lead time of 14 days

-Recommendations for investment projects in strategic sectors with monetary value up to R500,000 will be approved by the President through the Minister with portfolio responsibilities for the Investment Bureau within a lead time of 14 days

-For investment in strategic sector with monetary in excess of R500,000, recommendations of the Investment Bureau shall be made through the Minister with portfolio responsibilities for the Investment Bureau to the Cabinet of Ministers within a lead time of 21 days from the date of receipt of investment proposals

Promotion of Investment

-The Investment Bureau will have its dedicated website, with links to other relevant sites, through which it will promote its services and investment opportunities in Seychelles to all potential investors.

-It will in addition organise periodic overseas promotional tours and road shows on its own or in association with other organisations e.g. STMA

-The Investment Bureau will optimise the full potential of Information Communication Technology in the promotion and facilitation of Investments.