Assembly supports changes to boost policies guiding offshore activities


16-December-2011

Vice-President Danny Faure in his capacity as the Minister for Finance and Trade was in the Assembly on Tuesday to present the series of bills to the Assembly for its consideration.

Established in 1995, Siba is the agency responsible for licensing and regulating primary offshore activities. It is also the registrar for International Business Companies (IBCs) and Trusts, and it regulates International Trade Zone (ITZ) activities.

Mr Faure said during the past five years Siba has contributed some US $16 million in our economy, adding that it is forecasting to double this sum in the coming five years.

Mr Faure said it is therefore important to support and protect Siba by modernising and reinforcing the various policies that govern its operations.

Mr Faure stressed that it is important for Seychelles to amend its laws relating to the offshore business sector so that they meet the required international norms.

He noted that offshore business activities, through which large sums of money are transacted, are more and more under scrutiny and Seychelles has to ensure that its laws are up to date.

 

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