Assembly approves new law to guide International Business Companies |29 July 2016

It is with the aim of bringing more transparency, order and to strengthen the effectiveness of operations in the financial services sector that a new law approved by the National Assembly this week will replace the International Business Companies (IBC) Act.

Members of the majority party in the Assembly gave their approval for the International Business Companies Bill (IBC) to become the new law while the leader of the opposition abstained.

When presenting the IBC Bill, the Minister for Finance, Trade and the Blue Economy Jean-Paul Adam said with the new law regulating offshore businesses, local businesses will now be able to also join the sector.

Minister Adam noted that Seychelles has done a lot to strengthen regulations guiding the sector to ensure it remains up to date and relevant as a jurisdiction for such businesses. 

But he stressed that with increasing  global turmoil, uncertainty and illegal activities by criminal groups pressure is building up on jurisdiction like ours for stricter measures to strengthen operations of the financial services sector.

“It is clear today that when we promote our financial services sector we must  clearly show potential clients that investing in Seychelles’ financial services sector means investing in best practices and standards recognised all over the world,” Minister Adam said.

He added that Seychelles’ commitment to meet international institutional  frameworks requirements demands that its legal regulatory framework are strengthened to meet present day standards and needs.