Seychelles Business and everything you should know
Where Is Seychelles Located?
Seychelles Business in one part, but more known as a touristic destination.
Besides Seychelles is an island republic and is located in the western Indian ocean. However, the island country is characterized by extensive marine life, tropical vegetation, and amazing beaches. The topography of the country makes it a perfect destination for many tourists and especially for honeymoon getaways.
While The closest neighbouring countries to Seychelles are Kenya and Madagascar, which are about 1000 miles and 700 miles away, respectively.
While the capital city of Seychelles is known as Victoria, and it is located on the largest island in the country, Mahe island. In reality, it is true most people in the country live in this town, which is the only port of the archipelago.
Here are some key facts about Seychelles:
- It is located in east Africa and northeast of Madagascar
- Its area is about 452 square kilometers
- It has a population of approximately 96,762 persons as per the 2018 statistics
- Its capital town is Victoria
- It acquired independence from Britain in 1976 and joined the commonwealth the same year
- The official currency is the Seychelles rupee
My Business advice for Seychelles
Seychelles is one of the smallest countries in the world and is made up of two groups of islands. The first group, which is also the largest, is called the Mahe group, and it comprises of more than 40 mountainous and rocky islands. These are the inner islands, and they come with a mid-range of hills and a narrow coastal strip. Then the second groups of islands are the outer ones and comprise of over 70 coralline and flat islands. These islands are only a few feet above the sea level and come with elevated coral reefs. They are also largely waterless, and this explains why they are lowlily populated.
Generally, Seychelles has about 115 islands, and they all carry the aspect of tropical vegetation and silver-white beaches. Some of these islands are inhabited, and tourists cannot visit as well. Mahe is one of the most visited islands, coming with unique topographical features. For instance, the highest point of Seychelles is found in Morne Seychellois, Mahe (2,969 feet). The general climate for Seychelles is tropical oceanic.
The People of Seychelles
Originally, Seychelles was occupied by French colonists and their black slaves before other people from different countries joined them. Among them include France deportees and Asians from India, peninsula Malaysia, and china. These people intermarried, and that is the main reason why the Seychelles republic is made of a mixed decent population.
Most Seychellois speak Creole as their mother tongue — it is also known as Seselwa. In addition to Creole, French and English are also recognized as national languages in the constitution.
When it comes to religion, most people in Seychelles are Roman Catholics — more than three-quarters of the population. Other religions include Hindus, Muslims, Anglicans, and other Christian denominations.
Like stated earlier, most people live in Victoria, Mahe island. As compared to other countries worldwide, Seychelles’ population growth and the death rate is quite low — actually, below average. About 20 percent of the population is made of young children below 15 years, while a sixth of the same population is made of young adults below the age of 30 years. In general, life expectancy in Seychelles is high compared to other countries in the world.
Sychelles Economic Facts
Seychelles business is categorized under the developing countries, and they depend a lot on the tourism industry and generally in the service sector. The GDP per capita, according to 2018 statistics, was about $16,400, while the GDP growth rate recorded a 3% annual change. And despite that the country has had some trade deficits, the economy is steadily growing, whereby the GDP increase rate is higher than the population growth rate. Also, in comparison to other African countries, Seychelles gross national income (GNI) per capita is better.
What are the main Seychelles business economic activities?
Agriculture in Seychelles only accounts for a small portion of the GDP because the available arable land for farming is both limited and inadequate in terms of soil quality. The country, therefore, relies a lot on imported foodstuffs. The only thing exported from the country includes vanilla, limes, cinnamon bark, copra, essential oils, and tea.
Fishing is a major activity or sector in Seychelles, and they get to supply both the domestic and international markets. Canned tuna is an essential product in the country.
The manufacturing sector is largely composed of alcohol beverage and soft drinks production, food processing, paint production, and animal feeds, among other goods. This sector accounts for a sixth of the GDP, and it’s rapidly growing.
When it comes to trade, Seychelles has had deficits that usually get offset from aid and investment or the tourism industry. The country receives financial aids mostly from the European Union, the World Bank, and African Development Bank. The aid received per capital is pretty high. The official currency gets issued from the Central Bank of Seychelles in Victoria. The main international trade partners include the United Arab Emirates, Italy, and the United Kingdom.
The Service Sector
The service sector is one of the biggest in Seychelles, employing a bigger portion of the population. It accounts for almost 80 percent of the GDP. Since the international airport in Mahe became operational in the year 1971, the tourism industry has experienced tremendous and steady growth. Thousands of tourists will flock to the country every year to enjoy the amazing attractions and fun experiences ranging from surfing, scuba diving, fishing, windsurfing, sunbathing, sailing and swimming.
Infrastructure in Seychelles
This includes transportation and telecommunication. The main transport means in Seychelles are ferry services connecting people from one island to another, air service from the Seychelles international airport and other small airports and airstrips, and paved road transportation. Seychelles does not have any railroad. When it comes to telecommunication, the infrastructure is significantly developed, and most people are using cellular telephones.
Government and Legal Framework in Seychelles
Seychelles is a republic island that is headed by a president who gets elected through a popular vote. The president can serve two consecutive terms (five years each) in the office. Seychelles is divided into 25 constitutional divisions. Every Seychellois can vote at the age of 17, and women can vie for any seat in the cabinet and national assembly.
The judiciary comprises of three main courts; Court of Appeal, The Supreme Court, which has a branch; Constitutional Court, and finally, the Magistrate’s Court. The defence forces, on the other hand, comprises of an army, a coast guard, and a national guard.
Education in Seychelles
Seychelles basic school system is compulsory and free. Almost all kids in the country comply with the 10-year public school education system. Since the University of Seychelles became operational in 2009, the literacy level has increased significantly for both men and women. Other people will go for further education in the western world, which makes the situation even better.
Safety and security: is Seychelles safe?
We have noted earlier that Seychelles is a famous destination for many tourists and the good news for these visitors is that the country is generally trouble-free. However, everyone, whether locals or tourists, must take necessary precautions to protect their belongings. Why? There are some reported cases of robberies, break-ins, opportunist thefts, and burglaries against expatriates, tourists, and even residents.
Wherever crime in Seychelles is usually non-violent. Yet, If you are walking at night, it would be safer if you do not carry your valuables, and if it is possible walk-in groups. Stay vigilant and aware of security issues like you would do in any other place. For instance, ensure that the accommodation you choose is secure, make use of hotel safes to store your valuables, avoid carrying large chunks of cash or expensive jewellery, and evade leaving your valuables in a car or anywhere unattended.
Business registration Seychelles
Primarily, the economy of Seychelles has been growing gradually and at a fast rate. One great thing about Seychelles is that, despite being a small island nation that is somehow isolated, it has unlimited business opportunities — open for all investors. To rephrase it, it means that citizens, residents, and foreigners are free to grab these opportunities. The government introduced a privatization process that helps to bring about growth, stimulate trade and productivity, create employment, promote competition, and provide incentives for different sectors in the country. Therefore this is a great measure, and more private investors are getting encouraged to start businesses today.
Some of the thriving and potential economic sectors include:
- Information technology (IT)
- Financial services
Seychelles offshore companies
For foreigners who aspire to own a business in Seychelles, this would be an excellent opportunity because the country is a famous offshore jurisdiction and serves as a regional business hub. The offshore sector is thriving, thanks to the stable and upbeat government, reliable infrastructure, modern business approach, fantastic tax benefits, and a strategic location.
The Seychelles investment board (SIB) is the place to visit. They have explained in detail how an investor can start a business (opens in a new tab) in the country from their website. The Seychelles international business authority (SIBA), on the other hand, comes in handy for foreign investors. They regulate everything from licensing, registration, and all other activities involved in offshore businesses.
Since Seychelles is a beautiful country with all the fun activities and tropical climate you may want in your next vacation. From these facts, you learn more about the country and how to remain safe throughout your visit or stay. Generally, Seychelles is a safe and secure country. Seychelles also offers unlimited opportunities to own a business for aspiring investors regardless of where they come from as long as they adhere to the rules and agreed processes of starting one.