Last Updated on June 2, 2022 by Steven
Investment in Seychelles
Seychelles has always been an attractive destination for visitors. With COVID-19 affecting the tourism sector, the country took a massive hit both economically and financially. But the deputy CEO of Seychelles Investment Board (SIB), Mr. Lenny Gabriel, believes it is time for recovery. The country is doing everything possible to recover by finding ways for investors interested in investing, especially those who want to explore the FDI opportunities in Seychelles.
Although COVID-19 has affected the local business heavily, there is a silver lining to it. It unearthed some unexplored business opportunities, illuminating the light to fields like fishery that could benefit from an investment boost.
But, is there any benefit to investing in Seychelles?
The Country’s Economy is on the Rise
Seychelles is a tropical paradise that evokes the most positive emotions in most people. The country has been experiencing a constant rise in its economy for the past couple of years. The GDP (Gross Domestic Profit) is also rising, which has seen it rank among the top 30 countries with the highest per capita income in Africa. It is one reason there is significant interest from investors who want to invest through investments such as FDI (Foreign Direct Investments).
Seychelles is Well-Developed
Although this may not be an advantage for some investors, it is a positive point to have. Seychelles has all the basic needs covered for its citizens. Citizens have full access to medical treatment, education, water supply, and so on. It makes it possible for most people investing in Seychelles to expand their business interests since the country has all the facilities needed for running a business successfully.
96% literacy rate
Seychelles has one of the highest literacy rates in Africa. It makes it easy for investors to find a competent workforce. The country also has different training centers that provide specialized training in various fields, which is another advantage for investors who want to conduct their operations in Seychelles.
Politically Stable Environment
Seychelles is relatively a politically stable country, and this has been one reason for its economic growth. There is no fear of inquisitions owing to political issues. Even with a few challenges in the past, the country has handled them professionally, contributing to its stability.
How to invest in Seychelles
When you want to start your investment in Seychelles, it is necessary that you first contact the SIB. SIB plays a considerable role in shaping the strategy for foreign investors interested in investing in Seychelles. They have all the information regarding what businesses could be successful in Seychelles, and they could give you more information.
So, how do you go about starting a business in Seychelles?
Share your Business Plan with SIB
The first step is to share your business plan with SIB. Let them know what kind of business you intend to run in Seychelles. Depending on the industry, they will guide you on whether you can run it successfully in Seychelles.
Apply for Business Registration and Licensing
This is the second step, and many investors still make a mistake by skipping this step. They do not realize that there could be many challenges if they operate without getting their business registered with the government.
Get A Tax Number
Once you get to this stage, it means that you are now officially in Seychelles as an investor. It would help if you got a TIN by registering at the Seychelles Revenue Commission (SRC).
As an investor, you will need to pay taxes on your income. Many investors do not want to go through this step because it is tedious. However, if you intend on conducting your business successfully in Seychelles, this would be very important for you to complete satisfactorily.
Get A Project Planning Approval
If you intend to conduct your business in Seychelles, you must complete the second to the fourth step before engaging in any business activity. That way, you will get project planning approval. It means that you get authority from the Seychelles Planning Authority to set up any infrastructure in the country, which is crucial for ensuring success. If you want to change the purpose of a building, get a letter from the SIB that supports the business change.
Get A License
Getting a license is also another crucial step for you to run a business in Seychelles. You will need to get the necessary licensing documents for your business operations to be considered legal and approved in the country.
Register for A Gainful Occupation Permit (GOP)
Finally, you will need to get a Gainful Occupation Permit (GOP) from the Seychelles Department of Employment which is the last step. Once you complete this step, you can begin running your business in Seychelles.
To conclude, Seychelles is a country with a lot of investment potential if you have the determination and resources to go through with the entire process of setting up a business in Seychelles.
Seychelles stands as a good investment destination for those who are looking to expand their business interests. Aside from the country’s solid economic growth, Seychelles is also a vast source of natural resources. It ranks as one of the best countries in fisheries and tourism, owing to its natural beauty and attractiveness as a tourist destination.