ABOUT SEYCHELLES

Amongst all the countries in the African continent, Seychelles is an archipelago nation located in the Indian Ocean, renowned as one of the smallest and most picturesque countries by land area. It is also one of the least populated nations in Africa. The capital of Seychelles is Victoria, located on Mahé island, which is the largest and most populous city. According to the report of the World Bank, Seychelles has been classified as a High-Income Nation, making it one of Africa’s wealthiest countries. The currency of Seychelles is the Seychellois Rupee (SCR), and the value of 1 Indian Rupee is approximately 0.16 Seychellois Rupee at the time of writing this article. The population of Seychelles was estimated to be around 107,000 in 2024. As an island nation, Seychelles shares maritime borders with several countries including Comoros, Madagascar, Mauritius, and France (Mayotte and Réunion). The official languages of the country are Seychellois Creole, English, and French. The majority of the Seychellois population practices Christianity (predominantly Roman Catholicism), with smaller communities adhering to other religions like Hinduism and Islam. Currently, Seychelles has one major international airport, Seychelles International Airport (SEZ) on Mahé, with regular flights available to various parts of the world, ensuring convenient air connectivity. As an island nation, Seychelles relies heavily on its seaports, particularly the Port of Victoria, which are crucial for fulfilling the country’s trade requirements, facilitating the import and export of goods and resources.

The corporate tax rate in Seychelles is generally 25% on the first SCR 1,000,000 of taxable income and 33% on income exceeding SCR 1,000,000. However, specific sectors like tourism or international businesses might have different tax treatments or incentives. Opesh Group of companies will be helping you in completing the Due Diligence process which includes financial planning, registration process, business options and if required, even helping you find a rental property for your office.

Establishing a business in Seychelles has to be done with utmost care, keeping in mind the laws of the country. The Seychelles Investment Board (SIB) and the Companies Act provide the legal framework for foreign investors. A foreign investor who is planning to start his business in Seychelles can form many different company types in the country, such as a Company Limited by Shares (Pty Ltd), a Branch Office, or an International Business Company (IBC). A Company Limited by Shares formed and registered in Seychelles generally allows foreign investors to own 100% of the company, making it a highly attractive destination for full foreign ownership.

In case an investor is planning to establish a Company Limited by Shares in Seychelles or a corporation business setup, Opesh Group will be helping you in taking the right decision for setting up your business in Seychelles and we will also guide you about how to follow the procedure while formulating your company in Seychelles.

Types of Business which can be started in Seychelles:

• Tourism: This is the cornerstone of the Seychellois economy. Opportunities abound in luxury resorts, eco-lodges, boutique hotels, guesthouses, specialized tour operations (diving, sailing, fishing charters), MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism, and culinary tourism.
• Fisheries & Aquaculture: As an island nation, the “Blue Economy” is key. Opportunities exist in sustainable fishing, fish processing, aquaculture (e.g., shrimp farming), seafood export, and related marine industries.
• Financial Services: Seychelles is a well-established offshore financial center. Opportunities include setting up international business companies (IBCs), investment funds, offshore banking, trust services, and specialized financial advisory services.
• Real Estate: High demand for luxury properties, villas, and apartments for expatriates and tourists presents opportunities in property development, real estate agency, and property management, particularly on the main islands.
• Renewable Energy: With a strong focus on sustainability, Seychelles is looking for investment in solar, wind, and other renewable energy projects to reduce reliance on fossil fuels.
• Agriculture & Agro-processing: While limited land, there are niche opportunities in cultivating high-value crops (e.g., spices, exotic fruits), organic farming, and processing local produce for the tourism sector or export.
• Information & Communication Technologies (ICT): Opportunities exist in developing digital solutions for tourism, fintech services, e-commerce platforms, and improving internet connectivity and digital infrastructure.
• Logistics & Trade: Its strategic location in the Indian Ocean makes it a potential hub for transshipment and logistics services, especially for goods moving between Africa, Asia, and the Middle East.

Advantages of Starting Business in Seychelles:

• Political Stability and Good Governance: Seychelles is known for its stable political environment and commitment to good governance, providing a secure and predictable investment climate.
• Strategic Location: Situated in the Indian Ocean, it offers a strategic advantage for businesses looking to access markets in Africa, Asia, and the Middle East.
• High-Income Economy: Being a high-income nation means higher purchasing power and a demand for quality goods and services.
• Attractive Investment Incentives: The government offers various incentives to attract foreign investment, particularly in priority sectors like tourism, renewable energy, and the blue economy.
• Business-Friendly Environment: The country has a relatively straightforward business registration process and a supportive regulatory framework for investors.
• Gateway to the Indian Ocean: Its well-developed port and airport facilitate trade and logistics, making it a convenient base for regional operations.
• Strong Tourism Sector: The well-established and growing tourism industry provides a steady stream of revenue and opportunities for related businesses.

Business Opportunities for Indians in Seychelles:

There are excellent business opportunities in Seychelles for new investors who are planning to start their business abroad. Seychelles has a proactive approach to attracting foreign investment, particularly from countries like India with strong economic ties. Indian investors can find vast opportunities in the tourism sector (especially luxury hospitality), financial services, fisheries, renewable energy, and even in niche areas of agriculture and real estate. The long-standing warm bilateral relations and India’s developmental assistance to Seychelles further facilitate Indian investment.

Imports & Exports:

Many goods are imported and exported from Seychelles. Imports and exports business is an ever-growing business in any country; however, you need to do proper R&D before investing in that product which you can import or export. You need to check whether that product is suitable for your target market and how much revenue you will be able to generate from that market.

Major items which are exported from Seychelles to India:

• Prepared fish (especially tuna)
• Fish fillets
• Scrap Vessels (ships for breaking)
• Some re-exports

Major items which are imported in Seychelles from India:

• Petroleum oils (refined)
• Pharmaceutical products
• Rice and other food products
• Machinery and equipment
• Vehicles (including two-wheelers)
• Textiles
• Plastics
• Iron and steel products
• Precious stones and jewelry (for tourism)

Manufacturing:

Opportunities in manufacturing are largely focused on light industries and value-addition to local resources, particularly in fish processing, packaging for export, and potentially small-scale production of goods for the tourism sector (e.g., souvenirs, resort amenities).

Mining:

Seychelles has no significant mineral mining industry. Its natural resources are primarily marine (fisheries) and its pristine environment, which supports tourism. There is no large-scale mining potential.

Major Indian companies which are currently working in Seychelles:

While specific large Indian conglomerates might not have extensive manufacturing setups due to the country’s size, Indian businesses have a significant presence, especially in:

• Hospitality/Tourism: Several Indian investors and hotel groups have invested in resorts and hospitality businesses.

• Financial Services: Indian banks and financial institutions may have relationships or operations linked to the offshore sector.

• Trade: Indian traders are key in supplying goods to Seychelles, including food items, pharmaceuticals, and consumer goods.

• Infrastructure/Construction: Indian companies have participated in various infrastructure projects funded through Indian lines of credit (e.g., housing, defence projects).

• Healthcare: Indian medical professionals and pharmaceutical companies have a presence in the healthcare sector.

• GDP = $1.76 billion (2023 est.)

• GDP Growth = 4.4% (2023 est.)

• Ease of doing business rank = 96 (2020)

• GDP per Capita = $17,500 (2023 est.)

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