Legislative change creates offshore opportunity
Divino Sabino
Pardiwalla Twomey Lablache
Victoria
Changes in government economic policy and a number of legislative enactments over the past 15 years have led to significant business developments in the Seychelles, with the result that the islands, historically of an agriculture and fisheries-based economy, have emerged as an offshore business centre and are now in competition with the more traditional offshore jurisdictions. The government has passed laws to attract foreign direct investment (FDI), especially in the tourism industry, which has, since the seventies, been an important pillar of the Seychelles economy. More recently, the floatation of the Seychelles rupee and the relaxation on the trading of foreign exchange in the country has led to the increased competitiveness of the Seychelles rupee and provided further incentives for FDI.
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