IFLR 1000
The Guide to the World's Leading Financial Law Firms

Since the early 1990s, the Seychelles has been taking steps towards establishing itself as an offshore centre. Though the economy is still dominated by fishing and agriculture, a steady trickle of legislation enacted in the last two decades, such as the International Business Authority Act and the International Business Companies Act, has gradually pulled the jurisdiction that little bit closer to the other major offshore centres....

Since the early 1990s, the Seychelles has been taking steps towards establishing itself as an offshore centre. Though the economy is still dominated by fishing and agriculture, a steady trickle of legislation enacted in the last two decades, such as the International Business Authority Act and the International Business Companies Act, has gradually pulled the jurisdiction that little bit closer to the other major offshore centres.

Since 2008 the country has had legislation governing hedge funds and plans are underway to form a national stock exchange which would add yet another string to its bow.

The presence of international firm Appleby is also a sign that the jurisdiction is growing in stature and while the market is probably not large enough to support any other of the main offshore brands, it is a good sign of maturity.

The country can also point with pride to its status on the 'white list' of the OECD, a status not afforded to all offshore centres and one that can give confidence to potential investors.

Most of the firms on the island remain relatively small outfits consisting of one or two practitioners and like near neighbour Mauritius, the lines are often blurry between commercial firms and chambers with most practitioners acting in all capacities.