Find Banking and Financial Services expertise in Seychelles
There are numerous commercial banks operating in the Seychelles including Barclays, Banque Francaise Commerciale (BFC), Bank of Baroda, Habib Bank, Mauritius Commercial Bank, Seychelles International Mercantile Banking Corporation (SIMBC) – Nuovobanq and the Seychelles Savings Bank of which Barclays and Nouvobanq have offshore banking licenses. Other companies include the Development Bank of Seychelles (DBS), which caters to small and medium-sized entrepreneurial projects, and the Seychelles Credit Union; Sterling Offshore Limited; and Appleby Global. In addition to these services, there were 14 licensed foreign exchange bureaus registered in the country in 2012. Seychelles is a signatory of the Cotonou Agreement which allows access to the facilities of the European Investment Bank (EIB).It s a member of various banking and financial corporations, partnerships and banks including: the World Bank and International Finance Corporation (IFC), African Development Bank, the Development Bank of Southern Africa, the Industrial Development Corporation of South Africa Ltd and the New Partnership for Africa’s Development.
Regulation of Financial Services
The Central Bank of Seychelles is responsible for regulating all monetary issues within the country and for the development of the financial sector. The Central Bank regulates and supervises commercial banks operating in the Seychelles as well as non-domestic banking under the Financial Institutions Act 2004. The Seychelles International Business Authority (SIBA) is an off-shore regulatory body established in 1994; now anchored as a reputable offshore jurisdiction with board members from both the public and private sectors. It is the registrar for various international business bodies and for free trade zone activities, and regulates the Seychelles International Trade Zone (SITZ).
Development of Financial Services
The World Bank’s Ease of Doing Business Index (2011) reports that, in overall ease of doing business, the Seychelles comes in a strong 8th position out of 46 countries in the region. Although there is scope for improvement when it comes to getting credit with the Seychelles ranking in the last quarter of the group, the country comes 9th in protecting investors. This report reflects the wide range of services available in this offshore financial centre.