Economy of Seychelles

The economy of Seychelles is greatly depending on industry of fishing, and the industry of tourism. The industry of coconut processing and vanilla production also play a very major role in the economy of Seychelles.

The products manufactured from coir or coconut fibre, such as rope, building of boats are major products that have a great value in economy of Seychelles. Other industries, such as printing industry, furniture making and beverage brewing are also products of great importance that help the economy of Seychelles.

The agriculture produces contributing greatly to the economy of Seychelles are cinnamon, sweet potatoes, cassava or tapioca, bananas, poultry products and production of tuna fish in fishing industry.

The economy of Seychelles is dominated by the public sector industries and the government owned enterprises, in term of providing employment to people of Seychelles. They also dominate the gross revenue, by employing about two third of the total labour force at Seychelles. This consumption by government absorbs about over one third of the national GDP.

Tourism is the most serious industry of Seychelles. This divided the economy of Seychelles into two segments, the plantation and tourism. The financial returns from the tourism industry were better than the plantation industry. This limited the expansion of plantation sector.

This resulted into gradual decline in the plantation economy of Seychelles. The industry of tourism and the industry of fishing took over as the primary industries in the economy of Seychelles. The 33% of work force that was working in plantations in the year 1960 has come down to 3% in the year 2006.

The exports of agricultural products, such as cinnamon and copra are badly affected in Seychelles. The growth in Seychelles economy was registered its post independence era after the year 1976. It has come to near subsistence level now. This was made possible by the tourism industry in Seychelles, which is currently employing about 30% of the total labour force.

Why form an offshore company in Seychelles?

The Republic of Seychelles is a sovereign state located near Madagascar in the Indian Ocean. There is no tax for companies doing business outside its territory. Also the labour cost is pretty low.

Form an Offshore Company in Seychelles

Benefits of Forming an Offshore Company in Seychelles

  1. 0% tax on income, capital gains, stamp duty and exchange controls
  2. Availability of Off The Shelf companies
  3. No requirement to file annual return
  4. No local member required
  5. Form company within 24 hours
  6. Minimum government fees is 100 USD