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  SEYCHELLES UPDATEIBC formations The International Business Companies Registrar has recently incorporated its 13,500 IBC, which puts the number of incorporations for this year in line with SIBA’s projection and demonstrates confidence in the Seychelles offshore industry. New legislation The Companies (Special Licences), the Limited Partnership, the Protected Cell Companies and the Interactive Gambling Acts entered into force on 01 September 2003. SIBA has been vested as the Authority for administering the legislation and has already commenced issuing the necessary certificates to applicant companies. Meanwhile, the International Corporate Service Providers Act has been approved by the National Assembly. The legislation will provide the regulatory framework for corporate service providers and trustees, which is in line with the requirements of the OECD on exchange of information and the FATF’s requirements on KYC compliance and anti-money laundering principles. The Act provides an incentive programme which allows for a reduced rate of taxation on profits, social security contributions and import duties. Furthermore, the incentives have been designed to attract professional to Seychelles by providing reduced rates for work permits. |