Country Snapshot
| Population (2019, millions)¹ | 0.1 (97,000) |
| Population Projections (2030, millions)¹ | 0.1 (99,000) |
| Capital | Victoria |
| Surface Area (km²)² | 460 |
| Weather¹¹ | At Sea Level: Hottest month, April, 26-31°C; coldest months, July-August, 24-29°C; driest month, June, 54 mm average rainfall; wettest month, January, 405 mm average rainfall |
| Languages³ | Official: Creole, English and French |
| Main Religions³ | Main: Roman Catholic – Others: Anglican, Pentecoastal Assembly, Seventh-Day Adventist, other Protestants and Christian, Hindu, Muslim, others and none |
| Time⁴ | Seychelles Time (SCT) +0400 UTC |
| Driving Orientation⁵ | Left Side |
| Internet Country Code⁶ | .sc |
| Country Calling Code | +248 |
| Plug, Socket and Voltage⁷ | Type G – 240V/50Hz |
| Currency | Seychellois Rupee (SCR) – 1/100 = Cent |
| Exchange Rate (As of 20 February 2019, per USD)⁸ | 13.74 (buy rate) |
| GDP at Market Prices (2018, current, billions of USD)⁹ | 1.59 |
| GDP Growth (2018, annual %)⁹ | 3.63 |
| Average GDP Growth (2014-2018, annual %)⁹ | 4.38 |
| GDP per Capita, PPP (2018, current international $)⁹ | 30,503 |
| Inflation, Consumer Prices (2018, annual %)⁹ | 3.7 |
| Average Inflation, Consumer Prices (2014-2018, annual %)⁹ | 2.19 |
| Total Reserves in Months of Imports (2018)⁹ | 3.23 |
Sources:
¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, “Worldwide Driving Orientation by Country”.
⁶Wikipedia, “List of Internet top-level domains”; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸Central Bank of Seychelles.
⁹World Bank, World Development Indicators 2019.
¹¹Economist Intelligence Unit.
Reasons to Invest in Seychelles
- Located in the heart of the Indian Ocean with excellent air connectivity to major hubs in the Middle East, Europe, Africa and Asia.
- The main population is situated outside the cyclonic belt
- Favorable time zone of GMT+4.
- Temperature ranges from 25-32 degrees Celsius throughout the year.
- 96% literacy rate with increasingly educated and skilled workforce.
- Politically and economically stable environment.
- A growing economy with expanding opportunities in Fisheries, Agriculture, Real Estate, Adventure Tourism, ICT and Energy.
- Fiscal incentives for investments in the Tourism, Agriculture, Energy and Fisheries sector.
- 1st in Africa and 28th in the world on the Corruptions Perceptions Index 2018.
- 2nd Highest GDP per Capita in Africa.
- Offers a world class financial center with no foreign exchange restrictions.
- Ranked 2nd for the Mo Ibrahim Index of African Governance.
- Ranked 2nd in Africa on the corruption Perception Index (Transparency
- International).
- Ranked 1st in Africa for Human Development Index.
Source: Seychelles Investment Board – SIB.
Population
Population Projections (millions)
| Population (2019) | 0.1 |
| Population Projections (2030) | 0.1 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Population Residing in Urban Areas (%)
| Population Projections (2019) | 57.11 |
| Percentage of Population Residing in Urban Areas (2030) | 61.74 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Youth Literacy Rates (2017, %)
| Youth Literacy Rate, Population 15-24 Years, Both Sexes | 99.07 |
| Youth Literacy Rate, Population 15-24 Years, Female | 99.6 |
| Youth Literacy Rate, Population 15-24 Years, Male | 98.56 |
Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.
Labour
Unemployment (2018, % of Total Labour Force)
| Unemployment, Total | 4.4 |
| Unemployment, Female | 5.2 |
| Unemployment, Male | 3.7 |
Source: Seychelles National Bureau of Statistics, Quarterly Unemployment Statistics 2015, 2015/Q4.
Labour Force (2015, % of Ages 15+)
| Labour Force Participation Rate, Total | 71.1 |
| Labour Force Participation Rate, Female | 67.3 |
| Labour Force Participation Rate, Male | 75.3 |
Source: Seychelles National Bureau of Statistics, Quarterly Unemployment Statistics 2015, 2015/Q4.
Economy Overview
GDP
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| GDP at Market Prices (current, billions of USD) | 1.343 | 1.377 | 1.427 | 1.503 | 1.590 |
| GDP Growth (annual %) | 4.5 | 4.93 | 4.5 | 4.33 | 3.63 |
Source: World Bank, World Development Indicators 2019.
Value Added by Sector (% of GDP)
| Indicator | 2018 | 2019 |
| Agriculture | 3.17 | 3.04 |
| Manufacturing | 9.07 | 8.83 |
| Industry | 17.19 | 17.03 |
| Services | 98.65 | 98.93 |
| Construction | 4.29 | 4.34 |
| Electricity, gas and water | 3.82 | 3.86 |
| Mining and quarrying | 0.00 | 0.00 |
| Education | 2.89 | 2.82 |
| Finance, real estate and business services | 34.04 | 33.94 |
| Public administration and Defense | 9.56 | 9.67 |
| Health and Social Work | 2.45 | 2.46 |
| Other services | 1.55 | 1.54 |
| Transport, storage and communication | 21.94 | 22.54 |
| Wholesale and retail trade, hotels and restaurants | 28.40 | 28.18 |
Source: AFDB Socio Economic Database.
Trade Profile
Import Partners (USD ‘000)
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| World | 927,135 | 975,338 | 1,583,038 | 1,348,553 | 1,669,010 |
| United Arab Emirates | 331,675 | 254,354 | 249,601 | 344,534 | 379,746 |
| France | 87,961 | 76,138 | 141,032 | 116,472 | 151,459 |
| Netherlands | 10,349 | 13,039 | 22,867 | 50,083 | 141,075 |
| Malta | 86 | 117 | 182 | 79 | 121,836 |
| Italy | 20,067 | 23,103 | 32,025 | 29,506 | 106,097 |
Source: COMTRADE Statistics.
Export Partners (USD ‘000)
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| World | 550,706 | 473,850 | 483,891 | 591,606 | 851,677 |
| United Arab Emirates | 190,223 | 140,782 | 126,763 | 180,143 | 201,414 |
| France | 131,334 | 93,227 | 110,271 | 106,556 | 128,992 |
| United Kingdom | 109,893 | 84,541 | 74,346 | 76,609 | 86,149 |
| Cayman Islands | 84,118 | ||||
| United Kingdom | 48 | 1 | 19 | 197 | 75,189 |
Source: COMTRADE Statistics.
Seychelles’ Top Import Products (USD ‘000)
| Chapter | Description | 2014 | 2015 | 2016 | 2017 | 2018 |
| All products | 927,135 | 975,338 | 1,583,038 | 1,348,553 | 1,669,010 | |
| 89 | Ships, boats and floating structures | 38,288 | 59,815 | 575,098 | 128,293 | 502,913 |
| 27 | Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes | 281,304 | 173,513 | 191,986 | 213,711 | 260,189 |
| 03 | Fish and crustaceans, molluscs and other aquatic invertebrates | 129,110 | 96,527 | 123,855 | 164,423 | 163,810 |
| 84 | Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof | 56,224 | 1,867 | 71,036 | 142,807 | 82,699 |
| 85 | Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles | 47,794 | 80,447 | 67,481 | 51,319 | 63,859 |
Source: COMTRADE Statistics.
Investment Profile
FDI Inflows (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Inflows | 155.2 | 191.9 | 119.5 | 143.7 | 122.3 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Outflows (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Outflows | 10.3 | 5.9 | 5.1 | 2.1 | 10.2 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inward Stock (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Inward Stock | 2,917.0 | 2,899.5 | 3,019.1 | 3,162.8 | 3,285.1 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Outward Stock (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Outward Stock | 320.3 | 287.5 | 292.6 | 290.5 | 300.8 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inflows Main Source Countries (in terms of number of projects)
UAE, India, Sri Lanka, Canada, Bahrain, Bermuda, France, Germany, Hungary, and Mauritius
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Sectors (in terms of number of projects)
Financial Services, Hotels and Tourism, Business Services, Communications, Transportation, Consumer Products, Food and Tobacco, and Software and IT services.
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Companies (in terms of number of projects)
UAE Exchange Centre, Four Seasons Hotels & Resorts, Hatsun Agro Product (HAPL), Emirates Airline, TriGranit, Albwardy Investment, Club Mediterranee, Telecom Seychelles, Jordans, and Bharti Airtel.
Source: Financial Times, fDi Markets, 2018
Doing Business
Overall Doing Business Ranking
| 2020 | 100/190 |
| 2019 | 96/190 |
Source: World Bank, Doing Business, 2020
Starting a Business
| 2020 Rank | 147/190 |
| Procedures (number) | 9 |
| Time (days) | 32 |
| Cost (% of income per capita*) | 12.5 |
| Paid-in Minimum Capital (% of income per capita*) | 0.0 |
*GNI per capita used: USD 15,600
Source: World Bank, Doing Business, 2020
Paying Taxes
Paying Taxes
| 2020 Rank | 36/190 |
| Payments (number per year) | 29 |
| Time (hours per year) | 85 |
| Total Tax Rate (% of profit) | 30.1 |
| Profit Tax (% of profit) | 18.8 |
| Labor Tax and Contributions (% of profit) | 2.3 |
| Other Taxes (% of profit) | 9.1 |
Source: World Bank, Doing Business, 2020
Trading Across Borders
| 2020 Rank | 98/190 |
| Time to Export: Border Compliance (hours) | 82 |
| Cost to Export: Border Compliance (USD) | 332 |
| Time to Export: Documentary Compliance (hours) | 44 |
| Cost to Export: Documentary Compliance (USD) | 115 |
| Time to Import: Border Compliance (hours) | 97 |
| Cost to Import: Border Compliance (USD) | 341 |
| Time to Import: Documentary Compliance (hours) | 33 |
| Cost to Import: Documentary Compliance (USD) | 93 |
Assumptions
- It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
- It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
- A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
- Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
- If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
- The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
- Time is measured in hours, and 1 day is 24 hours.
- Costs do not include tariffs.
Source: World Bank, Doing Business, 2020
Investment Regime
Legal Framework
Seychelles Investment Act (2010)
Key guarantees in terms of investment protection include:
- Every investor shall be accorded fair and equitable treatment
- Investor support to facilitate and implement the investments
- Protection against expropriation or nationalization of investments
- The establishment of an Investment Appeal Panel
Investment Incentives
Business Tax Brackets
- The rates of business tax payable as per section 2 of the Business Tax (Amendment of Schedules) Regulations, 2012:
- In the case an individual and partnership the rate is 0% on the first SCR150,000 of the taxable income, 15% between SCR150,001 and SCR1,000,000 of taxable income, and 30% on the remainder.
- In the case of a company, government body or a trustee the rate is 25% on the first SCR1,000,000 of taxable income and 30% on the remainder.
- In the case of telecommunications service providers, banks, insurance companies, alcohol and tobacco manufacturers the rate is 25% on the first SCR1,000,000 and 33% on the remainder.
- In its continuous efforts to bring more fairness to the tax system, the Government introduced the Progressive Personal Income Tax system in 2011 and the Value Added Tax in 2012. The two taxes replaced the social security system and the goods and services tax that had been in use beforhand.
Presumptive Tax
- The Presumptive Tax regime was introduced for small businesses with an annual turnover that is below SCR 1,000,000. This includes sole traders, partnerships and companies not registered for Value Added Tax (VAT). For presumptive tax the rate is 1.5%. While the presumptive tax removes all obligations related to Business Tax and VAT, those related to employment (employers’ obligations under the Income and Non-Monetary Benefits Tax) still remain.
Other Reasons to Invest:
- Registration of companies is fast and efficient
- 96% literacy rate with increasingly educated and skilled workforce
- Excellent conference facilities and incentive trips tailored for companies which includes sporting facilities from golf, fitness programmes, water sports and game fishing.
- Low unemployment rate of 7% (2019)
Source: National Bureau of Statistics Seychelles & Seychelles Investment Board (SIB).
Country Snapshot
| Population (2019, millions)¹ | 0.1 (97,000) |
| Population Projections (2030, millions)¹ | 0.1 (99,000) |
| Capital | Victoria |
| Surface Area (km²)² | 460 |
| Weather¹¹ | At Sea Level: Hottest month, April, 26-31°C; coldest months, July-August, 24-29°C; driest month, June, 54 mm average rainfall; wettest month, January, 405 mm average rainfall |
| Languages³ | Official: Creole, English and French |
| Main Religions³ | Main: Roman Catholic – Others: Anglican, Pentecoastal Assembly, Seventh-Day Adventist, other Protestants and Christian, Hindu, Muslim, others and none |
| Time⁴ | Seychelles Time (SCT) +0400 UTC |
| Driving Orientation⁵ | Left Side |
| Internet Country Code⁶ | .sc |
| Country Calling Code | +248 |
| Plug, Socket and Voltage⁷ | Type G – 240V/50Hz |
| Currency | Seychellois Rupee (SCR) – 1/100 = Cent |
| Exchange Rate (As of 20 February 2019, per USD)⁸ | 13.74 (buy rate) |
| GDP at Market Prices (2018, current, billions of USD)⁹ | 1.59 |
| GDP Growth (2018, annual %)⁹ | 3.63 |
| Average GDP Growth (2014-2018, annual %)⁹ | 4.38 |
| GDP per Capita, PPP (2018, current international $)⁹ | 30,503 |
| Inflation, Consumer Prices (2018, annual %)⁹ | 3.7 |
| Average Inflation, Consumer Prices (2014-2018, annual %)⁹ | 2.19 |
| Total Reserves in Months of Imports (2018)⁹ | 3.23 |
Sources:
¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, “Worldwide Driving Orientation by Country”.
⁶Wikipedia, “List of Internet top-level domains”; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸Central Bank of Seychelles.
⁹World Bank, World Development Indicators 2019.
¹¹Economist Intelligence Unit.
Reasons to Invest in Seychelles
- Located in the heart of the Indian Ocean with excellent air connectivity to major hubs in the Middle East, Europe, Africa and Asia.
- The main population is situated outside the cyclonic belt
- Favorable time zone of GMT+4.
- Temperature ranges from 25-32 degrees Celsius throughout the year.
- 96% literacy rate with increasingly educated and skilled workforce.
- Politically and economically stable environment.
- A growing economy with expanding opportunities in Fisheries, Agriculture, Real Estate, Adventure Tourism, ICT and Energy.
- Fiscal incentives for investments in the Tourism, Agriculture, Energy and Fisheries sector.
- 1st in Africa and 28th in the world on the Corruptions Perceptions Index 2018.
- 2nd Highest GDP per Capita in Africa.
- Offers a world class financial center with no foreign exchange restrictions.
- Ranked 2nd for the Mo Ibrahim Index of African Governance.
- Ranked 2nd in Africa on the corruption Perception Index (Transparency
- International).
- Ranked 1st in Africa for Human Development Index.
Source: Seychelles Investment Board – SIB.
Population
Population Projections (millions)
| Population (2019) | 0.1 |
| Population Projections (2030) | 0.1 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Population Residing in Urban Areas (%)
| Population Projections (2019) | 57.11 |
| Percentage of Population Residing in Urban Areas (2030) | 61.74 |
Source: United Nations Population Division, Department of Economic and Social Affairs.
Youth Literacy Rates (2017, %)
| Youth Literacy Rate, Population 15-24 Years, Both Sexes | 99.07 |
| Youth Literacy Rate, Population 15-24 Years, Female | 99.6 |
| Youth Literacy Rate, Population 15-24 Years, Male | 98.56 |
Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.
Labour
Unemployment (2018, % of Total Labour Force)
| Unemployment, Total | 4.4 |
| Unemployment, Female | 5.2 |
| Unemployment, Male | 3.7 |
Source: Seychelles National Bureau of Statistics, Quarterly Unemployment Statistics 2015, 2015/Q4.
Labour Force (2015, % of Ages 15+)
| Labour Force Participation Rate, Total | 71.1 |
| Labour Force Participation Rate, Female | 67.3 |
| Labour Force Participation Rate, Male | 75.3 |
Source: Seychelles National Bureau of Statistics, Quarterly Unemployment Statistics 2015, 2015/Q4.
Economy Overview
GDP
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| GDP at Market Prices (current, billions of USD) | 1.343 | 1.377 | 1.427 | 1.503 | 1.590 |
| GDP Growth (annual %) | 4.5 | 4.93 | 4.5 | 4.33 | 3.63 |
Source: World Bank, World Development Indicators 2019.
Value Added by Sector (% of GDP)
| Indicator | 2018 | 2019 |
| Agriculture | 3.17 | 3.04 |
| Manufacturing | 9.07 | 8.83 |
| Industry | 17.19 | 17.03 |
| Services | 98.65 | 98.93 |
| Construction | 4.29 | 4.34 |
| Electricity, gas and water | 3.82 | 3.86 |
| Mining and quarrying | 0.00 | 0.00 |
| Education | 2.89 | 2.82 |
| Finance, real estate and business services | 34.04 | 33.94 |
| Public administration and Defense | 9.56 | 9.67 |
| Health and Social Work | 2.45 | 2.46 |
| Other services | 1.55 | 1.54 |
| Transport, storage and communication | 21.94 | 22.54 |
| Wholesale and retail trade, hotels and restaurants | 28.40 | 28.18 |
Source: AFDB Socio Economic Database.
Trade Profile
Import Partners (USD ‘000)
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| World | 927,135 | 975,338 | 1,583,038 | 1,348,553 | 1,669,010 |
| United Arab Emirates | 331,675 | 254,354 | 249,601 | 344,534 | 379,746 |
| France | 87,961 | 76,138 | 141,032 | 116,472 | 151,459 |
| Netherlands | 10,349 | 13,039 | 22,867 | 50,083 | 141,075 |
| Malta | 86 | 117 | 182 | 79 | 121,836 |
| Italy | 20,067 | 23,103 | 32,025 | 29,506 | 106,097 |
Source: COMTRADE Statistics.
Export Partners (USD ‘000)
| 2014 | 2015 | 2016 | 2017 | 2018 | |
| World | 550,706 | 473,850 | 483,891 | 591,606 | 851,677 |
| United Arab Emirates | 190,223 | 140,782 | 126,763 | 180,143 | 201,414 |
| France | 131,334 | 93,227 | 110,271 | 106,556 | 128,992 |
| United Kingdom | 109,893 | 84,541 | 74,346 | 76,609 | 86,149 |
| Cayman Islands | 84,118 | ||||
| United Kingdom | 48 | 1 | 19 | 197 | 75,189 |
Source: COMTRADE Statistics.
Seychelles’ Top Import Products (USD ‘000)
| Chapter | Description | 2014 | 2015 | 2016 | 2017 | 2018 |
| All products | 927,135 | 975,338 | 1,583,038 | 1,348,553 | 1,669,010 | |
| 89 | Ships, boats and floating structures | 38,288 | 59,815 | 575,098 | 128,293 | 502,913 |
| 27 | Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes | 281,304 | 173,513 | 191,986 | 213,711 | 260,189 |
| 03 | Fish and crustaceans, molluscs and other aquatic invertebrates | 129,110 | 96,527 | 123,855 | 164,423 | 163,810 |
| 84 | Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof | 56,224 | 1,867 | 71,036 | 142,807 | 82,699 |
| 85 | Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles | 47,794 | 80,447 | 67,481 | 51,319 | 63,859 |
Source: COMTRADE Statistics.
Investment Profile
FDI Inflows (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Inflows | 155.2 | 191.9 | 119.5 | 143.7 | 122.3 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Outflows (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Outflows | 10.3 | 5.9 | 5.1 | 2.1 | 10.2 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inward Stock (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Inward Stock | 2,917.0 | 2,899.5 | 3,019.1 | 3,162.8 | 3,285.1 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Outward Stock (millions of USD)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 |
| FDI Outward Stock | 320.3 | 287.5 | 292.6 | 290.5 | 300.8 |
Source: United Nations Conference on Trade and Development, World Investment Report 2021
FDI Inflows Main Source Countries (in terms of number of projects)
UAE, India, Sri Lanka, Canada, Bahrain, Bermuda, France, Germany, Hungary, and Mauritius
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Sectors (in terms of number of projects)
Financial Services, Hotels and Tourism, Business Services, Communications, Transportation, Consumer Products, Food and Tobacco, and Software and IT services.
Source: Financial Times, fDi Markets, 2018
FDI Inflows Main Companies (in terms of number of projects)
UAE Exchange Centre, Four Seasons Hotels & Resorts, Hatsun Agro Product (HAPL), Emirates Airline, TriGranit, Albwardy Investment, Club Mediterranee, Telecom Seychelles, Jordans, and Bharti Airtel.
Source: Financial Times, fDi Markets, 2018
Doing Business
Overall Doing Business Ranking
| 2020 | 100/190 |
| 2019 | 96/190 |
Source: World Bank, Doing Business, 2020
Starting a Business
| 2020 Rank | 147/190 |
| Procedures (number) | 9 |
| Time (days) | 32 |
| Cost (% of income per capita*) | 12.5 |
| Paid-in Minimum Capital (% of income per capita*) | 0.0 |
*GNI per capita used: USD 15,600
Source: World Bank, Doing Business, 2020
Paying Taxes
Paying Taxes
| 2020 Rank | 36/190 |
| Payments (number per year) | 29 |
| Time (hours per year) | 85 |
| Total Tax Rate (% of profit) | 30.1 |
| Profit Tax (% of profit) | 18.8 |
| Labor Tax and Contributions (% of profit) | 2.3 |
| Other Taxes (% of profit) | 9.1 |
Source: World Bank, Doing Business, 2020
Trading Across Borders
| 2020 Rank | 98/190 |
| Time to Export: Border Compliance (hours) | 82 |
| Cost to Export: Border Compliance (USD) | 332 |
| Time to Export: Documentary Compliance (hours) | 44 |
| Cost to Export: Documentary Compliance (USD) | 115 |
| Time to Import: Border Compliance (hours) | 97 |
| Cost to Import: Border Compliance (USD) | 341 |
| Time to Import: Documentary Compliance (hours) | 33 |
| Cost to Import: Documentary Compliance (USD) | 93 |
Assumptions
- It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
- It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
- A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
- Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
- If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
- The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
- Time is measured in hours, and 1 day is 24 hours.
- Costs do not include tariffs.
Source: World Bank, Doing Business, 2020
Investment Regime
Legal Framework
Seychelles Investment Act (2010)
Key guarantees in terms of investment protection include:
- Every investor shall be accorded fair and equitable treatment
- Investor support to facilitate and implement the investments
- Protection against expropriation or nationalization of investments
- The establishment of an Investment Appeal Panel
Investment Incentives
Business Tax Brackets
- The rates of business tax payable as per section 2 of the Business Tax (Amendment of Schedules) Regulations, 2012:
- In the case an individual and partnership the rate is 0% on the first SCR150,000 of the taxable income, 15% between SCR150,001 and SCR1,000,000 of taxable income, and 30% on the remainder.
- In the case of a company, government body or a trustee the rate is 25% on the first SCR1,000,000 of taxable income and 30% on the remainder.
- In the case of telecommunications service providers, banks, insurance companies, alcohol and tobacco manufacturers the rate is 25% on the first SCR1,000,000 and 33% on the remainder.
- In its continuous efforts to bring more fairness to the tax system, the Government introduced the Progressive Personal Income Tax system in 2011 and the Value Added Tax in 2012. The two taxes replaced the social security system and the goods and services tax that had been in use beforhand.
Presumptive Tax
- The Presumptive Tax regime was introduced for small businesses with an annual turnover that is below SCR 1,000,000. This includes sole traders, partnerships and companies not registered for Value Added Tax (VAT). For presumptive tax the rate is 1.5%. While the presumptive tax removes all obligations related to Business Tax and VAT, those related to employment (employers’ obligations under the Income and Non-Monetary Benefits Tax) still remain.
Other Reasons to Invest:
- Registration of companies is fast and efficient
- 96% literacy rate with increasingly educated and skilled workforce
- Excellent conference facilities and incentive trips tailored for companies which includes sporting facilities from golf, fitness programmes, water sports and game fishing.
- Low unemployment rate of 7% (2019)
Source: National Bureau of Statistics Seychelles & Seychelles Investment Board (SIB).