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

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 2014 2015 2016 2017 2018
FDI Inflows 230 195 155 192 124

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outflows (millions of USD)

Year 2014 2015 2016 2017 2018
FDI Outflows 15.5 10.0 10.3 5.9 6.0

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inward Stock (millions of USD)

Year 2014 2015 2016 2017 2018
FDI Inward Stock 2,567 2,762 2,917 2,900 3,023

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outward Stock (millions of USD)

Year 2014 2015 2016 2017 2018
FDI Outward Stock 302 312 320 288 294

Source: United Nations Conference on Trade and Development, World Investment Report 2019

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

Source: World Bank, Doing Business, 2020

Investment Regime

Legal Framework

Investment Code – Seychelles Investment Act (2010)
Key guarantees in terms of investment protection include:

Source: United Nations Conference on Trade and Development, iGuide Seychelles.

Investment Incentives

The rates of business tax payable by the owner of a business are:

Source: Deloitte, Guide to Fiscal Information, Key Economies in Africa 2015/16 and Seychelles Investment Board Online Portal.

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

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 2014 2015 2016 2017 2018
FDI Inflows 230 195 155 192 124

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outflows (millions of USD)

Year 2014 2015 2016 2017 2018
FDI Outflows 15.5 10.0 10.3 5.9 6.0

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inward Stock (millions of USD)

Year 2014 2015 2016 2017 2018
FDI Inward Stock 2,567 2,762 2,917 2,900 3,023

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outward Stock (millions of USD)

Year 2014 2015 2016 2017 2018
FDI Outward Stock 302 312 320 288 294

Source: United Nations Conference on Trade and Development, World Investment Report 2019

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

Source: World Bank, Doing Business, 2020

Investment Regime

Legal Framework

Investment Code – Seychelles Investment Act (2010)
Key guarantees in terms of investment protection include:

Source: United Nations Conference on Trade and Development, iGuide Seychelles.

Investment Incentives

The rates of business tax payable by the owner of a business are:

Source: Deloitte, Guide to Fiscal Information, Key Economies in Africa 2015/16 and Seychelles Investment Board Online Portal.