Form of government:Presidential Republic
Population:90 024 thousand
How to start business in the Seychelles?
The Republic of Seychelles is an island state in East Africa. The state is a member of the Commonwealth of Nations. It is located in the western part of the Indian Ocean, about 1600 km to the east of the African continent, to the north of Madagascar. The state consists of 115 islands, 33 of which are inhabited. The Seychelles was first discovered in 1502 by Vasco da Gama, but the first permanent settlements on the islands were founded by the French, who began to create there plantations of various plants since 1756. But in 1794 the islands were captured by Britain, and in 1814, according to the Treaty of Paris, the Seychelles officially became the British possessions. On June 28, 1976 Great Britain granted independence to the Seychelles.
The state structure of the Seychelles is a republic. The president is the head of state and government, is elected by the population for five years. The parliament is a unicameral State Assembly, it consists of 34 deputies (25 are elected by the population and another 9 are appointed proportionally from the parties that received less than 10% of the vote).
As of July of 2015, the population of the Seychelles is 92 430 people. The economy of the Seychelles is based on the serving the tourists (more than 30% of the working population is involved) and on fishing (export of frozen and canned fish). Tourism brings about 75% of foreign exchange earnings.
Rapid development of the financial sector is connected with the registration of a large number of international business companies and the adoption of progressive laws that promote the creation of offshore structures and attract foreign investment, which constitute an important contribution to the economy of the country at the moment.
An increasing number of international banks and insurance companies have opened branches or subsidiaries of their companies with the purpose, in conjunction with local managers and accounting companies, to provide customers with quality and convenient services.
The official languages are English, French and Creole. Creole is widely used in colloquial speech, and English is the main language in doing business.