Owing to its unique beauty, colourful Creole culture and year-round summer, Seychelles is renowned for being the ideal holiday destination. However over the years, the Islands’ value has also been found in its commitment to environmental protection, the value of its EEZ, its political stability, attractive business conditions, tri-lingual population, growing infrastructure and strategic location, thus making Seychelles attractive as an investment jurisdiction.

The World Bank Gross National Income (GNI) per capita framework has moved the Seychelles economy into the high-income group with a GDP per capita of $13,316 (2021). Seychelles is one of the easiest country to do business in Africa.

Why should you choose Seychelles to open your business?

• Located in the heart of the Indian Ocean with excellent air connectivity to major hubs in the Middle East, Europe, Africa, and Asia.
• Highest GDP per Capita in Africa 2022.
• Politically and economically stable environment.
• A growing economy with expanding opportunities in Fisheries, Agriculture, Real Estate, Adventure & Sports Tourism, ICT, and Energy.
• Offers a world-class financial centre with no foreign exchange restrictions.
• 96% literacy rate with an increasingly educated and skilled workforce.
• The main population is situated outside the cyclonic belt.
• Temperature ranges from 25-32 degrees Celsius throughout the year.
• 1st in Africa and 23rd in the world on the Corruptions Perceptions Index 2022.

These are 8 general steps that you need to follow in order to set up your business.

1. Submit a Business Plan

You need to get an approval from the Government of Seychelles by submitting a business plan/project memorandum of your proposed business to the Seychelles Investment Bureau (SIB). Your project memorandum must be in line with SIB Guidelines.

The bureau will process your project proposal and communicate the decision by way of a formal letter to you within 30 days from the date of receipt of your proposal, if no other documents requested by SIB are required.

After obtaining an approval for your project proposal, you must then begin the process of obtaining the required licenses.

2. Apply for a Gainful Occupation Permit

You need to apply for a Gainful Occupational Permit (GOP) from the Immigration Division, Department of Internal Affairs. It is required for yourself if you will be self-employed in your own company as well as applying for a GOP for each foreign worker that you will be employing in your company.

You need following things to get a GOP:

• Proof of your approval letter from the Seychelles Investment Bureau (SIB) [www.sib.gov.sc] to state that your project has been approved
• There is a fee of Sr. 1,000 for the processing of the GOP application.
• The cost of a GOP is Sr. 700. The fee for whole the duration of the permit is to be submitted together with the application.

3. Register your business

Upon government approval for your business concept, you can now register your Business or Company at the Registration Division. For most of business project (with few exceptions), you have to register at Seychelles Investment Board (SIB).

4. Allocation for lease, rental or purchase of government premise or land

If you want to lease, rent or buy premises or land from the government, you need to apply for a Government sanction for the lease, rental or purchase of premise or land from the Ministry of National Development.

5. Obtain a construction permission

You need to apply for contruction permission if your business involved any construction from the Planning Authority, Ministry of National Development. An Environment Impact Assessment (EIA) from the Department of Environment will be carried out as well.

6. Occupational Safety and Health Inspection

If your business consists of activities, such as food or chemical processing, that can put the life of the public and your employees at risk, an Occupational Safety and Health inspection needs to be carried out.

7. Apply for a permit or license

In order for your business to be operational, you need to apply for your license or permit from the Seychelles Licensing Authority (SLA).

8. Register with Social Security Fund

Within 7 days of the incipience of your business, your business needs to be registered with the Social Security Fund, Ministry of Finance.

Conclusion

The location of the Seychelles Islands gives it excellent air connectivity to major hubs in the Middle East, Europe, Africa and Asia. In an effort to continue improving the investment landscape, the Seychelles Government has plans to expand the Seychelles International Airport and the Victoria Sea Port. These developments will attract more investors around the world. So, you can try your luck investing in Seychelles.