Financial Services
In addition to the now booming tourism and building/real estate markets, Seychelles has renewed its commitment to developing its financial services sector. Government officials and industry participants believe this could overtake the tourism industry as the chief pillar of the economy by 2017. The recent passage of a revised Mutual Fund Act 2007, Securities Act 2007 and Insurance Act 2007 are meant to be the catalysts to move Seychelles from just another offshore jurisdiction to a full fledged Offshore Financial Center (OFC).
The Ministry of Finance is responsible for economic decisions and budgetary policy. A separate Monetary Authority supervises the banking system and manages the money supply. Although foreign banks operate branches in Seychelles, the government owns the two local banks—the Development Bank of Seychelles, which mobilizes resources to fund development programs, and the Seychelles Saving Bank, a bank for savings and current accounts.
The Seychelles International Business Authority (SIBA) is charged with overseeing the quickly growing offshore industry. Seychelles is home to a number of offshore incorporation specialists which specialize in offshore company formation, mutual funds, hedge funds and captive insurance.
Read more about this topic: Economy Of Seychelles
Famous quotes containing the words financial and/or services:
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“Those services which the community will most readily pay for, it is most disagreeable to render.”
—Henry David Thoreau (1817–1862)