An Introduction to the wonderful Seychelles

Seychelles is a cluster of 115 islands in the midst of the Indian Ocean with Mahe as the leading island of the archipelago. The land is surrounded by water from all sides. Around 82,000 people live on this archipelago with 70,000 residing in Mahe alone.

When the country abolished slavery in the year 1835, the economy of the country slumped down.

However, the process or revival started in the second part of the 20th century and the country made rapid economic strides since 1976 under a stable government.

While cotton growing was the main occupation and trade for the inhabitants initially, they converted to fishing and coconut growing in later days. Apart from these two main trades, tourism is another main stay of the economy.

Approximately 72% of the people depend on service and contract jobs. Tourism accounts for around 70% of the foreign exchanges The Mahe international airport sees around 250,000 passengers annually.

The Republican Government is also trying to attract foreign investors with attractive tax discount and free trade offers. Politically speaking the country is now governed by the Progressive Front occupying 23 of the 34 seats in the national legislature while the opposition National Party occupies the remaining 11 seats.

The Government in Seychelles has also opened the SITZ or the Seychelles Industrial Trade Zone targeting trans-shipmen and re-processing trades.

Official currency of the country is the Seychelles Rupee. It is divided into 100 cents. The current exchange ratio comes to 7.99 Seychelles Rupee for one American Dollar.

Tourism industry, the backbone of the country’s economy suffered a bad jolt during the 11/9 terrorist attacks. It further suffered due to Tsunami and cyclones that occurred between 2004 and 2009.

In result the GDP declined by 3% during the year 2005. Thereafter there was a revival and the unemployment proportions that reached 10% during that period reduced to 2% during 2006-07.

Short stay visas are easy to get. You can get them on arrival. The only evidence you need to produce is that of financial support. However, low budget tourism is not supported even with Flug Seychellen capabilities.

You can extend your permit for a period of 3 months from the issuing date and could again be extended up to a maximum of 12 months at the rate of 3 months at a time.

For longer stay, you will require demonstration of the financial resources. A gainful occupation permit will normally cost you SR18,000 per annum and an additional processing fee of SR 600.

Business environment for foreigners in Seychelles is good. Foreigners are not discriminated and Government is encouraging foreign investment in the archipelago over last few years.

There are adequate banking and educational facilities available in the country. While secrecy is maintained in professional transactions, the Central Bank has the authority to overturn any suspect transaction under the Anti-Money Laundering Act, 1996.