Seychelles
in a Nutshell
Seychelles
is known for being the perfect holiday destination due to its unique elegance,
colorful Creole culture, and year-round summer. However, the importance of the
Islands has been established over time in its dedication to environmental
security, the value of its EEZ, political stability, appealing business
conditions, trilingual population, growing infrastructure, and strategic
location, rendering Seychelles an attractive investment jurisdiction.
The
Seychelles Islands are well-connected to major hubs in the Middle East, Europe,
Africa, and Asia due to their geographical position. This is complemented by a
convenient GMT + 4-time zone. The Seychelles economy has risen into the
high-income community, with a GDP per capita of $17,300, according to the World
Bank's GNI per capita framework (2019).
The
Seychelles Government intends to develop the Seychelles International Airport
and the Victoria Sea Port as part of its efforts to improve the investment
environment. A second Submarine Fiber Optic Cable is being installed as well.
This demonstrates a dedication to ongoing infrastructure growth in order to sustain
investments.
Investing
Reasons
l
With excellent air connectivity to major hubs in
the Middle East, Europe, Africa, and Asia, it is situated in the heart of the
Indian Ocean.
l
Outside the cyclonic line, the majority of the
population lives.
l
GMT+4 is a desirable time zone.
l
Throughout the year, the temperature is between
25 and 32 degrees Celsius.
l
With an increasingly trained and professional
population, the literacy rate has risen to 96 percent.
l
An ecosystem that is both politically and
economically secure
l
Fisheries, agriculture, real estate, adventure
tourism, information technology, and energy are all rising industries.
l
Tax breaks for tourism, agriculture, energy, and
fishing investments.
l
The Corruption Perceptions Index 2019 ranks
Seychelles first in Africa and 27th worldwide.
l
Africa's second-highest GDP per capita.
l
Provides a world-class financial center with no
limits on foreign exchange.
l
The Mo Ibrahim Index of African Governance
places it third.
l
On the Human Development Index, it is ranked
first in Africa (2019).
Seychelles
is a Beautiful Island Nation.
With
a population of nearly 95,000 people, Seychelles is classified as a Small
Island Developing State (SIDS). The country has made tremendous social and
economic progress since its independence in 1976, with the government committed
to people-centered development and improving the quality of life for all
Seychelles inhabitants.
The
islands' natural beauty and wealth have been used to promote thriving tourism
and fisheries industries, which have not only sustained the economy over time
but also given Seychelles its current global exposure. This increased
visibility has resulted in an influx of local, regional, and foreign
investments in the country, not only in tourism and fisheries, but also in other
sectors such as construction, real estate, retail, and information and
communication technology, to name a few. As a result, more infrastructure,
employment, housing, facilities, and services have been developed in order to
provide a more convenient, pleasant, and modern way of life.
Education
is compulsory until the age of 16 in the Seychelles, and it is free from
pre-school to high school until the age of 18. There are 39 public schools, 9
post-secondary schools, four private schools, and one university, the
University of Seychelles.
The
government makes sure that everybody has access to high-quality education.
After completing secondary school, students may pursue further education in
teacher education, business, humanities and science, and hotels/tourism. An
increasing economy with more investment opportunities would necessitate a
substantial increase in the country's skills capability, enabling residents to
invest in or work in more lucrative/higher-paying specialized services. To meet
the demand, educational institutions and special skills training centers will
be needed.
Similarly,
Seychelles' massive Exclusive Economic Zone (EEZ) makes it suitable for the
establishment of universities and research centers focused on environmental and
maritime issues.
Tourism
The
tourism industry has been an important part of the Seychelles economy since the
opening of the Seychelles International Airport in 1971. The 115 islands'
natural beauty, as well as their distinctive creole culture, have drawn an
increasing number of tourists, as well as regional and foreign companies
looking to invest in this market.
The
number of visitors to the islands is increasing every year, with 384,201
visitors registered in 2019 looking to stay at the best beach resorts in Mahe, Seychelles.
With the highest tourist arrivals from Germany, France, and the United Kingdom,
Europe remains Seychelles' primary tourism source market. Italy, India,
Switzerland, Russia, South Africa, and the United States of America, a
developing market, have all seen a spike in visitors to the Seychelles.
With
585 operating tourism accommodations and a total of 12,478 beds to date,
visitors have a wide variety of accommodation options. These include everything
from world-famous hotel chains like Story Seychelles Villas, Hilton,
Kempinski, Savoy, Banyan Tree, and Four Seasons to smaller hotels, guesthouses,
self-catering establishments, and villas, to name a few. Furthermore, the inner
islands that surround Mahé's main island provide a protected and calm harbor
for yachts and schooners, as well as providing visitor accommodation and the
best places for Seychelles honeymoon
resorts.
Tourism-related
investment opportunities include:
By
the end of 2022, 6,000 beds are expected to be available. Investment in tourism
accommodations is needed to achieve this target. It is necessary to remember,
however, the following:
l
On the Seychelles' major populated islands of
Mahé and the inner islands, the government of Seychelles imposed a moratorium
on large hotel ventures with more than 25 rooms in 2015.
l
Only Seychellois are permitted to stay in
hotels, guest houses, and self-catering establishments with 1 to 15 rooms.
l
Eco-lodges and eco-boutique hotels are
increasingly in demand.
As a
result, the foreign investment policy in tourism accommodation is as follows:
l
16 to 24 room hotel, guest house, self-catering
establishment, or motel (Foreign equity limited to 80 percent )
Other
tourism-related investment opportunities include:
l
Exclusive shopping malls
l
Centers for entertainment
l Restaurants
with a specialty like the Story Seychelles Bar and Restaurant
l
Aquarium
l
Wellness Center
l
Eco Tours
l
Bars and coffee shops
l
Adventure tourism (zip lining, rock climbing,
etc.) at marinas
The Seychelles
Investment (Economic Activities) Regulations, 2014 contains a comprehensive
list of tourism-related activities in which a foreigner and a Seychellois can
invest.
The
Seychelles' recent tourism success is a good indication of what the country's tourism
sector will look like in the future, with increased tourist arrivals,
government revenue, and contribution to output, jobs, and tourism earnings.
Via
expected increases in tourism investments and earnings in the coming years, the
sector has the potential to generate significant long-term economic, social,
cultural, and environmental benefits. Ecotourism, cultural tourism, and the
blue economy are three main focus segments for the Seychelles tourism industry
as part of its ongoing effort to encourage sustainable tourism.
Sustainable
tourism growth will provide Seychelles as a tourist destination with a distinct
and strategic competitive advantage.
0 Comments