Research and consulting in Seychelles

Country overview:

IOA’s research and consulting on Seychelles highlight that the nation’s relative prosperity compared to most African countries stems from its highly developed blue economy, which leverages the industrial and tourism opportunities offered by the surrounding ocean. Key economic activities revolve around the ocean, including fishing and tourism, alongside traditional industries such as boat building and the cultivation and processing of coconut and vanilla. However, Seychelles faces unparalleled vulnerability to climate change, with IOA researchers warning that 70% of its islands could be submerged if global warming persists.

Tourism continues to drive economic growth within Seychelles’ mixed economy, showing a robust recovery from the global Covid-19 pandemic. Despite this success, the heavy reliance on tourism makes the economy susceptible to global crises that could disrupt travel.

Key opportunities in Seychelles:

The tourism sector’s ability to recover from recent global disruptions highlights the country’s appeal as a prime holiday destination
Traditional agricultural products, such as coconut and vanilla, continue to be vital to the economy
The fishing industry remains robust, providing a stable source of employment and investment

Key concerns/risks in Seychelles:

Despite leading global conservation efforts, particularly with mangrove forests as a climate change mitigation strategy, Seychelles remains highly vulnerable to the impacts of climate change
The country relies heavily on imports for energy and many essential goods
Historical trade connections have been exploited by drug traffickers, and IOA researchers have reported a growing drug abuse epidemic among the population

Find out about how IOA can help you with research and consulting services in Seychelles

Tips on doing business in Seychelles:

Starting a business:

Similar to other Indian Ocean islands, Seychelles is generally favourable toward foreign ownership of local businesses and property. It is possible to establish a fully foreign-owned company with minimal restrictions and capital requirements
The Seychellois authorities offer the unique International Business Company (IBC) structure, which involves less oversight and fewer filing requirements compared to most other markets. The local real estate market is also open to foreign investment, though state-owned land remains off-limits
(Read more at: https://investinseychelles.com/)

Doing business:

Local authorities provide various incentives for foreign investors, such as tax credits, tax holidays, duty-free access for importing materials needed for initial investments, and expedited work permits for foreign employees relocating to Seychelles
While Seychelles is classified as an upper-middle-income country and enjoys better infrastructure than many regional counterparts, its island status presents challenges to business growth, including its remote location, a small domestic market, and logistical issues related to imports and exports

Culture and society:

Once a French colony, the country has made efforts to introduce English as a second language for administration and commerce, although it is not yet widely spoken
Visiting the island, particularly for water-based activities, can be hazardous during the monsoon season, which typically lasts from November to March