RESTRICTED
WORLD TRADE WT/ACC/SPEC/SYC/3
27May1997
ORGANIZATION(97-2209)
Working Party onthe Original: English
Accession ofSeychelles
ACCESSION OFTHE REPUBLIC OFSEYCHELLES
Communication from Seychelles
Theinitial proposal ontheSchedule ofSpecific Commitments onTrade inServices submitted
bytheMinistry ofFinance andCommunications oftheRepublic ofSeychelles isreproduced hereunder.
_______________
REPUBLIC OFSEYCHELLES
Initial Proposal ontheSchedule ofSpecific Commitments
(This textisauthentic intheEnglish language only)WT/ACC/SPEC/SYC/3
Page2REPUBLIC OFSEYCHELLES -DRAFT SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
I. SECTOR-SPECIFIC COMMITMENTS
1. FINANCIAL SERVICES
A. Insurance andInsurance-Related Services
Theproposed commitments onfinancial services aremade inaccordance withtheGeneral Agreement onTrade inServices (GATS) andtheAnnex on
Financial Services. Please notethatallthecommitments inthisschedule aresubject todomestic laws, regulations, rules andguidelines, terms andconditions
oftheInsurance Authority ofSeychelles (IAS) oranyother relevant authority, asthecasemaybe,which areinconformity withArticle VIoftheGATS and
paragraph 2oftheAnnex onFinancial Services.
(i) Lifeinsurance services
including annuity,
disability, income,
accident andhealth
insurance services.(1) Unbound.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.(1) Unbound.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.
(ii) Non-life insurance
services including
disability income,
accident andhealth
insurance andcontracts
offidelity bonds,
performance bonds or
similar contracts of
guarantee.(1) Unbound.
(2) None except forcompulsory
insurance ofMotor Third Party
Liability which must bepurchased
from licensed insurance companies in
Seychelles.(1) Unbound.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.WT/ACC/SPEC/SYC/3
Page3Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
(iii) Reinsurance and
retrocession.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.
(iv) Insurance intermediation
including broking and
agency services.(1) Unbound.
(2) Agents arenotallowed toactfor
insurance companies which arenot
licensed inSeychelles. With the
exception ofreinsurance risks,
brokers canonlyplace domestic risks
outside Seychelles withtheapproval
oftheInsurance Authority of
Seychelles (IAS).(1) Unbound.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.
(v) Services auxiliary to
insurance comprising
actuarial, lossadjustors,
average adjustors and
consultancy services.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.WT/ACC/SPEC/SYC/3
Page4Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
B. Banking andOther Financial Services
Thecommitments onfinancial services aremade inaccordance withtheGATS andtheAnnex onFinancial Services. Please notethatallthecommitments in
thisschedule aresubject todomestic laws regulations, rules andguidelines, terms andconditions oftheCentral Bank ofSeychelles (CBS) oranyother
relevant authority orbody inSeychelles, asthecasemaybe,which areinconformity withArticle VIoftheGeneral Agreement onTrade inServices (GATS)
andparagraph 2oftheAnnex onFinancial Services.
(i) Acceptance ofdeposits
andother repayable from
thepublic.(1) Unbound.
(2) None.
(3) Only institutions approved asbanks,
merchant banks andfinance
companies canaccept deposits.(1) Unbound.
(2) None.
(3) None except location ofbanks and
relocation andsub-branches require
prior approval from CBS. Offshore
banks canaccept onlyforeign
currency from deposits from
non-residents.
(4) Unbound except forintra-corporate
transfer ofgeneral managers, senior
managers andspecialists.(4) Unbound.
(ii) Lending ofalltypes
including consumer
credit, mortgage credit,
factoring ofcommercial
transactions.(1) Unbound.
(2) None.
(3) None.
(4) Unbound except forintra-corporate
transfer ofgeneral managers, senior
managers andspecialists.(1) Unbound.
(2) None.
(3) None.
(4) Unbound.
(iii) Financial leasing. (1) None.
(2) None.
(3) None.
(4) Unbound except forintra-corporate
transfer ofgeneral managers, senior
managers andspecialists.(1) None.
(2) None.
(3) None.
(4) Unbound.WT/ACC/SPEC/SYC/3
Page5Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
(iv) Allpayment andmoney
transmission services,
including credit, charge
anddebit cards,
travellers cheques and
bankers drafts.(1) Unbound.
(2) None.
(3) None.
(4) Unbound except forintra-corporate
transfer ofgeneral managers, senior
managers andspecialists.(1) Unbound.
(2) None.
(3) None.
(4) Unbound.
(v) Trading forownaccount
orforaccount of
customers, whether onan
exchange, inan
over-the-counter market
orotherwise, the
following:(1) Unbound.
(2) None.(1) None.
(2) None.
- money market
instruments (including
cheques, bills, certificates
ofdeposits);
- foreign exchange;(3) None except financial futures brokers
shall establish asbranches or
subsidiaries andtheoffer of
derivative products local and
foreign-owned financial institutions
under theCentral Bank ofSeychelles ’
supervision (CBS) shall besubject to
CBS’sprior approval andconditions.(3) None.
- derivative products,
including financial
futures andoptions;
- transferable securities;Moneychangers, except where the
money-changing business is
conducted bybanks andmerchant
banks, arerequired tobemajority
owned bySeychellois nationals.
- other negotiable
instruments andfinancial
assets.(4) Unbound.WT/ACC/SPEC/SYC/3
Page6Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
(vi) Asset management, such
ascashport-folio
management, allforms of
collective investment
management, pension
fund management,
custodial depository and
trustservices.(1) Unbound.
(2) None.
(3) None.
(4) Unbound.(1) Unbound.
(2) None.
(3) None.
(4) Unbound.
(vii) Advisory andother
auxiliary financial
services, including credit
reference andanalysis,
investment andportfolio
research andadvice,
advice onacquisitions
andoncorporate
restructuring and
strategy.(1) None.
(2) None.
(3) None.
(4) Unbound.(1) None.
(2) None.
(3) None.
(4) Unbound.
2. BUSINESS SERVICES
A. Professional Services
(a) Legal services (excluding
Seychelles lawpractice).(1) None.
(2) None.
(3) None.
(4) Unbound.(1) None.
(2) None.
(3) None.
(4) Unbound.
(b) Accounting, auditing and
bookkeeping services.
(c) Taxation services.
(d) Financial management
consultancy services.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated inthe
horizontal commitments.WT/ACC/SPEC/SYC/3
Page7Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
(e) Architectural services. (1) Only through cooperation with
Seychellois partners.
(2) None.
(3) Only inform ofjoint ventures.(1) None.
(2) None.
(3) Registered architects orenterprises
engaged inarchitectural services in
home country.
(4) Unbound except asindicated in
horizontal commitments.(4) Unbound except asindicated in
horizontal commitments.
(f) Engineering services.
(g) Integrated engineering
services.(1) Only through cooperation with
Seychellois partners.
(2) None.
(3) Only inform ofjoint ventures.(1) None.
(2) None.
(3) Registered architects orenterprises
engaged inarchitectural services in
home country.
(4) Unbound except asindicated in
horizontal commitments.(4) Unbound except asindicated in
horizontal commitments.
B. Communications Services (1) None.
(2) None.
(3) Licensing requirements asper
Broadcasting andTelecommunications
Act,1988.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.WT/ACC/SPEC/SYC/3
Page8Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
3. TOURISM SERVICES
A. Hotel Operators(1) None.
(2) None.
(3) Clearance tobeobtained from the
Ministry ofTourism andlicence.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.
B. Restaurant Operators (1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.
C. Travel Agencies (1) None.
(2) None.
(3) Clearance tobeobtained from the
Ministry ofTourism andlicence.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.
D. Tour Operators (1) None.
(2) None.
(3) Clearance tobeobtained from the
Ministry ofTourism andlicence.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.WT/ACC/SPEC/SYC/3
Page9Modes ofsupply: (1)Cross-border supply (2)Consumption abroad (3)Commercial presence (4)Presence ofnatural persons
Sector orsub-sector Limitations onmarket access Limitations onnational treatment Additional commitments
E. Tourist Transport
Operation
(carrental)(1) Limited toSeychellois nationals only
orfranchise.
(2) None.
(3) Limited toSeychellois nationals only
orfranchise.
(4) Unbound except asindicated in
horizontal commitments.(1) Limited toSeychellois nationals only
orfranchise.
(2) None.
(3) Limited toSeychellois nationals only
orfranchise.
(4) Unbound except asindicated in
horizontal commitments.
F. Yacht Chartering and
Cruising Services(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.
G. Tourist Guide Services (1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.(1) None.
(2) None.
(3) None.
(4) Unbound except asindicated in
horizontal commitments.