WT/TPR/S/433 /Rev.1  
9 May 2023 
(23-3243) Page: 1/126 
Trade Policy Review Body   
 
  
TRADE POLICY REVIEW  
REPORT BY THE SECRETARIAT  
SEYCHELLES  
Revision  
This report, prepared for the first Trade Policy Review of Seychelles, has been drawn up by the WTO 
Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing 
the Trade Policy Review Mechanism (Annex  3 of the Marrakesh Agreement Establishing the World 
Trade Organization), sought clarification from Seychelles on its trade policies and practices.  
 
Any technical questions aris ing from this report may be addressed to  Ricardo  Barba  
(tel. 022 739 5088) and Ana  Cristina  Molina  (tel. 022 739 6060) . 
 
Document WT/TPR/G/ 433 contains the policy statement submitted by Seychelles.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report was drafted in English.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
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  CONTENTS  
SUMMARY  ................................ ................................ ................................ ........................  7 
1   ECONOMIC ENVIRONMENT  ................................ ................................ ........................  12 
1.1   Main Features of the Economy  ................................ ................................ ....................  12 
1.2   Recent Economic Developments ................................ ................................ ..................  13 
1.2.1   Monetary and exchange rate policies  ................................ ................................ ........  15 
1.2.2   Fiscal policy  ................................ ................................ ................................ ..........  17 
1.2.3   Balance of payments  ................................ ................................ ..............................  17 
1.3   Trade and Investment Performance  ................................ ................................ .............  18 
1.3.1   Trade in goods  ................................ ................................ ................................ ...... 18 
1.3.2   Trade in services  ................................ ................................ ................................ ... 21 
1.3.3   Foreign direct investment ................................ ................................ ........................  21 
2   TRADE AND INVESTMENT REGIMES  ................................ ................................ ...........  23 
2.1   General Constitutional and Legal Framework  ................................ ................................  23 
2.2   Trade Policy Formulation and Objectives  ................................ ................................ ...... 24 
2.2.1   Trade policy formulation  ................................ ................................ .........................  24 
2.2.2   Trade policy objectives  ................................ ................................ ...........................  24 
2.3   Trade Agreements and Arrangements  ................................ ................................ ..........  25 
2.3.1   WTO ................................ ................................ ................................ ....................  25 
2.3.2   Regional and preferential agreements  ................................ ................................ ....... 26 
2.3.2.1    Reciprocal preferences  ................................ ................................ .........................  26 
2.3.2.1.1    Common Market for Eastern and Southern Africa (1994)  ................................ ........  27 
2.3.2.1.2    Southern African Development Community (2008)  ................................ ................  29 
2.3.2.1.3    Interim Economic Partnership Agreement with the European  Union (2009)  ...............  30 
2.3.2.1.4    Tripartite Free Trade Area Agreement (2015)  ................................ .......................  30 
2.3.2.1.5    African Continental Free Trade Area (2018)  ................................ ..........................  31 
2.3.2.1.6    Economic Partnership Agreement with the United  Kingdom (2019)  ..........................  32 
2.3.2.2    Unilateral preferences  ................................ ................................ ..........................  32 
2.4   Foreign Investment Regime  ................................ ................................ .......................  32 
2.4.1   Overview  ................................ ................................ ................................ ..............  32 
2.4.2   Regulatory framework  ................................ ................................ ............................  33 
2.4.3   Other aspects of Seychelles' foreign investment regime  ................................ ...............  35 
3   TRADE POLICIES AND PRACTICES BY MEASURE  ................................ ........................  36 
3.1   Measures Directly Affecting Imports  ................................ ................................ ............  36 
3.1.1   Customs procedures, valuation, and requirements  ................................ ......................  36 
3.1.1.1    Customs procedures and requirements  ................................ ................................ ... 36 
3.1.1.2    Customs valuation  ................................ ................................ ...............................  37 
3.1.2   Rules of origin  ................................ ................................ ................................ ....... 38 
3.1.3   Tariffs  ................................ ................................ ................................ ..................  39 
3.1.3.1    Applied MFN tariff  ................................ ................................ ...............................  39 WT/TPR/S/433 /Rev.1  • Seychelles  
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  3.1.3.2    Bound tariff  ................................ ................................ ................................ ........  42 
3.1.3.3    Tariff preferences  ................................ ................................ ................................  43 
3.1.3.4    Tariff exemptions and concessions  ................................ ................................ .........  44 
3.1.4   Other charges affecting imports  ................................ ................................ ...............  44 
3.1.4.1    Fees for customs operations  ................................ ................................ .................  44 
3.1.4.2    VAT and excise tax  ................................ ................................ ..............................  45 
3.1.4.3    Food-specific taxes  ................................ ................................ ..............................  45 
3.1.4.4    Environmental levies  ................................ ................................ ...........................  45 
3.1.5   Import prohibitions, restrictions, and licensing  ................................ ...........................  46 
3.1.6   Anti-dumping, countervailing, and safeguard measures  ................................ ...............  47 
3.2   Measures Directly Affecting Exports  ................................ ................................ .............  47 
3.2.1   Customs procedures and requirements  ................................ ................................ ..... 47 
3.2.2   Taxes, charges, and levies  ................................ ................................ ......................  48 
3.2.3   Export prohibitions, restrictions, and licensing  ................................ ............................  48 
3.2.4   Export support and promotion  ................................ ................................ .................  49 
3.2.5   Export finance, insurance, and guarantees  ................................ ................................  50 
3.3   Measures Affecting Production and Trade  ................................ ................................ ..... 50 
3.3.1   Incentives  ................................ ................................ ................................ ............  50 
3.3.1.1    Fiscal incentives  ................................ ................................ ................................ .. 50 
3.3.1.2    Credit and other support programmes  ................................ ................................ .... 51 
3.3.1.3    COVID -19-related schemes  ................................ ................................ ..................  52 
3.3.2   Standards and other technical requirements  ................................ ..............................  53 
3.3.3   Sanitary and phytosanitary requirements  ................................ ................................ .. 55 
3.3.4   Competition policy and price controls  ................................ ................................ ........  58 
3.3.4.1    Competition policy  ................................ ................................ ..............................  58 
3.3.4.2    Price controls  ................................ ................................ ................................ ..... 59 
3.3.5   State trading, state -owned enterprises, and priv atization  ................................ .............  59 
3.3.6   Government procurement  ................................ ................................ .......................  63 
3.3.6.1    Legal and institutional framework  ................................ ................................ ..........  63 
3.3.6.2    Procurement procedures  ................................ ................................ ......................  64 
3.3.7   Intellectual property rights  ................................ ................................ ......................  67 
3.3.7.1    Legal and institutional framework  ................................ ................................ ..........  67 
3.3.7.2    International cooperation and other aspects of Seychelles' IP regime  ..........................  69 
4   TRADE POLICIES BY SECTOR  ................................ ................................ .....................  71 
4.1   Agriculture, Forestry and Fisheries  ................................ ................................ ..............  71 
4.1.1   Main features and recent developments  ................................ ................................ .... 71 
4.1.2   Agricultural policy  ................................ ................................ ................................ .. 72 
4.1.2.1    Overview  ................................ ................................ ................................ ...........  72 
4.1.2.2    Market access  ................................ ................................ ................................ ..... 75 
4.1.2.3    Domestic support and export subsidies ................................ ................................ ... 75 WT/TPR/S/433 /Rev.1  • Seychelles  
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  4.1.3   Forestry  ................................ ................................ ................................ ...............  77 
4.1.4   Fisheries  ................................ ................................ ................................ ...............  78 
4.1.4.1    Blue Economy  ................................ ................................ ................................ ..... 84 
4.1.4.2    Aquaculture  ................................ ................................ ................................ ....... 85 
4.2   Energy  ................................ ................................ ................................ ....................  85 
4.3   Manufacturing  ................................ ................................ ................................ ..........  87 
4.4   Services  ................................ ................................ ................................ ..................  90 
4.4.1   Financ ial services  ................................ ................................ ................................ ... 91 
4.4.1.1    Overview  ................................ ................................ ................................ ...........  91 
4.4.1.2    Banking  ................................ ................................ ................................ .............  93 
4.4.1.3    Insurance  ................................ ................................ ................................ ..........  94 
4.4.2   Telecommunications  ................................ ................................ ...............................  95 
4.4.3   Transport  ................................ ................................ ................................ .............  97 
4.4.3.1    Maritime transport and port services  ................................ ................................ ...... 98 
4.4.3.2    Land transport  ................................ ................................ ................................ .... 99 
4.4.3.3    Air transport services  ................................ ................................ ...........................  99 
4.4.4   Tourism  ................................ ................................ ................................ ..............  100 
5   APPENDIX TABLES  ................................ ................................ ................................ .. 103  
 
CHARTS  
 
Chart 1.1 GDP by economic activity (at basic prices), 2015 -20 ................................ ...............  12 
Chart 1.2 Product composition of merchandise trade by main HS section, 2015 and 2021  ...........  19 
Chart 1.3 Direction of merchandise trade, 2015 and 2021  ................................ ......................  20 
Chart 2.1 RTAs signed by Seychelles, as of July 2022  ................................ ............................  27 
Chart 3.1 Overview of the MFN applied tari ff, 2022  ................................ ...............................  40 
Chart 3.2 Distribution of MFN applied tariff rates, 2015 and 2022  ................................ ...........  41 
Chart 3.3 Average applied MFN and bound tariff rates, by WTO category, 2015 and 2021  ...........  42 
Chart 3.4 Tariffs under RTAs, 2022  ................................ ................................ .....................  43 
Chart 3.5 Procurement method and approval authority by contract amount, 2022  .....................  66 
 
TABLES  
 
Table 1.1 Selected economic indicators, 2015 -21 ................................ ................................ .. 14 
Table 1.2 Balance of payments, 2015 -21 ................................ ................................ .............  18 
Table 1.3 Trade in services, 2015 -21 ................................ ................................ ..................  21 
Table 1.4 FDI inflows and outflows, 2015 -21 ................................ ................................ ........  22 
Table 3.1 Main indicators of the MFN tariff, 2015 and 2022  ................................ ....................  40 
Table 3.2 List of prohibited products, 2022  ................................ ................................ ..........  46 
Table 3.3 List of restricted products for exportation, 2022  ................................ ......................  48 WT/TPR/S/433 /Rev.1  • Seychelles  
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  Table 3.4 Credit and other schemes supporting SMEs, 2022  ................................ ...................  51 
Table 3.5 COVID -related credit schemes, 2021 ................................ ................................ ..... 52 
Table 3.6 Main legal instruments governing the application of SPS measures , 2022  ...................  55 
Table 3.7 List of state -owned enterprises, 2022  ................................ ................................ ... 60 
Table 3.8 Procurement methods, 2022  ................................ ................................ ................  65 
Table 3.9 Main IP related legislation, 2022  ................................ ................................ ...........  67 
Table 3.10 Terms of protection, 2022  ................................ ................................ .................  68 
Table 4.1 Domestic support, 2013 -17 ................................ ................................ .................  75 
Table 4.2 Loans under the ADF, 2022  ................................ ................................ .................  76 
Table 4.3 Incentives provided to livestock and crop farmers, 2022  ................................ ..........  76 
Table 4.4 Fish production, 2015 -20 ................................ ................................ ....................  78 
Table 4.5 Fish trade, 2015 -21 ................................ ................................ ............................  79 
Table 4.6 Fisheries Development Fund, 2022  ................................ ................................ ....... 82 
Table 4.7 Loans by the Development Bank of Seychelles, 2022  ................................ ...............  83 
Table 4.8 Blue Investment Fund, 2022  ................................ ................................ ................  83 
Table 4.9 Minimum level of investment and licence fees in ITZ, 2022  ................................ ...... 90 
Table 4.10 Selected telecoms indicators, 2015 -21 ................................ ................................  95 
Table 4.11 Selected tourism indicators, 2015 -21 ................................ ................................  101 
 
BOXES  
 
Box 4.1 Seychelles' blue bonds  ................................ ................................ ..........................  84 
 
APPENDIX TABLES  
 
Table  A1.1 Domestic exports by HS section and major HS chapter, 2015 -21 ...........................  103 
Table  A1.2 Domestic ex ports by destination, 2015 -21 ................................ .........................  104 
Table  A1.3 Merchandise imports by HS section and major HS chapter, 2015 -21 ......................  105 
Table  A1.4 Merchandise imports by origin, 2015 -21 ................................ ............................  106 
 
Table  A2.1 Selected notifications to the WTO, 1  May 2015 to 31  June 2022 ............................  107 
Table A2.2 RTAs signed by Seychelles, as of 31 July 2022  ................................ ...................  109 
Table A2.3 Consolidated list of restricted activities to foreign investment, 2022  .......................  110 
 
Table A3.1 MFN applied tariff summary, 2022  ................................ ................................ .... 112 
Table A3.2 Tariff lines with an MFN applied rate higher than the bound tariff rate  ....................  114 
Table A3.3 List of duty exemptions under the Trades Tax Regulations, 1997  ...........................  115 
Table A3.4 Customs -related fees, 2022  ................................ ................................ .............  116 
Table A3.5 List of restricted products for  importation, 2022 ................................ ..................  117 
Table A3.6 IP rights registrations, 2022  ................................ ................................ ............  119 WT/TPR/S/433 /Rev.1  • Seychelles  
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Table  A4.1 Cost of agricultural inputs and selling price, 2022  ................................ ...............  120 
Table  A4.2 Seychelles' bilateral air transport services agreements/arrangements, 2022  ...........  125 
  WT/TPR/S/433 /Rev.1  • Seychelles  
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  SUMMARY  
1. This is the first Trade Policy Review of Seychelles since its accession to the WTO in 2015. 
Seychelles' real GDP grew at an average annual rate of 2.4% during 2015 -21, despite ha ving 
contracted by 7.7% in 2020 due to the COVID -19 pandemic , which significantly disrupted all 
economic activities, notably tourism. Seychelles has the highest GDP per capita in Africa , making it 
the only country in the region classified by the World Bank as high -income. The economy is highly 
dependent on tourism and fisheries, and particularly vulnerable to the risks posed by climate change. 
To deal with these challenges, Seychelles launched the National Climate Change Policy  in 2020 , and 
is refocusing its development strategy around a sustainable blue economy.  
2. As a small island state with limited scope for economic diversification, Seychelles relies heavily 
on the rest of the world and is extremely vulnerable to external shocks . Not only does it depend 
heavily on tourism, but  it imports over 90% of its total primary and secondary production inputs. 
International trade, therefore, plays an important role in Seychelles' economy, with merchandise 
trade (exports and imports), repres enting 109.6% of GDP in 2018 -20. The small size of the 
economy, the remote access to international markets and suppliers, and limited participation in 
global value chains also reduce the ability of local firms to exploit economies of scale and to export.  
The global spread of the pandemic and the resulting containment measures took a toll on Seychelles' 
trade, but it has proven resilient despite the fact that it is relatively concentrated both in terms of 
products and markets. In 2021, almost two  thirds of t otal merchandise exports were shipped to the 
EU-27, which was also the source of about one third of Seychelles' total merchandise imports.  
3. During the pandemic, fiscal and monetary policy measures were introduced to support the 
economy, ensure food and nutr ition security, and mitigate the financial impact on private businesses. 
Annual inflation averaged 2.1% during 2015 -20 but jumped to 9.8% in 2021 because of the 
disruptive effects of the pandemic that increased international commodity prices, and the lagge d 
impact of a weaker Seychelles rupee. According to the IMF classification, Seychelles maintains a 
floating exchange rate, and as such it is determined by demand and supply in the market. Foreign 
exchange interventions are done only to limit disorderly mar ket conditions and to build external 
buffers. With the exception of 2020, during the review period Seychelles achieved primary surpluses 
through a prudent expenditure policy and gradually widening the tax base. Traditionally, Seychelles 
has current account  deficits reflecting a long -standing structural savings -investment imbalance , 
which is financed by overseas borrowing.  
4. Seychelles' trade policy is articulated towards building a diversified, more resilient, and open 
economy that is fully integrated globall y. Such commitment is reflected in the steady progress made 
in the implementation of its WTO membership obligations since its accession in 2015, as well as in 
its active participation in regional trade initiatives and the newly adopted national policy 
strategy – Vision 2033.  
5. Seychelles participates actively in the WTO, having submitted 82 notifications since its 
accession. As of July  2022, some notifications were outstanding in some areas (e.g.  agriculture, 
trade facilitation, and regional trade agreements  (RTAs) ). Seychelles has not been involved in any 
WTO dispute as a complainant, a respondent, or a third party.  
6. Seychelles grants at least MFN treatment to all of its trading partners. It has four RTAs in 
operation, including one with the European  Union tha t has been  in force since 2012. During the 
review period, Seychelles concluded and implemented the Economic Partnership Agreement with the 
United  Kingdom and was actively engaged in various trade negotiations with other African 
economies, notably on the SA DC Free Trade Area, the COMESA Free Trade Area, as well as the 
African Continental Free Trade Area (AfCFTA) and Tripartite Free Trade Area (TFTA). In 2015, 
Seychelles signed and ratified the Protocol on Trade under the SADC , thus joining the SADC Free 
Trade Area in place since 2000. It also signed and ratified the SADC Protocol on Trade in Services 
in 2015 and 2016, respectively. This Protocol entered into force in January  2022.  
7. During the review period, Seychelles took various steps towards enhancing its foreign 
investment regime. Instead of a negative list, activities open to foreign investment are now identified 
using a positive listing approach. FDI is generally permitted with out restrictions, except for certain 
activities, which are either reserved for Seychellois or subject to foreign equity limits or a needs WT/TPR/S/433 /Rev.1  • Seychelles  
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  assessment. These activities involve mainly tourism and transportation services, as well as certain 
business and recre ational services.  
8. Seychelles ratified the WTO  Agreement on Trade Facilitation (TFA) in January  2016 and has 
notified to the WTO its commitments in Categories A, B, and C, along with the definitive dates for 
their implementation (Categories B and C). Some n otifications mainly related to transparency are 
pending. As of June  2022, it had implemented about 88% of these commitments, with full 
implementation expected by December  2025. Seychelles does not have a single window or 
authorized operators programme but has committed to implement them under the TFA (Category  C) 
by December  2023 upon receipt of capacity -building support. Seychelles uses the transaction value 
as its primary method to determine the value of imported goods.  
9. Seychelles' MFN average applied tar iff is 2.7% (down from 3.8% in 2015), one of the lowest 
among WTO Members. The MFN tariff rate reduction during the review period was mainly due to the 
conversion to the HS17 nomenclature and the decrease of some tariff rates, notably for clothing and 
other textiles articles, vehicles, and certain agricultural products. The applied MFN average tariff for 
both agricultural and non -agricultural goods (WTO definition) also declined during 2015 -22, 
from 8.6% to  7.4% for agricultural products and from 2.9% to 1. 8% for non -agricultural goods 
(including  AVEs). Seychelles bound all of its tariff lines using only ad valorem  duties. The average 
bound rate is 9.9%; there are 29 tariff lines where applied rates are higher than bound rates.  
10. In addition to tariffs, import s are subject to fees for customs operations, a VAT of 15%, and 
where applicable an excise tax. Both the VAT and excise tax apply equally to imported and locally 
produced goods. Imports of selected products are also subject to a sugar tax since 2019, and t o 
different types of environmental levies, some of which were also introduced during the review period.  
11. Seychelles maintains import prohibitions and an import permit system for certain goods mostly 
based on national security, health, and environmental cons iderations. The product coverage of these 
measures is broadly the same as the one in place at the time of Seychelles' accession to the WTO, 
with some exceptions. As of July  2022, the list of import prohibitions comprised 13 product 
categories, including to xic chemicals, counterfeit currencies, and arms, while the requirement of an 
import permit applied to nearly 50 product categories, covering for example plastic items, fertilizers, 
and alcoholic beverages, as well as agricultural, tobacco, and pharmaceutic al products.  
12. Seychelles does not yet have any legal and institutional frameworks for the application of 
anti-dumping, countervailing, and safeguard measures. According to the authorities, the preparation 
of Seychelles' first legislation in these areas is o ngoing.  
13. Seychelles does not apply any export duties, charges, or levies. A permit is required to export 
certain products. The list of products subject to an export permit is based mainly on health and 
environmental considerations. It has not changed since it was established in 2014, and includes 
chemical products, live plants and animals, fish and fishery products, and motor vehicles. Seychelles 
also requires a permit to export the Coco -de-Mer nut – one of its distinctive and native products. 
This permit is  reserved for domestic exporters.  
14. Seychelles does not maintain any support programme for exports and promotes them mainly 
through its free -zone regime known as International Trade Zones. It has further notified to the WTO 
that it did not provide any export  subsidies for agricultural products during the period 2015 -21. 
15. Seychelles applies various types of incentives schemes (mostly fiscal concessions, credits at 
subsidized interest rates, grants, and targeted subsidies) to promote business activities in gener al 
but also in specific sectors, notably agriculture and fisheries. Some incentives were introduced as a 
result of the pandemic to support micro, small, and medium -sized enterprises  (MSMEs) , as well as 
large enterprises.  
16. Seychelles' SPS and TBT regimes hav e not been subject to significant changes since 2014, 
except for the introduction of labelling requirements for food products in 2019, and some institutional 
changes in the area of SPS. SPS measures are mainly governed by the Animal and Plant Biosecurity 
Act, 2014; the Food Act , 2014; and their regulations. Seychelles also has specific sanitary legislation 
for the exportation of fish products. The Agriculture Department under the Ministry of Agriculture, 
Climate Change and Environment is the regulatory auth ority for both animal and plant health since WT/TPR/S/433 /Rev.1  • Seychelles  
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  2021. In the area of TBT, Seychelles' standardization and conformance system is mainly governed 
by the Seychelles Bureau of Standards Act , 2014. The adoption of the Act's regulations is still 
pending. According to the authorities, Seychelles had 358 standards in 2021, of which 84% were 
equivalent to international standards. Currently, the Seychelles Bureau of Standards, Seychelles' 
national standardization body, administers four technical regulations. Since its W TO accession, 
Seychelles neither raised nor was the object of any SPS/TBT specific trade concerns.  
17. In June  2022, Seychelles amended the legal and institutional framework of its competition 
policy through the adoption of the Fair  Trading Act 2022. It applies to all enterprises operating in 
Seychelles in any sector of activity, including branches, subsidiaries, or affiliates when dealing with 
competition issues , and to any goods and services for sale in the country in the case of co nsumer 
protection, with few exceptions (e.g. financial services). Seychelles does not apply price controls.  
18. According to the Government, Seychelles' public enterprises operate in general on a 
commercial basis and play an important role notably in the energy, retail, and banking sectors. The 
State has an exclusive right in the provision of public transportation ( in peak hours), airport, postal, 
and utilities services. The development of islands owned by the Government is also reserved for 
public enterprise s. Seychelles has notified to the WTO that it does not maintain any state trading 
enterprise s within the meani ng of Article  XVII of the GATT  1994 and the Understanding on its 
interpretation.  
19. Seychelles' government procurement system is partially centralized and was not subject to 
any significant change during the review period. The authorities identified various c hallenges 
including the use of non -competitive procurement methods to fast -track projects, differences in the 
tenders' evaluation criteria across procuring entities, and enforcement of debarment for 
non-performing bidders. They further indicate that there is no preference scheme in place and that 
a review of the regulations is currently ongoing to improve efficiency and transparency. Seychelles 
is an observer in the Committee on Government Procurement but has not yet applied for accession 
to the Agreement o n Government Procurement  as provided for in its WTO accession commitments.  
20. During the review period, Seychelles introduced some institutional changes to improve 
efficiency and facilitate intellectual property (IP) rights registration. Seychelles' IP regime  is 
governed by the Industrial Property Act , 2014; the Copyright Act , 2014; and their regulations, which 
cover and protect IP rights in accordance with the TRIPS  Agreement.  According to the authorities, 
IP legislation is going through a review process, whi ch shall result in the adoption of a new law. 
In 2016, Seychelles accepted the Protocol Amending the TRIPS  Agreement.  
21. The agriculture s ector (including fisheries and forestry) accounts for more than 20% of GDP 
and virtually all of Seychelles' merchandise e xports. Seychelles has limited agricultural land because 
of its granitic surface and because protected forests cover much of its total land. Primarily consisting 
of small farms, agriculture is largely commercially based. The sector is characterized by subs istence 
production. Seychelles is a net food importer, with about 80% of food imported, including the main 
staples. Some of the key objectives of Seychelles' agricultural policies include enhancing food and 
nutrition security , improving traditional farming  methods , and facilitating the involvement of the 
private sector.  According to Seychelles' notifications to the WTO, most support measures in the 
sector have been under the "Green  Box", and the majority were for research, pest and disease 
control, training  services, infrastructural services, and payments for relief from natural disasters.  
22. Fisheries is the second most important activity of Seychelles' economy, closely behind tourism. 
Fishing mainly consists of artisanal demersal fisheries, artisanal pelagic,  industrial, and seafood 
processing. Production and trade are dominated by canned tuna, fish oil, smoked fish, and fishmeal.  
The fisheries industry receives extensive support from the Government aiming to, inter alia, boost 
the development and competitiven ess of the industry. Seychelles is implementing its Blue Economy 
Strategic Framework and Roadmap 2018 -2030 with the aim of making maximum use of 
its 1,358  million km2 of ocean in the most sustainable manner possible. In October  2018, Seychelles 
issued the world's first sovereign blue bond to attract private investment and finance a transition to 
sustainable fisheries.  
23. Electricity, gas, and water production contributed 3.2% to GDP during 2015 -20. Almost all of 
Seychelles' primary energy requirements (petroleum products) are imported. Under its Energy Policy 
2010-2030, Seychelles plans to , inter alia, reduc e energy dependency through both public and WT/TPR/S/433 /Rev.1  • Seychelles  
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  private participation and ownership, increase energy efficiency, and promot e renewable energy 
sources (wind and solar), which currently account for 5% of total electricity demand. This could also 
contribute to enlarged security of supply, as well as meeting projected internatio nal commitments 
under the Paris Agreement for 100% renewable energy use by 2050.  
24. The manufacturing sector comprises mostly MSMEs. In 2015 -20, manufacture of fishery 
products represented 4.2% of economic activity, and other manufacture contributed an additi onal 
3% to GDP. Seychelles -manufactured products are generally not competitive mainly because most 
inputs are imported , inhibiting manufacturers from achieving competitive prices, and because of 
high production costs. The only manufacturing subsector where  Seychelles currently has a 
comparative advantage is processed or preserved fish and fish products. Seychelles is a signatory 
to the ITA, which includes some manufacturing industries. The average applied MFN tariff on 
manufactured goods (ISIC 3 definition)  is 2.3%, with tariffs ranging from zero  to 200% on certain 
tobacco products and retrea ded tyres.  
25. The services sector, led by real estate and accommodation and food service activities, 
accounts for almost 80% of Seychelles' GDP and about two thirds of tota l employment. Seychelles 
is a net foreign exchange earner, mostly from tourism. Seychelles made horizontal and specific GATS 
commitments in all 11 services subsectors.  
26. Financial and insurance activities contributed 6.5% of GDP over 2015 -20. The Central Ban k of 
Seychelles and the Financial Services Authority are jointly in charge of ensuring the soundness and 
stability of the financial system . According to the authorities, Seychelles is committed to moving 
towards a digital economy that encompasses the need to tie in technology with financial services 
through certain initiatives (notably fintech and digitalizing the payment system) to allow for greater 
efficiency and financial inclusion, and to enhance consumer protection. There are eight commercial 
banks lic ensed, two are majority -owned by the Government, and the rest are majority 
foreign -owned. The insurance sector remains small. The pandemic and the ensuing defaults and 
delayed loan repayments have impacted banks' profitability. Nevertheless, according to t he IMF, 
Seychelles' banking subsector is healthy and continues to be well capitalized.  
27. The telecommunications services sector represented 4.2% of GDP during 2015 -20. Seychelles 
is a net exporter of ICT services. The sector contributed to moderate the socio -economic effects of 
the pandemic by facilitating work -from-home and educational arrangements. However, it also 
accentuated the need to address local digital inequalities. During the review period, no changes were 
made regarding policy, legislation, or ins titutional arrangements in the sector. T he Broadcasting and 
Telecommunications Act, 2000 still provides the key regulatory framework. In 2022, a policy decision 
was taken for the establishment of an independent telecom regulator. There are four telecom service 
providers, all private companies. According to the International Telecommunication Union, 
Seychelles is only one of two African countries in which fixed broadband prices met the affordability 
threshold. It also ranks first in Africa fo r fixed broadband prices. Nonetheless, mobile broadband 
prices are still high.  
28. Transportation and storage contributed 7.1% to GDP during 2015 -20. Seychelles became a 
net importer of transport services during the review period. Maritime transport is of vita l importance 
to Seychelles, as the country is composed of 115  scattered islands. Indeed, the bulk of Seychelles' 
trade is handled by sea transport. Cabotage by foreign companies is not allowed. Air transport 
market access policy consists of gradual liberal ization through bilateral air service agreements. 
Transhipment has become a sizeable business, thanks to the existence of freeport zones, both near 
the port and at the airport where warehousing, merchandizing space, and other infrastructural 
services are a vailable, for re -export mainly to other African countries. The National Development 
Strategy 2019 -2023 places great emphasis on infrastructure to facilitate the socio -economic 
transformation and support Seychelles' transportation systems.  
29. The tourism secto r is the mainstay of the economy and a major foreign exchange earner. In 
2019, the travel and tourism industry represented 27.2% of GDP and employed some 27% of the 
population.  Before the pandemic, the sector was one of Seychelles' fastest -growing activiti es, 
supported by high and rising FDI inflows into the industry. Tourism has a strong impact on the rest 
of the economy, as Seychelles maintains a strong domestic supply chain involving the use and 
promotion of local products. Also, tourism services rely on  environmental policy to market Seychelles 
as a zero -carbon footprint destination. Seychelles has been applying a moratorium since 2015 on 
the construction of large hotels (i.e. 25 rooms or more). FDI in tourism activities is subject to certain WT/TPR/S/433 /Rev.1  • Seychelles  
- 11 - 
  conditions;  foreign equity in accommodation s (e.g. hotels, guest house s, self -catering 
establishment s, and motel s) of 16 to 24 rooms is limited to 80%. Additionally, foreign investment 
in other tourism activities, such as catering services, tourist guide s, and travel  agent s, is not allowed.  
 WT/TPR/S/433 /Rev.1  • Seychelles  
- 12 - 
  1  ECONOMIC ENVIRONMENT  
1.1  Main Features of the Economy  
1.1.  The Republic of Seychelles is an archipelago of 115 granite and coral islands, with an exclusive 
economic zone (EEZ) of approximately 1.4  million  km2, almost 3,000  times the size of its land area 
(455 km2). It is one of the world's biodiversity hotspots, with extremely rich marine and terrestrial 
life. Seychelles has a population of almost 100,0001, about 90% of which is clustered on the main 
islands of Mahé, Praslin, and La Digue. According to the World Bank, Seychelles has the highest GDP 
per capita in Africa, at USD  12,354 in 2021, which makes it one of only two  African countries 
classified as a high -income economy.2 According to the United National Development Programme 
(UNDP), Seychelles has the second -highest human development index in Africa, ranking 67th of 
189 economies.3 
1.2.  The structure of Seychelles' economy is shown in Chart  1.1. The services sector (led by re al 
estate and accommodation and food service activities) is the main contributor to GDP, with a 78.6% 
share during 2015 -20, followed by construction (8%); manufacture of fishery products (4.2%); 
electricity, gas, and water (3.2%); and agriculture and fishi ng (3%).  
Chart 1.1 GDP by economic activity (at basic prices), 2015 -20 
 
Note:  Simple average during the period 2015 -20. 
Source:  WTO Secretariat based on National Bureau of Statistics. Viewed at: https://www.nbs.gov.sc/ . 
1.3.  Seychelles is highly dependent on tourism and fisheries. In 2019, it is estimated that the travel 
and tourism industry represented 27.2% of GDP and employed some 27% of the population.4 
Tourism is also critical in terms of foreign exchange and tax revenue. Fisheries is the second -most 
important industry, contributing around 20% to GDP5, with Seychelles being a major seafood 
processing hub.  However, pressures from the fisheries and touri sm sectors on coastal and marine 
natural resources are reaching unsustainable levels. Seychelles is now refocusing its development 
 
1 The population of  Seychelles  has grown steadily since the 1960 s, and it is currently growing at a rate 
of 0.4% per year. This trend of very slow growth is expected to continue.  UNDP, World Population Review: 
Seychelles . Viewed at: https://worldpopulationreview.com/countries/seychelles -population . 
2 World Bank, The World Bank in Seychelles: Overview . Viewed at: 
https://www.worldbank.org/en/country/seychelles/overview#1 . 
3 Also according to the UNDP, "Between 1990 and 2019, S eychelles' life expectancy at birth increased 
by 2.6 years, mean years of schooling increased by 2.6 years and  expected years of schooling increased 
by 2.7 years. Seychelles' GNI per capita increased by about 88.5% between 1990 and 2019". UNDP, Human 
Devel opment Report 2020:  Seychelles . Viewed at: https://hdr.undp.org/sites/default/files/Country -
Profiles/SYC.pdf . 
4 WEF (2019), Travel & Tourism Competitiveness Report 2019 . Viewed at:  
http://www3. weforum.org/docs/WEF_TTCR_2019.pdf . 
5 Estimate provided by the authorities.  
Agriculture and 
fishing 3.0%Manufacture of fishery 
products 4.2%Other manufacture
3.0%Electricity, gas and 
water 3.2%Construction
8.0%
Real estate 
activities
14.4%Accommodation and food 
service activities 11.8%Public administration and 
defence; compulsory social 
security 11.6%
Wholesale and 
retail trade 7.8%
Transportation 
and storage
7.1%
Financial and insurance 
activities 6.5%
Information and 
communication 4.2%
Professional, scientific and 
technical activities 3.9%Other
11.4%Services 78.6%Chart 1.[SYC] Gross domestic product by economic activity (at basic prices), 2015 -20
Note:  Simple average during the period 2015 -20.
Source:  National Bureau of Statistics, Statistics. Viewed at: https://www.nbs.gov.sc/.WT/TPR/S/433 /Rev.1  • Seychelles  
- 13 - 
  around a sustainable blue economy (Section  4.1.4 and Box  4.1) under its Vision  2033, which was 
launched in  2019 (Section  2.2.2). 
1.4.  Climate change poses long -term sustainability risks to Seychelles. Indeed, as a  small island 
developing state (SIDS), Seychelles is most vulnerable and greatly affected by the negative impacts 
of climate change. It is estimated that an increase in the average global temperature of 2  degrees 
Celsius would be catastrophic for the country, given that over 90% of the critical infrastructure is 
located along the shoreline. The changing climatic conditions are related to higher temperatures and 
sea level rise  affecting marine and coastal life, and thus fisheries, while beach erosion and coral 
bleaching threaten tourism ; these types of events have a human impact as well . With the aim of 
addressing this challenge, the Seychelles' National Climate Change Policy  was launched in 2020.6 
1.5.  As a SIDS with limited scope for diversification7, Seychelles relies heavily on the rest of the 
world and its economy is extremely vulnerable to external shocks. Not only does it depend heavily 
on tourism, but it imports over 90% of  its total primary and secondary production inputs. 
International trade, therefore, plays an important role in Seychelles' economy, with merchandise 
trade (exports and imports) representing 109.6% of GDP in 2018 -20.8 Seychelles' trade is relatively 
concen trated both in terms of products and markets (Section  1.3.1). T he small size of Seychelles'  
economy, the remote access to markets and suppliers, and limited participation in global value 
chains also reduce the ability of firms to exploit economies of scale and to export.  
1.6.  According to UNCTAD, "[l]ow levels of local entrepreneurship and innovation  have generated a 
dual economy, split between sectors with FDI presence and those reserved for domestic investors". 
Additionally, "Seychelles has adopted a prudent and selective approach to FDI entry, imposing 
regulatory limitations" on FDI (Section  2.4.1) . This approach "served the country well", due to its 
size, "the scarcity of land and the need to preserve natural resources". Nonetheless, "a 
competitiveness gap is emerging between … sectors … which are more exposed to competition and 
modern management t echniques, and those reserved for [domestic investors], where  low levels of 
competition have [restrained] development  and innovation".9 
1.2  Recent Economic Developments  
1.7.  During the 2015 -19 period, the economy of Seychelles grew at an average annual rate of 4.4%, 
driven primarily by significant tourist earnings and strong output in the fishing industry. Over the 
same period, annual CPI inflation averaged 2.3%, helped by prudent monetary policy and a stable 
exchange rate, while the external current account def icit, as a percentage of GDP, averaged 18% 
mostly because of its significant trade deficit.  
1.8.  In 2020, the IMF estimates that Seychelles' real GDP contracted 7.7% mainly due to 
the COVID -19 pandemic  that significantly disrupted all economic activities, notab ly tourism, which 
plummeted by more than 60% . In 2020, for the first time since 2008, Seychelles did not achieve a 
primary surplus, with a deficit of 15.3% of GDP (Table  1.1) that followed an underperformance on 
revenues while expenditures exceeded the pla nned amount in face of the pandemic.10 Seychelles 
applied strict public health measures including lockdowns and the closing of its international airport. 
According to the IMF, Seychelles' economy has weathered the pandemic relatively well, including 
throug h fiscal and monetary policy measures to support the economy, ensure food security, and 
mitigate the financial impact of the pandemic on private businesses .11 
1.9.  The main aid to the private sector was the Financial Assistance for Job Retention (FA4JR) 
scheme aimed at avoiding redundancies by guaranteeing the salaries of employees and 
self-employed individuals affected by the pandemic up to a maximum of SCR  30,000 per month. To 
support investment in agriculture and fisheries and improve those sectors' contribut ion to food and 
 
6 Ministry of  Environment, Energy and Climate Change (now Ministry of Agriculture, Climate Change and 
Environment) (2020), Seychelles' National Climate Change Policy . 
7 Scarcity of land and limited labour supply constrain economic diversification in Seychelles.  
8 WTO S tatistics database, Trade Profiles: Seychelles . Viewed at: 
https://www.wto.org/english/res_e/statis_e/daily_update_e/trade_profiles/SC_e.pdf . 
9 UNCTAD (2020),  Investment Policy Review : Seychelles , p. 5. 
10 Central Bank of Seychelles, Annual Report 2020 , p. 6. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202020.pdf . 
11 IMF (2022), Seychelles: First Review under the Extended Fund Facility Arrangement , IMF Country 
Report  No. 22/6, p.  4. WT/TPR/S/433 /Rev.1  • Seychelles  
- 14 - 
  nutrition security, the interest on loans was lowered from 3% to 1%. In addition, as of May  2020, 
the levy on imports of poultry and pork was increased. The associated revenue raised was added to 
the Livestock Trust Fund to help farmers cop e with higher costs.12 Moreover, the Central Bank of 
Seychelles (CBS) supported the operating expenditures of impacted businesses through two credit 
line facilities:  the Private Sector Relief Scheme for Micro, Small and Medium Enterprises, and the 
Private Sector Relief Scheme for Large Enterprises.  These schemes were  withdrawn on 1  April 2022 
(Section  3.3.1 and Table  3.5). 
1.10.  On 29  July 2021, the IMF approved Seychelles' request for a 32 -month arrangement under 
an Extended Fund Facility (EFF), which provided f or a concessionary loan of about USD  106 million 
aimed at preserving macroeconomic stability (e.g.  fiscal consolidation, reducing debt sustainability 
risks, narrowing the of the current account deficit, and protecting the most vulnerable segment of 
the pop ulation), and advancing key structural reforms (wage bill, pension fund, and social protection 
system reforms) to raise and sustain long -term growth.13 
1.11.  According to the IMF, Seychelles has achieved a macroeconomic turnaround in line with 
expectations at th e time of the EFF approval. Market sentiment has improved, fiscal deficits have 
narrowed, and debt ratios are on a downward trajectory. This recovery was aided by the authorities' 
strides in restoring macroeconomic stability and the implementation of struc tural reforms during the 
ongoing EFF -supported programme.14 As a result, Seychelles' real GDP growth for 2021 is estimated 
at 2.6%, pushed by the swift recovery of the tourism  industry.15 Nonetheless, the unemployment 
rate increased from 3.0% in 2019 to 4.3% in 2020 (Table  1.1).16 For 2022, the IMF estimates real 
GDP growth at 4.6%.17 
Table 1.1 Selected economic indicators, 2015 -21 
 
2015  2016  2017  2018  2019  2020  2021  
GDP at current prices 
(SCR million)  18,852.5  19,848.5  21,473.9  22,762.9  23,635.2  21,151.0  22,316.9  
GDP at current prices 
(USD  million)  1,416.0  1,490.2  1,573.4  1,636.3  1,684.2  1,200.6  1,320.5  
Real GDP (% change at 
2014 constant prices)  5.6 5.4 4.5 3.2 3.1 -7.7 2.6 
Population ('000)  93.4 94.7 95.8 96.8 97.6 98.5 99.3 
GDP per capital (USD)  15,157.5  15,740.1  16,416.7  16,910.7  17,252.0  12,193.9  12,353.9  
Unemployment, total 
(% of total labour force)  4.2 4.0 3.7 3.5 3.0 4.3 .. 
Inflation (CPI % change, 
period average)  4.0 -1.0 2.9 3.7 1.8 1.2 9.8 
GDP by economic expenditure (% of GDP at current prices)   
 Household 
consumption  59.7 59.4 58.8 59.9 58.3 67.1 52.5 
 Government 
consumption  24.0 23.5 23.0 25.0 24.6 30.3 27.1 
 Gross fixed capital 
formation  30.7 28.9 29.9 28.8 28.1 25.3 34.2 
 Net exports  -7.9 -11.8 -11.7 -13.7 -10.9 -22.8 -13.9 
 Exports  97.1 77.2 85.9 81.5 78.5 65.8 93.4 
 Imports  105.0  89.0 97.6 95.2 89.4 88.6 107.3  
Government budget (% of GDP)  
Revenue and grants  33.7 36.9 34.3 37.3 35.7 34.5 33.8 
 Total revenue  32.9 35.6 33.6 36.0 35.3 33.8 30.9 
 Tax 29.4 31.2 30.5 32.0 31.4 30.1 27.1 
 Non-tax 3.6 4.4 3.1 4.0 3.9 3.7 3.8 
 Grants  0.8 1.3 0.7 1.2 0.4 0.7 2.8 
Expenditure and net 
lending  31.4 36.8 34.1 37.5 35.5 52.9 39.7 
Primary balance, accrual basis   
 Including grants  4.3 3.4 3.1 2.8 2.6 -15.3 -3.0 
 
12 The FA4JR scheme was introduced in April  2020 and extended until the end of the year. Nonetheless, 
as of July  2020, only the salaries of Seychellois workers were guaranteed. CBS , Annual Report 2020 , pp. 3-4. 
Viewed at: https://www.cbs.sc/Downloads/publications/Annual%20Report%202020.pdf . 
13 In addition to funds received from the IMF, Seychelles received support loans from the African 
Development Bank (USD  20 million) and the World Bank (USD  35 million). CBS, Annual Report 2021 , p. 45. 
Viewed at: https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
14 IMF Cou ntry Report No.  22/6, p.  16. 
15 Among the actions taken by the authorities to revive the tourism industry were widespread vaccine 
coverage at home and the gradual removal of restrictions on visitors entering Seychelles.  
16 Unemployment statistics were not pr oduced in 2021 due to pandemic restrictions.  
17 IMF (202 2), World Economic Outlook , April. WT/TPR/S/433 /Rev.1  • Seychelles  
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2015  2016  2017  2018  2019  2020  2021  
 Excluding grants  3.6 2.1 2.5 1.6 2.2 -16.0 -5.8 
Overall balance, accrual 
basis 2.3 0.0 0.2 -0.2 0.2 -18.3 -6.0 
Public debt (SCR  billion, end -of-period)  
Total public debt  11.8 12.6 12.4 12.3 13.4 19.4 18.5 
 External debt  5.8 5.6 5.6 5.8 5.8 10.1 8.2 
 % of GDP  29.6 28.7 28.1 26.3 25.0 48.8 32.9 
 Domestic debt  6.0 7.0 6.8 6.5 7.5 9.5 10.3 
 % of GDP  30.90  35.9 34.0 29.5 32.0 45.6 41.1 
Money and interest rate  
Reserve money (end -of-
period, annual per cent 
change)  9.5 14.5 18.9 4.5 22.7 40.4 11.1 
Broad money (M3)  
(end-of-period, annual % 
change)  2.9 12.1 16.4 7.7 13.9 29.1 5.8 
Monetary sector credit to 
private sector (% GDP)  24.6 26.0 29.3 31.8 37.6 49.0 40.0 
Interest rates (%)   
 Saving rates  2.9 2.9 2.4 2.9 2.9 2.3 1.6 
 Lending rate  12.57  12.42  12.05  12.58  12.36  9.34 9.02 
 Treasury bills  9.1 6.4 5.4 5.2 5.5 4.7 3.7 
External sector  
 Current account (% of 
GDP) -18.1 -19.3 -18.8 -17.3 -16.6 -23.2 -20.3 
 Trade in goods and 
services based on BoP 
(% of GDP)  192.0  191.3  207.8  216.1  202.0  187.1  182.9  
 Terms of Trade on 
goods  
(-=deterioration)  -12.1 17.0 2.6 3.0 -6.2 -9.0 4.4 
 SCR/USD (period 
average)  13.3 13.3 13.6 13.9 14.0 17.6 16.9 
 SCR/EURO (period 
average)  14.8 14.8 15.5 16.5 15.8 20.2 20.1 
 SCR/GBP (period 
average)  20.3 18.0 17.5 18.5 17.9 22.6 23.2 
 Nominal effective 
exchange rate (% of 
change: - 
depreciation)  7.8 2.4 -3.9 -3.3 2.9 -17.7 1.6 
 Real effective 
exchange rate (% of 
change: - 
depreciation)  9.8 -0.1 -3.2 -2.0 3.4 -12.8 8.3 
 Gross international 
reserves  535.5  523.0  544.7  549.0  580.0  559.2  702.1  
 Net international 
reserves  423.4  414.6  424.3  407.7  430.0  400.5  528.6  
 Net reserves in 
months of imports  3.9 3.3 3.3 2.8 2.8 3.6 3.6 
.. Not available.  
a Figures include private external debt.  
Note:  Provisional data for GDP data from 2018 and 2020. GDP data in 2021 derived from the IMF's World 
Economic Outlook  (April  2022) due to no data availability from the CBS and National Bureau of 
Statistics (as of 19  May 2022).  
Source:  National Bureau of Statis tics, Statistics . Viewed at: https://www.nbs.gov.sc/ ; CBS, Statistics . 
Viewed  at: https://www.cbs.sc/ ; IMF Data, International Financial Statistics . Viewed at: 
https://www.imf.org/en/Data ; IMF Data, IMF Data Mapper . Viewed at: 
https://www.imf.org/external/datamapper/datasets ; World Bank, World Development Indicators . 
Viewed a t: https://databank.worldbank.org/home.aspx ; and UNCTAD, Data Center . Viewed at: 
https://unctadstat.unctad.org/EN/ ; and data provided by the authorities . 
1.2.1   Monetary and exchange rate policies  
1.12.  The CBS is responsible for conducting monetary policy . The Central Bank of Seychelles 
Act, 2004 (as amended) states that the primary objective of the CBS is to promote domestic price 
stability. The other obj ectives of the CBS are to advise the Government on banking, monetary, and 
financial matters, including the monetary implications of proposed fiscal or credit policies or 
operations of the Government, and to promote a sound financial system.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 16 - 
  1.13.  Annual CPI infl ation averaged 2.1% during 2015 -20 but jumped to 9.8% in 2021 because of 
the disruptive effects of the pandemic that increased international commodity prices, and the lagged 
impact of the weaker Seychelles rupee (SCR).18 For 2022, the IMF estimates a reduc tion of the 
average inflation rate to 5.6%19, while the authorities' forecast is 4.1%, driven mainly by the 
elevated international commodity and fuel prices, although the stronger SCR is expected to dampen 
their impact . 
1.14.  According to the IMF, the CBS stands  ready to act if inflationary pressures persist and is 
working to ensure a well -functioning interest -rate-based monetary policy framework.20 In 
January  2019, the monetary policy framework transitioned from reserve money targeting to an 
interest rate -based framework. This was done through the introduction of a Monetary Policy Rate 
(MPR) that lies in the middle of the pre -existing interest rate corridor.21 The MPR serves as the key 
policy rate signalling the monetary policy stance.  
1.15.  Due to the pandemic and its  associated economic and social challenges, the CBS felt it 
necessary to support domestic economic activity. In this light, monetary policy has remained 
accommodative since Q2  2020. The MPR was reduced to 4% in Q2  2020 and, in line with this, the 
Standing Credit Facility (SCF) and Standing Deposit Facility (SDF) were also lowered to 7% and 1%, 
respectively. A further loosening of monetary policy was implemented in Q3  2020 when the MPR 
was reduced to  3%. Subsequently, the SCF was lowered to 6% while the SDF remained unchanged 
at 1%; these rates were maintained until Q2  2021.  
1.16.  Despite the accommodative monetary policy since Q2  2020, interest rates in the market 
remained elevated and were not necessarily conducive to growth, thereby implying limited 
transmissio n of monetary policy. Therefore, to align market interest rates with prevailing 
macroeconomic fundamentals, the Board of the CBS approved a structural shift in the interest rate 
corridor in Q3  2021. Consequently, the MPR was set at 2% while the interest ra tes on the SDF and 
SCF were reduced to 0.5% and 3.5%, respectively. In line with this, there was a general reduction 
in interest rates in the domestic market.  
1.17.  As already indicated, as part of a range of support measures implemented by the CBS to 
support op erating expenditures of individuals and businesses impacted by the pandemic, two credit 
line facilities were introduced in 2020 under private sector relief schemes. Given the gradual rebound 
in economic activity that has been observed since early 2021, the  Board of the CBS approved the 
unwinding of COVID -19 Policy and Relief Measures in January  2022. The two credit line facilities 
were closed as of 1  April 2022 (Section  4.4.1.2). 
1.18.  According to the IMF, the exchange rate regime of Seychelles is classified as floating. As such, 
the exchange rate is determined by demand and supply in the market. Subsequently, foreign 
exchange interventions are done only to limit disorderly market conditions and to build external 
buffers.22 In 2021, for example, because of specul ative behaviour on both the buying and selling 
sides, the CBS felt that the exchange rate was not adjusting to reflect market conditions. Therefore, 
according to the CBS, it sold "foreign exchange to commercial banks after which the market resumed 
its norm al function".23 
1.19.  The exchange market in Seychelles was liberalized in November  2008, which resulted in the 
elimination of restrictions on the making of payments and transfers for current international 
 
18 CBS, Annual Report 2021 , p. 27. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
19 IMF (2022), World Economic Outlook , April.  
20 IMF Country Report No.  22/6, p.  10. 
21 With the discontin uation of reserve money as the operating target, the MPR serves as the key policy 
variable used for signalling the prevailing monetary policy stance. This is complemented by the interest rate 
corridor, which adjusts accordingly to changes in the MPR. The M PR lies within the interest rate corridor, with 
the Standing Deposit Facility and the Standing Credit Facility serving as the floor and ceiling , respectively. The 
interbank lending rate (the average rate at which banks lend funds to one another ) is expecte d to fluctuate 
between the floor and ceiling, with adjustments impacted by any shifts in the MPR. In addition, the direct 
monetary policy tool, Minimum Reserve Requirement (MRR), remains a supporting policy indicator.  CBS, The 
Monetary Policy Rate . Viewed at: https://www.cbs.sc/monetary/CurrentFramework.html . 
22 IMF Country Report No.  22/6, p.  10. 
23 CBS, Annual Report 2021 , p. 61. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
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  transactions. The de jure exchange rate regime is floating, and its de facto exchange rate regime is 
classified as floating.24 The evolution of the nominal and real effective exchange rates is shown in 
Table  1.1. In 2021, both rates appreciated partly due to the strong growth in tourism earnings 
compared to 2020 (Section  1.2.3). On average, the SCR strengthened by 4.1% and 1.1% relative 
to the US dollar and the euro, respectively.25 
1.2.2   Fiscal policy  
1.20.  From 2008 until 2019, Seychelles achieved primary surplus (including grants) through a 
prudent expenditure policy and a gradual widen ing of the tax base. Nonetheless, the primary surplus 
(including grants) of 2.6% of GDP in 2019 became a deficit of 15.3% of GDP in 2020 largely as a 
result of the measures taken to contain the pandemic 's impact  on tourism earnings. For  2021, the 
primary b alance (including grants) is estimated at 3% of GDP (Table  1.1), as economic activity 
picked up following the easing of travel restrictions during the year, expenditure cuts, and higher 
revenues.26 
1.21.  During the review period, the Government continued to rais e funds on both the domestic and 
external markets to finance its fiscal needs. The aggregated stock of public debt stood at some 
USD 1,260  million in 2021, i.e.  74% of GDP (up from USD  903 million in 2020 or 94% of GDP). The 
authorities aim at reducing tot al public debt to around 50% of GDP by 2026.27 The stock of external 
debt, as a share of GDP, decreased from 48.8% in 2020 to 32.9% in 2021, while the stock of 
domestic debt rose due to increased net issuance of bonds.28 
1.22.  According to the IMF, the Seychellois authorities are committed to reducing debt 
vulnerabilities and fiscal risks by frontloading the fiscal adjustment and returning to a primary 
surplus of 2.9% as a share of GDP as early as 2023 (compared to a deficit of 0.4% at EFF approval).29 
1.23.  Among the main fiscal measures applied/envisaged to achi eve such targets are structural 
reforms to: (i)  improve the efficiency of government spending; (ii)  rationalize the modernization of 
the Seychelles Revenue Commission to widen the tax base with revisions of the exemptions under 
the VAT; (iii)  improve custo ms tax collection by moving to online services, and reducing paper 
transactions and costs; (iv)  reduce business tax rates to make them equitable; (v)  reform excise 
taxes; (vi)  end the unemployment relief scheme effective March  2022; and (vii)  phase out the  FA4JR 
scheme by March  2022.30 As a result, the authorities expect a primary fiscal deficit (including grants) 
of 0.8% of GDP in 2022.  
1.24.  In addition, the authorities are working to adopt a new Public Enterprises Act to strengthen 
management of SOEs (Section  3.3.5). The Public Enterprise Monitoring Commission is to become 
the only authority to oversee public enterprises and will establish targets for these SOEs to ensure 
that they generate revenue and are accountable to Government, and their decisions are alig ned with 
national plans.31 
1.2.3   Balance of payments  
1.25.  In line with the inherent characteristics of a SIDS that depends heavily on imports, 
traditionally Seychelles has a current account deficit; it averaged 19.1% of GDP over 2015 -21. This 
deficit also reflects a long-standing structural savings -investment imbalance financed by overseas 
 
24 IMF (2019), Seychelles: Staff Report for the  2019 Article  IV Consultation , IMF Country 
Report  No. 19/194.  
25 CBS, Annual Report 2021 , p. 53. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
26 CBS, Annual Report 2021 , p. 44. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
27 IMF Country Report No.  22/6.  
28 CBS, Annual Report 2021 , p. 47. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
29 IMF Country Report No.  22/6, p.  7. 
30 CBS, Annual Report 2021 , p. 45. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
31 IMF Country Report No.  22/6, p.  55. WT/TPR/S/433 /Rev.1  • Seychelles  
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  borrowing. The current account deficit averaged USD  283 million during 2015 -21, amounting to 
USD 297.4  million in 2021 (Table  1.2). 
Table 1.2 Balance of payments, 2015 -21 
(USD  million)  
 2015  2016  2017  2018  2019  2020  2021  
Current account  -255.9  -287.4  -295.7  -282.9  -279.7  -279.1  -297.4  
 Goods and services  -123.5  -145.5  -143.8  -179.5  -183.8  -198.3  -215.6  
 Credit  1,297.4  1,352.9  1,562.9  1,678.4  1,609.2  1,024.1  1,231.1  
 Debit  1,420.9  1,498.4  1,706.8  1,857.8  1,793.0  1,222.4  1,446.7  
 Goods  -473.0  -531.9  -590.3  -615.4  -630.6  -358.7  -506.9  
 Credit  449.4  459.2  564.8  572.7  483.2  473.1  515.7  
 of which : re-exports 
(credit)  196.3  172.7  278.4  242.0  259.5  198.2  198.4  
 Debit  922.4  991.0  1,155.1  1,188.1  1,113.8  831.8  1,022.6  
 Services  349.5  386.3  446.5  435.9  447.0  160.4  291.3  
 Credit  848.0  893.7  998.1  1,105.7  1,126.0  551.0  715.4  
 of which: tourism 
earnings  392.7  413.7  482.7  559.2  589.7  221.3  309.6  
 Debit  498.5  507.4  551.6  669.8  679.1  390.6  424.1  
 Primary income  -105.4  -132.2  -136.2  -105.0  -89.5 -67.5 -80.0 
 Credit  17.4 13.3 15.5 23.4 16.2 11.8 8.0 
 Debit  122.8  145.5  151.7  128.4  105.7  79.3 88.0 
 Secondary income  -27.0 -9.7 -15.7 1.5 -6.4 -13.3 -1.9 
 Credit  32.1 47.8 42.4 63.3 59.8 27.3 39.2 
 Debit  59.1 57.5 58.1 61.8 66.2 40.6 41.1 
Capital account  36.9 54.2 52.3 49.8 38.3 20.9 23.8 
Financial account  -215.8  -225.3  -246.8  -223.4  -241.9  -256.7  -263.9  
 Direct investment  -193.0  -119.3  -206.3  -317.9  -265.2  -134.6  -148.6  
 Assets  -87.1 -78.4 -81.9 -10.3 -8.1 -54.5 -48.4 
 Liabilities  105.9  40.9 124.5  307.7  257.1  80.1 100.2  
 Portfolio investment  -35.9 51.8 53.5 -30.4 11.3 96.5 -13.1 
 Assets  -43.9 61.1 38.5 -33.1 1.2 51.2 -19.0 
 Liabilities  -8.0 9.3 -15.0 -2.7 -10.1 -45.3 -5.9 
 Other investment  -59.9 -158.0  -112.4  121.0  -12.0 -192.0  -246.8  
 Assets  -187.4  -90.2 -12.2 135.5  -0.3 -185.7  4.6 
 Liabilities  -127.5  67.8 100.1  14.4 11.7 6.3 251.5  
 Reserve assets  73.0 0.1 18.4 3.8 24.0 -26.6 144.6  
Net errors and omissions  3.3 8.0 -3.4 9.8 -0.5 1.5 9.7 
Note:  Based on data including offshore.  
Source:  CBS, Statistics . Viewed at: https://www.cbs.sc . 
1.26.  The current account deficit, as a share of GDP, increased from 16.6% in 2019 to 23.2% 
in 2020 and subsided to 20.3% in 2021 (Table  1.1), thanks to the gradual recovery of tourism 
earnings. Indeed, these went from USD  589.7  million in 2019 to USD  221.3  million in 2020 and 
USD 309.6  million in 2021 (Table  1.2). 
1.27.  As shown in Table  1.1, the stock of net official reserves held at the CBS increased from 
USD 423.4  million at the end of 2015 to USD  528.6  million in 2021. In terms of reserves adequacy, 
this was equivalent to 3.6  months of Seychelles' total imports of goods and services in 2021 
(3.9 months in 2015).  
1.3  Trade and Investment Performance  
1.3.1   Trade in goods  
1.28.  Based on balance of payments figures, Seychelles' merchandise exports (including re -exports) 
grew 14.8% between 2015 an d 2021, while merchandise imports increased by 10.9% between the 
same years. As a result, the trade deficit increased from  USD 473.0  million in 2015 to 
USD 506.9  million in 2021 (Table  1.2). 
1.29.  In 2020, Seychelles ranked 138th among world merchandise exporter s and 143rd among 
importers (considering the countries of the European  Union together and excluding intra -EU trade). WT/TPR/S/433 /Rev.1  • Seychelles  
- 19 - 
  Services exports, mainly travel services, are also a significant source of foreign exchange earnings. 
In services trade, Seychelles ranked 98th among exporters and 131st among importers.32 
1.30.  The global spread of the pandemic and the resulting containment measures took a toll on 
Seychelles' merchandise exports and imports but not as much as expected. Domestic exports went 
from USD  246.7  million in 2015 to USD  320.0  million in 2021 (Chart  1.2), an increase from 
USD 288.6  million in 2020 (Table  A1.1). The category of preparations of fish or of crustaceans 
(HS 16), mostly canned tuna, is the main contributor towards merchandise exports  earnings, 
representing 87.0 % of the total in 2021 (compared with 92.7% in 2015). Next come fish and 
crustaceans (HS  03), which represented 7.2% of total merchandise exports in 2021 (2.4% in 2015), 
and residues and waste from the food industries (HS  23) with 2.8% (Table  A1.1).  
Chart 1.2 Product composition of merchandise trade by main HS section, 2015 and 2021  
 
Source:  WTO Secretariat estimates, based on data from National Bureau of Statistics, Statistical Bulletins, 
Merchandise Trade , various editions (31  March  2022, 31  March  2021, 31  March  2020, 29  March  2019, and 
29 March  2018). Viewed at: https://www.nbs.gov.sc/statistics/merchandise -trade . 
 
32 WTO Statistics database, Trade Profiles: Seychelles . Viewed at: 
https://www.wto.org/english/res_e/statis_e/daily_update_e/trade_profiles/SC_e.pdf . 
Chart 1.[SYC]  Product composition of merchandise trade by main HS section/chapter, 2015 and 2021
2015 2021
Fish and 
crustaceans 
(HS 03)
7.2%Preparations of fish or of 
crustaceans
(HS 16)
87.0%
Total:   USD 246.7 million Total:  USD 320.0 million  
Base metals & 
articles 
thereof
7.6%
Mineral fuels (HS 27) 
17.8%Mineral fuels (HS 27) 
19.9%Base metals &
articles thereof
13.6% 
Total:   USD 991.1 millionTotal:   USD 1,120.5 millionOther
5.8%
WTO Secretariat estimates, based on National Bureau of Statistics, Statistical Bulletins, Merchandise 
Trade, various versions, 31 March 2022, 31 March 2021, 31 March 2020, 29  March 2019, and 29 March 
2018.Other 
16.9%Fish and crustaceans 
(HS 03)
2.4%
Other
14.6%Transport equipment
6.9%Other
4.9%
Chemicals 
5.7%Transport equipment
11.7%
Vegetable products
3.6%Machinery;
electrical equipment
16.8% Machinery; 
electrical equipment
11.9% 
Plastics & rubber
3.1% 
Plastics & 
rubber 2.7% 
Prepared food, beverages 
and tobacco
6.6%Prepared food, beverages 
and tobacco
6.4%Textiles & 
textile
articles 2.2%Fish and crustaceans 
(HS 03)
9.8%Domestic exports (f.o.b.)
Imports (c.i.f.)
Textiles & textile 
articles 2.5%
Chemicals 
4.5%Preparations of fish or of 
crustaceans
(HS 16)
92.7%
Fish and crustaceans 
(HS 03)
11.8%
Vegetable products 
3.5%
Source: WT/TPR/S/433 /Rev.1  • Seychelles  
- 20 - 
  Chart 1.3 Direction of merchandise trade, 2015 and 2021  
 
Source:  WTO Secretariat estimates, based on data from Nati onal Bureau of Statistics, Statistical Bulletins, 
Merchandise Trade , various editions (31  March  2022, 31  March  2021, 31  March  2020, 
29 March  2019, and 29  March  2018). Viewed at: https://ww w.nbs.gov.sc/statistics/merchandise -
trade . 
1.31.  Domestic merchandise exports are highly concentrated geographically. In 2021, 65.2% of 
total exports were shipped to the EU -27, compared with 58.5% in 2015 (Chart  1.3). France is 
Seychelles' largest export market, taking 40.1% of total exports in 2021 (up from 37.9% in 2015) , 
followed by the United  Kingdom with 20.9%, and Italy with 13.9% . Asia was also an important 
export destination in 2021 with 6.0% of the total in 2021, up from 5.2% in 2015 (Table  A1.2).  
1.32.  Seychelles' merchandise imports went from USD  991.1 million in 2015 to USD  1,120.5  million 
in 2021, after dropping to USD  982.7  million in 2020 (Table  A1.3). Such outcome was attributed to 
the overall recovery in economic activity and higher international commodity prices, notably fuel. 
Indeed, mineral f uels (HS  27) dominated total merchandise imports with 19.9% share in 2021 , up 
from 17.8% in 2015. Next came imports of fish and crustaceans (HS  03) with  11.8% share in 2021, 
Chart 1.[SYC]  Direction of merchandise trade, 2015 and 2021
2015 2021
Domestic exports (f.o.b.)
Total:  USD 246.7 million Total:  USD 320.0 million
EU-27
24.1%Other
21.4%
Mauritius 
4.0%Imports (c.i.f.)
EU-27
31.5%
United 
Kingdom
2.8%
South Africa 
8.1%
Mauritius 
2.9%Singapore 2.6%
India 4.4%
Total:  USD 991.1 million Total:  USD 1,120.5 millionIndia 4.0%
WTO Secretariat estimates, based on National Bureau of Statistics, Statistical Bulletins, Merchandise 
Trade, various versions, 31 March 2022, 31 March 2021, 31 March 2020, 29  March 2019, and 29 March 
2018.China
4.4%EU-27
65.2%EU-27
58.5%
United Arab
Emirates
30.5%Singapore 3.7%Other
14.1%
South Africa 
7.6%China
3.1%United 
Kingdom
3.9%Other 
7.8%Other 
14.0%
United Kingdom
33.7%United Kingdom
20.9%
United Arab
Emirates
26.9%
Source:WT/TPR/S/433 /Rev.1  • Seychelles  
- 21 - 
  machinery and mechanical appliances (HS  84, 6.8%), and ships, boats, and floating structures 
(HS 89, 3.3%) ( Chart  1.2 and Table  A1.3).  
1.33.  The EU -27, led by France, Italy, and Spain, was the source of 31.5% of Seychelles' total 
merchandise imports in 2021, compared with 24.1% in  2015 (Chart  1.3). The United  Arab Emirates 
represented 30.5% o f total imports in 2021 (up from 26.9% in 2015), while Asia's share, mostly 
India and China, went from 21.3% in 2015 to 14.7% in 2021 (Table  A1.4).  
1.3.2   Trade in services  
1.34.  Seychelles is a net exporter of services, an important source of foreign exchange mostly f rom 
tourism. Unsurprisingly, restrictions on international travel because of the pandemic significantly 
impaired the services surplus. Indeed, it decreased from USD  446.5 million in 2019 to 
USD 160.4  million in 2020 and recovered somewhat to USD  291.3  million in 2021 (Table  1.3). 
Table 1.3 Trade in services, 2015 -21 
(USD  million)  
 2015  2016  2017  2018  2019  2020  2021  
Trade balance  349.5  386.3  446.5  435.9  447.0  160.4  291.3  
Total exports, of which:  848.0  893.7  998.1  1,105.7  1,126.0  551.0  715.4  
 Transport  207.6  203.3  234.3  181.2  161.5  109.9  127.5  
 Travel  392.7  413.7  483.3  559.2  589.7  221.3  309.6  
 Royalties & licence fees  1.3 1.3 1.4 1.4 1.4 1.4 1.4 
 Telecommunications, computer, and 
information services  12.4 12.1 12.7 13.0 13.3 9.5 9.8 
 Other business services  225.6  248.3  250.8  344.4  345.0  190.7  254.7  
 of which technical, trade -related, 
and other business services  225.6  248.3  250.8  191.5  191.5  189.3  226.5  
 Government goods and services  8.5 15.0 16.3 6.5 15.0 18.2 12.3 
Total imports, of which:  498.5  507.4  551.6  669.8  679.1  390.6  424.1  
 Transport  170.3  181.1  207.9  214.2  217.4  140.2  223.1  
 Travel  30.3 53.5 61.8 67.7 67.1 25.6 32.1 
 Construction  6.5 4.5 5.9 3.1 5.7 6.1 7.3 
 Insurance and pension services  6.6 6.1 7.3 7.4 7.9 6.8 8.3 
 Financial services  3.3 3.6 3.7 6.8 11.3 9.6 13.5 
 Royalties & licence fees  1.8 1.5 1.7 2.7 3.3 2.0 2.4 
 Telecommunications, computer, and 
information services  0.9 0.9 1.0 1.3 1.6 1.5 1.8 
 Other business services  276.2  253.4  258.9  362.2  361.5  195.8  108.8  
 of which technical, trade -related, 
and other business services  276.2  253.4  258.9  222.0  218.2  174.9  87.5 
 Government goods and services  2.7 2.9 3.3 4.3 3.4 3.1 26.9 
Note:  Based on data including offshore.  
Source:  CBS, Statistics . Viewed at: https://www.cbs.sc/ . 
1.35.  Despite the pandemic, travel (tourism) remains the most important services category, 
contributing 43.3% of total value of services exports  in 2021 (46.6% in 2015). Other business 
services (led by technical, trade -related, and other business services) constitute the second -largest 
export service category with a share of 35.6% in 2021, followed by transport services (17.8%). 
Imports of service s are led by transport, accounting for 52.6% of the total value of services imports 
in 2021 (34.2% in 2015), followed by other business services (25.6%) and travel (7.6%).  
1.3.3   Foreign direct investment  
1.36.  According to UNCTAD, FDI inflows have contributed signific antly to the positive economic and 
social performance of Seychelles in recent years by playing a major role in the development of key 
economic activities, notably tourism, fisheries, financial services, and telecom.33 Nonetheless, in 
UNCTAD's view, several  constraints limit Seychelles' capacity to tap the expected benefits of FDI, 
 
33 In the 1990s, the first foreign investors in Seychelles came with the priva tization of some tourism and 
manufacturing activities and the acquisition by Heinz European Seafood of a majority stake in the tuna 
cannery. UNCTAD (2020), Investment Policy Review : Seychelles .  WT/TPR/S/433 /Rev.1  • Seychelles  
- 22 - 
  including through business linkages.34 According to the latest World Bank's Ease of Doing Business 
Report, Seychelles ' main strengths refer to paying taxes and registering property , while t he most 
important issues still hindering FDI inflows are starting a business, getting credit, protecting minority 
investors, and enforcing contracts.35  
1.37.  Despite the moratorium on the construction of large new hotels since 2015, Seychelles has 
almost doubled its FDI stock, as a share of GDP, since 2010. It reached 273.6% in 2020 and 235.1 % 
in 2021. Nonetheless, FDI inflows averaged USD  155 million during 20 15-21, below the average 
registered over 2010 -14 (USD  216 million) partly due to the pandemic -related delay in investment 
projects. Seychelles' stock of FDI abroad averaged USD  289 million during 2015 -21 (Table  1.4). 
Table 1.4 FDI inflows and outflows, 2015 -21 
(USD  million)   
2015  2016  2017  2018  2019  2020  2021  
FDI inflows  194.5  155.2  191.9  119.5  143.7  122.3  156.9  
FDI inward stock  2,761.8  2,917.0  2,899.5  3,019.1  3,162.8  3,285.1  3,442.0  
FDI inward stock (% of GDP) 195.0  195.7  184.3  184.5  187.8  273.6  235.1  
FDI outflows  10.0 10.3 5.9 5.1 -2.1 10.2 -3.1 
FDI outflow stock  311.9  320.3  287.5  292.6  290.5  300.8  297.6  
FDI outflow stock (% of GDP)  22.0 21.5 18.3 17.9 17.2 25.1 20.3 
Source:  UNCTAD, Data Center . Viewed at: https://unctadstat.unctad.org/EN/ ; and data provided by the 
authorities . 
1.38.  According to UNCTAD, Seychelles is the second -best performer in FDI attraction among SIDS 
considering the size of the po pulation and GDP. Moreover, FDI inflows have become more diversified 
in recent years. The recent reduction in tourism -related FDI (3.2% of total FDI inflows in 2020 
and 2021) has been compensated by an increase in investment in the International Business 
Companies sector (offshore corporations), but also in other sectors such as health, fishing, and 
telecom.36 
1.39.  According to latest figures from Seychelles Investment Board (SIB), some 96% of total FDI 
inflows in 2020 came from the United Arab Emirates, followe d by Germany (1.4%). In recent years, 
Mauritius, India, and Sri  Lanka have also been important investors in Seychelles.37 
 
34 UNCTAD (2020), Investment Policy Review : Seychelles . 
35 World Bank, Doing Business 2020: Seychelles . Viewed at: 
https://archive.doingbusiness.org/en/data/exploreeconomies/seychelles . 
36 UNCTAD (2020), Investment Policy Review : Seyc helles . 
37 Data based on approved investment by sectors from SIB.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 23 - 
  2  TRADE AND INVESTMENT REGIMES  
2.1  General Constitutional and Legal Framework  
2.1.  Seychelles is a presidential republic that gained independence in 1976 and whose political 
system is defined by the Constitution of 1993. During the review period, the Constitution was 
amended four  times – in 2016, 2017, 2018 , and 2022 – with a view to strengthening democracy 
and good governance.1 The most significant changes in this regard took place in 2016 and 2017. 
The amendments of 2016 reduce the number of presidential terms to two from three, while those 
of 2017 provide for, inter alia, a clear succession procedure in the event the President dies, resigns, 
or is removed from office. Following any of these events, a new presidential election is  to be carried 
out within three  months, with the Vice  President assuming power in the meantime. Other changes 
refer, inter alia, to law enforcement and the role of military personnel.  
2.2.  Under the Constitution, the State has three independent branches: executive, legislative, and 
judiciary. The executive is represented by the President who is the Head of State, the Head of 
Government, and the Commander -in-Chief of the Defence Forces. The President is assisted by a 
Cabinet that is responsible fo r advising on the country's policies and any other matters as requested. 
The President is directly elected by the people for a period of five  years and, following the 
amendments of 2016, can be re -elected only once. The last elections took place in October  2020 
with the current President taking office the same month.  
2.3.  The legislative branch is represented by a unicameral Parliament – the National Assembly – 
consisting of up to 35  members elected every 5  years. Elections are based on a mixed voting system 
where 26  members are directly elected by simple majority vote and 9 are elected based on 
proportional representation whereby each political party is allocated one seat for each 10% of the 
votes obtained. The last parliamentary elections were held in 2020 at t he same time as the 
presidential election, but this is not always the case.2 The National Assembly is responsible for 
making laws by passing bills that have been developed by Ministries and approved by the Cabinet. 
Before becoming a law (Act), the propose d new law or amendments to an existing law – a bill – is 
introduced in the National Assembly by the Cabinet. The examination of the bill then goes through 
different stages, including consultations with relevant stakeholders, publication in the Official 
Gazette, and a period for receiving comments of at least 30  days. Once the National Assembly has 
agreed on the bill's final form, the bill is submitted for adoption. If the National Assembly passes the 
bill, the President must assent for it to become an Act.3 The Act is then published in the 
Official  Gazette. Any change to the Constitution must be approved by the National Assembly.  
2.4.  All concluded and signed international treaties and agreements must be ratified by the National 
Assembly. Once an international t reaty or agreement is ratified, its domestication is done through 
changes in domestic legislation, or through direct application, as is the case for WTO  Agreements. 
When changes in domestic legislations are deemed necessary, the relevant authorities propos ed the 
changes for consideration by the National Assembly.  
2.5.  In the hierarchy of laws, the Constitution occupies the highest position, followed by 
international treaties  or agreements, Acts (Statutes) by the National Assembly, and Regulations 
(Statutory Inst ruments). In the event of a discrepancy between the provision of international 
 
1 These amendments were adopted through the Constitution of the Republic of Seychelles (Seventh 
Amendment) Act of 16  April 2016; Constitution of the Republic of Seychelles (Eighth Amendment) Act of 
18 April 2017; Constitution of the Republic of Seychelles (Ninth Amendment) Act of 20  August  2018; and 
Constitution of the Republic of Seychelles (Tenth Amendment) Act of 20  June 2022.  
2 The authorities indicate that it is not mandatory to organize the presidential and parliamentary 
elections at the same time. The President can call at any time for presidential elections as well as 
parliamentary elections under certain conditions ( Constit ution, Sections  52A and 110).  
3 The President can refuse to assent to a bill if he or she believes that it infringes on or may infringe on 
the Constitution. The President must then refer the bill to the Constitutional Court for a decision concerning its 
constitutionality within 14  days. The Constitutional Court must inform both the President and the National 
Assembly of its decision. If the bill infringes on any provision of the Constitution, it must be returned to the 
National Assembly for review.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 24 - 
  treaties/agreements and domestic legislation, the provisions of international treaties/agreements 
prevail.4 
2.6.  The Judiciary branch is headed by the Chief Justice and has four lev els of courts (in ascending 
order): the Magistrates Courts, the Constitutional Court, the Supreme Court, and the 
Court  of Appeal. There are also specialist courts and tribunals.  
2.7.  Seychelles is member of the Commonwealth of Nations and of the Indian Ocean Ri m 
Association, which consist of 54 and 23 members , respectively.  
2.2  Trade Policy Formulation and Objectives  
2.2.1   Trade policy formulation  
2.8.  The institutional framework for the formulation and implementation of Seychelles' trade  policy 
has remained largely the same s ince its accession to the WTO in 2015. The Ministry of Finance, 
National Planning and Trade (MFNPT) is responsible for the formulation and implementation of 
Seychelles' trade policy, through its Trade Department.5 It also leads the negotiations of trade 
agreements, including those at the multilateral level, and oversees their implementation.6 During 
the review period, the MFNPT was renamed four times to reflect changes in its functions but that 
were not related to its trade mandate.7 
2.9.  The Trade Department  works in coordination with other Ministries and government agencies to 
foster synergies and ensure coherence across national policies that either directly or indirectly affect 
trade. To this end and according to the authorities, various national committee s have been 
established to advise on the country's trade policy formulation regarding, for instance, intellectual 
property rights, technical barriers to trade (TBT), sanitary and phytosanitary (SPS) issues, trade 
facilitation, trade and customs, and invest ment and services domestic regulations.  
2.10.  The Trade Department acts as the National Notification Authority (NNA) and National Enquiry 
Point (NEP), and as such it is responsible for the submission of notifications to the WTO, and for 
addressing queries regard ing any trade -related issues, including TBT and SPS measures. The roles 
of the NNA and the NEP were officially established in 2015.  
2.11.  All trade -related legislation is enacted by the National Assembly and must be assented to by 
the President to become law (se e above). Trade agreements are negotiated by the Executive  branch  
but are subject to the National Assembly for ratification.  
2.2.2   Trade policy objectives  
2.12.  Seychelles' trade policy is aimed  towards building a diversified, more resilient, and open 
economy that is fully integrated into global markets.8 Such commitment is reflected in the steady 
progress made in the implementation of its WTO membership obligations since its accession in 2015, 
as well as in its active participation in regional trade initiatives and t he newly adopted national policy 
strategy – Vision  2033. Seychelles ' trade policy is further guided by the principles of trade facilitation 
and the objective of developing a conducive business environment and promoting the participation 
of the private sect or.9 
 
4 In this regard, the authorities indicate that Seychelles will not ordinarily engage in a treaty that 
contradicts its Constitution, and that procedures in this regard will follow Section  64(4) of the Constitution.  
5 Moreover, the Trade Department has policy and legislative mandates from the Customs Management 
Act, Excise Tax Act, Industrial Property Act, Copyright Act, and all of their subsidiary legislation. Since 2018, it 
has also had regulatory functions for postal services through the absorption of the Postal  Regulatory Authority.  
6 Ministry of Finance, National Planning and Trade (2020), Trade Department Policy Functions , October.  
7 Since 2015, the current MFNPT  has had the following names: (i)  Ministry of Finance, Trade and 
Investment ; (ii) Ministry of Finan ce, Trade and the Blue Economy (since 2015) ; (iii) Ministry of Finance, Trade, 
and Economic Planning (2017) ; (iv) Ministry of Finance, Trade, Investment, and Economic Planning (2018) ; 
and in March  2022, it adopted its current name. These changes were adopt ed to reflect changes in the 
Ministry's functions and responsibilities but have not affected its trade mandate.  
8 WTO document WT/ACC/SYC/64, 5  November  2014.  
9 Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 25 - 
  2.13.  Vision  2033 was launched in August  2019 and is Seychelles' first long -term strategy for 
development. It sets the country's economic and development goals for the next 15  years. Highly 
dependent on tourism and fisheries exports, Seychelles aspires to become  a diversified economy 
that enjoys stable, inclusive, and sustainable growth and Vision 2033 outlines the transformations 
needed to reach this outcome. The implementation of the plan is based on three five -year National 
Development Strategies (NDS), starti ng with NDS 2019 -2023, which was launched simultaneously 
with Vision  2033. Both documents were developed based on a wide consultation process engaging 
stakeholders from the public and private sectors and from civil society. The NDS 2019 -2023 contains 
an action plan based on six pillars: (i)  good governance, transparency, and accountability; (ii)  people 
at the centre of development; (iii)  social cohesion; (iv)  innovative economy; (v)  economic 
transformation; and (vi)  environmental sustainability and resilien ce.10 Under the economic 
transformation pillar, Seychelles seeks to move from low -productivity to high -productivity activities 
within and across all sectors, which entail, inter alia, the adoption of new technologies and 
management practices. Specific to t rade, under this pillar, Seychelles seeks to enhance its import 
substitution strategy , and promote economic diversification by increasing the value -added 
contribution notably in fisheries and by focusing on the development of the blue economy, which is 
considered as one of the country's main drivers of growth in the long  term. The MFNPT will be 
responsible for monitoring the implementation of Vision  2033 and the NDS  2019-2023.  
2.14.  More recently, in the context of the presentation of the Annual Budget for 2022 a t the National 
Assembly, the MFNPT identified – in line with these strategies – three main objectives in the areas 
of trade and investment: (i) modernize the country's investment framework; (ii) facilitate 
sustainable diversification of products and servic es; and (iii) establish the regulatory framework and 
policies that support the development of science, technology, and innovation in business.11 
2.3  Trade Agreements and Arrangements  
2.3.1   WTO  
2.15.  Seychelles acceded to the WTO in April  2015, thus becoming its 161st Member, and since then 
has made steady progress in implementing its accession commitments.12 Seychelles bound all of its 
tariff lines and grants MFN treatment to all of its trading partners. It has an average final bound rate 
of 9.8% and an applied MFN ra te of 2.7% (Table  3.2). In trade in services, Seychelles made partial 
commitments in all 11  sectors identified in the WTO Services Sectoral Classification list 
(Section  4.3).13 
2.16.  Seychelles is engaged in the work of the WTO and participates in various groups . It is part of 
the African, Caribbean and Pacific (ACP) and African groups, the G -90 (which comprises the ACP  and 
African groups, and least developed countries), and the small vulnerable economies (SVE) group, 
which seeks flexibilities and enhanced specia l and differential treatment for SVEs in WTO 
negotiations. Seychelles also participates in the Article  XII Members group, which comprises 
Members that joined the WTO after 1995 and seek to address the imbalances resulting from the gap 
between their commitm ents (broader), and those of the original Members. Seychelles is particularly 
active in the fisheries' subsidies negotiations, with other areas of interest including, agriculture, 
e-commerce, services, TRIPS, investment facilitation, and WTO reform.14 Seychelles is a co -sponsor 
of the Joint Statement on Investment Facilitation for Development15, and has joined the proposals 
to resume Appellate  Body appointments and functioning.16 
2.17.  In January  2016, Seychelles accepted the Agreement on Trade Facilitation (TFA) , and in June 
of the same year the Protocol Amending the TRIPS  Agreement. As of July  2022, it had implemented 
 
10 These pillars are in line with Seychelles' commitmen ts taken at the multilateral and regional levels, 
such as those under the United Nations Agenda 2030 for Sustainable Development and the African Union's 
Agenda  2063.  
11 MFNPT  (2021), Budget 2022 Government of Seychelles Delivered by Naadir Hassan, Minister for 
Finance, National Planning and Trade, November.  
12 WTO document WT/ACC/SYC/64, 5  November  2014.  
13 The WTO Services Sector Classification (WTO document MTN.GNS/W/120, 10  July 1991) is based on 
the UN Central Product Classification and comprises 11  sector s and 55  subsectors.  
14 Participation in WTO meetings is facilitated by Seychelles' permanent representation  in Geneva, which 
comprises one delegate.  
15 WTO document WT/L/1130, 10  December  2021.  
16 WTO document WT/DSB/W/609, 12  January  2018, and its revisions . WT/TPR/S/433 /Rev.1  • Seychelles  
- 26 - 
  87.8% of its TFA obligations, and implementation of all remaining commitments was expected to be 
completed by December  2025.17 Seychelles is a sig natory to the WTO Information Technology 
Agreement.18 It has observer status in the Committee on Government Procurement and has not yet 
applied for accession to the Agreement on Government Procurement as provided for in its WTO 
accession commitments.  
2.18.  Since  its accession, Seychelles has submitted 82 notifications to the WTO covering agriculture, 
anti-dumping, import licensing, intellectual property, pre -shipment inspections, regional trade 
agreements, rules of origin, SPS and TBT measures, services, state tr ading, subsidies and 
countervailing measures, trade facilitation, trade -related investment measures, and quantitative 
restrictions (Table  A2.1). As of July  2022, some notifications were outstanding in some areas 
(e.g. agriculture, trade facilitation, and r egional trade agreements).  
2.19.  Since its accession , Seychelles has not been involved in any WTO dispute as a complainant, 
a respondent, or a third  party.  
2.3.2   Regional and preferential agreements  
2.3.2.1   Reciprocal preferences  
2.20.  During the review period, Seychelles concluded and implemented the Economic Partnership 
Agreement (EPA) with the United  Kingdom, one of its main trading partners, and was actively 
engaged in various trade negotiations with other African economies, notably on the Southern African 
Development C ommunity (SADC) Free Trade Area, Common Market for Eastern and Southern Africa 
(COMESA) Free Trade Area, as well as the African Continental Free Trade Area (AfCFTA) and 
Tripartite Free Trade Area (TFTA). In 2015, Seychelles signed and ratified the Protocol  on Trade in 
goods under SADC , thus joining the SADC Free Trade Area in place since 2000. It also signed and 
ratified the SADC Protocol on Trade in Services in 2015 and 2016, respectively. This Protocol entered 
into force in January  2022, after reaching th e ratification threshold of 12  members.  
2.21.  With ratification of the EPA with the United  Kingdom and the SADC Protocols, Seychelles 
counts four regional trade agreements (RTAs)19 in force and operation involving about 
30 economies.20 The two other agreements a re: (i)  the Interim EPA between the European  Union 
and the Eastern and Southern African (ESA) States ( the Comoros , Madagascar, Mauritius, 
Seychelles, and Zimbabwe)21; and (ii)  the Common Market for Eastern and Southern Africa 
(COMESA) (Chart  2.1). In  2020,  Seychelles' trade with its RTA partners ranged between 0.4% 
(SADC) and 88.1% (European  Union) of its total merchandise exports, and between 5.1% (COMESA) 
and 34.4% (European  Union) of its total merchandise imports.22 
 
17 WTO TFA database. Viewed at: https://tfadatabase.org/ . 
18 Seychelles has not endorsed the declaration for the expansion of the ITA coverage as there is a 
discrepancy in the bound rates for 42  tariff lines.  
19 RTAs are defined at the WTO as trade agreements providing for reciprocal preferences among its 
parties.  
20 Counting the European  Union as one.  
21 The Comoros joined the Interim EPA between the European  Union and the ESA States  in July  2017. 
The Agreement started applying on a provisional basis in February  2019. The accession of the Comoros to the 
Interim EPA was notified to the WTO Secretariat in January  2021 (WTO document WT/REG445/N/1, 
18 January  2021).  
22 National Bureau of Statistics (2021), Statistical Bulletin , MT2020/4, 31  March.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 27 - 
  Chart 2.1 RTAs signed by Seychelles, as of July  2022  
 
Source:  WTO Secretariat, RTA Section.  
2.22.  In addition, Seychelles signed the TFTA in 2015 and the AfCFTA in 2018, comprising 28 and 
54 members, respectively. So far, Seychelles has ratified only t he AfCFTA (2021), and the 
Agreement is currently in force for 43  countries but is not operational. Negotiations under both 
initiatives are ongoing and are guided by the African Union's vision of harmonizing existing (and 
sometimes overlapping) regional eco nomic communities and consolidating them into one, with the 
TFTA serving as a stepping  stone. However, given capacity constraints in some of the  Agreements'  
members, the overlap between these two initiatives poses a risk to their progress.  
2.23.  Seychelles has notified most of its RTAs in force, except for the AfCFTA and the SADC  Protocol 
on Trade in Services (Table  A2.2).  
2.3.2.1.1   Common Market for Eastern and Southern Africa (1994)  
2.24.  Seychelles is a founding member of COMESA, which was established in 1994 as an economic 
cooperation organization with the objective of building a free trade area for goods and ultimately a 
customs union and common market among its members.23 
 
23 COMESA Treaty, Articles 46 -47. 
Namibia
BotswanaEswatini
Lesotho
South AfricaSACUSADC
MozambiqueTanzania
DR Congo
MalawiSeychelles
Madagascar
AngolaZambia MauritiusZimbabweEACRwandaUganda
BurundiKenya
ComorosEthiopia
DjiboutiEritreaEgypt
LibyaSudan
COMESATunisia
South Sudan
Somalia
TRIPARTITEAfCFTA 
(54 economies)
ECOWAS,
WAEMU, 
CEMAC European Union -
ESA States ( iEPA )
United Kingdom -
ESA States (EPA ) WT/TPR/S/433 /Rev.1  • Seychelles  
- 28 - 
  2.25.  Currently, COMESA comprises 21  African countries, of which 16, including Seychelles, 
participate in the COMESA Free Trade Area.24 Seychelles joined the COMESA FTA in 2009, and as 
such it grants duty -free and quota -free treatments to all imports originating from other FTA parties 
only, except for very few tariff lines (less than  2% of the total) that are either excluded or subject 
to a reduced rate (Chart  3.4). COMESA members that have not yet joined the FTA are the 
Democratic  Republic  of Congo, Eritrea, Eswatini, Ethiopia, and Somalia.25 Seychelles notified its 
participation in the COMESA FTA to the WTO in May  2022.26 
2.26.  The customs union, originally planned for 2004, is not yet operational. The work for its 
implementation is ongoing and progress remains slow. In June  2009, COMESA members adopted 
the regulations guiding its function ing, and agreed to align their tariff and tariff nomenclature to 
those the common external tariff (CET) and the common tariff nomenclature, as well as their 
customs management regulations to that of the customs union within a maximum period of 
eight years.27 The parties are still in the process of aligning their duties to the CET, which consists 
of three  bands: 0% for capital goods and raw materials, 10% for intermediate goods, and 25% for 
finished goods . As of 2019, Seychelles had aligned 29% of its tariff  lines to the CET.28 For other 
COMESA members, the share of lines aligned to the CET ranged from 0% (Djibouti) to 74% (Burundi, 
Kenya, Rwanda, and Uganda). Seychelles has also aligned 55.9% of its tariff nomenclature to the 
common tariff nomenclature and h as fully harmonized its customs legislation with the COMESA 
customs management regulations. In addition, the CET of COMESA has been harmonized with the 
CET of the East African Community, so that countries participating in both customs unions can 
comply wit h both agreements.  
2.27.  With a view to establishing a common market, COMESA members are also seeking to 
gradually liberalize trade in services and achieve the free movement of labour and capital among its 
members.29 In trade in services, they have prioritized n egotiations in four sectors, namely 
communication, financial, tourism, and transport services. In 2014, schedules of specific 
commitments for 11  parties  – Burundi, Djibouti, Egypt, Eswatini, Kenya, Malawi, Mauritius, 
Seychelles, Sudan, Uganda, and Zambia – were adopted by Council of Ministers and gazetted. 
Seychelles has not made commitments on cross -border supply for most of the subsectors under 
financial services and in some tourism -related services. Seychelles has liberalized postal and courier 
services.  The second  round of negotiations covering three additional services sectors (business, 
construction and related engineering, and energy -related services) began in 2019 and is ongoing.30 
2.28.   In the area of investment, COMESA adopted the Investment Agreement f or the COMESA 
common investment area in 2007 and revised it in 2017. The Agreement is not in force , as it has 
not reached its ratification threshold.31 As of July  2022, Seychelles had not ratified this agreement.32 
The Agreement seeks to, inter alia, encou rage the gradual elimination of investment restrictions and 
build a conducive business environment to promote investments in the region.  
2.29.  Other topics covered by the COMESA treaty and related legal instruments include competition 
policy, customs matters, di spute settlement, export promotion, and trade remedies.  
 
24 The COMESA Free Trade Area was e stablished in October  2000 and included originally nine  COMESA 
members.  
25 COMESA, Annual Report 2019 . Eswatini benefits from a derogation from the tariff liberalization under 
COMESA pending the implementation of the TFTA.  
26 COMESA was notified to the WTO in 1995 as a customs union, but the notification does not cite 
Seychelles as a signatory (WTO document WT/COMTD/N/3, 29  June 1995). Seychelles notified its participation 
in the COMESA FTA to the WTO in May  2022 (WTO document WT/COMTD/RTA23/N/1, 31  May 2022). 
27 Flexibilities may apply for sensitive products during a specific transition period, by for instance 
excluding them from the application of the CET. COMESA, Brief on the COMESA Customs Unions . Viewed at: 
https://www.comesa.int/comesa -customs -union/ . 
28 COMESA, Annual Report 2019 .  
29 COMESA Treaty, Article  4, paras.  4 and 6.  
30 COMESA, Annual Report 2020 . 
31 COMESA (2020), Medium Term Strategic Plan 2021 -2025; and Official Gazette of the Common Ma rket 
for Eastern and Southern Africa ( COMESA ), Vol. 27, February  2022.  
32 Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 29 - 
  2.3.2.1.2   Southern African Development Community (2008)  
2.30.  Seychelles has been a member of the SADC since 2008.33 SADC is an economic cooperation 
organization comprising 16  African countries seeking to deepen regi onal integration.34 Various 
protocols have been adopted to this end, covering , inter alia, trade in goods and services, 
investments, fisheries, education, energy, and health.35 Under the Protocol on Trade, SADC 
members agreed to gradually establish a free trade area for goods in the region.36 The SADC FTA 
has been in place since 2000, and currently counts 13  SADC Members, including Seychelles.37 
Seychelles joined the SADC FTA in 2015 following the ratification of the Protocol on Trade. Seychelles 
signed the Protocol in April  2015 and ratified it in May of the same year. The Protocol was notified 
to the WTO in January  2016.38 
2.31.  Under the SADC Protoc ol on Trade, Seychelles committed to liberalize 97.5% of its tariff lines 
over a transition period of 12  years ending in 2026 with most lines (about 91.7%) being bound to 
zero upon the Agreement's entry into force. Seychelles excluded 141  tariff lines from  the application 
of the Agreement, including vehicles, alcoholic beverages, certain fishes, mineral waters, tea, and 
tobacco products. With the Agreement's entry into force in 2015, the 85.6% of lines that were 
duty-free on an MFN basis became bound to zer o and an additional 6.1% of the lines were liberalized. 
As of January  2022, 96% were duty -free in line with its liberalization schedule (Chart  3.4). Upon 
Seychelles' accession to the SADC FTA, its exporters faced zero duties for all product lines when 
entering Botswana, Eswatini, Malawi, Namibia, Lesotho, and South  Africa (i.e.  members of the 
Southern African Customs Union (SACU)), except for 13  lines in the case of Malawi and 10 for the 
others. In the other markets of the SADC FTA, Seychellois products ben efited from duty -free 
treatment for 88.8% (Mauritius) to 99% (Tanzania) of the total number of their tariff lines.39 The 
Protocol on Trade also includes provisions on customs cooperation, intellectual property rights, trade 
remedies, TBT, SPS, trade in services, and dispute settlement.  
2.32.  During the review period, Seychelles also became party to the SADC Protocol on Trade in 
Services, which has been open for signature since 2012. Seychelles signed this Protocol in 2015 and 
ratified it in August  2016. The Protocol entered into force on 13  January  2022 following its 
ratification by 11  SADC members.40 The five countries that h ave not yet ratif ied the Protocol are 
Angola, the Comoros , Democratic  Republic  of Congo, Madagascar, and Tanzania. The Protocol 
provides for the progressive liberalization of trade in services starting with negotiations over 
six priority sectors, namely co mmunication, financial services, tourism, transport, construction, and 
energy -related services. This first round of negotiations was concluded in June  2019 and resulted in 
the adoption of various sectoral Annexes to the Protocol41 and of the Parties' list of commitments, 
with some exceptions.42 The Annexes and lists of commitments became effective with the entry into 
force of the SADC Protocol on Trade in Services in January  2022 for those parties that had ratified 
it.43 The second  round of negotiations was  launched in 2021 and covers regulatory issues and all 
 
33 Seychelles originally joined SADC in September  1997. It withdrew in 2004 but re -joint in 2008.  
34 The 16 SADC members are Angola, Botswana, t he Comoros, Democratic Republic of Congo, Eswatini, 
Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South  Africa, Tanzania, Zambia, 
and Zimbabwe.  
35 SADC, SADC Protocols . Viewed at: https://www.sadc.int/sadc -protocols .  
36 The SADC free trade area was established in 1996 with the Protocol on Trade and has been in force 
since 2000.  
37 The other 12  members are Botswana, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, 
Namibia, South  Africa, Tanzania, Zambia, and Zimbabwe. Angola, the Comoros , and 
Democratic  Republic  of Congo are not yet participating.  
38 The SADC Protocol on  Trade was notified to the WTO by its participants at that time in WTO document 
WT/REG176/N/1/Rev.1, 27  August  2004, and the accession of Seychelles was notified in WTO document 
WT/REG368/N/1, 8  January  2016.  
39 WTO document WT/REG368/1, 6  July 2018.  
40 According to the SADC Protocol on Trade in Services (Article  30), the Protocol shall enter into force 
30 days after the deposit of instruments of ratification by two thirds of the SADC members.  
41 The Annexes that have been adopted are the Annex on Substantia l Business Operations, Annex on 
Movement of Natural Person s, Annex on Interim Arrangements relating to Commitments on Subsidies, Annex 
on Financial Services, Annex on Tourism Services, Annex on Telecommunication Services, and Annex on Postal 
and Courier Se rvices.  
42 The list s of commitments that were not adopted were those of Mozambique (in relation to 
energy -related services), Madagascar (construction and energy -related services), Angola, and the Comoros.  
43 SADC (2022), "SADC Protocol on Trade in Services E nters into Force", 27  January. Viewed at: 
https://www.sadc.int/latest -news/sadc -protocol -trade -services -enters -force.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 30 - 
  remaining sectors (business services; distribution; educational, health , and social services; 
environmental services; and recreational, cultural , and sporting services). Negotiations are 
ongoing.44 
2.33.  Seychelles is a signatory to the SADC Protocol on Finance and Investment, in force 
since 2010.45 
2.3.2.1.3   Interim Economic Partnership Agreement with the European  Union (2009)  
2.34.  Seychelles is a party to the interim agreement establishing a framework for an Economic 
Partnership Agreement (Interim EPA) between the European  Union and Eastern and Southern Africa 
(ESA) countries. The other ESA signatories to the Interim EPA are Madagascar, Mauritius, Zimbabwe, 
and the Comoros, who joined later. The Agreement was signed in Aug ust 2009 pending the 
conclusion of a comprehensive EPA with the entire ESA region and has been applying on a provisional 
basis since May  2012. The Interim EPA was notified to the WTO Secretariat in 2012 and remains 
open to all ESA States  willing to accede.  
2.35.  The Interim EPA contains six chapters covering , inter alia, trade in goods, fisheries, economic 
and development cooperation, areas for future negotiation, and dispute settlement. In trade in 
goods, the European  Union committed to grant duty -free, quota -free access for all imports (except 
arms and ammunition) from ESA States  upon the Agreement's date of application, while Seychelles 
had to liberalize most – not all – of its tariff lines by 2022. As of January  2022, Seychelles had 
removed duties on about 96% of its tariff lines in accordance with its liberalization s chedule 
(Chart  3.4). By the same year, the other ESA States  will have eliminated duties for 85.8% 
(Zimbabwe) to 98.2% (Mauritius) of their tariff lines. Seychelles started to implement its tariff 
liberalization schedule under the Interim EPA in February  2013, when about 84% of its tariff were 
already duty -free on an MFN basis.46  
2.36.  The parties further included a rendezvous clause, under which the y agree to continue 
negotiations and complete a full and comprehensive EPA that would include trade in services, 
customs and trade facilitation, TBT, SPS, agriculture, and other trade -related issues 
(e.g. competition policy, investment and private development, intellectual property, and the 
environment).47 
2.37.  In 2019, the European  Union and the ESA States  launched negotia tions to deepen and update 
the coverage of the Interim EPA. Since the launch of negotiations, several rounds have already taken 
place.48 
2.3.2.1.4   Tripartite Free Trade Area Agreement (2015)  
2.38.  As part of the SADC and COMESA, Seychelles participates in the negotiations  for the 
TFTA Agreement, which groups the member states of COMESA, the East African Community (EAC), 
and the SADC (28  members ). The TFTA Agreement was signed in June  2015 by 16  parties , including 
Seychelles, and has been open for signature since then. The Agreement is not yet in force and will 
only enter into force once at least 14  signatories  have ratified it. As of July  2022, most of its members 
had signed it but only a minority had ratified it.49 Seychelles has not yet ratified the Agreement. The 
TFTA Ag reement covers trade in goods and services and seeks to deepen the economic integration 
across these three regional economic communities through regulatory harmonization in trade and 
trade-related areas and be a stepping  stone towards the establishment of a continental FTA as 
provided under the African Union's regional integration road map. Negotiations for the TFTA and for 
 
44 SADC, Regional Negotiations among SADC Membe r States . Viewed at: 
https://extranet.sadc.int/english/tis/trade -in-services -negotiation -in-sadc/negotiations -among -sadc-memb er-
states/ . 
45 Information provided by the authorities.  
46 WTO document WT/REG307/1, 30  August  2017.  
47 Interim EPA, Article  53. 
48 European Commission (2021), Individual Information Sheets on Implementation of EU Trade 
Agreements , Commission Staff Working Document, SWD (2021) 297 final, 27  October.  
49 As at July  2022, 24  parties  have signed the TFTA Agreement, and 11 of those have ratified it.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 31 - 
  the AfCFTA are to be conducted in parallel and be subsequently consolidated and merged into one 
single process.50 
2.39.  TFTA negotiations are  ongoing, and cover, inter alia, rules of origin, tariff offers, and services 
commitments.  
2.3.2.1.5   African Continental Free Trade Area (2018)  
2.40.  The AfCFTA was signed in March  2018 by 44  African economies, including Seychelles, and 
entered into force in May  2019 for those that had ratified it.51 Seychelles ratified the AfCFTA in 
September  2021. Currently, the AfCFTA comprises 54  signatories and is in force for 43  of them.52 
2.41.  The AfCFTA is one of the most ambitious plurilateral trade initiatives in progress today. It 
provides, inter alia, for the progressive liberalization of trade in goods and services among its 
members, as well as for cooperation in various areas including investment, intellectual property 
rights, and competition policy in accordance with the African U nion Agenda 2063.53 Once fully 
implemented, it will be the largest free trade zone in the world, in terms of membership, the  second 
largest in terms of population (1.3  billion in 2020) after the Regional Comprehensive Economic 
Partnership (RCEP) (2.3  billion), and the third largest in terms of gross domestic product (GDP) 
(USD  2.4 trillion in 2020), after RCEP (USD  26 trillion) and the Comprehensive and Progressive 
Agreement for Trans -Pacific Partnership (CPTPP) (USD  10.7 trillion).54 
2.42.  The free trade area for goods was launched in January  2021 but is not operational and 
negotiations are ongoing. Pending completion of the negotiations, AfCFTA parties agree to 
provisionally implement the FTA using the rules of origin agreed so far and the tabled tariff offers. 
Yet no trade is reportedly taking place under the AfCFTA.55 
2.43.  AfCFTA negotiations are  organized according to three phases and are currently being 
conducted in parallel, instead of successively as initially planned. The first phase of negotiations 
focuses on trade in goods and services. In trade in goods, members agreed to liberalize 97% of  tariff 
lines over a transition period that varies with the member's level of development. For non -LDC 
members, customs duties must be eliminated over a transition period of 15  years, starting on 
1 July 2020, with 90% of the tariff lines becoming duty -free within the first 5  years. For LDC 
members, the transition period is 23  years, with 90% of the tariff lines becoming duty -free within 
the first  10 years. As of April  2022, an agreement had been reached on about 88%  on the rules of 
origin; 43  members had su bmitted their offers for tariff liberalization, and 46 had done so for their 
services commitments. Seychelles has submitted both offers.56 The second phase of negotiations 
covers investment, competition policy, and intellectual property rights, and the thi rd phase on digital 
trade was launched in May  2021.57 The deadlines to complete both the first and second phases of 
negotiations have been extended multiple times since 2020 and 2021, respectively.  
2.44.  The AfCFTA also includes provisions on trade remedies, tra de facilitation, TBT, SPS, and 
dispute settlement.  
 
50 African Union (2012), Boosting Intra -African Trade Action Plan . 
51 In May  2019, the AfCFTA entered into for ce for the 24  economies that had deposited their instrument 
of ratification (AfCFTA, Article  23). 
52 The 43  members  are Algeria, Angola, Burkina  Faso, Burundi, Cameroon, Central  African  Republic, 
Cabo Verde, Chad, Côte  d'Ivoire, Congo, Djibouti, Democratic  Republic of the  Congo, Egypt, Equatorial  Guinea, 
Eswatini , Ethiopia, Gabon, Gambia, Ghana, Guinea, Kenya, Lesotho, Mali, Malawi, Morocco, Mauritania, 
Mauritius, Namibia, Nigeria, Niger, Rwanda, South  Africa, Sahrawi Arab Democratic Republic, Senegal, 
Seychelles, Sierra  Leone, Sao  Tomé  and Principe, Tanzania, Togo , Tunisia, Uganda, Zambia, and Zimbabwe.  
53 African Continental Free Trade Area Agreement, Articles 1 and 4.  
54 Estimates by WTO Secretariat.  
55 TRALAC. Viewed at: https://www.tralac.org/resources/infographic/13795 -status -of-afcfta -
ratification.html . 
56 African Union (2022), 35th Ordinary Session of the African Union Assembly: Decisions, Declarations, 
Resolution and Motion, 5 -6 February.  
57 The authorities ind icate that the first meeting of the committee on Digital Trade was held in 
May 2022.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 32 - 
  2.3.2.1.6   Economic Partnership Agreement with the United  Kingdom (2019)  
2.45.  The EPA between the United  Kingdom and the ESA States  – Seychelles, Mauritius, and 
Zimbabwe – was signed in January  2019 to ensure continuity a fter the United  Kingdom withdrew 
from the European  Union. The Agreement entered into force in January  2021 and was notified to the 
WTO Secretariat immediately after.58 The Agreement follows the same structure of the Interim EPA 
with the European  Union, and  its provisions are to a large extent also the same. Under the 
United  Kingdom -ESA EPA, the United  Kingdom committed to eliminate duties for all goods 
originating in ESA States  (excepts for arms and ammunitions) upon the Agreement's entry into force, 
and ES A States  will reduce their duties for goods originating in the United  Kingdom in accordance 
with their schedule under the European  Union -ESA Interim EPA, which will be fully implemented 
by 2022.59  
2.46.  Like the Interim EPA between the European  Union  and ESA States, the United  Kingdom -ESA 
EPA includes a rendezvous clause under which the Parties agree to conduct future negotiations on 
areas not covered by the EPA, listing the same areas as those under the Interim EPA with the 
European  Union  (e.g. agriculture, com petition policy, TBT, trade facilitation, SPS, and services ). The 
Parties agreed to establish the timetable of these negotiations, not later than six  months from the 
entry into force of the Agreement. In this regard, the authorities indicate that both Part ies have 
agreed to delay any new negotiations due to resource constraints in both sides.60 
2.47.  Similarly, the United  Kingdom -ESA EPA also includes an automatic derogation from the rules 
of origin for exports of canned tuna and tuna loins to the United  Kingdom but reduces the permitted 
annual quantities to reflect the size of UK market and trade flows with ESA States  in recent years.61 
For Seychelles, it was particularly important to replicate this provision in the United  Kingdom -ESA 
EPA, given the importance of  tuna exports for its economy.  
2.3.2.2   Unilateral preferences  
2.48.  Seychelles is member of the Indian Ocean Commission (IOC), a cooperation organization 
established in 1984. The other IOC members are the Comoros, Madagascar, Mauritius, and 
Reunion  Island (France). Unde r the IOC, Seychelles grants, on a unilateral basis, a tariff reduction 
of 5 percentage points to certain goods originating in IOC members. This reduction applies to goods 
with an MFN rate higher than 5%, except for those falling in HS Chapters  22 (beverag es, spirits, and 
vinegars) and 24 (tobacco and manufactured tobacco substitutes), and HS Headings  27.10 (certain 
types of petroleum oils and oils) and 27.11 (petroleum gases and other gaseous hydrocarbons).  
2.49.  In 2015, Seychelles reached the status of "high -income" country – the first one to do so in 
Africa – as defined by the World Bank, and as such it would no longer qualify for the Generalized 
System of Preferences (GSP) programmes applied by certain countries. For instance, Seychelles was 
removed in Januar y 2017 from the list of beneficiaries of the United  States' GSP and African Growth 
and Opportunity Act programmes.62 
2.4  Foreign Investment Regime  
2.4.1   Overview  
2.50.  Foreign investment in Seychelles is governed by the Investment Act of 2010, and the recently 
adopted Investment (Economic Activities) Regulations of 2022. These instruments are 
complemented by the Policy Paper on Economic Activities Reserved for Seychelloi s of 2020, and 
 
58 WTO document WT/REG427/N/1, 7  January  2021.  
59 United  Kingdom  Department for International Trade (2019),  Continuing the United  Kingdom's Trade 
Relationship with the Easte rn and Southern African Region , February.  
60 EPA between the United  Kingdom and the Eastern and Southern Africa States, Article  52. 
61 Agreement establishing an Economic Partnership Agreement between the Eastern and Southern Africa 
States and the United  Kingdom of Great Britain and Northern Ireland (2019), Protocol  1, Article  42. 
62 United  States Presidential Proclamation  9333 of 30  September  2015,  to Modify Duty -Free Treatment 
Under the Generalized System of Preferences and for Other Purposes, Federal Registe r, Vol.  80, No.  192, 
5 October, p.  60249.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 33 - 
  sector -specific legislations with investment -related provisions, as is the case for the aquaculture and 
tourism sectors.  
2.51.  During the review period, Seychelles took various steps towards enhancing its foreign 
investment regime. In 2018, it ado pted a new investment policy that outlines Seychelles' guiding 
principles (i.e. policy statements) to develop its policies and legislation, as well as its policy 
objectives , which include : (i) achiev ing a conducive and transparent environment to attract 
investment and operate businesses; (ii)  modernizing the legal framework for investment; 
(iii) applying international best practices and standards for investment; and (iv)  respecting the 
environment and sociocultural fabric of the country.  
2.52.  In 2022, Seychelle s also adopted a new set of foreign investment regulations, the Investment 
(Economic Activities) Regulations 2022, which repealed and replaced the Investment (Economic 
Activities) Regulations 2014. These regulations were adopted after a review process that  was 
launched in 2018 , and that initially led to the adoption of a new set of regulations in October  2020. 
However, these regulations were annulled in December  2020 by the National Assembly. Following 
their annulation, the review process resumed and was co mpleted with the adoption of the regulations 
of 2022. The regulations of 2022 seek to improve the clarity, consistency, and transparency of 
Seychelles foreign investment regime63 by, inter alia, using a positive listing approach to identify the 
activities open to foreign investment, instead of a negative listing approach as in the regulations of 
2014 (i.e. the regulations of 2014 list the activities reserved for Seychellois). Overall and despite 
this change in the approach, the regulations of 2022 provide f or investment conditions that are 
similar to those under the regulations of 2014 with some exceptions, notably the broadening in the 
application of a needs assessment  requirement . According to the authorities, the regulations of 2022 
also clarify the legal  status of the Policy Paper on Economic Activities Reserved for Seychellois 
adopted in 2020, by making it binding.  
2.53.  At the institutional level, Seychelles created in October  2020 a new ministry – the Ministry of 
Investment, Entrepreneurship, and Industry (M IEI) – and transferred all investment -related 
activities, until then under the responsibility of the Investment Department of the Ministry of 
Finance, Trade, Investment, and Economic Planning (MFTIEP), to this new ministry.64 The 
MIEI – through its Investment Department – is responsible for administering and enforcing the 
Investment Act of 2010, the Investment (Economic Activities) Regulations of 2022, and the Reserved 
Economic Activity Policy. The MIEI also houses the country's investmen t promotion and facilitation 
agency – Seychelles' Investment Board (SIB).  
2.4.2   Regulatory framework  
2.54.  Foreign investment is generally permitted without restrictions, except for certain 
activities,  which are either reserved for Seychellois or subject to foreign e quity limits or a needs 
assessment , known as economic needs test (ENT). The services activities open to foreign investment 
without restrictions are listed in the Investment (Economic Activities) Regulations 2022. The list is 
based on the WTO Services Secto ral Classification list65, and includes most of the subsectors 
identified under this classification. Subsectors not listed (i.e.  subsectors where no commitments 
were made) include real estate services, postal services (reserved for the State), retailing se rvices, 
sewage services (reserved for the State), travel agencies and tour operators' services, tourist guides 
services, sporting and other recreational services, and road and air transport services.66 These 
regulations also provide for the list of activit ies subject to foreign equity restrictions (Table  A2.3). 
The list is limited to very few activities and is similar to that under regulations of 2014. It includes 
restaurants, certain type of hotels, and the maintenance and repair of certain type of vessels . These 
regulations are further complemented by the Policy Paper on Economic Activities Reserved for 
Seychellois, which lists specific activities reserved for Seychellois. This list includes , for instance , 
 
63 One of the objectives of the review was to remove certain inconsistencies identified  and differences 
between the regulations of 2014 and WTO Accession Working Party document. The few differences between 
the lists  in the two documents includ e, for example, the addition of treelopper and landscaping services, as well 
as dealers in Coco de Mer  and Latanier leaves,  in the list of activities reserved for Seychellois under the 
Investment (Economic Activities) Regulation s. 
64 The MFTIEP further changed its name to Ministry of Finance, National Planning and Trade 
(Section  2.2). 
65 The WTO Services Sector Classification (WTO document MTN.GNS/W/120, 10  July 1991) is based on 
the UN Central Product Classification and comprises 11 sectors and 55  subsectors.  
66 Certain public transportation services are reserved for the State.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 34 - 
  boat charter, clearing agency, tour guiding, plumb ing, security, and water sports services 
(Table  A2.3), and compared to the regulations of 2014, adds a few activities such as photography, 
and manufacturing and trading of handicrafts, as well as the processing of all plant products and 
crop production.  
2.55.  According to the regulations, any activity not scheduled in the lists of (i)  activities permitted 
to foreign investment, (ii)  activities permitted but with equity limitations, and (iii)  reserved activities 
in the Reserved Economic Activity Policy, or any oth er investment regulations shall be subject to an 
ENT.67 This differs from the former regulations (2014) where only the following activities were 
subject to an ENT: animal or livestock keeping, bakery, certain sewage services, certain refuse 
disposal servic es, fruit and vegetable farming, garage services, hairdress ing, production of inputs 
services for agriculture, retailing, and spa and massages.68 
2.56.  During the review period, Seychelles also made some amendments to the foreign investment 
conditions in the aqu aculture and tourism sectors. In aquaculture, Seychelles removed in 2020 the 
prohibition on foreign investment and now allows foreigners to participate in up to 49% of the equity 
of a company engaged in aquaculture activities.69 In tourism, Seychelles has applied a moratorium 
since 2015 on the construction of large hotels (i.e.  25 rooms or more) on Mahé, Praslin, La Digue, 
and the other inner islands.70  
2.57.  All foreign investors willing to undertake a commercial activity in Seychelles must register at 
the SIB and go through an assessment process.71 This process involves all relevant stakeholders 
and is coordinated by the SIB. Foreign investors must first submit to the SIB a business plan and all 
other required documents. The SIB then refers the project to all r elevant government agencies , 
including the ENT  Committee when required , for their comments and recommendations. If the SIB 
does not receive any objections, the project is recommended. Once the project is recommended, 
the SIB communicates the assessment to the investor who can proceed to register its company and 
apply for a tax identification number (TIN) and the corresponding business activity licences if 
applicable.72 In case of any objection by the relevant agencies, the investor must address the issues 
identified to resume the process.  
2.58.  ENTs are administered by the ENT Committee, which comprises eight members (including a 
chair and co -chair) each representing a different government entity.73 The ENT Committee will 
assess the proposed project based on certa in factors to determine whether the proposed foreign 
investment will fill a gap in a particular sector and then make a recommendation. In 2019, the 
number of factors used to evaluate the project increased from three to five to include sustainability 
and te chnology considerations.74 The five evaluation factors relate to: (i)  provision of new products 
or services; (ii)  degree of innovativeness of the products or services to be provided; (iii)  economic 
and environmental sustainability; (iv)  introduction of tec hnology; and (v)  the creation of 
employment opportunities for locals. The SIB acts as the Secretariat to the ENT Committee, and as 
such it processes applications and communicates the decisions of the Committee to foreign 
investors.75 
 
67 Investment (Economic Activities) Regulations 2022, Section  3 (3), 4  July 2022.  
68 Investment (Economic Activities) Regulations 2014, Section  3 (3), 6  October  2014.  
69 Fisheries (Aquaculture) Regulations 2020, 1  December  2020, Article  24. With the change in the 
regulations, the aquaculture licence can now be granted to a citizen of Seychelles, or a company registered in 
Seychelles, of which at least 51% of the shares are owned by Seychelles citizens.  
70 Tourism Development (Accommodation Establishments) Regula tions 2020, 24  August  2020.  
71 The authorities indicate that the role of the SIB is not to approve the investment project but to 
facilitate the scoping process, under which it seeks the input of the regulatory bodies on the activity being 
proposed. I f there are no objections from these bodies, the investor may proceed to either the development 
phase (in case facilities are required) or the licensing phase.  
72 Seychelles Investment Board, Investment Process , and Seychelles Licensing Authority. Viewed at: 
https://investinseychelles.com/investors -guide/investment -process  and https://www.sla.gov.sc/ . 
73 These entities include the SIB, the Seych elles Licensing Authority, the Enterprise Seychelles Agency, 
and the Trade Department under the MFNPT. Information provided by the authorities.  
74 The three  factors used until 2019 were: (i)  the provision of new products or services; (ii)  the 
improvement of the country's infrastructure; and (iii)  employment implications for Seychellois (WTO document 
WT/ACC/SYC/64, 5  November  2014).  
75 Seychelles Inve stment Board, Investment Process . Viewed at: 
https://investinseychelles.com/investors -guide/investment -process .  WT/TPR/S/433 /Rev.1  • Seychelles  
- 35 - 
  2.4.3   Other aspects of Seych elles' foreign investment regime  
2.59.  During the period, Seychelles continued to promote local and foreign investment in general 
and in selected sectors, i.e. agriculture and fisheries, mainly through fiscal incentives 
(Section  3.3.1).  
2.60.  In 2021, Seychelles made  the general business rate more attractive by reducing it from 25% 
to 15% for the first SCR  1 million of taxable income and from 33% to 25% for the remainder, except 
for companies in the telecommunications, banking, and insurance sectors and for alcohol an d 
tobacco sector producers.76 As part of this reform, these rates will also apply to the tourism, 
agriculture , and fisheries sector s, which used to benefit from a preferential rate. The new rates will 
not apply for certain activities in the agriculture and fisheries sectors until 2023. For instance, in 
agriculture, companies engaged in farming, processing , and exporting activities will continue to 
benefit from a lower business tax rate  of 0% (instead of 15%) on the first S CR 250,000 of taxable 
income and 15% (instead of 25%) on the remainder , depending on the activity (Sections  3.3.1 
and 4.1). 
2.61.  Seychelles also maintains international trad e zones that provide tax and duty exemptions to 
exporting companies undertaking redistribution, light assembling, manufacturing, processing, and 
export services (Sections  3.2.4 and 4.3).77 
2.62.  Seychelles has bilateral investment treaties (BITs) with four count ries: China, Cyprus, France, 
and Egypt, of which only those with Cyprus and France are in force. During the review period, 
Seychelles did not sign any new BITs and , in 2017, it terminated its BIT with India.78 Its RTAs in 
operation do not cover investment but most of them provide for the negotiations of investment 
provisions. Seychelles, as part of COMESA, also participates in the Trade and Investment Framework 
Agreement with the United  States, signed in 2001.79 
2.63.  Seychelles has 28  double taxation agreements (DTAs) currently in force, including with some 
of its main economic partners (i.e.  United Arab Emirates and South  Africa). Six  DTAs entered into 
force during the review period: with Eswatini (2015), Kenya (2015), Belgium (2015), Singapore 
(2015), Jersey (2 016), and Guernsey (2017).80 Seychelles is member of the International Centre for 
Settlement of Investment Disputes and the Multilateral Investment Guarantee Agency. In May  2020, 
it also ratified the New York Convention on international arbitration.  
 
76 Business Tax (Amendment of Schedules) Regulations, 21  Decem ber 2021.   
77 Financial Services Authority (2022), International Trade Zone Guidelines , 22 March.  
78 UNCTAD (2020), Seychelles Investment Policy Review . 
79 UNCTAD (2020), Seychelles Investment Policy Review . 
80 Seychelles Revenue Commission, Tax Information E xchange Agreements and Double Taxation 
Agreements . Viewed at: https://www.src.gov.sc/pages/resources/dtas.aspx . WT/TPR/S/433 /Rev.1  • Seychelles  
- 36 - 
  3  TRADE POLICIES AN D PRACTICES BY MEASURE  
3.1  Measures Directly Affecting Imports  
3.1.1   Customs procedures, valuation, and requirements  
3.1.1.1   Customs procedures and requirements  
3.1.  Seychelles' legal and institutional frameworks for customs procedures have remained largely 
the same since its ac cession to the WTO. Customs procedures are governed by the Customs 
Management Act  2011 and its regulations of 2014 (and their amendments), as well as by the Trades 
Tax Regulations , 1997, which ha ve yet to be fully repealed.1 According to the authorities, the 
exercise to transfer the provision s that are still in force2 under the Trade s Tax Regulations and 
consolidated them with the Customs Management regulations was still ongoing , but they expect to 
complete this exercise and repeal these provisions by 202 3. 
3.2.  Seychelles Revenue Commission (SRC) under the Ministry of Finance, National Planning and 
Trade (MFNPT) continues to be Seychelles' tax and customs authority, and as such it is responsible 
for implementing the customs legislation and carrying out all customs operations. The SRC 
administers 12  types of customs regimes  or procedures classified according to five categories: 
(i) import (i.e.  home use)3; (ii) export (permanent, temporary , and re -export) ; (iii) transit ; 
(iv) transhipment ; and (v) special cu stoms procedures , including temporary storage , customs 
warehouse , international trade zones (Section  3.2.4) , re-importation , temporary admission , specific 
end-use, inward processing , and outward processing. Goods imported under special procedures may 
be su bject to duty exemptions or other tax benefits under certain conditions.4 
3.3.  Importers for commercial purposes must have their business legally registered in Seychelles 
and have – depending on their activities – a retail or wholesale licence to commercialize  their 
consignments once they are cleared through customs.5 These licences are granted by the Seychelles 
Licensing Authority and renewed every five years. If the applicant is a foreigner, the Seychelles 
Licensing Authority will issue the licence upon the recommendation of the Seychelles Investment 
Board (Section  2.4.2). The Seychelles Investment Board will recommend the issuing of a retail or 
wholesale licence for a foreigner based on the approvals by the relevant agencies, and the results 
of the Economic Needs Test in the case of retail licences.  
3.4.  Imports are cleared based on the submission of the following documents: (i)  a customs 
declaration or bill of entry; (ii)  a commercial invoice; (iii)  a packing list; (i v) a transport document 
(bill of landing or wa ybill); and (v)  an insurance certificate. These documents are submitted along 
with the payment of the relevant import duty and taxes (VAT, and excise  tax if applicable), and 
other document s when applicable, i.e.  an import licence/permit for restricted good s (Section  3.1.5), 
a biosecurity permit (Section  3.3.3), or certificate of origin (if seeking the application of a preferential 
regime).  All customs declarations must be submitted electronically through the ASYCUDA platform, 
attaching all the required docu ments.  
3.5.  Importers may choose to fulfil all customs formalities themselves (acting on their own behalf) 
or hire the services of a customs broker. The use of customs brokers is optional. The licence to 
operate as a customs broker  – "Clearing Agent" Licence – is reserved for Seychellois. In 2020, it 
 
1 Customs Management Regulations , 2014. In addition to these regulations, the C ustoms Management 
Act is complemented by other regulations covering separately various areas, including tariffs and goods 
classifications, rules of origin, and prohibitions.  
2 Currently about 40% of the sections (i.e.  some 95  sections out of 250) under the Trades Tax 
Regulations are still in force, the remaining have been already repealed. Customs Management (Amendment of 
Trades Tax Regulations, 1997) Regulations  2014, and WTO document WT/ACC/SYC/64, 5  November  2014, 
Annex  2, Table  11. 
3 Under the "home use " customs procedure, imported goods are released for free circulation in 
Seychelles after payment of any import duties, taxes , or levies chargeable and completion of all custo ms 
formalities (Customs Management Act , 2011, Section  2). 
4 Customs Management Act , 2011, Parts VIII, IX, and XI.  
5 Seychelles removed the licen ce requirement to import in 2014. Licences (Trade) (Amendment) 
Regulations , 2014.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 37 - 
  took on average 48  hours to process customs documents and an additional 6 to 72  hours to complete 
customs clearance of goods depending on the risk level.6 
3.6.  Seychelles maintains an expedited clearance procedure – known as direct delivery/release – 
for imports deemed as "urgent" due to their nature, condition, or use. The list of "urgent goods" 
comprises perishable goods and medicines, spare parts for aircraft and ships, hazardous goods, 
human remains, and bank cheques .7 
3.7.  Seychelles ratified the WTO  Agreement on Trade Facilitation (TFA) in January  2016 and has 
notified to the WTO its commitments in Categories  A, B, and C, along with the definitive dates for 
their implementation (Categories  B and C). Some notifications mainly related to transparency are 
pending. As of June  2022, it had implemented about 88% of these commitments, with full 
implementation expected by December  2025.8 
3.8.  Seychelles does not have a single window or authorized operators programme b ut has 
committed to implementing them under the TFA (Category  C) by December  2023 upon receipt of 
capacity -building support.  
3.9.  Seychelles is not party to the (Revised) Kyoto Convention on the Simplification and 
Harmonization of Customs Procedures.  
3.10.  In the are a of customs control, the SRC conducts verifications over declared goods based on 
an automated risk management system, which has been identified as one of its priorities for 
modernization under its Strategic Plan  2020-2022.9 Seychelles' risk management pr ocesses use a 
standard system of selectivity lanes (i.e.  red, yellow, blue , green ) implemented through the 
ASYCUDA platform. Declared goods are assigned to one of the four lanes depending on their risk 
profile. Goods in the green lane (low -risk goods) are released immediately without inspection, while 
goods in the blue (low -risk), yellow (medium -risk), and red (high -risk) lanes are subject to 
controls/audits before (yellow and red lanes) or after their release (blue lane). Regardless of the 
lane assigned, c onsignments may be subject to random controls.10 In 2020, 38% of total 
declarations qualified for the blue lane, 29% for green, 25% for yellow, and 8% for red.11 
3.1.1.2   Customs valuation  
3.11.  During the review period, Seychelles did not make any significant change to its rules on 
customs valuation. These rules are described in the Customs Management Regulations , 2014 and 
are based on the WTO Customs Valuation Agreement.12 Seychelles uses the transaction value as its 
primary method to determine the value of im ported goods. If the value is not available, Seychelles 
applies in a sequential order the other five WTO methods of valuation.13 
3.12.  As at July  2022, Seychelles had completed the implementation of its system of advance 
rulings for tariff classification and the  origin of goods in line with its TFA commitments (2020), but 
had still to implement the one for customs valuation. Seychelles does not use minimum customs 
values for goods valuation and does not maintain any pre -shipment inspection regime.14 
3.13.  The Customs M anagement Regulations , 2014 provide for the right of appeal for decisions 
taken by the customs authorities based on a customs declaration.15 The decision can be appealed to 
the SRC Commissioner General, and if dissatisfied, the importer can take it further  to the Revenue 
 
6 Information provided by the authorities . 
7 SRC, Import and Export . Viewed at : https://www.src.gov.sc/pages/customs/importandexport.aspx .  
8 WTO TFA database. Viewed at: https://tfadatabase.org/ . 
9 Seychelles Revenue Service (2019), Strategic Plan 2020 -2022.  
10 According to the authorities, in 2020, about 5% of the consignments under the green lane were 
subject to random controls.  
11 Information provided by the authorities.  
12 Customs Management Regulations , 2014 – Arrangement of Regulations, 2  June 2014, Sections  5-14. 
Currently , the same regulations apply for the customs valuation of imports and exports.  
13 The other five methods of valuation are: (i)  the transaction value of  identical goods ; (ii) the 
transaction value of similar goods ; (iii) the deductive method ; (iv) the computed value method ; and (v)  the 
fall-back method.  No data were available on the use of each valuation method.  
14 WTO document G/PSI/N/1/Rev.4/Add.3, 21  September  2020.  
15 Customs Management Act , 2011, Section  32. WT/TPR/S/433 /Rev.1  • Seychelles  
- 38 - 
  Tribunal. If the importer continues to be dissatisfied, it can appeal to the supreme and appeals courts 
as last resorts.16 
3.1.2   Rules of origin  
3.14.  Seychelles uses only preferential rules of origin but has some provisions on non -preferential 
rules o f origin in its legislation.  
3.15.  The provisions on non -preferential rules of origin are contained in the Customs Management 
(Origin of Goods) Regulations , 2013 and have not been subject to any change since 2015.17 
According to these regulations, non -preferenti al rules of origin shall be used to determine the origin 
of a good for the purpose of: (i)  applying MFN import duties; (ii)  implementing non -tariff measures 
when provided under Seychellois legislation; and (iii)  issuing of certificates of origin. The regul ations 
contain the criteria to determine if the good originates in Seychelles, and the main principle to assess 
the origin of a good whose production took place in more than one country.18 However, they do not 
provide any specific rules to determine the or igin of goods imported on a non -preferential basis. In 
this regard, the authorities indicate that Seychelles does not require a certificate of origin for imports 
to claim MFN treatment, and applies the MFN regime to all imports, including those from non -WTO 
Members. The regulations further refer to the WTO  Agreement on Rules of Origin for the 
interpretation of non -preferential rules of origin, and to Seychelles' RTAs or other preferential 
arrangements for the application of the corresponding preferential ru les of origin.  
3.16.  Seychelles applies preferential rules of origin to implement the tariff regime under the 
four RTAs it has currently in place, namely the Common Market for Eastern and Southern Africa 
(COMESA) FTA, the Southern African Development Community ( SADC) FTA, the 
United  Kingdom -Eastern and Southern Africa (ESA) Economic Partnership Agreement (EPA), and the 
European  Union -ESA Interim EPA (Section  2.3.2). Imported goods complying with these rules of 
origin qualify as originating and therefore are eligible for preferential treatment. The rules of origin 
under these RTAs follow common principles. According to these rules of origin, a good will be, in 
general, deemed originating if: (i)  it has been wholly produced in the territory of one of the partie s; 
or (ii)  it has been produced in the territory of the parties and undergone sufficient transformation 
when using non -originating inputs. Sufficient transformation requirements follow specific rules of 
origin that are based on a change in tariff classific ation, a regional value content (or value -added 
rule) (RVC), and/or additional criteria such as production process requirements. Except for the 
COMESA FTA, the RVC is expressed as a maximum allowance for non -originating inputs ranging 
between 30% and 60% o f the good's ex -works price for the SADC FTA19, and between 10% and 
60% of the ex -works price  for the RTAs with the European  Union and the United  Kingdom.20 For the 
COMESA FTA, the RVC is expressed as minimum requirement for local content, which shall be a t 
least 35% of the ex -factory cost, or 25% for goods that have been designated as of particular 
importance for the economic development of the parties.21 Alternatively, COMESA parties also 
provide for an import material content criterion, under which a goo d produced in the territory of the 
parties is considered as originating if the c.i.f. value of non -originating inputs does not exceed 60% 
of the total cost of inputs (domestic and imported) used in the goods production.  
3.17.  All of these RTAs, except for the CO MESA FTA, include a de minimis  provision (or tolerance 
rule, not accumulative with the value -added rule) that provides some flexibility in the application of 
the rules of origin by allowing the use of non -originating inputs in the production of a good with out 
affecting its origin status. According to this clause, a good is considered to be originating if the value 
of the non -originating inputs used in its production that do not meet the relevant rules of origin does 
not exceed a certain percentage of the pr oduct's value (i.e.  good's ex -work price). This percentage 
 
16 Revenue Administration Act , 2009 (and their amendments) , Part  IV. 
17 Customs Management (Origin of Goods) Regulations , 2013.  
18 According to the regulations, when more than one country is involved i n the production of a good, 
such good shall be deem ed to originate in the country where it underwent its last substantial processing.  
19 WTO document WT/REG176/4, 12  March  2007, and information provided by the authorities.  
20 Agreement establishing an Econom ic Partnership Agreement between the Eastern and Southern Africa 
States and the United  Kingdom of Great Britain and Northern Ireland (2019), Protocol  1; and Interim 
Agreement establishing a framework for an Economic Partnership Agreement between the Eastern and 
Southern Africa States, on the one part, and the European Community and its Member States, on the other 
part (2009), Protocol  1. 
21 Procedures Manual on the Implementation of the Protocol on the Rules of Origin for Products to be 
traded between the Member States of the Common Market for Eastern and Southern Africa (2002), Chapter  2. WT/TPR/S/433 /Rev.1  • Seychelles  
- 39 - 
  is 10% for the SADC FTA, and 15% under the EPA with the European  Union and the United  Kingdom, 
unless specified otherwise. The tolerance rule does not apply to products falling within 
HS Chapters  50-63 (textiles and clothing products) under the EPA with the European  Union and the 
United  Kingdom , and HS  Chapters  50-63, 87 (vehicles), and 98 (special classification provisions) 
under the SADC FTA.  
3.18.  Both EPAs permit diagonal cumulation for products obtai ned or processed in the 
European  Union ; the United  Kingdom ; an ESA State ; other African, Caribbean, and Pacific (ACP) 
States ; or the Overseas Countries and Territories (OCT) of the European  Union. Cumulation with a 
neighbouring developing country22 may als o be allowed so that materials originating in one of such 
countries, other than an ACP State, can be considered as materials originating in an ESA State when 
incorporated into a product obtained there.  
3.19.  Goods imported into Seychelles from an RTA party must be accompanied by the corresponding 
certificate of origin to claim preferential treatment. Regarding exports, the SRC is responsible for 
issuing preferential certificates of origin upon request and for a fee of SCR  100.23 
3.20.  Seychelles has notified the prefer ential rules of origin under the four RTAs it is currently 
implementing (Section  2.3.1).24 
3.1.3   Tariffs  
3.1.3.1   Applied MFN tariff  
3.21.  Seychelles' tariff 2022 comprises 5,869  lines at the eight-digit level under the HS  2017 
version (HS17). The tariff is described in the Customs Management (Tariffs and Classification of 
Goods) Regulations , 2018 and their amendments.25 These regulations repealed and replaced those 
of 2014 and were issued to update the tariff nomenclature f ollowing the adoption of HS17. HS22, 
the latest HS version , is expected to be adopted by the end of September  2022.  
3.22.  Seychelles maintains a relatively liberal tariff regime. In 2022, almost all of its tariff lines were 
duty-free, and it has one of the lowest MFN average applied tariffs among WTO Members 
(Chart  3.1).26 Duties (by HS chapter) apply mainly to fish, crustaceans, beverages, spirits, vinegars, 
and textile products (Chart  3.1). 
 
22 These countries are Algeria, Egypt, Libya, Maldives, Morocco, and Tunisia.  
23 Revenue Administration ( Fees) ( Amendment) Regulations , 2020.  
24 WTO document G/RO/N/141, 2  May 2016. The notifications for these four  RTAs have also been 
submitted to the Committee on Regional Trade Agreements.  
25 Customs Management (Tariffs and Classification of Goods) Regulations , 2018. As of June  2022, these 
regulat ions had been amended eight times since 2018, with the last one adopted in October  2020. These 
amendments have not led to any significant change in Seychelles' tariff. The list of amendments can be viewed 
at: https://www.src.gov.sc/pages/resources/CustomsManagementAct.aspx . 
26 WTO, ITC, and UNCTAD (2022) , World Tariff Profiles 202 2. According to this report, in 202 1 
Seychelles had the s ixth-lowest MFN average applied tariff amon g WTO Members, the lowest being 0% and the 
highest 21.6%. WT/TPR/S/433 /Rev.1  • Seychelles  
- 40 - 
  Chart 3.1 Overview of the MFN applied tariff, 2022  
 
Note:  Percentages denote the share of the total number of tariff lines (5,869 tariff lines).  Product 
categories are given in HS chapters.  
Source:  WTO Secretariat calculations, based on WTO IDB and CTS databases. Viewed at:  
https://tao.wto.org/ . 
3.23.  In 2022, the applied MFN average tariff was 2.7% , down from 3.8% in 2015, the year of 
Seychelles' accession to the WTO.27 This decrease can be explained mainly by the conversion to the 
HS17 nomenc lature and the reduction of some tariff rates, notably for clothing and other textiles 
articles, vehicles, and certain agricultural products. Consequently, the applied MFN average tariff for 
both agricultural and non -agricultural goods also declined during  2015-22, from 8.6% to  7.4% for 
agricultural products (WTO definition), and from 2.9% to 1.8% for non -agricultural goods 
(including  AVEs) (WTO definition) (Table  3.1). 
Table 3.1 Main indicators of the MFN tari ff, 2015 and 2022  
(%, unless otherwise indicated)  
 MFN applied  Final  
bounda 2015  2022  
Bound tariff lines (% of all tariff lines)  n.a. n.a. 100 
Simple average rate  3.8 2.7 9.9 
WTO agricultural products  8.6 7.4 17.5 
 WTO non-agricultural products  2.9 1.8 8.7 
Duty-free tariff lines (% of all tariff lines)b 84.9 88.9 46.6 
Non-ad valorem  tariffs (% of all tariff lines)  2.7 4.0 0.0 
 of which: duty -free tariff lines (% of all tariff lines)  1.3 1.7 0.0 
Non-ad valorem  tariffs with no AVEs (% of all tariff lines)  0.2 0.6 0.0 
Simple average rate of dutiable lines only  25.3 25.6 18.6 
Tariff quotas (% of all tariff lines)  0.0 0.0 0.0 
Domestic tariff "peaks" (% of all tariff lines)c 12.1 9.7 0.7 
International tariff "peaks" (% of all tariff lines)d 10.1 6.9 27.7 
Standard deviation  13.4 12.0 14.0 
Coefficient of variation  3.6 4.4 1.4 
Nuisance applied rates (% of all tariff lines)e 0.0 0.1 0.0 
Total number of tariff lines  5,556f 5,869  5,644  
 
27 In 2014, prior to its accession, Seychelles reported an even higher applied MFN average that stood 
at 6.4% (WTO document WT/ACC/SYC/64, 5  November  2014).  
HS 03(2.9% )
HS 22(1.6% )
Other (3.4% )
HS 57 ( 0.3% )
Other (2.1% )HS 01 -24
(463 lines )
Duty-free lines 
(88.9%)
HS 25 -97
(189 lines)Chat 3.3 Structure of Seychelles' tariff schedule, 2022
WTO calculations, based on WTO IDB and CTS databases. Viewed at: Viewed at: https://tao.wto.org/. Source:Note: Percentages denote the share of total tariff lines (5,869 tariff lines).Dutiable lines
(11.1%)-Fish and crustaceans
-Other made up textile articles-Beverages, spirits & vinegar
-Carpets and other textile floor 
coveringsHS 63 (0.8%)
MFN average 2022: 2.7%WT/TPR/S/433 /Rev.1  • Seychelles  
- 41 - 
   MFN applied  Final  
bounda 2015  2022  
 Duty-free rates including duty -free tariff lines in a specific tariff 
form 4,719  5,217  2,632  
 Ad valorem  rates (>0%)  758 516 3,012  
 Non-ad valorem  tariffs  150 233 0 
Specific rates  146 228 0 
 of which: duty -free tariff lines  72 97 0 
 Compound  4 5 0 
n.a.  Not applicable.  
a Final bound rates are based on the Consolidated Tariff Schedule (CTS) in HS17 nomenclature.  
b Duty-free lines in a specific tariff form are taken into account in the calculations.   
c Domestic tariff peaks are defined as those exceeding three times the overall simple average applied 
rate. 
d International tariff peaks are defined as those exceeding 15%.  
e Nuisance rates are those greater than zero, but less than or equal to 2%.   
f Includes one line with no rate a ssigned.  
Note:  The 2015 tariff is based on HS07 nomenclature consisting of 5,556 tariff lines (8 -digit level).  
 The 2022 tariff is based on HS17 nomenclature consisting of 5,869 tariff lines (8 -digit level).  
 Ad valorem  equivalents for 2015 were estimated based on 2015 import data (8 -digit level).  
 Ad valorem  equivalents for 2022 were provided by the authorities.   
Source:  WTO Secretariat calculations, based on WTO IDB and CTS databases. Viewed at: 
https://tao.wto.org/ . 
3.24.  Seychelles has maintained almost the same tariff structure as the one in place at the time of 
Seychelles' accession to the WTO (Chart  3.2). The majority of tariffs lines – 96% of them – have 
ad valorem  duties and are organized according to eight bands (0%, 5%, 10%, 15%, 25%, 50%, 
100%, and 200%). For dutiable lines, the most frequent rate is 25% with almost 6% of tariff lines 
subject to this rate. Products with a duty of 100% or 200% fall in the followi ng HS chapters: fish 
and crustaceans (duty of 100%); preparations of cereals, flour, starch or milk (100%); tobacco and 
tobacco products (200%); and rubber and related articles (200%). The tariff exhibits some 
dispersion, and reverse tariff escalation disc ouraging the imports of unprocessed goods (Table  A3.1).  
Chart 3.2 Distribution of MFN applied tariff rates, 2015 and 2022  
 
Note:  Figures above the bars refer to the percentage of total lines. They do not add  to 100% because AVEs 
were not available for some lines (0.2% and 0.6% of the lines in 2015 and 2022, respectively).  
Source:  WTO Secretariat calculations based on IDB database. Viewed at: https://tao.wto.org/ . 
84.9%
2.7% 2.2%8.7%
0.1% 0.5% 0.6%88.9%
2.2% 1.6%5.8%
0.2% 0.4% 0.4%
01,0002,0003,0004,0005,0006,000
Duty-free >0-10 >10-20 >20-30 >30-40 >40-50 >502015 (Total number of tariff lines: 5,556)
2022 (Total number of tariff lines: 5,869)Chart 3. [SYC] Breakdown of applied MFN tariffs 2015 and 2022
(Number of tariff lines)
WTO Secretariat calculations, based on data provided by the IDB database. Viewed at: https://tao.wto.org/. Source:Figures above the bars refer to the percentage of total lines.  They do not add to 100% since some AVEs were not available (0 .2%and 0.6% of 
all lines in 2015 and 2022, respectively).  Note:WT/TPR/S/433 /Rev.1  • Seychelles  
- 42 - 
  3.25.  Non-ad valorem  lines (233  lines) are subject to specific duties, except for 5 lines that are 
subject to compound rates.28 Almost half of non -ad valorem  lines are duty -free. For the remaining 
lines, ad valorem  equivalents (AVEs) were provided by the authorities and  calculated using the unit 
value method based on trade data for 2019 -21, where available.29 Estimated AVEs ranged 
from 0.7% to 157.8%, with the highest rate applying to stout beer. Other products subject to 
compound or specific duties (greater than zero) i ncluded pork and poultry meat, alcoholic and 
non-alcoholic beverages, and cigarettes.  
3.26.  By WTO categor y, average applied MFN rates  range from 0% to 19.9%. T he most protected 
products are beverages, spirits, and tobacco (with an average applied MFN rate of 19.9%); fish and 
fishery products (17.2%); coffee and tea (12.5%); and leather, rubber, footwear, and travel 
goods  (8.3%) (Chart  3.3). By HS section, the highest average applied MFN rate is for live animals 
and products (12.5%), followed by prepared food ( 11.9%), vegetable products (6%), and plastics 
and rubber (5.3%) (Table  A3.1).  
3.27.  Seychelles does not apply tariff rate quotas, either on an MFN or preferential basis but applies 
seasonal tariffs under the SADC FTA (see below).  
Chart 3.3 Average applied MFN and bound tariff rates, by WTO category, 2015 and 2021  
 
Source:  WTO Secretariat calculations, based on WTO IDB and CTS databases. Viewed at: 
https://tao.wto.org/ . 
3.1.3.2   Bound tar iff 
3.28.  Upon accession to the WTO, Seychelles bound all of its tariff lines using only ad valorem  
duties. Bound duties consist of eight  different rates that range from 0% to 200% (i.e.  0%, 6.5%, 
10%, 25%, 50%, 100%, 125%, and 200%), and mirror most of those us ed for its applied MFN tariff. 
The most frequent bound rates are 0%, 10%, and 25%, accounting together for about 97% of tariff 
lines.30 Products subject to duties greater than 100% include certain alcoholic beverages, tobacco 
products, and retreaded or use d pneumatic tyres. Seychelles has completed the implementation of 
 
28 These five lines referred to pork and poultry meat.  
29 The authorities provided AVEs for 104 tariff lines of the 136 tariff lines that were subject to  a 
non-ad valorem  duty higher than zero.  
30 Lines subject to a rate of 0%, 10%, and 25% account  for, respectively, 47%, 23%, and 27% of the 
total number of tariff lines.  
0%5%10%15%20%25%30%35%40%45%50%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 242015 2022 Bound 2015 2022 Bound ratesChart 3.[SYC] Average MFN tariff rates, by WTO product categories
1 WTO agriculture
2 Animals and products
3 Dairy products
4 Fruit, vegetables, and plants
5 Coffee and tea
6 Cereals and preparations
7 Oil seeds, fats and oils and their 
products      8 Sugars and confectionery
9 Beverages, spirits, and tobacco
10 Cotton
11 Other agricultural products
12 WTO non -agriculture
13 Fish and fishery products
14 Minerals and metals15 Chemicals and photographic supplies
16 Wood, pulp, paper, and furniture
17 Textiles
18 Clothing19 Leather, rubber, footwear, and travel goods
20 Non -electric machinery
21 Electric machinery
22 Transport equipment
23 Non -agricultural products
24 Petroleum
WTO Secretariat calculations, based on WTO IDB and CTS databases. Viewed at: https://tao.wto.org/. Source:Average bound rate
9.9%Average applied rate
2015 (3.8%) and 2022 (2.7%)WT/TPR/S/433 /Rev.1  • Seychelles  
- 43 - 
  its bindings for all tariff lines, except for two (HS  02071200 and 02071400). These two  lines refer 
to poultry meat, and their final bound rate is to be implemented by 2023.  
3.29.  In 2022, the ave rage bound rate was 9.9%, considerably higher than the current applied MFN 
average of 2.7% (Table  3.1), thus providing the Government with some policy space but at the same 
time resulting in some uncertainty. By WTO category, the gap between bound and MFN rates was 
on average most pronounced for beverages, spirits, tobacco; clothing; sugars and confectionery; 
and animal products (Chart  3.3). 
3.30.  At the product level, a comparison between bound and applied rates shows that there are 
29 tariff lines where commitm ents are being breached (Table  A3.2).31 These lines include certain 
alcoholic and non -alcoholic beverages, and chemical products.  
3.1.3.3   Tariff preferences  
3.31.  Under its RTAs, Seychelles grants duty -free treatment to almost all imports from about 
30 economies (Section  2.3.2). In 2022, duty -free lines accounted for 96.1% (SADC) to 98.3% 
(COMESA) of the total number of tariff lines across RTAs, and the average preferential rate varied 
between 0.6% (COMESA) to 1.2% (European  Union and United  Kingdom) (Chart  3.4), which are all 
more advantageous than the corresponding indicators at the MFN level. However, given Seychelles' 
relatively liberal trade regime, the scope for preferences is limited and most of the benefits for 
Seychelles' partners come from th e preferences applied to agricultural products. For these products, 
the preferential average rate stands at 3.3% (COMESA) and 3.8% (SADC, the European  Union, and 
the United  Kingdom) depending on the RTA, compared to 7.4% at the MFN level. For non -agricultu ral 
products, differences between preferential and MFN rates are less pronounced. The preferential 
average duty for non -agricultural products was virtually zero or close to zero under these RTAs, 
compared to 1.8% at the MFN  level.  
Chart 3.4 Tariffs under RTAs, 2022  
 
Source:  WTO Secretariat calculations based on WTO database. Viewed at: https://tao.wto.org/ . 
 
31 A comparison between the applied and bound rate s was not possible for about 0.5% (32  lines) of the 
total number of tariff lines. These lines were subject to an ad valorem  tariff and the corresponding AVE was not 
provided and could not be calculated.  
88.9% 88.9% 88.9% 88.9%7.4%9.4%7.2%0.1%1.2%
11.1%3.7%1.7%2.8%
60%65%70%75%80%85%90%95%100%
Applied MFN EU and UK COMESA SADC
Applied MFN duty-free
Preferential tariff rates (duty-free)
Preferential tariff rates (reduced rate)
Dutiable lines (no preferential rate)2.7%7.4%
1.8%
1.2%3.8%
0.7% 0.6%3.3%
0.03%0.9%3.8%
0.3%
0%1%2%3%4%5%6%7%8%
All Agriculture Non-agriculture
Applied MFN 2022 EU and UK COMESA SADCDistribution of applied MFN and preferential tariffs Simple average duties under RTAs (%)
(% of all lines)
Source: WTO Secretariat calculations, based on WTO database. Viewed at: https://tao.wto.org/.Chart 3. [SYC] Tariffs under preferential agreements, 2022WT/TPR/S/433 /Rev.1  • Seychelles  
- 44 - 
  3.32.  Seychelles applies seasonal tariffs under the SADC FTA to 66 agricu ltural tariff lines (at 
the eight-digit level) including flowers, fruit juices, milk -based drinks, and non -alcoholic beer. These 
lines are subject to a preferential rate of 5% from January  through April and 0% for the rest of the 
year (May  through December ). At the MFN level, these lines are subject mostly to specific rates 
(i.e. SCR 5 per  litre or SCR  10 per  litre) with AVEs ranging from 0.7% to 156.4%; eight lines had 
an ad valorem  duty of 25%.  
3.1.3.4   Tariff exemptions and concessions  
3.33.  Seychelles grants  duty exemptions and reductions to certain categories of goods  under 
different legislations, which in some instances overlap. Exemptions are granted mostly for social and 
economic purposes, notably for the promotion of exports and investment in fisheries a nd agriculture. 
Exempted goods (fully or partially) in these sectors include capital, protective, and safety equipment 
(fully exempted), bait (fully exempted), vehicles used for goods transportation (rebate of 50%), and 
inputs used in the production and pr ocessing of agricultural goods (rebate of 5%).32 Other 
exemptions are provided under Sections  223 to 240 of the Trades Tax Regulations , 1997, and 
include goods importe d in the national interest, for use of the President, under technical aid and 
assistance programmes, and under agreements with the Government (Table  A3.3).33 
3.34.  Other goods exempted from customs duties under other legislation include: (i)  goods 
imported for personal use by post or courier (excluding alcohol and tobacco products) worth up to 
SCR 3,000 (up from SCR  1,500 in 2015)34; and (ii)  goods imported for the personal use of 
passengers, crews, and persons with disabilities.35 
3.35.  Additionally, Seychelles grants duty concessions to imported goods under its International 
Trade Zone regime (Section  3.2.4), and other customs procedures whereby imported goods are not 
intended for final consumption in the country, such as temporary imports and inward processing.  
3.1.4   Other charges affecting imports  
3.36.  In addition to tariffs, imports are subject to fees for custom s operations, and various internal 
taxes and levies36, some of which were introduced during the review period based on health and 
environmental considerations.  
3.1.4.1   Fees for customs operations  
3.37.  The list of customs -related operations subject to a fee, including t he amounts of those fees, 
remains largely the same as that in place at the time of Seychelles' accession to the WTO.37 This list 
is provided in the Revenue Administration (Fees) (Amendment) Regulations , 2020 and includes fees 
relating to goods' storage and  administrative and registration procedures (Table  A3.4). The fee to 
process an import declaration (i.e.  bill of entry) under the ASYCUDA system is SCR  25. 
3.38.  In 2020, Seychelles removed a fee of SCR  100 per consignment that used to apply to all 
imported good s – regardless of their value – through post or courier (other than packages containing 
documents).38 
 
32 Customs Management (Promotion of Agricultures and Fisheries) Exemption and Rebate 
Regulations , 2014.  
33 The authorities indicates that they are expecting to fully repeal the Trades Tax Regulations , 1997 
by 2023.  
34 Customs Manageme nt (Importation of Goods through Post or Courier) Regulations , 2019; and 
information provided by the authorities.  
35 Customs Management (Passenger Allowance) Regulations , 2018; and Customs Management 
(Exemptions for Persons with Disabilities) Regulations , 2021. 
36 Seychelles did not bind its other duties and charges  to zero when acceding to the WTO but committed 
to ensure their compliance with WTO  Agreement s (WTO document WT/ACC/SYC/64, 5  November  2014).  
37 WTO document WT/ACC/SYC/64, 5  November  2014.  
38 Customs Management (Importation of Goods through Post or Courier) (Amendment) 
Regulations , 2020.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 45 - 
  3.1.4.2   VAT and excise tax  
3.39.  Imports are also subject to a VAT of 15%, and where applicable an excise tax. Both the VAT 
and excise tax apply equally to imported and  locally produced goods. For imported goods, both taxes 
are calculated based on the goods' c.i.f. (cost, insurance, freight) value, plus import duties, and any 
other applicable tax, fee, or charge. Levies are not included in the VAT calculation.  
3.40.  The list o f excisable goods has remained largely the same since 2015. The excise tax applies 
to six  product categories: tobacco and cigarettes, alcoholic beverages, motor vehicles, petroleum 
products, aerials (antennas) and aerial reflectors , and since 2018 to popsi cles containing alcohol.39 
Together excisable products account for 3.5% of the total number of tariff lines (199  lines at the 
eight-digit level, HS17)40 with most lines referring to alcoholic beverages and vehicles. The excise 
tax takes the form of a specific or ad valorem  rate depending on the product category. Vehicles and 
aerials and aerial reflectors are subject to an ad valorem  rate ranging from 5% t o 190%. For the 
remaining product categories, a specific rate is in general applied. During the review period, the 
Government increased the rates for some of these products, notably for alcohol beverages and 
tobacco.41 The excise tax is collected at the bo rder for imported goods and at the point of production 
for those domestically produced. Producers of excisable goods must register with the SRC prior to 
engaging in production.  
3.41.  Seychelles exempts certain products (imported and locally produced) from the pa yment of 
VAT and excise tax. VAT exemptions apply, for example, to medicaments and agricultural products42, 
while fuel is exempted (fully or partially) from the excise tax for, inter alia, domestic air transport 
operators, tourist operators, and fishing ve ssels.43 VAT and excise tax exemptions also apply to 
certain goods – imported or locally produced – intended for the agricultural and fisheries sector 
(Section  4.1.2.1).44 
3.42.  Of the taxes and levies collected at the border, the excise tax and VAT had the largest 
contribution to tax revenue. In FY2020, the excise tax and VAT on imports contributed 14% 
and 15%, respectively, to Seychelles total tax revenue, while duties' contribution was 4%.45 
3.1.4.3   Food -specific taxes  
3.43.  Seychelles applies a sugar tax of SCR  4 per  litre to imported and locally produced 
sugar -sweetened drinks, except for local fresh fruit drinks without additives , and plain milk.46 The 
tax covers 189  tariff lines (or 3.2% of the total number of lines) including alcoholic beverages and 
flavoured milk a nd was introduced in April  2019 based on health considerations.  
3.1.4.4   Environmental levies  
3.44.  Seychelles applies based on environmental considerations: (i)  a levy on motor vehicles47; 
(ii) a levy on cans, and PET and plastic bottles; and (iii)  since 2018, a levy on  glass bottles.48 The 
levy on cans is SCR  1 per can, while the levies on PET, plastic, and glass bottles is either SCR  1, or 
SCR 2 for glass bottles containing alcoholic beverages.  
3.45.  The levy on motor vehicles varies with the engine capacity of the vehicle a nd since 2018 has 
been collected at the Seychelles Licensing Authority upon registration of the motor vehicle, and not 
 
39 The excise tax regime is described by the Excise Tax Act , 2009 and its regulations. Popsicles 
containing al cohol  became an excisable product with the adoption of the Excise Tax (Amendment of 
Schedule  1) Regulations, 2018.  
40 In 2014, the number of lines at the 8 -digit level (HS07)  subject to an excise rate was 182.  
41 Based on data provided by the authorities.  
42 The list of VAT exemptions is given in Value Added Tax (Amendment of First Schedule) 
Regulations , 2018.  
43 Excise Tax (Fuel Exemptions and Concessions) (Amendment) Regulations , 2018 and 2020.  
44 Seychelles Investment Board , Seychelles Tax Guide . Viewed at: 
https://investinseychelles.com/investors -guide/investor -resources/seychelles -tax-guide . 
45 Seychelles Revenue Commission (2020), Annual Report .  
46 Excise T ax (Imposition of Sugar Tax on Drinks) Regulations , 2019.  
47 Environment Protection (Environmental Levies) (Amendment) Regulations, 2020.  
48 Environment Protection (Environmental Levies on PET, Plastic and Glass Bottles and Cans) 
Regulations , 2020; and Excise Tax (Amendment of Schedule  1) (Glass Bottle Levy) (No.  2) Regulations , 2018.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 46 - 
  at the border. In 2020, the administration of the levy on cans and on PET, plastic, and glass bottles 
was transferred from the MFNPT  to the Ministry of Environment, Energy and Climate Change. 
However, for practical purposes, the levy's collection continues to be at the border by the customs 
authorities.49 In this regard, the authorities indicate that in practice these levies apply only to 
imports, as there is no local production.  
3.46.  In February  2021, Seychelles also introduced a levy on the importation of gasses and 
equipment containing refrigerant gasses having ozone -depleting or global -warming potential.50 
3.1.5   Import prohibitions, restrictions, and licensing  
3.47.  Seychelles maintains import prohibitions and restrictions for certain goods mostly based on 
national security, health, and environmental considerations. These measures mirror to a large extent 
those in place at the time of Seych elles' accession to the WTO (with few exceptions), and are listed 
in the Customs Management (Prohibited and Restricted Goods) Regulations , 2019 (and their 
amendments).51 These regulations repealed and replaced those of 2014, and were issued primarily 
to up date the HS codes of the goods subject to import controls following the migration from the 
HS07 to the HS17 version.  
3.48.  The list of import prohibitions and restrictions currently in force and its related legislation have 
been notified to the WTO. The most rec ent notification in this regard was submitted in 2021 when 
Seychelles submitted its biennial notification on quantitative restrictions.52 The same year, 
Seychelles also submitted its replies to the annual questionnaire on import licensing procedures 
provid ing a comprehensive description of these procedures for each restricted good.53 
3.49.  The list of import prohibitions comprises 13 product categories (Table  3.2), including toxic 
chemicals, counterfeit currencies, and arms. Based on environmental reasons, Seyche lles introduced 
during the review period a prohibition on the imports of: (i)  non-biodegradable plastic bags and 
utensils (with some exemptions based on their intended use) (June  2017); (ii)  non-biodegradable 
plastic straws (June  2019); and (iii)  balloons (September  2021).54 Seychelles no longer prohibits 
the import of certain military goods (e.g.  military uniforms and armoured vehicles) but instead 
requires a permit for their importation (see below).  
Table 3.2 List of prohibited products, 2022  
Goods  Reasons  
Non-biodegradable plastic straws  Environmental protection  
Balloons  Environmental protection  
Non-biodegradable plastic bags and utensils  Environmental protection  
Controlled drugs  Health protection  
Toxic chemicals  Health protection  
Counterfeit currencies  Anti-fraud 
Chlorofluorocarbon (CFC) gas and equipment dependent on CFCs and hydrofluorocarbons  Environmental protection  
Waste or waste product or both of any kind  Environmental protection  
Fur-skins, hides and skins of animals  Health protection  
Bodies for motor vehicles  Public safety  
Parts and accessories for motor vehicles  Public safety  
Arms and ammunition  National security  
Any non -tobacco product resembling to a tobacco product (i.e.  sweets, snacks and toys)  Health protection  
Source:  Customs Management (Prohibited and Restricted Goods) Regulations , 2019, 17  June 2019, and their 
amendments.  
3.50.  Additionally, Seychelles controls the imports of a select ed number of products through a 
system of (non -automatic) licences or permits – as they are referred to under its national legislation. 
This system is implemented based on health, public safety, national security, environmental, 
 
49 Excise Tax (Amendment of Schedule  1) (No.  2) Regulations , 2020.  
50 Environment Protection (Environmental Levies) (Amendment) Regulations,  2021.  
51 Customs Management (Prohibited and Restricted Goods) Regulations , 2019.  
52 WTO document G/MA/QR/N/SYC/2, 7  April 2021. Its next (biennial) notification will be due in 2024 . 
53 WTO document G/LIC/N/3/SYC/4, 6  December  2021.  
54 The prohibition of plastics gag s and utensils, balloons were issued , respectively, in Environment 
Protection (Restriction on Importation, Distribution and Sale of Plastic Utensils and Polystyrene Boxes) 
Regulations , 2017, 30  June 2017; Environment Protection (Restriction on the Manufact uring, Importation, 
Distribution and Sale of Plastic Straws ), Regulations, 2019 ; and Customs Management (Prohibited and 
Restricted Goods) (Amendment) (No.  3) Regulations , 2020. WT/TPR/S/433 /Rev.1  • Seychelles  
- 47 - 
  conservation, and socio -economic considerations. The list of goods subject to an import licence 
comprises nearly 50  product categories  (Table  A3.5) and includes endangered species, plastic items, 
fertilizers, and alcoholic beverages, as well as agricultural, tobacco, and pharmaceutical products. 
This list remains broadly the same as the one in place at the time of Seychelles' accession to the 
WTO, with few additions. During the review period, Seychelles introduced a licence requirement to 
import certain military equipment (previously prohibited) (2019), popsicles with alcoholic 
content  (2019), biodegradable plastic straws (2019), and hand sanitizers (2020).55 For the latter, 
the measure intends to ensure quality standards and prevent the imports of counterfeit products.  
3.51.  Anyone willing to import restricted goods either for personal consumption56 or commercial 
purposes must submit the corresponding import permit, in addition to the other standard import 
requirements (Section  3.1.1). Permits are granted by the relevant ministri es and agencies through 
the Import and Export Permit Unit of the MFNPT . The Unit acts as a one -stop shop for processing 
and dispatching these applications but the decision to grant or reject an application is the 
responsibility of the relevant ministry or agency. Currently, 13  government institutions are involved 
in the approval of a licence. Import licences are in general granted for a period of one year 
renewable.  
3.1.6   Anti-dumping, countervailing, and safeguard measures  
3.52.  Seychelles does not have yet any legal and institutional frameworks for the application of 
anti-dumping, countervailing, and safeguard measures. Consequently, and in accordance with its 
accession commitments, Seychelles has not taken any contingency actions to date. According to the 
authorities , the preparation of Seychelles' first legislation in these areas is ongoing.  
3.2  Measures Directly Affecting Exports  
3.2.1   Customs procedures and requirements  
3.53.  Export procedures and requirements are governed by the Customs Management Act  2011 
and have not been subje ct to any significant change since 2015. All exporters must submit 
electronically a pre -departure declaration before goods are loaded, along with the corresponding 
export permit in the case of restricted goods (see below).57 Exporters – like importers – trading for 
commercial purposes must be legally registered in Seychelles and have a business licence depending 
on their activity, e.g.  manufacturing licence. No other licence is required. For goods that are to be 
re-exported, traders must submit a pre -export  notification, except for goods placed under an 
International Trade Zone or temporary storage procedure.  
3.54.  Exporters can obtain a sanitary, phytosanitary , or origin certificate for their products upon 
payment of a fee. The certificate of origin is issued by customs authorities, while sanitary and 
phytosanitary (SPS) certificates are issued by the Agriculture Department, except for fishery exports. 
Health certificates for fishery products for export are issued by the Fish Inspection and Quality 
Control Unit un der the Seychelles Bureau of Standard ( Section  3.3.3).  
3.55.  A fee also applies for services provided for biosecurity reasons (e.g.  inspections), notably to 
exporters of animal and agricultural products.58 These services are provided by the Department of 
Agricul ture. 
3.56.  Seychelles does not maintain an export facilitation scheme per se  but does provide exporters 
with a faster clearance and shipment process for their goods , according to the authorities. The 
authorities further indicate that they are in the process of formalizing this procedure through the 
 
55 The licence requirements for these goods were introduced through the Customs Management 
(Prohibited and Restricted Goods) Regulations , 2019; the Environment Protection (Restriction on the 
Manufacturing, Importation, Distribution and Sale of Plastic Straws ), Regulations, 2019 ; and the Customs 
Management (Prohibited and Restricted Goods) (Amendment) (No.  2) Regulations , 2020. 
56 Except for alcohol beverages and cigarettes as permitted under the regulations for passenger 
allowance.  
57 The current export permit system was modified in 2014 through the Customs Management (Export 
Permit) Regulations , 2014, to apply a more targeted approach where only certain products are subject to an 
export permit. Prior to this date, Seychelles required an export permit for all ex ports.  
58 Animal and Plant Biosecurity (Fees and Charges) Regulations , 2014.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 48 - 
  adoption of a Customs Approved Secure Exports Scheme in accordance with the Customs 
Management Act , 2011.59 
3.2.2   Taxes, charges, and levies  
3.57.  Seychelles does not apply any export duties, charges, or levies. Exports are subject to a 
zero rate for the VAT, and the excise tax when applicable.  
3.2.3   Export prohibitions, restrictions, and licensing  
3.58.  Seychelles does not apply any export prohibitions but requires a licence or permit – as referred 
to in its national legislation – to export certain products based mainly on health and environmental 
considerations (Table  3.3). The current regime has been implemented since autumn 2014 through 
the Customs Management (Export Permit) Regulations , 2014 and is in line with Seychelles' accession 
commitments, under which Seychelles was going to require an export permit only for a limited 
number of goods instead of for all goods, as it used to.  
3.59.  The list of products subject to an export permit includes chemical products, live plants and 
animals, fish and fishery products, and motor vehicles, and it has not changed since it was 
established in 2014.  
Table 3.3 List of restricted products for exportation, 2022  
Goods  Institution  Reasons  
Human remai ns, tissues, ashes, and biological samples 
from laboratories for research or diagnostic purposes  Ministry of Health  Health and 
environmental 
protection  
Pesticides  Ministry of Health  Health and 
environmental 
protection  
Medicines, and any other medical or related products  
that may appear on the market and judged by the 
authority responsible for public health to require export 
permit  Ministry of Health  Health 
protection  
Waste and products derived from waste  Ministry of Agriculture, Climate 
Change  and Environment  Health and 
environmental 
protection  
Hazardous waste  Ministry of Agriculture, Climate 
Change and Environment  Health and 
environmental 
protection  
Certain products falling in HS Chapter  43 (Fur -skins and 
artificial fur) and 44 (Wood and woo d articles) of concern 
to the environment; or whose characteristics may be 
harmful to the environment, includes re -export and 
product recall, and materials that may contain biological 
risk (e.g.  soil) Ministry of Agriculture, Climate 
Change and Environment  Environmental 
protection  
Species listed under Appendix to the Convention on 
International Trade in Endangered Species of Wild Fauna 
and Flora (CITES)  Ministry of Agriculture, Climate 
Change and Environment  Conservation 
and 
Environmental 
prote ction 
Palm plants  Ministry of Agriculture, Climate 
Change and Environment  Environmental 
protection  
Corals and shells  Ministry of Agriculture, Climate 
Change and Environment  Environmental 
protection  
Genetically modified organisms  Ministry of Agriculture , Climate 
Change and Environment  Health 
protection  
Live plants and plant products  Ministry of Agriculture, Climate 
Change and Environment  Health 
protection  
Live animals and animal products  Ministry of Agriculture, Climate 
Change and Environment  Health 
protection  
Fish and fisheries products  Seychelles Fishing  
Authority  Health 
protection  
Motor vehicles  Ministries of Internal Affairs 
and of Transport  Public safety  
Source:  Customs Management (Export Permit) Regulations , 2014, 22  September  2014.  
 
59 Customs Management Act , 2011, Sections  195-197. WT/TPR/S/433 /Rev.1  • Seychelles  
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  3.60.  In addition to the products listed in these regulations, Seychelles requires a permit to export 
the Coco -de-Mer nut – one of its distinctive and native products.60 This permit is reserved for 
domestic exporters.  
3.61.  Seychelles  has notified to the WTO most of the products requiring a permit, with few 
exceptions (e.g.  live animals and animal products).61  
3.2.4   Export support and promotion  
3.62.  Seychelles does not maintain any suppo rt programme for exports and promotes them mainly 
through its free -zone regime known as International Trade Zones (ITZs).62 Seychelles has further 
notified to the WTO that it did not provide any export subsidies for agricultural products during the 
period 2015-21.63  
3.63.  Seychelles maintains ITZs to attract investments and promote exports by providing certain 
tax concessions to businesses established within them. ITZs are governed by the act of the same 
name – International Trade Zone Act , 1995 – and its regulations (and their amendments) and are 
administered by the Financial Services Authority (FSA). The FSA is responsible for regulating and 
supervising all ITZ operations, including issuing ITZ licences. According to the authorities, exports 
and imports f rom ITZs amounted to about USD  487 million and USD  440 million in 2021; exports 
consisted mainly of canned tuna.  
3.64.  Companies operating in an ITZ benefit from a zero rate for duties, VAT, and excise tax (when 
applicable) on their imports. They are also exempt ed from property taxes and are not subject to any 
foreign ownership restriction. According to the authorities, ITZ incentives were not based on export 
performance or on local content requirements.  
3.65.  ITZ companies  can sell goods or services to the "domestic m arket" subject to approval of the 
FSA64 but must ensure that its main revenue is not derived from such sales. The FSA has the 
discretion to decide the amount or value of the goods to be exported to the domestic market on a 
case-by-case basis.65 According t o the authorities, ITZ companies are allowed to sell up to 20% of 
the goods they produce to the domestic market.  
3.66.  Companies willing to operate in an ITZ must be export -oriented and engage in one of the 
following areas of activity and request the correspondi ng licence: (i)  light-assembly; (ii)  processing; 
(iii) redistribution; (iv)  export services; and (v)  manufacturing. These licences are granted by the 
FSA provided  that, inter alia, the company's focus is exporting, and it meets the minimum level of 
investm ent as defined in the legislation. The minimum level of investment varies between USD  5,000 
and USD  15,000 depending on type of licensable activity. The FSA can exercise some discretion in 
granting or refusing a licence.66 Licences are subject in general t o a processing fee, and, once 
approved, to an annual fee (Section  4.3 and Table  4.9). 
3.67.  During the review period, Seychelles amended some of the conditions/benefits effective under 
ITZs. In 2019, it removed the concession of the zero -rated business tax for b usiness within ITZs and 
harmonized the application of this tax across businesses within and outside ITZs in accordance with 
international standards.67 With this measure, companies within ITZs are now subject to a business 
tax of 15% for the first SCR  1 million of taxable income, and 25% for the remainder (Section  2.4.2), 
 
60 Coco-de-Mer (Restriction on the Processing, Trade and Export of Unprocessed Kernel of Mature Nut) 
Regulations , 2020.  
61 WTO docum ent G/MA/QR/N/SYC/2, 7  April 2021.  
62 The ITZ regime was notified to the WTO in 2016 in WTO document G/SCM/N/284/SYC , 10 May 2016) 
under the name of Industrial Trade Zones.  
63 WTO documents G/AG/N/SYC/1, 7  March  2016 (covering 2015); G/AG/N/SYC/2, 30  January  2017 
(covering 2016); G/AG/N/SYC/5, 2  March  2020 (covering 2017); G/AG/N/SYC/6, 2  March  2020 
(covering  2018); G/AG/N/SYC/7, 2  March  2020 (covering 2019) ; G/AG/N/SYC/ 9, 11 July 2022 (covering 
2020); and G/AG/N/SYC/ 10, 11 July  2022 (covering 2021). The notification for 2022 is pending.  
64 Products from an ITZ sold to the "domestic market" constitute an ordinary import into Seychelles, and 
as such they must comply with all customs formalities and tax payments.  
65 International Trade Zon e Act 1995, Section  11. 
66 Financial Services Authority (2022), International Trade Zone Guidelines , 22 March.  
67 This review was implemented following the review conducted by the European Code of Conduct 
Group.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 50 - 
  except for those licensed prior to December  2019. The latter will continue to temporarily benefit 
from this concession until December  2022. In 2019, Seychelles also introduced some requirem ents 
on substantial activities to be met on an annual basis to continue to benefit from an ITZ licence, 
including employment and expenditure requirements.68 In 2018, Seychelles also amended the scope 
of the activities covered by its export services licence  and limited them to certain services only and 
to goods handled in the ITZs.69 
3.68.  Seychelles also maintains an inward processing customs procedure and drawback mechanism. 
Under inward processing, goods enter the country temporarily exempted from the payment o f duties 
and internal taxes to undergo specified manufacturing, processing, or repair and then are further 
re-exported. Similarly, drawbacks for re -exports also allow importers to obtain refunds for duties on 
the imported goods, or materials contained in t he re -exported goods or consumed in their 
production.  
3.2.5   Export finance, insurance, and guarantees  
3.69.  Seychelles does not maintain any financing, insurance, or guarantee programme designed 
exclusively for exporters but maintains such programmes for SMEs  and for businesses in the 
agricultural and fisheries sectors – whether they are exporters or not. Under these programmes, the 
Government co -finances the payments of interest rates and provides credit guarantees for 
commercial loans under certain conditions (Sectio n 3.3.1).  
3.3  Measures Affecting Production and Trade  
3.3.1   Incentives  
3.70.  Seychelles maintains various types of incentives to promote and support business activities 
in general but also in specific sectors, notably agriculture and fisheries (Sections  4.1.2 and 4.1.4). 
These measures take mostly the form of fiscal concessions, credits at subsidi zed interest rates, 
grants, and targeted subsidies; and some of them were implemented during the review period. For 
instance, in 2017 Seychelles introduced a grant scheme to suppo rt the early stages of an enterprise, 
and in 2018 a series of producer subsidies to support livestock farmers. In 2020, it also adopted 
three new credit schemes in response to the COVID -19 pandemic to support micro, small, medium , 
and large enterprises.  
3.71.  The three  COVID -19-related schemes were notified to the WTO in 2021 in accordance with 
Article  25.1 of the Agreement on Subsidies and Countervailing Measures and Article  XVI:1 of the 
GATT  199470, while some of the other measures were notified in 2016.71 
3.72.  At the institutional level, Seychelles established in 2018 the Enterprise Seychelles Agency 
under the Department of Industry and Entrepreneurship in the Office of the Vice President to 
implement all policies relating to MSMEs  and to provide them with , inter alia, advisory, training, and 
marketing services.72 In 2020, the Department (including Enterprise Seychelles Agency) was 
transferred to the Ministry of Investment, Entrepreneurship, and Industry.  
3.3.1.1   Fiscal incentives  
3.73.  In December  2021, Seychelles reformed it s business tax regime and harmonize d it across 
sectors while seeking to maintain an attractive and conducive environment for businesses. It reduced 
its business tax rate from 25% to 15% for the first SCR  1 million of taxable income and from 33% 
to 25% for the remainder, with some exceptions (Section  2.4).73 Under this reform, Seychelles shall 
 
68 International Trade Zone (Substantial Activi ty Requirements) Regulations  2019.  
69 These services are repair and reconditioning of goods , warehousing and rental of storage space , and 
logistic services.  
70 WTO document G/SCM/N/372/SYC, 27  October  2021.  
71 WTO document  G/SCM/N/284/SYC , 10 May 2016. 
72 Enterprise Seychelles Agency Act, 2018. The Enterprise Seychelles Agency replaced the Small 
Enterprise Promotion Agency , and was given a broader mandate to support  MSMEs  in all industries.  
73 Exceptions include telecommunications service providers, banks, insurance companies, and alcohol 
and tobacco manufacturers who are subject to a rate of 25% on the first SCR  1 million of taxable income, and WT/TPR/S/433 /Rev.1  • Seychelles  
- 51 - 
  also remove the preferential business tax regime in place for certain tourism, agriculture , and 
fisheries activities and align the rate with the general one. This chan ge has already been 
implemented for the tourism sector but a moratorium has been provided until December  2023 for 
the agricultural sector and individual fishers .74 In the meantime, individual fishers  and farmers, and 
farming partnerships/entities will cont inue to be exempted from this tax, while other businesses 
(e.g. processors and exporters) in the agricultural sector will continue to benefit from a rate of 0% 
(instead of 15%) on the first SCR  250,000 of taxable income , and 15% (instead of 25%) on the 
remainder.  This preferential regime also continues to apply to certain tourism services, e.g.  tour 
operators, restaurants, tourist guides, travel agents , and boat charters.75 
3.74.  Seychelles also applies tax and duty exemptions to companies operating in its ITZ.76 
Since  2019, the concession on the business tax is no longer part of the benefits package for 
companies in ITZs (Section  3.2.4).  
3.3.1.2   Credit and other support programmes  
3.75.  Seychelles maintains various credit schemes to support the activities of SMEs (Table  3.4). 
Under the SME scheme, eligible enterprises benefit from subsided rates and flexible repayment 
conditions for a loan of up SCR  3 million. It applies to Seychellois entrepreneurs and enterprises 
majority -owned by Seychellois, and does not cover retail,  wholesale, and import businesses. Loans 
are granted through the Development Bank of Seychelles (DBS), credit unions, and commercial 
banks.  
Table 3.4 Credit and other schemes supporting SMEs, 2022  
Subsidy sche me Form of assistance  Eligibility  Main conditions  
SME scheme  Loans of up to 
SCR 3 million, with a 
minimum personal 
contribution not exceeding 
2.5% of the loan amount  Businesses with an annual  
turnover of less than 
SCR 6 million that are 
100% owned by 
Seychellois or have at 
least 51% Seychellois 
ownership  - Interest rates: 5% on 
the first SCR  1 million; 
and 7% on the next 
SCR 2 million  
- Repayment terms: 7 to 
10 years  
- Grace period: up to 6 
months 
Small Business Financing 
Agency Fund  Loans between 
SCR 15,000 and 
SCR 300,000  Seychellois entrepreneurs 
or companies that are 
100% owned by 
Seychellois  - Interest rates: 4% on 
loans up to SCR  75,000; 
and 25% for loans above 
SCR 75,000  
- Repayment te rms: 7 
years  
- Grace period: up to 6 
months  
Seychelles energy 
efficiency and renewable 
energy programme 
(SEEREP) Rebate Scheme  Loans up to SCR  150,000 ; 
for loans of more than 
SCR 75,000, a personal 
contribution of at least 
2.5% of the loan amount 
is requi red Businesses with an annual  
turnover of less than 
SCR 6 million willing to 
adopt energy -efficient 
products and renewable 
energy technologies  - Interest rates: 5%  
- Repayment terms: 5 
years  
Solar Photovoltaic (PV) 
Rebate Scheme  Subsidy of 15% on the 
installation cost using 
USD 3.2 per watt for 
installation up to  15 KW Businesses owned by local 
or foreign entrepreneurs  Purchase and installation 
of PV panels  
Source:  Information provided by the authorities; Enterprise Seychelles Agency (2020), MSMEs Guide to 
Incentives ; and D BS, Small and Medium Enterprise (SME) Scheme . Viewed at: 
http://www.dbs.sc/product -loans/small -and-medium -enterprise -sme-scheme . 
 
then to a rate of 33% on the remainder. According to OECD  estimates  based on about 100 countries , the 
overall aver age income tax rate  was 2 2.4% in 2021 . OECD (2021), Corporate Tax Statistics 2021 . 
74 Business Tax (Exemption of Tax to Farming Partnerships and Farming Entities) Order, 2021; Business 
Tax (Exemption of Tax to Individual Fishers and Individual Farmers) Orde r, 2021; and Business Tax 
(Amendment of Schedules) Regulations,  2021, all of which were adopted on 31  December  2021.  
75 Enterprise Seychelles Agency  (2020), MSMEs Guide to Incentives . 
76 Financial Services Authority (2022), International Trade Zone Guidelines , 22 March.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 52 - 
  3.76.  Under the Small Business Financing Agency Fund, also administered by DBS, Seychellois 
entrepreneurs or SMEs  can get a loan of SCR  15,000 to SCR 300,000 to develop their businesses 
under preferential conditions.  
3.77.  Others support schemes include preferential credit schemes to encourage small enterprises 
to adopt energy efficient products and renewable energy technologies, as well as a rebate of 15% 
on the installation of solar photovoltaic PV  systems (Section  4.2). 
3.78.  At the sectoral level, Seychelles also maintains a broad set of measures comprising credit 
schemes, grants, fiscal concessions, and producer subsidies intended to support the agricultural and 
fisheries sectors (Section  4.1.2.1). Sey chelles has three credits schemes, namely the Agricultural 
Development Fund, the Fisheries Development Fund, and the Blue Investment Fund, under which it 
provides loans at preferential conditions for businesses. In 2017, Seychelles also launched the Blue 
Grant Fund to provide financing to projects promoting marine conservation, sustainable fisheries, 
and the blue economy in general (Section  4.1.4 and Box  4.1). Businesses in the agricultural and 
fisheries sectors also benefit from exemptions (or reductions) of customs duties, VAT, and/or the 
excise tax notably for the purchase of inputs and capital goods . In addition, registered livestock 
farmers have benefit ed since 2018 from subsidies aim ed at reducing the production costs of poultry 
and pork meat (Section  4.1.4).  
3.79.  Seychelles also has a few grant schemes to support entrepreneurs. It maintains for instance 
the Youth Local Grant and the Programme de Promotion de l'Entreprenariat des Jeunes , under which 
eligible entrepreneurs benefit from a grant of up to SRC 100,000  to start their busine ss.77 
Beneficiaries must be Seychellois and between 18 and 35 years old. These schemes are administered 
by the Seychelles National Youth Council under the Ministry for Youth, Sports and Family. Moreover, 
in 2017, Seychelles  launched the Seed Capital Grant Scheme to assist start -ups with a capital of 
SCR 50,000 for their development. The scheme is currently administered by the Enterprise 
Seychelles Agency78 through a committee established  for this purpose and has been allocat ed a fund 
of SCR  5 million per year for a period of five years.79 To apply, businesses should,  inter alia, have 
been recently established (i.e. less than three years), have turnover not exceeding SCR  2 million, 
and be fully owned by Seychellois. Activities  excluded from this grant include retail and/or wholesale, 
importation, and tobacco and alcohol production.  
3.3.1.3   COVID -19-related schemes  
3.80.  In response to the COVID -19 pandemic, Seychelles introduced in March  2020 another 
three  credit schemes to support business es affected by the pandemic: (i)  the Private Sector Relief 
Scheme for MS MEs; (ii) the Private Sector Relief Scheme for Large Enterprises ; and the (iii)  the 
Small Business Support Fund for micro and small businesses that are 100% owned by Seychellois 
(Table  3.5). These schemes provide credit guarantees and loans at subsidized rates, and other 
preferential conditions, which vary depending on the scheme. These two  private sector relief 
schemes were discontinued as from 1  April 2022, while the Small Business Sup port Fund has an 
indefinite duration, subject to yearly reviews.  
Table 3.5 COVID -related credit schemes, 2021  
Subsidy scheme  Eligibility  Form of assistance  Annual 
budget  
(SCR 
'000)  
Private Sector Relief 
Scheme  for MSMEs  MSMEsa owned by local or foreign 
entrepreneurs  Loans at subsidized rates and 
other preferential conditions; credit 
guarantees (up to 70% of the 
loan) 500 
Private Sector Relief 
Scheme  for Large 
Enterprises  Large enterprisesb owned by local  
or foreign entrepreneurs  Loans at subsidized rates and 
other preferential conditions; credit 
guarantees (up to 50% of the 
loan) 750 
 
77 Enterprise Seychelles Agency  (2020), MSMEs Guide to Incentives ; and information provided by the 
authorities.  
78 Prior to the creation of the Enterprise Seychelles Agency, the administration of this fund rest ed on the 
Department of In dustry and Entrepreneurship . 
79 Enterprise Seychelles Agency  (2020), Annual Report . WT/TPR/S/433 /Rev.1  • Seychelles  
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  Subsidy scheme  Eligibility  Form of assistance  Annual 
budget  
(SCR 
'000)  
Small Business 
Support Fund  Micro and small businessesc that 
are 100% owned by Seychellois 
and were established prior to 
March  2020 Loans without interest, and subject 
to other preferential conditions, 
including credit guarantees (100% 
of the loan)  100 
a MSMEs  are defined as those with annual sales turnover n ot exceeding SCR  25 million.  
b Large enterprises are defined as those with annual sales turnover exceeding SCR  25 million.  
c Micro and small businesses are those with an annual turnover of less than SCR  2 million.  
Source:  WTO Secretariat, based on WTO document G/SCM/N/372/SYC, 27  October  2021.  
3.3.2   Standards and other technical requirements  
3.81.  Seychelles' standardization and conformance system is mainly governed by the Seychelles 
Bureau of Standards Act  201480, and has not been the object of any significant change since 2015. 
The Act defines the responsibilities of the Seychelles Bureau of Standards (SBS) – the national 
standardization body – and the main procedures to develop standards (voluntary and mandatory ). 
The adoption of the Act's regulations is still pending. Th e Act is complemented by other provisions 
on standards scattered across various legal instruments and administered by different agencies.81 
The main ones are the Food Act , 2014, the Environment P rotection Act , 201682, and the Public Health 
Act, 2015 (and their regulations), which were adopted at the time of Seychelles ' accession to the 
WTO or immediately after to ensure compliance with the Agreement on Technical Barriers to Trade 
(TBT Agreement).83 In addition, Seychelles has identified the need to develop a legislation to 
regulate the quality of cosmetics (imported and locally produced).  
3.82.  The SBS continues to be the country's national standardization body, and as such it is 
responsible for the deve lopment of standards in Seychelles. It is also the main provider of conformity 
assessments (e.g.  inspections, certifications, calibrations, and testing services) and metrology 
services (see below). The SBS acts as the National Metrology Laboratory. The SBS  represents the 
country at the international level and is currently a correspondent member of the International 
Organization for Standardization (ISO).84 The SBS operates under the Ministry of Investment, 
Entrepreneurship, and Industry, and is administered  by a board, consisting of seven members, 
appointed by the President.85 
3.83.  The Trade Department under the MFNPT  is the National Notification Authority and Enquiry 
Point under the TBT  Agreement. Seychelles also maintains a National Committee on Technical 
Barriers to Trade to deliberate on any TBT -related issues; the Committee comprises representatives 
of all agencies with regulatory functions in this area.  
3.84.  When considering the development of a new standard, the SBS' policy is to directly adopt an 
existing inter national standard with or without changes, where appropriate and possible. If not 
possible, a new standard is developed. In 2021, the total number of standards in Seychelles' 
catalogue was 358 (219 in 2015), of which about 84% (or 300) (75% in 2015) were e quivalent to 
international standards. Based on the recommendation of the SBS Board, the SBS may declare a 
standard as mandatory (i.e.  technical regulations) or withdraw a mandatory standard by a notice 
published in the Official Gazette. Currently, the SBS has declared four standards as mandatory. They 
refer to concrete blocks, toilet soaps, UHT milk and cream milk, and refillable gas cylinders.86 
 
80 Seychelles Bureau of Standards Act,  2014. During the review period, the Act was amended twice, in 
2016 and 2021. These amendments referred to certain administrative and institutional aspects of the SBS.  
81 The authorities expressed their difficulty in making any reform in this area to further im prove 
compatibility with the TBT  Agreement g iven the variety of agencies regulating standards . 
82 The Environment Protection Act of 2016 repealed and replaced the one of 1994.  
83 WTO document WT/ACC/SYC/64, 5  November  2014.  
84 Correspondent members participate in ISO meetings as observers, and therefore do not influence the 
development of standards.  
85 Seychelles Bureau of Standards (Amendment) Act,  2021.  
86 These standards are cited  in Seychelles' c atalogue as follows: (i)  SS9:1991 – Rev.3:2005 
(S.I.38:2005) – Specification for Bureau of Standards for concrete blocks; (ii)  SS11:1991 – Rev.2:2005 
(AMD.1:2006) – Specification for periodic inspection and testing of refillable gas cylind ers; (iii)  SS23:1994 – 
Rev.1:2004 (S.I.20 of 2004) – Specification for toilet soap; and (iv)  SS33:1994 – Rev.1:1999 (S.I.34 of WT/TPR/S/433 /Rev.1  • Seychelles  
- 54 - 
  Standards also become mandatory if they are cited in the legislation as it is the case of the standards 
for biod egradable plastics.87 All products – imported or domestically produced – must comply with 
the corresponding mandatory standard to be sold in Seychelles.88 To import a product subject to 
mandatory standard, a certificate or authorization is required. This c ertificate or authorization is 
granted by the agency administering the standard upon approval of the SBS.  
3.85.  The SBS manages the development of Seychelles' standards and is responsible for their 
approval and adoption. The current procedure for preparing and i ssuing standards or technical 
regulations has not changed since 2015. The process allows for public consultations and is conducted 
according to the following stages. To start, the SBS identifies the need for a new standard and 
prepares a preliminary study and a draft outline. It then establishes a committee comprising 
representatives from the private sector, government, academia, and civil society to review and 
complete the draft standard. The Committee puts the proposed standard for public consultation for  
a period of 60 days. After this period, the Committee prepares the final version of the standard, and 
must approve it by consensus. Once approved, the Committee takes the draft standard before the 
SBS Board for approval. Upon approval, the standard is pub lished online ( on the SBS website), in 
local newspapers, and in the Official Gazette. According to the authorities, a review process is 
conducted every five  years to assess the suitability of existing standards.  
3.86.  From 1  January  2015 to 30  June 2022, Seychel les made four  TBT notifications (i.e.  regular 
notifications) regarding proposed technical regulations.89 These measures covered plastics items 
(bags and straws) and tobacco, and were based on health, safety, and environmental considerations. 
In accordance with the TBT  Agreement (Article  15.2), Seychelles also notified in 2015 the measures 
in place to ensure the implementation and administration of this Agreement. During the same period, 
Seychelles neither raised nor was the object of any TBT specific trade concern in the TBT Committee.  
3.87.  Seychelles' conformance infrastructure is limited, and its development is ongoing. Seychelles 
does not have a national accreditation body but collaborates with the Southern African Development 
Community Accreditation Services (SADCAS) , SADC's regional accreditation body, which provides 
accreditation services to SADC members. The SBS acts as SADCAS focal point to promote 
accreditation. Conformity assessments for imported products subject to a Seychelles technical 
regulation are conducted by the government agency administering the standard.  Conformity 
assessment procedures vary across agencies and mainly include verification and validation of the 
certificate of conformity or tests certificate, and visual inspection and verification at the port of entry. 
The SBS benefit from various accreditations and offers certain conformity assessment services, such 
as product certification and testing for businesses willing to sell their products domestically or 
abroad.90 The SBS has also been designated as the official testing laboratory for the testing of fish 
and fishery products for export from Seychelles (Section  3.3.3). In 2021, the Drug Quality Control 
Laboratory under the Ministry of Health gained accreditation for the chemical  analysis of 
pharmaceuticals, which is an important step towards facilitating and ensuring the quality control of 
the pharmaceuticals sold in the country. There are no accredited private laboratories in the country. 
Seychelles is not signatory to any mutua l recognition agreement for the acceptance of conformity 
assessment results.91 
3.88.  In the area of metrology, the SBS also host s the National Metrology Laboratory, which is 
responsible for ensuring that the country's units of measurement are consistent with int ernational 
 
1999)  – Specification for modified UHT and modified pasteurized skimmed, partly skimmed and full cream 
milk. SBS, Standardisation  Services: List and Prices of Declared Standards . Viewed at: https://sbs.sc/wp -
content/uploads/2021/03/Brochure -2021-list-with-B-stds-new.pdf . 
87 According  to the authorities, as of July  2022, only standards regarding biodegradable plastic  have 
become mandatory through their publication in the legislation. These standards are contained in: (i)  the 
Environment Protection (Restriction on Manufacturing, Importation and Distribution of Plastic Bags) 
Regulations , 2017; and (ii)  Environment Protection (Restriction on Importation, Distribution and Sale of Plastic 
Utensils and Polystyrene Boxes) Regulations , 2017, both dated 30  June 2017.  
88 Seychelles Bureau of Standards,  2014, Sections  18-19. 
89 Notifications were made under Article s 2.9.2 and 2.10 of the TBT  Agreement . WTO ePing TBT and 
SPS Platform . Viewed at: https://eping.wto.org/ . 
90 SBS testing services are provided through four laboratories covering environmental, food chemistry, 
microbiology, and chemical analysis. Seychelles Bureau of Standards, Services Offered . Viewed at: 
https:// sbs.sc/services -offered/ . 
91 In this regard, the authorities indicate that  the Drug Quality Control Laboratory  is allowed to use the 
International Laboratory Accreditation Cooperation (ILAC) Mutual Recognition  Arrangement Mark in 
combination with the  SADCAS  accreditation symbol for accreditation activities covered by SADCAS . WT/TPR/S/433 /Rev.1  • Seychelles  
- 55 - 
  standards. It also provides calibration services to the private sector for measuring instruments. 
Seychelles is a corresponding member in the International Organization of Legal Metrology (OIML). 
In December  2021, Seychelles ceased to be an asso ciated member of the General Conference on 
Weights and Measures (CGPM) of the International Bureau of Weights and Measures (BIPM) due to 
its cost according to the authorities.  
3.89.  Regarding mark s and labelling, Seychelles requires all food products – imported or locally 
produced – to be labelled to be sold in the country.92 Label requirements are described in the recently 
adopted Food Act (Labelling of Pre -Packaged Foods) Regulations , 2019, and include information 
regarding the ingredients and their content, al lergens, and the good's country of origin. Under certain 
conditions, cottage foods and certain alcoholic beverages are exempted from some labelling 
requirements.93 Seychelles also maintains a standardized packaging regime for tobacco since 2012. 
Under this  regime, all tobacco products must include a health warning combining text and pictures 
covering 50%  of the main surfaces of the packaging. Seychelles updated the warning images under 
this regime in November  2015 and started to fully implement the packagin g on 1  December  2016.94 
3.3.3   Sanitary and phytosanitary requirements  
3.90.  Seychelles' legal framework for the application of SPS measures was not subject to any 
significant change during the review period, except for the introduction of labelling requirements for 
food products in 2019. The adoption and implementation of SPS measures are mainly governed by 
the Animal and Plant Biosecurity Act , 2014, and the Food Act , 201495, and their regulations 
(Table  3.6). Seychelles also has a specific sanitary legislation for the  exportation of fish products – 
the Export of Fishery Products Act , 1996 and its regulations – reflecting their importance for the 
country's economy. At the institutional level, Seychelles' regulatory authority for both animal and 
plant health – the Nation al Biosecurity Agency – came into operation in 2016 but was phased out in 
December  2020 and replaced by the Agriculture Department under the Ministry of Agriculture, 
Climate Change and Environment.  
Table 3.6 Main legal instruments governing the application of SPS measures, 2022  
Legislation  Date of entry 
into force  
Animal and Plant Biosecurity Act, 2014  28 April 2014 
Food Act, 2014  28 April 2014 
Export of Fishery Products Act, 1996  3 February  1997 
Export of Fishery Products (Sanitary) Regulations, 2010  6 December  2010 
Export of Fishery Products (By -Products) Regulation, 2010  6 December  2010 
Export of Fishery Products (Aquaculture Feed) Regulations, 2010  6 Decemb er 2010 
Export of Fishery Products (Aquaculture) Regulations , 2010 6 December  2010 
Animal and Plant Biosecurity (Animal and Plant) Regulations, 2014  17 October  2014 
Animal and Plant Biosecurity (Biosecurity Import Permit) Regulations, 2014  17 October  2014 
Animal and Plant Biosecurity (Animal) Declaration of Notifiable Diseases Regulations, 
2014 17 October  2014 
Animal and Plant Biosecurity (Fees and Charges) Regulations, 2014  17 October  2014 
Animal and Plant Biosecurity (Regulated) Quarantine Plant Pests Regulations, 2014  17 October  2014 
Animal and Plant Biosecurity (Designation of Biosecurity Points of Entry and 
Biosecurity Points of Departure) Order, 2014  17 October  2014 
Food (Import Certificate) Regulations, 2019  29 March  2019 
Food Act (Labelling of Pre -Packaged Foods) Regulations, 2019  29 March  2019 
Food (Contaminant and toxins in food or feed) Regulations, 2019  19 March  2019 
Food Act (General Hygiene) Regulations  1 March  1992 
Food Act (Sanitation) Regulations  1 March  1992 
Source:  WTO Secretariat based on information provided by the authorities.  
 
92 Food Act, 2014, Sections  14 and 18; and Food Act (Labelling of Pre -Packaged Foods) 
Regulations,  2019, Section  3. 
93 Food Act (Labelling of Pre -Packaged Foods) Regulations,  2019, Section  6. 
94 Tobacco (Health Warnings and Messages) Regulations (Act  14 of 2009 Tobacco Control Act) , 2019.  
95 Both acts  were developed at the time of Seychelles' accession to the WTO and used the 
WTO Agreement  on the Application of Sanitary and Phytosanitary Measures , the CODEX Alimentarius, and 
World Organisation for Animal Health guidelines  as a basis . WT/TPR/S/433 /Rev.1  • Seychelles  
- 56 - 
  3.91.  The Food Act , 2014 deals with food safety and covers all food for human consumption and 
feed96, while the Animal and Plant Biosecurity Act , 2014 seeks to prevent the introducti on and spread 
of pests and diseases affecting animals, plants , people, and the environment. To this end, the Animal 
and Plant Biosecurity Act , 2014 regulates the movement of plants, animals , and their products and 
contains provisions on pre -border, border,  and post -border measures and procedures (e.g.  permit 
requirements, inspections, and quarantines). Both acts provide for the adoption of international 
standards developed by the relevant international organizations in these areas. In this regard and 
accord ing to the authorities, Seychelles continues to face challenges mainly due to budget 
constraints, as the adoption and implementation of international standards and application of the 
SPS Agreement are costly. Most of this cost was supported by the Governme nt under its regular 
budget and complemented by the support of international partners through projects' execution. The 
authorities further indicate that Seychelles maintains an appropriate level of protection that is 
consistent with its international and r egional obligations, and that is based on the least restrictive 
SPS measures available to reduce SPS -related risks to very low levels but not to zero. Seychelles 
applies all SPS and food standards equally to imported and domestic goods.97 
3.92.  At the institutio nal level, three government entities have responsibilities in the area of SPS: 
(i) the Agriculture Department under the Ministry of Agriculture, Climate Change and Environment 
(previously under the Ministry of Fisheries and Agriculture)98; (ii) the Public Health Authority under 
the Ministry of Health ; and (iii)  the SBS under the Ministry of Investment, Entrepreneurship and 
Industry (Section  3.3.2).  
3.93.  In January  2021, the Agriculture Department became the country's regulatory authority for 
both animal and plan t health following the merg ing under its own department of the Seychelles 
Agricultural Agency (SAA) and the National Biosecurity Agency (NBA), which used to act as the 
regulatory authorities in previous years. Prior to January  2021, the agency responsible for 
biosecurity was the NBA, which came into operation in 2016, and prior to 2016, it was the SAA. As 
the biosecurity regulatory authority, the Agriculture Department is responsible for implementing the 
Animal and Plant Biosecurity Act , 2014 and for preven ting the introduction and spread of animal and 
plant pest and diseases including invasive alien species that could harm human health or the 
country's biodiversity and agriculture.99 The Agriculture Department is also in charge for issuing 
biosecurity permits for the importation of animals, plants , and their products and SPS certificates 
for their exportation.100 At the border, it conducts inspections and verifications, implements 
quarantine and treatments for regulated imports and exports, and appl ies sanctions in case of 
non-compliance.  
3.94.  The Public Health Authority (PHA) is the entity responsible for administerin g and implementing 
the Food Act , 2014, through market surveillance and inspection at the point of entry. In this regard 
and according to the authorities, the PHA is currently developing a system for the control of imported 
food at the point of entry to foc us on high -risk products  according to a selection process based on 
risk assessment. Work is also ongoing to develop a review mechanism under which older regulations 
would be systematically updated and brought into conformity with the C odex Alimentarius.  
3.95.  The SBS is responsible for providing testing services for food and food products and acts as 
the national laboratory for the testing of fish and fishery products for export.101 The SBS also hosts 
the Fish Inspection and Quality Control Unit , which is responsi ble for conducting sanitary controls on 
fish and fishery products for exportation and issuing the corresponding health certificate.102 
 
96 The Food Act does  not cover cosmetics, tobacco, plants prior to harvesting, live animals, birds and 
live fish ( not intended for human consumption), drugs or medicinal products, hormonally products or 
veterinary products for use in livestock feeds, and residues and contamin ants normally found in food.   
97 Food Act,  2014, Section  18. 
98 Until 2021, the Department of Agriculture used to operate under the Ministry of Agriculture and 
Fisheries. In 2021,  as part of a broad restructuring of government entities to improve efficiency,  the 
Department of Agriculture  was transferred to the Ministry of Environment , Energy , Climate Change . 
99 Seychelles Agricultural Agency (Repeal) Act,  2021.  
100 Under the Animal and Plant Biosecurity Act, 2014, biosecurity is broadly defined as the policy and 
regulatory framework for analysing and managing the risks to animal and plant life and the associated risks to 
the environment, economy, and public health.  
101 WTO document WT/ACC/SYC/64, 5  November  2014.  
102 SBS, Fish Inspection and Quality Control  Unit (FIQCU) . Viewed at: https://sbs.sc/fiqcu/ .  WT/TPR/S/433 /Rev.1  • Seychelles  
- 57 - 
  3.96.  Moreover, Seychelles maintains a National Biosecurity Committee (NBC) and a National SPS 
Committee, as a sub -committee of the NBC to improve the governance and transparency 
mechanisms in these areas. The Trade Department under the Ministry of Finance, National Planning, 
and Trade serves as the National SPS Enquiry Point and National Notification Authority. Since its 
accession  to the WTO,  Seychelles has made six SPS notifications mostly of emergency measures 
covering meat products and fresh tomatoes103, and it has not raised or been the object of any specific 
trade concern.  
3.97.  Under the Animal and Plant Biosecurity Act , 2014 and th e Customs Management (Prohibited 
and Restricted Goods) Regulations , 2019, the importation of plants, animals, and their products, as 
well as of regulated food products (i.e.  eggs, fish and seafood, fruits, vegetables, meat, and spices) 
requires a biosecuri ty permit, in addition to an import permit (Section  3.1.5 and Table  A3.5).104 Both 
the biosecurity and import permits are approved by the Agriculture Department. Once approved, the 
biosecurity permit is issued by the Agriculture Department, and the import p ermit is issued by the 
Trade Department. Since 2019, the importation of milk and milk products is also subject to a health 
certificate, attesting the product is safe for human consumption.105 These imports must be also 
accompanied by the corresponding sanit ary or phytosanitary certificate issued by the relevant 
agency of the exporting country for customs clearance. Upon arrival in Seychelles, imports of these 
products are subject to an inspection by the Agriculture Department and released if found compliant 
with the legislation.  
3.98.  The importation of pharmaceutical and veterinary products requires a health permit and an 
import permit, both issued by the Ministry of Health. The health permit is delivered subject to the 
approval of the Agriculture Department .106 
3.99.  All food products – imported or locally produced – are subject to label requirements to be sold 
in Seychelles (Section  3.3.2).107 These requirements are described in the newly adopted Food Act 
(Labelling of Pre -Packaged Foods) Regulations , 2019.108 
3.100.   For exports, business es in Seychelles involved in the export of food products undergo a 
process of sanitary approval by the competent authority. Approval requirements include the Hazard 
Analysis and Critical Control Point (HACCP) system certification. The expo rt of all fishery products is 
regulated by the Export of Fishery Products Act , 1996 and requires sanitary controls and a health 
certificate issued by the Fish Inspection and Quality Control Unit under the SBS.  
3.101.   Seychelles requires a permit for the export of  genetically modified organisms 
(Section  3.2.3) , but there are no legal provisions regarding its importation.109 
3.102.   In the area of risk assessment, currently border inspections are conducted upon arrival for 
all consignments of plant and animal products. For f ood imports, border inspections are conducted 
upon request by any relevant border agency , but the PHA is currently develop ing an automated risk 
management system for food products based on a selection process  (see above) .110 
3.103.   Seychelles is a member of the Co dex Alimentarius Commission, the World Organi sation for 
Animal Health, and the International Plant Protection Convention. At the regional level, Seychelles 
participates in SPS groups under the SADC, COMESA , and the African Union Inter -African 
Phytosanitary  Council that seek , inter alia, to develop and adopt SPS agreements under these 
groupings.  
 
103 Notifications recorded up to 30 June 2022. 
104 Animal and Plant Biosecurity Act,  2014, Section  68. 
105 Food (Import Certificate) Regulations,  2019. No information was pro vided on the institution 
responsible for issuing such certificate.  
106 Information provided by the authorities.  
107 Food Act,  2014, Sections  14 and 18; and Food Act (Labelling of Pre -Packaged Foods) 
Regulations,  2019, Section  3. 
108 Cottage foods and certain alcoholic beverages  are exempted from some labelling requirements under 
certain conditions (Food Act (Labelling of Pre -Packaged Foods) Regulations,  2019, Section  6). 
109 Information provided by the authorities.  
110 Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 58 - 
  3.3.4   Competition policy and price controls  
3.3.4.1   Competition policy  
3.104.   In June  2022, Seychelles amended the legal and institutional framework of its competition 
policy through the  adoption of the Fair Trading Act , 2022. The Act – which aims to safeguard the 
interests of consumers and promote market competition in Seychelles – was assented  to on 13  June 
and came into force on 1  August  2022. The Act strengthens Seychelles'  competitio n policy 
framework by consolidating and modernizing the legislation.  It replaces and repeals the Fair 
Competition Act , 2009; the Consumer Protection Act , 2010; and the Fair Trading Commission 
Act, 2009. The Act builds upon these three legal instruments but is more comprehensive and 
detailed, and contains some new provisions, notably on enforcement. It provides, for instance, for 
the creation of an independent Fair Trading Tribunal and allows the Fair Trad ing Commission to  
impose fixed penalties . The new Act is aligned with the COMESA Competition Rules in accordance 
with Seychelles' commitments under this group.  
3.105.   The Fair Trading Act applies to all enterprises111 operating in Seychelles in any sector of 
activity when dealing with competition issues , and to any goods and services for sale in the country 
in the case of consumer protection, with few exceptions (e.g.  financial services).112 The Act lists all 
prohibited conduct in the area of consumer protection (Part  IV) and competition (Part  V).113 The Act 
prohibits – as did its predecessor – the abuse of a dominant position, collusive/concerted practices 
(i.e. horizontally and vertically) , and mergers having a negative impact on competition.114 The Act  
further describes the process and conditions to determine whether a merger can be approved.  
3.106.   At the institutional level, the Fair Trading Commission (FTC) continues to be Seychelles ' 
competition authority and as such it is responsible for implementing the Fair Trading Act , 2022, and 
advising the Government on competition and consumer protection issues. The FTC is in charge of 
receiving complaints and initiating investigations, and prior to the Fair Trading Act , it also had an 
adjudicative role through its B oard of Commissioners.  This function has now been taken over by the 
new Fair Trading Tribunal (see below) thus ensuring the separation between the investigative and 
adjudicative functions. Other responsibilities of the FTC include carrying out market 
inquiries/investigations at any time to detect and prevent prohibited conducts . Following the enquiry 
and the publication of the corresponding report115, the FTC may decide , inter alia, to initiate a formal 
investigation against any contravention reported in the market inquiry or make recommendations 
to a regulatory authority in relation to any consumer or competition matters.116 The FTC can also 
prepare opinion papers on competition issu es, as well as market research reports.117 The FTC 
operates under the oversight of the MFNPT . 
3.107.   In addition to the FTC, Seychelles established through the Fair Trading Act , 2022 a new 
independent tribunal – the Fair Trading Tribunal (FTT) – that is expected t o go into operation on 
1 August  2022. The FTT replaces the Appeals Tribunal established under the former legislation and 
will be responsible for adjudicating all consumer and competition matters. The Tribunal 
comprises  a chairperson and seven other members  who can serve for five years with the possibility 
of re-appointment. The Chairperson – a magistrate – is nominated by the Chief Justice, and the 
other members are appointed by the Minister of Finance, National Planning and Trade in consultation 
 
111 Under the Act (Section  2), an enterprise is defined as follows: "a person, firm, partnership, 
corporation, company, association or other juridical person, engaged in commercial activities for gain or 
reward, and includes its branches, subsidiaries, affiliates or other entities directly or indirectly controlled by it ". 
112 Fair Trading Act,  2022, Section  3. The provisions on consumer protection (Part  IV) and merger 
(Sections  131-137) under the Act do not apply to fin ancial services and institutions, which are the 
responsibility of the Central Bank of Seychelles and the Seychelles Financial Services Authority . 
113 Under the Act (Section  2), a "prohibited conduct" is defined as "an act or omission in contravention 
of any of the provisions of Part  IV or V".  
114 Fair Trading Act,  2022, Sections  125-127. 
115 The market inquiry report contains the FTC 's assessment and conclusions following the  market 
inquiry.  
116 Fair Trading Act,  2022, Section  138. 
117 Market research reports are pre liminary background reports, according to the authorities, while the 
opinion papers contain proposals for the Government on policy changes to resolve any competition or 
non-competition issues that have been observed in the market and that the FTC may not b e able to address 
using legislation. An opinion paper may be issued following the conclusion of a market inquiry or investigation 
but may also be issued when circumstances are sufficiently clear that a market inquiry is not necessary.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 59 - 
  with the C hief Justice.118 Both the FTC Board of Commissioners and Appeals Tribunal stopped 
operating at the end of 2021119, and will be officially dissolved when the Fair Trading Act , 2022 
commences (1  August  2022).120 According to the authorities, no  new cases have b een adjudicated 
since December  2021 pending the establishment of the tribunal's entry into operation.  
3.108.   The investigation and adjudication procedures are described in Sections  30 to 60  of the Fair 
Trading Act , 2022. The  FTC may initiate an investigation regarding an alleged prohibited conduct of 
an enterprise ex officio  or upon receiving a complaint by any public or private entity.121 During the 
investigation it can, inter alia, request information or documents, search any pr emises and seize 
evidence on warrant, and since August  2022, impose a fixed penalty ranging between 
SCR 1,500  and SCR  20,000 for each prohibited conduct committed.122 If after the completion of an 
investigation123, the FTC determines that the alleged prohibi ted conduct has been committed, it shall 
refer the matter to the FTT for adjudication. If no prohibited conduct was found, the complainant 
may appeal the decision to the FTT within 30  days of the receipt of the notice by the FTC, unless 
permitted otherwise . For cases sent before the tribunal, if the tribunal determines that a respondent 
has committed a prohibited conduct, the respondent must pay a financial penalty (i)  not exceeding 
SCR 500,000 in relation to the alleged prohibited conduct; or (ii)  10% of t he turnover of the 
enterprise in Seychelles during the period of the alleged prohibited conduct up to a maximum period 
of five years.124 Prior to 2022, only the second option was available. The decision shall be published 
and may be appealed before the Supr eme Court, instead of the Appeals Tribunal under the former 
legislation. If the respondent fails to comply with the decision of the FTC or FTT, a financial penalty 
or/and imprisonment may be imposed.  
3.109.   During the review period, the investigative work of the FTC has been driven mostly by issues 
on consumer protection.125 In 2020, the FTC initiated 17  new investigations (up from 12 in 2015) 
concerning anti -competitive practices, compared to 180  new investigations (down from 311 in 2015) 
dealing with consumer pro tection. Of the 2020 investigations on competition, 15 were about 
anti-competitive mergers and 2 about anti -competitive concerted practices. There were no cases 
about abuse of dominance. In 2020, only one case regarding competition issues was filed before the 
Board of Commissioners. During the same year, the FTC conducted seven  enquiries regarding freight 
forwarding logistics, port charges, public procurement, truck rates, telecommunication, stevedoring , 
and asphalt. The FTC also prepared an opinion paper o n stevedoring and cargo handling, and 
two market research reports on meat packaging and retail sector.126 
3.110.   In the area of international cooperation, the FTC and the COMESA Competition Commission 
signed a memorandum of understanding in April  2016 to deepen th e cooperation, and coordination 
regarding national policies and investigations.127 
3.3.4.2   Price controls  
3.111.   Seychelles does not apply any price controls. Moreover, upon its WTO accession it committed 
that any price control introduced would be applied in accordance wi th WTO agreements.  
3.3.5   State trading, state -owned enterprises, and privatization  
3.112.   Seychelles has notified to the WTO that it does not maintain any state trading enterprise 
within the meaning of Article  XVII of the GATT  1994 and the Understanding on its interpre tation. Its 
 
118 Fair Trading Act,  2022, Section  14. 
119 The FTC Board of Commissioners  ended its mandate in  November  2021 and the Appeals Tribunal 
ceased taking new cases as of December  2021.  
120 Fair Trading Act,  2022, Section  144. 
121 Fair Trading Act,  2022, Section  33. Complaints where the estimated value of the subject matter 
exceeds SCR  5 million do not fall under the Jurisdiction of the Commission and are treated by the 
Supreme  Court . 
122 Fair Trading Act,  2022, Section  41. 
123 The FTC can terminate an investigation at any stage if it is of the opinion that the matter being 
investigated does not justify further investigation.  
124 Fair Trading Act,  2022, Section  55. 
125 Fair Trading Commission (2015 -2020), Annual Report s. 
126 Fair Trading Commi ssion (2020), Annual Report , and data provided by the authorities.  
127 COMESA Competition Commission. Viewed at: https://www.comesacompetition.org/2016/04/ .  WT/TPR/S/433 /Rev.1  • Seychelles  
- 60 - 
  notifications covered the period 2015 -21 with the last one submitted in March  2022.128 The 
authorities have stressed that the Seychelles Trading Company (STC) does not benefit from any 
exclusive or special rights and operates on the basis of commercial considerations and in a 
non-discriminatory manner. The STC is fully owned by the Governme nt and its main activities are 
the importation, storage, and distribution of basic commodities (e.g.  rice, flour, and oil), but it is 
also engaged in retail and manufacturing activities (i.e.  bread, tea, and processed paper) .129 
3.113.   Seychelles' public sector comprises 32  enterprises, of which 29130 are entirely owned by the 
Government, and 3 are owned through majority shareholding. These enterprises operate primarily 
in the transport, financial, and energy sectors with about half of them having activitie s in these areas 
(Table  3.7). The remaining are engaged in other services activities, including tourism, agriculture, 
and real state, and classified by the authorities as services and development -related activities.131 
During the review period, Seychelles d id not conduct any privatization process, and according to the 
authorities, had no privatization plans for the moment. There is no privatization policy or guidelines, 
except for those in the Public Finance Management Act , 2012 (Section  17) whereby any sale  of any 
assets belonging to a public body above SCR  1 million requires Cabinet approval.  
Table 3.7 List of state -owned enterprises, 2022  
No SOEa Government 
ownership  2020 Activities  Sector as 
classified by the 
PEMCb Subject to public 
procurement 
legislationc 
1 Petro Seychelles Ltd  100% Hydrocarbon 
exploration and 
administration  Energy  No 
2 Seychelles Petroleum 
Company Ltd 
(SEYPEC)  100% Supply of 
petroleum products  Energy  No  
3 Seychelles Progress 
Ltd 100% SEYPEC Tanker  Energy  No 
4 Seychelles Pioneer Ltd  100% SEYPEC Tanker  Energy  No 
5 Seychelles Patriot Ltd  100% SEYPEC Tanker  Energy  No 
6 Seychelles Prelude Ltd  100% SEYPEC Tanker  Energy  No 
7 Public Utilities 
Corporation  100% Generation, 
transmission, 
distribution and 
sale of electrical 
energy; and supply 
of potable water 
and sanitation 
services  Energy  Yes 
8 Development Bank of 
Seychelles  61% Provision of 
affordable financing 
services  Financial services  Yes 
9 Financial Services 
Authority  100% Offshore and 
financial services 
regulator  Financial services  Yes 
10 Housing Finance 
Company Ltd  100% Mortgage financing 
services  Financial services  No 
11 Seychelles 
Commercial Bank  Ltd 60% Provision of 
banking services  Financial services  No 
12 Nouvobank  78% Provision of 
banking services  Financial services  No 
13 Seychelles Pension 
Fund d Collection of 
contributions from 
members and 
payment of benefits 
when they reach 
retirement  Financial services  Yes 
14 Opportunity 
Investment Company 
Limited  100% Subsidiary of the 
Seychelles Pension 
Fund Financial services  No 
15 Air Seychelles Ltd 
(entirely owned by 
the State since  2021) 100% Country's national 
airline Transport  No 
 
128 WTO documents G/STR/N/16/SYC, 10  May 2016; G/STR/N/17/SYC/Corr.1, 10  August  2020; 
G/STR/N/18/SYC, 10  August  2020; and G/STR/N/19/SYC, 11  March  2022.  
129 Public Enterprise Monitoring Commission (2021), Public Enterprises Annual Report  2020, 
December  2021.  
130 When taking int o account Seychelles Pension Fund.  
131 Seychelles classifies state -owned enterprises into four groups according to their activities, namely 
energy, financial services, transport, and services and development.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 61 - 
  No SOEa Government 
ownership  2020 Activities  Sector as 
classified by the 
PEMCb Subject to public 
procurement 
legislationc 
16 Seychelles Civil 
Aviation Authority  100% Aviation regulatory 
and safety 
oversight; and 
provision of air 
navigation, aviation 
security and 
operational 
Services at 
Seychelles 
International and 
Praslin Airports  Transport  Yes 
17 Seychelles Ports 
Authority  100% Management of 
public ports and 
jetties Transport  Yes 
18 Seychelles Public 
Transport Corporation  100% Provision of public 
transport services 
within Seychelles  Transport  Yes 
19 Islands Development 
Company Ltd  100% Management of 
Outer Islands 
owned by the 
Government  Services and 
development  No 
20 Green Island 
Construction 
Company Limited  100% Subsidiary of 
Islands 
Development 
Company Ltd  Services and 
development  No 
21 Green Tree 
Investment Company 
Limited  100% Subsidiary of 
Islands 
Development 
Company Ltd  Services and 
development  No 
22 L'Union Estate 
Company Ltd  100% Farming and 
tourism  Services and 
development  No 
23 National Information 
Services Agency  100% Print media (i.e. 
Seychelles Nation)  Services and 
development  Yes 
24 Paradis des Enfants 
Entertainment Ltd  100% Management of 
family amusement, 
fun parks and 
entertainment 
facilities  Services and 
development  No 
25 Property Management 
Corporation  100% Management and 
maintenance of 
government 
buildings and other 
propriety  Services and 
development  Yes 
26 Seychelles Postal 
Services Ltd  100% Provision of public 
postal services  Services and 
development  No 
27 Société Seychelloise 
d'Investissement Ltd  100% An investment and 
holding company 
on behalf of the 
Government  Services and 
development  No 
28 Seychelles Trading 
Company Ltd  100% Importation, 
storage, 
distribution, and 
retail of basic 
commodities and 
other consumer 
goods; and 
production of 
bread, tea and 
processed paper  Services and 
development  No 
29 Seychelles Fishing 
Authority (a public 
enterprise since  2019) 100% Oversight of the 
fisheries sector  Services and 
development  Yes 
30 Bois de Rose 
Investment Ltd  100% Owner of shopping 
complex at Bois De 
Rose; leases out 
shopping complex  Services and 
development  No 
31 2020 Development 
Company  Ltd 100% Provision of real 
estate services  Services and 
development  No WT/TPR/S/433 /Rev.1  • Seychelles  
- 62 - 
  No SOEa Government 
ownership  2020 Activities  Sector as 
classified by the 
PEMCb Subject to public 
procurement 
legislationc 
32 Seychelles Parks and 
Gardens Authority 
(formerly the 
Seychelles National 
Parks Authority, and a 
public enterprise since 
2019) 100% Management and 
administration of 
parks and gardens  Services and 
development  Yes 
a In 2020, the Government became the sole owner of the Opportunity Investment Compa ny Limited 
and of Air Seychelles Limited in 2021. Prior to these dates, government ownership was 51% and 
60%, respectively. Also, in 2019, one public enterprise (i.e.  Green Oak Investment Company 
Limited) was dissolved and two were newly categorized as pub lic enterprises: the Seychelles Fishing 
Authority and the Seychelles National Parks Authority (SNPA). In 2021, the SNPA was merged with 
the National Botanical Gardens Foundation to create the Seychelles Parks and Gardens Authority.  
b Seychelles classifies SOEs into four  groups according to their activities, namely energy, financial 
services, transport, and services and development.  
c Seychelles public procurement legislation does not apply to SOEs incorporated under the Companies 
Act, 1972 ( Public Procureme nt Regulations , 2014, Section  2(2)).  
d Owned by its members.  
Source:  WTO Secretariat based on information submitted by the authorities and the Public Enterprise 
Monitoring Commission  Annual Report  2020. 
3.114.   The governance of public enterprises is mainly regulated by the Public Enterprise Monitoring 
Commission Act , 2013 (and its amendments).132 This Act provides  for, inter alia, the establishment 
of a Commission of the same name (see below) and the submission by public enterprises of 
operations and financial reports. The Act is complemented by other legal instruments specific to 
each enterprise, as well as by the Public Finance M anagement Act , 2012; the Financial Institutions 
Act, 2004; and the Companies Act , 1972.133 During the review period, the Government continued 
its effort to enhance the legal framework in this area to improve transparency and efficiency. In 
2019, the Cabinet  adopted the Code of Corporate Governance that sets governance standards for 
public enterprises, and in December  2020 the Ownership Policy for Public Enterprises that clarifies 
the Government 's role and expectations with respect to public enterprises. As o f July  2022, a new 
bill – the Public Enterprises  Bill – was also being developed to strengthen the governance and 
monitoring of public enterprises, notably regarding the enforcement of enterprises' reporting 
obligations. The bill is expected to be sent to the National Assembly for final adoption in the coming 
months.  
3.115.   The Public Enterprise Monitoring Commission (PEMC) remains the main government agency 
with responsibilities in this area. The PEMC monitors the activities of Seychelles' public enterprises 
and evaluates their performance in accordance with the PEMC legislation. The PEMC is responsible 
for ensuring their efficiency, promoting good governance, and giving recommendations to improve 
their performance. During the review period, the supervision of four public enterprises (the DBS, the 
Housing Finance Company Limited, Seychelles Commercial Bank Limited, and  Nouvobank ) was 
transferred from the PEMC to the Central Bank of Seychelles.  
3.116.   Seychelles' public enterprises operate in general on a commercial basis  to achieve both 
commercial and/or social objectives, except with respect to the provision of certain services where 
the State has an exclusive right. This is the case for the provision of public transportation (in peak 
hours), as well as airport, postal, and utilities services.134 The development of islands owned by the 
Government is also reserved for a public enterprise. State presence is also important in the energy, 
retail, and banking sector s. In the energy sector, the Seychelles Petroleum Company (SEYP EC) is 
the only importer of fuel in Seychelles135, and is also among the most profitable state -owned 
enterprises (see below). In the retail sector, the STC is country's main importer and wholesaler of 
food. According to World Bank estimates, in 2016 STC acc ounted for about 80% of the country's 
 
132 Public Enterprise Monitoring Commission  Act, 2013. 
133 Public Finance Management Act , 2012; Financial Institutions Act , 2004; and Companies Act , 1972; 
and their amendments.  
134 WTO document WT/ACC/SYC/64, 5  November  2014.  
135 SEYPEC, About Us . Viewed at: https://www.seypec.com/about -us.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 63 - 
  total imports of food and other consumer goods.136 The STC sells primarily 14  essential 
commodities137 at subsidized prices in the domestic market to ensure their availability and 
affordability.138 The authorities have identified the reform of the STC as one of its priorities in order 
to decrease its costs of operation and improve efficiency.139 In the banki ng sector, Nouvobank is 
Seychelles ' leading commercial bank.  
3.117.   In terms of performance, together public enterprises provided a net revenue to the 
Government during 2015 -20. SEYPEC was the most profitable among public enterprises in 2020, 
followed by Nouvoban k, while Air Seychelles was the least profitable. Nine other public enterprises 
reported losses in that year, including Petro Seychelles, Public Utilities Corporation, Seychelles Public 
Transport Corporation (SPTC), and STC . Of those with losses, some have experienc ed sustained 
losses for many years : Air Seychelles has had losses since 2017, Petro Seychelles since 2014, and 
SPTC since 2012.140 According to the public annual budget 2022, subventions allocated to public 
enterprises amounted to SCR  149 million,  mainly directed to Air Seychelles (64% of the total 
amount), Seychelles Public Transportation Company (19%) , and Seychelles Postal Services 
Company (5%).141 
3.118.   SOEs can participate in public procurement processes for goods and services. Their 
participation is  subject to the same terms and conditions as any other private company. However, 
the public procurement legislation does not apply to SOEs incorporated under the Companies 
Act, 1972142, includ ing Air Seychelles and SEYPEC (Table  3.7). 
3.3.6   Government procurement  
3.3.6.1   Legal and institutional framework  
3.119.   Government procurement is regulated by the Public Procurement Act , 2008 and its 
regulations of 2014. The procurement system is partially centralized and was not subject to any 
significant change during the review period, except for a change in the approval threshold for 
consultancy services in 2016. However, according to the authorities, the regulations are being 
reviewed to improve efficiency and transparency, and thus further changes are expected.  
3.120.   At the institutional le vel, the Procurement Oversight Unit (POU) is responsible for 
implementing the public procurement legislation and for monitoring public procurement processes 
to ensure compliance. It is also in charge of formulating Seychelles' procurement policy and 
propos ing improvements when necessary. In addition to the POU, Seychelles' procurement system 
features three different approval authorities that intervene depending on the value of the contract 
to be awarded. The National Tender Board under the MFNPT  is the high er procurement approval 
authority, followed by the national or entity -specific procurement committees (when available), and 
the procuring entities. The National Tender Board is responsible for reviewing and approving all 
contracts exceeding SCR  750,000; co ntracts worth this amount or less are approved either by the 
national or entity -specific procurement committees, or the procuring entities (see below). The 
members of the National Tender Board are appointed by Seychelles' president and comprise one 
 
136 World Bank (2107), The Republic of Seychelles Systematic Country Diagnostic , 23 June. Moreover, 
according to the authorities, d uring the period 2015 -20, STC accounted on average for about 3.4% of the 
country's total annual imports .  
137 The authorities indicate that STC imports include primarily 14  basic commodities in accordance with 
its mandate. These commodities are rice, high protein flour, milk powder, infant formula, potatoes, onions, 
sunflower oil, apples, orange s, lentils, salt, margarine, sugar, and sanitary items.  
138 In addition to the  STC, two  other public enterprises engage in food trading activities, namely the 
Island Development Company (IDC) and L'Union Estate Company Ltd . The latter is mainly engaged in th e 
cultivation of vegetables and fruits and their sale in the domestic market, while the IDC is a food exporter, 
notably of coconut oil.  Information provided by the authorities.  
139 MFNPT  (2020), Budget  2021 Government of Seychelles Delivered by Naadir Hassan , Minister for 
Finance, National Planning and Trade , February . 
140 Public Enterprise Monitoring Commission (2021), Public Enterprises Annual Report  2019 and Public 
Enterprises Annual Report  2020, February and December  2021.  
141 MFNPT  (2021), Budget 2022 Government of Seychelles Delivered by Naadir Hassan, Minister for 
Finance, National Planning and Trade , November.  
142 Public Procurement Regulations , 2014, Section  2(2). WT/TPR/S/433 /Rev.1  • Seychelles  
- 64 - 
  chairpe rson and six  members, of which at least three shall be from the private sector and the rest 
from the public sector.143 Members are appointed for a period of three  years.  
3.121.   The authorities have  identified various challenges including the use of non -competitive  
procurement methods to fast -track projects, differences in the tenders' evaluation criteria across 
procuring entities, enforcement of debarment for non -performing bidders, and the lack of guidelines 
for the introduction of preference schemes for local bid ders to address their concerns.144 
3.122.   Seychelles has been an observer in the WTO Committee on Government Procurement since 
September  2015 and has yet to apply for accession to the Agreement on Government Procurement 
as provided for in its WTO accession commitments. At the time of its accession, Seychelles 
committed to initiate negotiations to accede to the Agreement on Government Procurement within 
one year after joining the WTO. In this regard, the authorities indicate that this delay is due t o an 
ongoing review of its public procurement legislation.  
3.123.   Seychelles has not taken any commitments in its RTAs regarding public procurement.  
3.124.   According to the authorities, there are currently no consolidated data on Seychelles' total 
spending in government procurement for works, goods , and services.145 
3.3.6.2   Procurement procedures  
3.125.   The procedures under the Public Procurement Act , 2008 and its regulations  2014 apply to 
all procurements carried out by the Government, except for those conducted by public ent erprises 
incorporated under the Companies Act , 1972. The latter are not subject to these rules and are, 
according to the authorities, advised to formulate their own procurement policies to conduct such 
processes.  
3.126.   Procuring entities are responsible for prep aring an annual procurement plan with their 
procurement needs/projects146, and for conducting the entire procurement process up to approval 
in accordance with the legislation. Additional approval is required only for contracts exceeding 
SCR 150,000. Contrac ts for the procurement of goods, services147, and works exceeding 
SCR 150,000 and up to SCR  750,000 are approved and awarded by an independent procurement 
committee, which can be either one of the three national procurement committees in place, or when 
available the procurement committee established under the procurement entity. Currently, five 
government entities have a procurement committee148; entities without their own procurement 
committee shall use the corresponding national procurement committee (i.e.  for goods and services, 
consultancy services, or civil works). Procurement contracts exceeding SCR  750,000 are approved 
and awarded by the National Tender Board (NTB).149 For consultancy services, contracts up to 
SCR 150,000 must be approved by the correspo nding national procurement committee, and 
contracts exceeding this amount by the NTB. Prior to 2016, procuring entities could approve 
consultancy contracts up to SCR  50,000 .150  
 
143 The authorities further indicate that the members must be persons of integrity, posses sing 
qualifications and experiences in public administration, general economics, legal, finance, engineering , and 
technical fields.  
144 National Tender Board (2020), Annual Report . 
145 National Tender Board (2015, 2017, and 2020), Annual Report . 
146 Procurement plans can be revised and updated based on the entities' needs.  Procurement plans are 
published and made available to public . 
147 Excluding consultancy services. For consultancy services, additional methods and procedures may 
apply.  
148 When possible and upon the consent of the POU, procuring entit ies may establish a procurement 
committee  comprising up to four members appointed by it s chief executive officer and including a chair person , 
two members from the procuring entity , and one other person who is not a public officer . The government 
entities with a procurement committee are Seychelles Financial Authority, Seychelles Civil Aviati on Authority, 
Public Utilities Corporation, Seychelles Ports Authority, and Seychelles Defence Forces.  
149 Regardless of the value of the contract, a procuring entity or Procurement Committee shall seek the 
NTB's approval when a variation  exceeds 7.5% of the  original contract price.  
150 Since 2016 and a ccording to the authorities , this threshold is no longer applied with the aim of 
reducing abuse in the  award  contracts within that threshold.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 65 - 
  3.127.   Each contracting entity must appoint an Evaluation Committee for all contracts.  The 
Evaluation Committee will prepare an evaluation report and recommendations for the award of a 
contract, which shall be submitted to the corresponding approvals authority.  
3.128.   Seychelles maintains three main procurement methods: (i)  direct bidding; (ii)  limited 
bidding (limited selection for consultancy services)151; and (iii)  open bidding (open selection for 
consultancy services) (Table  3.8). 
Table 3.8 Procurement methods, 2022  
Procurement 
methods  Description  Scope of 
application for 
contracts  
Open bidding  
(national or 
international)  Open bidding is the default method for the procurement of goods, 
works , and non -consultancy services. It is open to all bidders through 
advertisement of the opportunity.  Goods, services 
(excluding 
consultancy 
services), works  
Limited bidding  
(national or 
international)  Limited bidding is used when circumstances do not justif y or permit the 
use of open bidding. Under this method, bids are obtained by direct 
invitation to shortlisted bidders, without open advertisement. It may be 
used when : (i) the goods, works , or services are only available from a 
limited number of suppliers;  or (ii)  there is an urgent need for the 
goods, non -consultancy services, or works.  Goods, services 
(excluding 
consultancy 
services), works  
Open selection  
(national or 
international)  Open selection is used for the procurement of all consultancy services,  
except when provided for otherwise. It is open to application for short -
listing.  Consultancy 
services  
Limited selection  Limited selection is used when circumstances do not justify or permit 
the use of open selection. Under this method, bids are obtained by 
direct invitation to shortlisted bidders, without open advertisement. It 
may be used  when : (i) consultancy services are only available from a 
limited number of suppliers; or (ii)  there is an urgent need for these 
services.  Consultancy 
services  
Direct bidding  Direct bidding is used to achieve timely and efficient procurement, 
where the circumstances or value do not justify or permit the use of 
competition. Direct bidding may be used when : (i) the goods, works , or 
consultancy or non -consultancy s ervices are available from only one 
supplier and no alternative exists; (ii)  there is an emergency and an 
urgent need for the goods, works , or services; (iii)  additional goods, 
works , or services must be procured from the same supplier to ensure 
compatibil ity, standardization , or continuity; (iv)  an existing contract 
could be extended for additional goods, works , or services of a similar 
nature and there is no advantage in using another procurement 
method; or (v)  the estimated value of the goods, works , or services do 
not exceed SCR  150,000.  Goods, services, 
and works  
Sealed quotations 
(from not less than 
three bidders)  Sealed quotations shall only be used for the procurement of: (i)  readily 
available standard goods; (ii)  small works; or (iii)  other small services.  Goods, services, 
and works  
Source:  Public Procurement  Act, 2008; and information provided by the authorities.  
3.129.   Each procurement entity chooses the method based on various criteria including the amount 
of the contract; any special circumstance, su ch as an emergency requirement; and whether national 
or international competition is required. A procuring entity shall not split up procurement 
requirements with the intention of avoiding a particular method.152 Contracts worth SCR  150,000 or 
less shall be  awarded according to a limited bidding with at least three  quotations. Contracts 
exceeding SCR  150,000 must follow an open bidding process, which shall as a general rule be limited 
to citizens and local suppliers unless the procuring entity considers appr opriate to conduct an 
international bidding153 and allow foreign competition.154 The procuring entity may do so if: (i)  the 
goods, works, or services are not available under competitive prices (and other conditions) from at 
least three suppliers in Seychelles; or (ii)  regional or international participation is required in 
accordance with an agreement entered into by the Government (Chart  3.5). 
 
151 Limited selection applies to the procurement for consultancy service s, and is conducted through 
direct invitation to a shortlist of bidders without open advertisement.  
152 Public Procurement Act,  2008, Section  56. 
153 Open international biddings are open to all bidders, including Seychellois, local, and foreign bidders. 
Accord ing to the Public Procurement Act,  2008, a foreign bidder or supplier is one who does not have a licence 
to conduct business activities in Seychelles.  
154 Public Procurement Act,  2008, Section  58. WT/TPR/S/433 /Rev.1  • Seychelles  
- 66 - 
  Chart 3.5 Procurement method and approval authority by contract amount, 2022  
 
a Excluding consultancy services.  
Source:  Public Procurement Regulations , 2014, First Schedule.  
3.130.   A procurement entity may require bidders to be citizens of Seychelles or local bidders in 
order to be eligible to participate in a public procurement only: (i)  when an open national bidding is 
used and the activity is not likely to attract foreign bidders at a reasonable price given the market 
conditions; (ii)  a limited national selection is used; or (iii)  the procurement is subject to a reservation 
scheme.155 
3.131.   Procuring entities not using open or limited bidding methods (e.g.  direct biding) require prior 
approval of the corresponding approval authority. A procuring entity may purchase goods, services, 
or works using the direct bidding method in cases of extreme urgency.156 
3.132.   When bids are international (open or limited), foreign bidders participate on equal term s 
with local bidders . 
3.133.   Procurement notices are published in the national newspaper and the NTB's website. For 
open international biddings, notices are also published in regional or international media or widely 
read Internet sites; the period for submission  of bids or pre -qualification applications shall be longer 
to allow sufficient time for foreign bidders to respond.157 The bidding period shall be at least: 
(i) two weeks for open national bidding; (ii)  eight weeks for open international bidding; 
(iii) two weeks for limited bidding where shortlisted bidders are citizens of Seychelles only; or 
(iv) four weeks for limited bidding where shortlisted bidders include foreign bidders.158 
3.134.   The procurement of goods, services, and works may be subject to a preference sc heme, 
consistent with the Government's economic and social policies. However , according to the 
authorities, Seychelles currently does not have any preferences scheme in place.159 
 
155 Public Procurement Act,  2008, Section  90. 
156 Public Procurem ent Act,  2008, Section  65. 
157 Public Procurement Act,  2008, Section  58; and Public Procurement Regulations,  2014, Section  19. 
158 Public Procurement Regulations,  2014, Section  50. 
159 Public Procurement Regulations,  2014, Section  50. 
Goods, servicesa, and works  
Open bidding 
(national or 
international)  
 
 
Procuring entity  
(<SCR 150)  
Procurement 
Committee  
(SCR 150-SCR 750)  
National Tender 
Board  
(>SCR 750)  
100 
150 
200 
250 
300 
650 
700 
750 
SCR 1,000  
 
Consultancy services  
Open bidding 
(national or 
international)  
Limited bidding 
(national or 
international) with 
at least three 
quotations  
25 
50 
125 
150 
100 
75 
SCR 1,000  
 
Open bidding 
(national or 
international)  
Limited bidding 
(national or 
international) with at 
least three 
quotations  
Procurement 
Committee  
(SCR 0-
SCR 150) Open bidding 
(national or 
international)  National Tender 
Board  
(>SCR 150)  WT/TPR/S/433 /Rev.1  • Seychelles  
- 67 - 
  3.135.   In 2020, NTB approved 745  contracts (out of 996  recommendations) for the procurement of 
works, goods/services, and consultancy services, which together totalled SCR  1 billion, compared to 
SCR 2.2 billion in 2015 and SCR  0.8 billion in 2017. Of the approved contracts, about 66% were for 
open tender, 23% for limited, and 11% were direct bids.160 
3.3.7   Intellectual property rights  
3.3.7.1   Legal and institutional framework  
3.136.   Seychelles' intellectual property (IP) regime is mainly governed by the Industrial Property 
Act, 2014 and the Copyright Act , 2014, and their regulations  (Table  3.9). The Industrial Property 
Act (IPA) covers the protection and use of geographical indications, industrial designs, integrated 
circuits, layout -designs, patents, and trademarks. There is no legislation dealing with the protection 
of plant variet ies. During the review, Seychelles did not make any major change to the IP legal 
framework except for some institutional changes to improve efficiency and facilitate IP rights 
registration (see below). According to the authorities, IP legislation is curren tly being reviewed and 
the new law is expected to be adopted in the near future. In June  2016, Seychelles adopted the 
Protocol Amending the TRIPS  Agreement. As of July  2022, Seychelles had notified most of its 
IP legislation.  
Table 3.9 Main IP related legislation, 2022  
Legislation  Date of entry into force  
Industrial Property Act , 2014 28 April 2014 
Copyright Act , 2014 21 April 2014 (amended in 2019)a 
Industrial Property (Geographical Indication) Regulations , 2014 27 October  2014 
Industrial Property (Industrial Design) Regulations , 2014 20 October  2014 
Industrial Property (Layout Design) Regulations , 2014  27 October  2014 
Industrial Property (Marks) Regulations , 2014  27 October  2014 
Industrial  Property (Patents) Regulations , 2014  27 October  2014 
Copyright (Voluntary Registration) Regulations , 2015 20 April 2015 
a The institutional provisions of the Copyright Act , 2014 were amended through the Transfer of 
Statutory Functions (Copyright Act) Order , 2019 (2  September  2019).  
Source:  Compiled by WTO Secretariat based on the Seychelles Legal Information Institute Database. Viewed 
at: https://seylii.org/ . 
3.137.   At the institutional level, the Trade Depa rtment under the MFNPT  and the Office of the 
Registrar General under the Department of Legal Affairs in the Office of the President are the two 
main government entities with responsibilities in the area of IP. The Trade Department is responsible 
for the fo rmulation of IP policies and legislations, while the Office of the Registrar General oversees 
the registration of all IP rights. The Office of the Registrar General maintains separate registers for 
the various types of IP rights (e.g.  patents, trademarks, industrial designs, and layout -designs); and 
it examines the corresponding IP applications and grants a certificate of registration provided 
requirements are met. Currently, Seychelles has recorded registrations for patents, trademarks, 
industrial designs,  and copyright s, with trademarks exhibiting by far the largest number of 
registrations (Table  A3.6). According to the authorities, the digitalization of its registers and 
applications is ongoing.  
3.138.   Prior to June  2019, the Ministry of Tourism and Culture had also some responsibilities in this 
area and was in charge for the registration of copyrights and the administration of the related 
legislation, but at that date, the Cabinet approved the transfer of the registration functions of the 
Ministry of Tourism and Culture to the Office of the Registrar General and of the regulatory functions 
to the MFNPT . The formal handing over of copyright registration from the Ministry of Culture to the 
Office of the Registrar General took place in January  2020.161 
 
160 National Tender Board (2020), Annual Report . 
161 Prior to this institutional change, and following a Cabinet decision, Seychelles agreed  in 
February  2018 to the creation  of an IP office – as planned at the  time of its accession to the WTO  – to 
centralize all registration activities into a single institution and streamline the administration of IP rights.  
However, a ccording to the authorities, the implementation phase for the establishment of this office is still to 
be launched . WT/TPR/S/433 /Rev.1  • Seychelles  
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  3.139.   Since 2017, Seychelles has also had a National IP Committee that coordinates the work on 
IP-related matters among all stakeholders. The Trade Department under the MFNPT  acts as the 
Secretariat to the N ational IP Committee and is the WTO Enquiry Point for all IP issues.  
3.140.   Seychelles legislation protect s IP rights in accordance with the TRIPS  Agreement, and in 
some cases provides even a higher level of protection. For example, Seychelles protects the rights  
of broadcasting organizations for 50  years instead of 20 under the TRIPS  Agreement, and also 
protects utility models, which are not included under the TRIPS  Agreement (Table  3.10). Seychelles' 
legislation also provides for the protection of moral rights, which are not protected under the 
TRIPS  Agreement.  
Table 3.10 Terms of protection, 2022  
Duration of 
protection  Under Seychelles' legislation  Under TRIPS  Agreement  
Patents  20 years (IPA, Section  21) 20 years (Article  33) 
Industrial 
designs  5 years, renewable for two consecutive periods of 
5 years (IPA, Section  28) At least 10 years (Article  26) 
Trademarks  
(marks, 
collective 
marks , and 
trade names)  10 years, renewable for consecutive periods of 
7 years (IPA, Section  78) 7 years, renewable indefinitely 
(Article  18) 
Utility models  10 years, renewable (IPA, Section  38) Not mentioned explicitly in the 
TRIPS  Agreement  
Copyrights and 
related rights  Works' rights (both economic and moral) (including 
photographic works) are protected during the life of 
the author and for 50  years after death (Copyright 
Act (CA), Article  19). 
Audiovisual rights (both economic and moral) are 
protected for 50  years from the date on which the 
work was either mad e, or first made available to the 
public by publication or other means, whichever date 
is the latest (CA, Article  19). 
 
The rights (both economic and moral) of works of 
applied art are protected for 25 years from the 
making of the work (CA, Article  19). 
 
The rights of performers and broadcasting 
organizations are protected for 50 years from the 
year in which the performance took place, and the 
broadcast took place (CA, Section  23). 
The rights of producers of phonograms and 
phonograms are prot ected for 50  years from the year 
in which the phonogram was published/fixed for the 
first time (CA, Section  24). Works' right s, other than those for a 
photographic work or a work of applied 
art are in general protected during life 
of the author and 50 year s after death 
(Articles 9  and 12).  
 
Photographic works and works of 
applied art are protected for 25  years 
from the making of the work (Berne 
Convention, Article  7, as incorporated 
in the TRIPS  Agreement).  
 
Performers and producers of 
phonograms are protec ted for 50  years, 
and broadcasting organizations for 20 
years (Article  14.5).  
Layout -Designs 
of Integrated 
Circuits  10 years, non -renewable, counted from the date of 
registration or from the first commercial exploitation, 
anywhere in the world (exploited for not more than 
2 years); or on from the registration of the layout -
design filed by the rights holder, if the layout -design 
has not been previously exploited commercially 
anywhere in the world (IPA, Sections  54, 61 , and 62).  At least 10 years counted from the date 
of registration or from the first 
commercial exploitation, wherever in 
the world it occurs.  
Geographical 
indications  Registered geographical indications are protected for 
an indefinite period, provided the specific 
characteristic, qu ality, or reputation that has been 
the basis for the grant of the protection exist s (IPA, 
Section  96). Geographical indications are protected  
against : 
(a) being misused by misleading the 
public as to the geographical origin of 
the good, and against any use  that may 
constitute unfair competition;  and  
(b) a geographical indication which, 
although true as to the territory, 
region, or locality in which the goods 
originate, falsely represents to the 
public that the goods originate in 
another territory (Article  22). WT/TPR/S/433 /Rev.1  • Seychelles  
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  Duration of 
protection  Under Seychelles' legislation  Under TRIPS  Agreement  
Undisclosed 
information  Undisclosed information on data from clinical trials for 
pharmaceuticals and for agricultural and chemical 
products shall be protected against unfair commercial 
use and disclosure (IPA, Section  106).  Undisclosed information on data from 
clinical trials for pharmaceuticals and 
agricultural chemicals shall be 
protected against unfair commercial 
use and disclosure (Article  39). 
Source:  WTO Secretariat based on Seychelles' legislation and the TRIPS  Agreement.  
3.141.   Seychelles applies registration fees and other services (e.g.  access to registry) for 
copyrights, geographical indications, industrial designs, patents, and trademarks. Registration fees 
have not changed since 2015 and vary between SCR  100 and SCR  5,000.162 The highest fee applies 
to international applications  for patents .163 According to the authorities, the average time to register 
a patent is 3  weeks, and 2.5  months for a trademark.  
3.142.   The protection of IP rights is enforced by Seychelles' court system, with sanctions taking the 
form of civil or criminal remedies depending on the proceeding.164 Provisional measures may also 
be applied to, inter alia, prevent an IP infringement from occurring, for instance by preventing the 
entry into Seychelles of allegedly ill egal goods.165 Criminal sanctions for the infringement of IP rights 
include fines and imprisonment. Any person who infringes the rights granted to geographical 
indications, industrial design s, integrated circuits, layout -designs, patents, and trademarks is liable 
upon conviction for a fine of up to SCR  500,000 or imprisonment for a maximum of five  years166, or 
both.167 Violators of a copyright are subject to a fine not exceeding SCR  50,000 and/or imprisonment 
up to five years; penalties double for recidivists whose first  conviction occurred less than five  years 
before .168 Decisions by the Court on an IP infringement can be appealed to the Court of Appeal.169 
3.143.   At the border, Seychelles' customs authorities may suspend clearance of allegedly illegal 
goods (e.g.  counterfeit or misleading goods) in accordance with IP and customs legislation.170 Any 
person who imports or exports goods infringing IP rights, typically copyrights and trademarks, 
commits an offence and is on conviction subject to criminal sanctions (see abov e).171 In 2018, 
Seychelles adopted procedural guidelines to assist customs officers in the monitoring and protection 
of IP rights at the border to improve and facilitate  the control of  goods.172 
3.3.7.2   International cooperation and other aspects of Seychelles' IP r egime  
3.144.   Seychelles has been a member of the World Intellectual Property Organization (WIPO) 
since 2000 and is a signatory to 3 of the 26  agreements administered by this organization, namely 
the Beijing Treaty on Audiovisual Performances, the Paris Convention, and the Patent Cooperation 
Treaty.173 These agreements have been in force since 2002, except for the first, which Seychelles 
has still to ratify. No other WIPO -administered treaties have been signed since 2015. In 
October  2021, Seychelles acceded to the African Regional Intellectual Property Organization. 
Seychelles is not a member of the International Union for the Protection of New Varieties of Plants 
(UPOV) Convention but holds observer status in its Council.  
3.145.   Under its RTAs, Seychelles has not taken any IP commitment going beyond those unde r the 
TRIPS  Agreement. In its RTAs with the European  Union and the United  Kingdom, Seychelles includes 
 
162 WTO document WT/ACC/SYC/64, 5  November  2014.  
163 Seychelles Investment Board, Investor's Guide: Intellectual Property . Viewed at: 
https://investinseychelles.com/investors -guide/investor -resources/intellectual -property . 
164 Enforcement provisions are described in the Copyright Act, 2014, Part  V; and the Industrial Property 
Act, 2014, Part VIII. 
165 Industrial Property Act , 2014, Section  111. 
166 If the infringement results from negligence, imprisonment shall not exceed three  years . 
167 Industrial Property Act , 2014, Section  119. 
168 Copyright Act, 2014, Section  31. 
169 Industrial Property Act , 2014, Section  116. 
170 Provisions on Border Mea sures for the Protection of Intellectual Property Rights are contained in 
Chapter  13 of the Customs Management Regulations , 2014.  
171 Industrial Property Act , 2014, Section  118. 
172 MFNPT (2018), Procedural Guidelines on Border Measures for the Protection of I ntellectual Property 
Rights .  
173 These three  agreements are in addition to the WIPO Convention. WIPO IP Portal, Seychelles . 
Viewed  at: https://wipolex.wipo.int/en/treaties/ShowResults?code=SC .  WT/TPR/S/433 /Rev.1  • Seychelles  
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  a provision on future negotiations covering various areas, including IP rights (Section  2). In the 
SADC Protocol on Trade, it committed to have and imple ment IP laws in line with the 
TRIPS  Agreement.174 
 
 
174 SADC Protocol on Trade, Article 24.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 71 - 
  4  TRADE POLICIES BY SECTOR  
4.1  Agriculture, Forestry and Fisheries  
4.1.1   Main features and recent developments  
4.1.  Agriculture and fisheries accounted for 3.0% of GDP during 2015 -20, although manufacture o f 
fishery products contributed a further 4.2% to GDP (Chart  1.1). Given the near -complete shutdown 
of tourism due to the pandemic, the fisheries industry was the key foreign exchange earner for the 
economy while simultaneously highlighting its importance f or food security. Seychelles has limited 
agricultural land because of its granitic surface and because protected forests cover much of its total 
land.1 Developments mainly in tourism, coupled with accelerated urbanization, have impacted 
agricultural land over the past decade.  
4.2.  According to the FAO, Seychelles' agricultural area is about 1,550  hectares ( ha) (3.4% of the 
country's total area), while 3% of the land area is occupied by permanent crops.2 Most arable land 
is in remote mountainous areas, which li mits access to market s and water supply. The agricultural 
sector is very vulnerable to climate change and also suffers from bush fires, soil erosion, soil fertility 
loss, and insufficient financial investment. Moreover, variations in climate patterns (main ly rainfall 
and temperature) result in important changes in cropping systems affecting productivity and 
production.3 
4.3.  Primarily consisting of small farms rarely exceeding 2  ha, agriculture in Seychelles is largely 
commercially based. There has been limited  investment in agriculture and improved agricultural 
technology since the 1970s when agriculture was the main economic activity.4 Backyard farming 
(involving the production of fruits, vegetables, and livestock) supplements household food or 
household inco me. Agriculture is mainly driven by an ageing population, and the youth trained in 
modern farming techniques prefer to work in different sectors after their training.5 
4.4.  The agricultural sector is characterized by subsistence production ; it is largely rainf ed with 
about 260  ha of agricultural area irrigated. Seychelles has an irrigation potential of about 1,000  ha. 
The majority of agricultural production is low in inputs with about 12.2  kg of pesticide and 48  kg of 
fertilizer applied per ha.6 The main cash crops are coconuts, cinnamon, vanilla, vegetable s 
(e.g. lettuce, cabbage, chili, pumpkin, cucumber), root s (e.g. sweet potatoes, cassava), and 
horticultur e (notably papaya and bananas). Total crop production went from 828  tonnes in 2019 
(SCR 41.4 million) to 1,447  tonnes in 2020 (SCR  72.4 million), and 1,941 tonnes in 2021 
(SCR 97.1 million).7 
4.5.  Seychelles is a net food importer, with about 80% of food coming from external markets.8 It 
imports virtually all requirements of the main staples, namely wheat and rice. Vegetable oil, meat, 
milk, dairy products, and fruits and vegetables that cannot be produced locally are also mainly 
imported. The continued uncertainty surrounding the effe cts of the pandemic , coupled with shipping 
and transportation challenges experienced since 2020, heightened the importance of enhancing food 
and nutrition security in Seychelles. The pandemic also had an important effect on self -sufficiency 
ratios. Indeed,  these ratios increased for crops from 34% in 2019 to 48% in 2020 and 71% in 2021 
for 15  priority crops. Similarly, self -sufficiency ratios for poultry increased from 17% in 2019 to 23% 
 
1 It is estimated that Seychelles has a forest area of about 33,700  ha, i.e.  73.3% of t he land area. 
Around half of the forests are within national parks or other conservation areas. FAO, Seychelles . Viewed at: 
https://www.fao.org/countryprofiles/index/en/?iso3=syc . 
2 FAO, Seychelles . Viewed at: https://www.fao.org/countryprofiles/index/en/?iso3=syc . 
3 FAO (2019) , Climate -Smart Agriculture in Seychelles , p. 3. Viewed at: 
https://www.fao.org/3/ca5407en/CA5407EN.pdf . 
4 The development agenda of Seychelles took a turn to reliance on tourism and fisheries as the main 
pillars after the construction of the airport.  
5 FAO (2021) , Transforming Agricultu re in Africa's Small Island Developing States , p. 12. Viewed at: 
https://www.fao.org/3/cb7582en/cb7582en.pdf . 
6 FAO (2019) , Climate -Smart Agriculture in Seychelles , p. 4. Viewed at: 
https://www.fao.org/3/ca5407en/CA5407EN.pdf . 
7 Data provided by the authorities. No data were available prior 2019.  
8 FAO (2019) , Climate -Smart Agriculture in Seychelles , p. 6. Viewed at: 
https://www.fao.org/3/ca5407en/CA5407EN.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
- 72 - 
  in 2020, and 26% in 2021, while for pork they rose from 35% in 2019 to  39% in 2020 and 45% 
in 2021.9 
4.6.  The value of agricultural imports (WTO definition) was USD  75.6 million in 2021 (up from 
USD 66.0 million in 2020). Agricultural exports amounted to USD  320.4  million in 2021 (compared 
with 288.5  million in 2020), dominated by canned tuna exports (USD  229 million in 2015 and 
USD 260 million in 2021). In 2021, Seychelles' main export markets were France (USD  129 million), 
the United  Kingdom (USD  67 million), and Italy (USD  44 million).10 
4.7.  Output from the agricultural sector is estimated to have contracted by 0.5% in  2020, primarily 
because of a decline in demand due to the pandemic.11 In 2021, the sector grew by 1% in view of 
the increased production of key agricultural products, notably in livestock slaug htered. Indeed, in 
2021, the slaughter of broiler chickens, pigs, and cattle expanded by 31%, 12%, and 26%, 
respectively.12 By contrast, the production of eggs is estimated to have declined by 3.1% in 
year-on-year terms. Regarding crop production, mixed mo vements were observed in the first 
three  quarters of 2021 compared to the same period in 2020. Cinnamon production increased by 
644% while output of tea declined by 40%.13 
4.8.  The fisheries industry contracted by 1% in 2020 (against a 14% growth rate in 2019) impacted 
by the imposed restrictions on movement, weaker domestic and external demand, and challenges 
relating to aviation connectivity for exports.14 In 2021, the industry expanded by 4% on account of 
higher demand for seafood products.15 
4.1.2   Agricultural pol icy 
4.1.2.1   Overview  
4.9.  The Ministry of Agriculture, Climate Change and Environment has the overall responsibility for 
the agriculture sector, including forests.16 The Agriculture Department17 is in charge of the 
implementation of agricultural programmes and strategi c projects that support the enhancement of 
national food and nutrition security, facilitate the increase of the contribution of agriculture in GDP 
and key socio -economic indicators, and facilitate the development and modernization of the sector. 
Agricultur al education is done by the Seychelles Agricultural and Horticultural Training Centre under 
the Ministry of Education.18 
4.10.  Some of Seychelles' state -owned enterprises (SOEs) are engaged in agriculture and related 
activities, such as Seychelles Trading Compan y (STC), Green Tree Investment Company, 
L'Union  Estate Company, and Seychelles Fishing Authority (SFA) (Section  3.3.5 and Table  3.7). 
4.11.  The STC, established in 2008 as Seychelles Marketing Board (SMB), is involved in the 
importation of food products, mainly rice, flour, and oil. According to the authorities, the STC 
operates as a commercial entity and has no monopoly rights on the importation, exportation, or 
domestic distribution of any products or services.  
4.12.  Green Tree Investment Company, a subsidiary of the  Island Development Company (IDC), 
and L'Union Estate Company are engaged in agriculture as part of the Government's strategy to 
ensure food and nutrition security and the development and management of the Outer Islands. The 
IDC participates in the export of coconut products.  
 
9 Data provided by the authorities.  
10 Data provided by the authorities.  
11 Central Bank of Seychelles  (CBS) , Annual Report 2020 , p. 13. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202020.pdf . 
12 Data provided by the authorities.  
13 Preliminary statistics up to September  2021 show n relative to the same period in 2020. CBS, Annual 
Report 2021 , p. 12. Viewed at: https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
14 CBS, Annual Report 2020 , p. 11. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202020.pdf . 
15 Data provided by the authorities.  
16 Following the change in Government in late 2020,  the Ministry of Fisheries and Agriculture was split.  
17 The Agriculture Department took over Seychelles Agriculture Agency (SAA), which was phased out.  
18 Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 73 - 
  4.13.  Seychelles participates in the Comprehensive Africa Agriculture Development Programme 
(CAADP).19 Under the CAADP20, Seychelles aims to improve traditional farming methods and 
encourage innovative farming techniques such as hydroponics and vertical farming to maximize land 
use. The CAADP aims at achieving 50% self -sufficiency in agricultural products, notably poultry and 
pork.21 According to the authorities, t he ultimate goal of the CAADP in Seychelles is to support the 
devel opment and implementation of a coherent and comprehensive agricultural programme covering 
all major subsectors (crops, livestock, fisheries, and forestry) and to support the integration of 
agriculture into other economic activities.  
4.14.  In the context of the C AADP, the Seychelles National Agriculture Investment Plan (SNAIP) 
was launched as a framework that seeks to harmonize, consolidate, and accelerate the 
implementation of the country's agriculture and food security and nutrition -related policies and 
strategi es during 2015 -20. The SNAIP defines agricultural (including forestry, crops, livestock, and 
fisheries) priorities, goals, and outcomes with the aim of providing desired volumes of production 
and ensuring food security.22 The SNAIP is still being applied.23 
4.15.  The SNAIP emphasizes the following principles: diversifying food production to improve 
nutrition at the household level; managing risks to ensure food stability at the national level; 
promoting agro -processing for value addition and import substitution; building capacities in various 
public and private institutions involved in the implementation of the SNAIP programmes; and 
promoting good land husbandry practices for soil conservation and improving soil fertility as well as 
climate -smart agriculture. In a ddition, the SNAIP aims to: (i)  encourage and facilitate the 
involvement of private sector, farmer organizations, and civil society in its implementation; 
(ii) provide a single comprehensive programme and budget framework; and (iii)  include a formalized 
process for donor coordination and harmonization of management systems and procedures.24 
4.16.  The SNAIP's total budget over 2015 -20 is estimated at SCR  1,582  million (about 
USD 127 million), covering five areas25: (i) protection and sustainable use of agriculture land and 
water, SCR  122.2  million (USD  9.9 million); (ii)  productivity, commercialization, and diversification 
of crops and livestock, SCR  485.1  million (USD  39.1 million); (iii)  sustainable fisheries management 
and aquaculture development, SCR  789.7  million (USD  63.78  million); (iv)  food security and 
nutrition, SCR  16.95  million (USD  1.47 million); and (v)  human and institutional capacity 
development, SCR  68.2 million (USD  13.6 million). The largest proportion of the allocation is the 
fisheries  budget, which represents 50% (SCR  790 million) of the total budget, followed by crops and 
livestock at 31%. On average, SCR  264 million will be disbursed per year, representing 1.5% of 
Seychelles GDP in 2013. Available resources for SNAIP implementation t otal SCR  1,060.5  million 
(USD  85.5 million).  
4.17.  According to the authorities, Seychelles' agricultural policy is also guided by the National Food 
and Nutrition Security Policy (NFNSP), the National Policy on the Allocation and Retraction of State 
Agricultural  Land, the Seychelles Livestock Policy, the Agro-forestry Policy, and Agro -tourism Policy. 
4.18.  The NFNSP was developed in 2013 to ensure effective, efficient food security through 
increased sustainable agricultural production and to strengthen and align instit utional capacity to 
respond to changes/shocks in the global food security situation. It elevated the issue of food security 
and nutrition with the participation of other Ministries. The NFNSP has elaborated Seychelles' food 
 
19 Seychelles signed the CAADP in September  2011.  
20 The Seychelles CAADP is based on five  pillars: protection and sustainable use of agricultural land and 
infrastructure; agricultural research, irrigation , and extension; sustainable fisheries development; marketing 
and trade of agricultural produce; and food and nutrition security.  
21 Seychelles Investment Board, Agriculture . Viewed at:  https://investinseychelles.com/key -
sectors/other/agriculture . 
22 Ministry of Foreign  Affairs  (2015) , Seychelles National Agricultural Investment Plan  (SNAIP), 
2015-2020, p. 4. Viewed at: http://mofa.gov.sc/downloads/seychelles -national -agricul tral-investment -
plan.pdf . 
23 The CAADP and the SNAIP are aligned to the National Development Strategy 2019 -23. Seychelles has 
sought technical assistance under the 11th European Development Fund (EDF) for the interim Economic 
Partnership Agreement (iEPA) to  identify and address the gaps in the SNAIP.  
24 Ministry of Foreign Affairs  (2015) , Seychelles National Agricultural Investment Plan  (SNAIP), 
2015-2020, p. 5. Viewed at: http://mofa.gov.sc/downloads/seychelles -national -agricultral -investment -
plan.pdf . 
25 Agricultural spending budget is under the Medium -Term Expenditure Framework ( MTEF).  WT/TPR/S/433 /Rev.1  • Seychelles  
- 74 - 
  basket and staple food diet on t he basis of roots and tubers (sweet potatoes, cassava), vegetables, 
pulses (dried beans, mostly imported), fruits, livestock products, and fish.26 
4.19.  In 2020, the National Policy on the Allocation and Retraction of State Agricultural Land was 
launched with an  overall objective to govern the land tenure, land administration, and management 
of state agricultural land. It aims to ensure that land and water are secured and used efficiently and 
sustainably and are protected from encroachment from alternative uses ( particularly tourism and 
residential housing), and that it is allocated in a manner that is fair, equitable, and transparent. The 
land is being leased at a preferential rate of SCR  6.50/m2.27 
4.20.  The Access and Benefit Sharing Policy provides a national framework for access to genetic 
resources and the fair and equitable sharing of benefits arising from their utilization. It aims at 
fulfilling Seychelles' commitments to the conservation, protection , and sustainable use of biodiversity 
and associa ted ecosystems and traditional knowledge in particular under the United Nations 
Convention on Biological Diversity and related treaties, such as the International Treaty on Plant 
Genetic Resources for Food and Agriculture (IT -PGRFA) articulated by the FAO.28 
4.21.  The Cinnamon Policy, under the Department of Environment, aims to provide a national 
framework for exploitation and management of the cinnamon industry  and a basis for any legislative 
or regulatory framework to regulate the cinnamon industry , and to revitalize the industry by ensuring 
that the resource is managed in an efficient and sustainable manner .29 
4.22.  Under the Animal and Plant Biosecurity Act , 2014, the National Biosecurity Agency was 
established as the regulatory authority for both animal and plant health. It came into operation 
in 2016 (Section  3.3.3).  
4.23.  During the pandemic, policies were aimed at moderating the risks to both producers and 
consumers. To minimize impact on the supply side, the Government requested the STC to provide 
an appropriate mark et structure while ensuring minimal price volatility for both local meat and 
vegetable produce. Additional measures included reallocation of underdeveloped agricultural land to 
interested farmers, and the removal of quotas on livestock production. Moreover , the cinnamon 
industry was revived in an effort to boost the exportation of value -added natural resources.30 
4.24.  Over the 2020-22 period, the IDC continued its trial projects to cultivate different seeds, 
plants, and soil -prepping techniques on the island of Desroches. E ggplants, lettuce, tomatoes, 
pumpkins, and different herbs are already being produced on the island. Farmers are also being 
invited to visit the island of Coëtivy  to assess the viability for large -scale agriculture. Pork, poultry, 
and some vegetables are expected to be produced on a commercial scale on the island in a bid to 
increase food security and reduce the importation of such products.31 
4.25.  In agriculture and fisheries, companies engaged in farming (for agriculture only), processing, 
and exporting activities benefit from a lower business tax rate: 15% on the first SCR 1  million and 
25% on the remainder (farmers and individual fishers have been exempted for the three -year period 
2021-23). However, these rates will increase in 2023 to be har monized with the general rates in 
accordance with the tax reform of 2021.32 These companies, as well as boat owners (used for 
fishing), also benefit from refunds/reductions from VAT and/or import duties on fuel or capital 
equipment. Following the tax refor m of 2021, Seychelles also made the general business rate more 
 
26 Ministry of Foreign Affairs, Seychelles National Agricultural Investment Plan  (SNAIP), 2015 -2020, 
p. 48. Viewed at: http://mofa.gov.sc/downloads/seych elles-national -agricultral -investment -plan.pdf . 
27 Data and information provided by the authorities.  
28 Information provided by the authorities . 
29 Information provided by the authorities.  
30 As part of this plan, potential Seychellois investors would access a vailable land to harvest cinnamon. 
Subsequently, products that are widely sought after in international markets, such as essential oil and the 
essence of cinnamon , can be produced. CBS, Annual Report 2021 , p. 13. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
31 CBS, Annual Report 2021 , p. 13. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
32 Companies qualifying for this reduction are farming entities, agricultural processors and exporters, 
fisheries processors and exporters, and boat owners.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 75 - 
  attractive by reducing it from 25% to 15% for the first SCR  1 million of taxable income and from 
33% to 25% for the remainder.  
4.26.  Foreign investment in animal or livestock keeping, crop production , and horticultural services 
is not allowed (Section  2.4 and Table  A2.3).  
4.1.2.2   Market access  
4.27.  Seychelles' simple average applied MFN tariff on agricultural products (WTO  definition) 
decreased from 8.6% in 2015 to 7.4% in 2022 (Table  3.1). Using ISIC 1 definition  (agriculture, 
hunting , and fishing), the average MFN applied rate is 8.1%, with rates ranging from zero to 100% 
(Table  A3.1).  
4.28.  Import permits are required for most agricultural goods for SPS reasons in line with the Animal 
and Plant Biosecurity Act , 2014 ( Section  3.3.3). For certain agricultural products, imports are 
controlled through non -automatic licensing (Section  3.1.5).  
4.1.2.3   Domestic support and export subsidies  
4.29.  Seychelles has provided domestic support notifications for 2013 -17.33 Most support, by far, 
was provided in the form of Green  Box measures during the period, with the exception of 2016 when 
special and differential (S&D) treatment development programmes (investment loans and lease of 
land, both at preferential rates) exceeded Green  Box measures (Tab le 4.1). The notified Green  Box 
expenditures are for research, pest and disease control, training services, extension and advisory 
services, infrastructural services, and payments for relief from natural disasters.  
Table 4.1 Domestic support, 2013 -17  
(SCR million)  
 2013  2014  2015  2016  2017  
Green Box  26.43  30.18  29.24  17.51  16.30  
S&D 3.81 4.99 3.16 21.89  1.24 
Product -specific AMS  3.60 3.60 3.60 3.60 3.60 
Source:  WTO notifications to the Committee on Agriculture.  
4.30.  Seychelles has notified that no export subsidies were provided during the period 2015 -21.34 
4.31.  According to the authorities, Seychelles did not put in place any price control or food subsidies 
programmes during the review period.  
4.32.  The Agricultural Development Fund (ADF), a loan scheme introduced on 4 January  1995 (last 
amended on 25  February  2021), finances the development of small and medium -sized agricultural 
and horticultural development, particularly in terms of food and nutrition s ecurity. The loan amount 
ranges from SCR  25,000 to SCR  5 million depending on if the loan is for crops or livestock and on 
the type of project: commercial35, semi -commercial36, or traditional (Table  4.2).37 The annual 
interest rate is 2.5% for SCR 25,000 -SCR 3 million, and 5% for loans over SCR 3  million and up to 
 
33 WTO documents G/AG/N/SYC/3, 2  February  2017; G/AG/N/SYC/4, 27  August  2019; and 
G/AG/N/SYC/8, 10  March  2020.  
34 WTO documents G/AG/N/SYC/1, 7  March  2016; G/AG/N/SYC/2, 30  January  2017; G/AG/N/SYC/5, 
2 March  2020; G/AG/N/SYC/6, 2  March  2020; G/AG/N/SYC/7, 2  March  2020; G/AG/N/SYC/ 9, 11 July 2022 
(covering 2020); and G/AG/N/SYC/ 10, 11 July 2022 (covering 2021)  
35 According to information provided by the authorities, c ommercial crops farmers produc e in excess of 
2 tonnes of crops monthly (more than 24 tonnes per  year); commercial broiler chicken farmers produc e in 
excess of 8  tonnes of broiler chicken monthly (in excess of 100 tonnes per year); commercial pork farmers  
produc e in excess of 1  tonne of pork monthly (more than 12  tonnes per year); and commercial tabl e eggs 
farmers produc e more than 3 ,500 table eggs per day or more than 1.2  million  eggs per year.   
36 According to information provided by the authorities, s emi-commercial crops famers produc e less 
than 2  tonnes but more than 500  kg of crops monthly; semi -commercial broiler chicken farmers produc e less 
than 8  tonnes of broiler chicken monthly (less than 100  tonnes per year); semi -commercial pork farmers  
produc e less than 1  tonne of pork monthly (less than 12  tonnes per year); and semi -commercial table eggs 
farmers produc e less than 3 ,500 table eggs per day or less than 1.2  million  eggs per year.   
37 According to information provided by the authorities, t raditional crops farmers produc e less than 
500 kg of crops monthly . WT/TPR/S/433 /Rev.1  • Seychelles  
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  SCR 5 million. The maximum term of repayment is 5 to 12  years, and the grace period is based on 
the type of project, the maturity period of the crop and/or livestock, and the projected cash flow.  
Table 4.2 Loans under the ADF, 2022   
Category  Crop  Livestock  
Commercial  Max SCR  2 million  Max SCR  5 million  
Semi-commercial  Max SCR  1 million  Max SCR  2 million  
Traditional  Max SCR  350,000  n.a. 
n.a. Not applicable.  
Source:  Data provided by the authorities.  
4.33.  The ADF facilitates funding for extension of agricultural projects such as: (i)  construction of 
farm buildings (e.g.  shade house/greenhouse, chicken pen, pigsty, and other livestock sheds and 
stores) a nd infrastructure (e.g. water storage facility); (ii)  upgrading of existing farm buildings, 
equipment and machineries, and other farm assets; (iii)  replacement and/or purchase of new 
machineries, equipment and tools, and other farm assets; (iv)  setting up of irrigation and other 
agricultural technology systems; (v)  site preparation and development; (vi)  working capital (not 
exceeding 40% of the project cost); and (viii)  raw materials and other agricultural inputs.38 
4.34.  Table  4.3 summarizes the government -led incentives provided to livestock and crop farmers , 
which also vary  depending on the type of project (commercial, semi -commercial , or traditional).  
Table 4.3 Incentives provided to livestock and crop farmers, 2022  
Category  Output  Incentives  
Loan  Lease 
Period  
Commercial  
Broiler chicken 
producers  Greater than or equal to 8 tonnes per month  Maximum of 
SCR 5 million  30 years  
Pig producers  Greater than or equal to 1 tonne per month  Maximum of 
SCR 5 million  30 years  
Layer producers  Greater than or equal to 3,500 eggs per day  Maximum of 
SCR 5 million  30 years  
Crop producers  Greater than or equal to 2 tonnes per month  Maximum of 
SCR 2 million  30 years  
Semi -commercial  
Broiler chicken 
producers  Less than 8 tonnes per month  Maximum of 
SCR 2 million  20 years  
Pig producers  Less than 1 tonne per month  Maximum of 
SCR 2 million  20 years  
Layer producers  Less than 3,500 eggs per day  Maximum of 
SCR 2 million  20 years  
Crop producers  Greater than 500  kg and less than 2  tonnes per 
month  Maximum of 
SCR 1 million  20 years  
Traditional  
Crop producers  Less than 500  kg per month  SCR 350,000.00  10 years  
Source:  Information provided by the authorities.  
4.35.  Since 2018, with the launch of the new agricultural comprehensive plan, derived from SNAIP, 
financial subsidies have been given to livestock farmers to assist in curbing their cost of production39: 
• For each kg of broiler poultry meat produced, the livestock farmer benefits from a subsidy 
of SCR  2.30 on the cost of production (the rationale being that livestock feed accounts for 
65% of the cost of production).  
• Pig farmers benefit from SCR  6.50 on each kg of pork produced for the same re ason.  
• A subsidy of SCR  4/kg on the slaughter ing cost of SCR  7/kg for broiler chicken is given at 
any local abattoir to reduce the cost of production.  
 
38 Information provided by the authorities.  
39 Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 77 - 
  • A subsidy of SCR  300 on the slaughtering cost of SCR  500 for one pig is given at any local 
abattoir.  
• A transportation cost subsidy of SCR  25 is given to livestock producers on Praslin and 
La Digue on each bag of feed transported between the jetties of Mahé  and the Inner 
Islands. The air freight cost of day -old chicks to the Inner Islands is also covered by this 
subsidy . 
4.36.  Agricultural producers in Seychelles also benefit from the payment of certain taxes40: 
• As per Value Added Tax (Refunds for Persons Engaged in Farming, Fishing and Supporting 
Activities) Regulation s, 2018  (SI91) , VAT refunds are provided to persons engaged in 
farming for goods, excluding motor vehicles except for specialized motor vehicles. VAT 
refunds are also provided for supporting activiti es including abattoir, animal feed factories, 
and hatchery.  
• As per Excise Tax (Concessions) Regulations, 2018 (SI54), persons engaged in farming 
benefit from concessions of 12.5% on the excise tax for the importation of commercial 
vehicles.  
• As per Business  Tax (Exemption of Tax to Farming Partnerships and Farming Entities) 
Order, 2021 (SI106 ) and Business Tax (Exemption of Tax to Individual Fishers and 
Individual Farmers) Order, 2021 (SI107 ), individual farmers, farming entities , and 
farmers' partnership s are exempted from the payment of business tax on any income 
derived from any farming activity involving the production of agricultural products.  
4.37.  In March  2020, with the onset of the pandemic and in order to support local livestock 
producers facing more expensive imported inputs, the Government, through the Livestock Trust 
Fund (LTF), pays registered farmers for the difference in animal feed prices, day -old chicks, and 
hatching eggs abattoir and carcass throughput (as major inputs in the livestock subsector) with the 
aim of maintaining livestock input prices pre -COVID -19. Livestock feed producers/importers receive 
the subsidy on the basis of invoices submitte d and certified by the Agriculture Department. The 
eventual payment from the LTF resources is approved by the Minister of Agriculture and payment is 
then made directly to the animal feed suppliers by the Ministry of Finance.41 
4.38.  In July  2020, with an increas e in the cost of livestock inputs due to the pandemic, the 
Government brought on further measures in the form of subsidies to livestock producers on the 
Inner Islands, namely Praslin, La Digue, and Denis, who depend on producers on the island of Mahé 
for their supply of feed and day -old chicks. These additional measures are  the following42: 
• Livestock producers on these islands receiving animal feed from Mahé jetty could benefit 
from a SCR  25 subsidy on each bag of feed transported to the any of these island s' jetties. 
The invoice/receipt for livestock feed transportation is delivered by the livestock farmer 
and certified by the Agriculture Department;  
• Freight of day -old chicks to Praslin in particular is also covered by the government 
measure. The invoice/re ceipt is certified in this case by Air Seychelles, the Agriculture 
Department, and the hatchery or the importer of the day -old chicks; and  
• The Government subsidize s the cost of agricultural inputs, such as seed, fertilizers, 
insecticides, herbicides, agric ultural equipment, and other chemicals (Table  A4.1).  
4.1.3   Forestry  
4.39.  Seychelles' forestry industry is generally perceived as marginal. However, its indirect 
economic and environmental benefits are considerable. For example, the amenity provided by the 
forests is extremely important for the tourism industry. The extremely vulnerable water supply is 
 
40 Information provided by the authorities.  
41 Information provided by the authorities.  
42 Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 78 - 
  highly dependent on the vegetation cover provided by forests. Forest areas are estimated at 
33,700  ha. About 90% of the forests are natural with plantations established for commercial 
purposes covering some 4,800  ha. Although the forest ecosystem is largely secondary with 
significant levels of invasive species, it still offers a wealth of biological diversity and protects inland 
water ecosystems and important watersheds.43 
4.40.  According to the FAO, Seychelles has faced several obstacles regarding its forestry industry, 
namely the lack of comprehensive forestry policy and legislation, weak institutional capacity, and 
limited information on forests' contribution to the economy a nd tourism. The Government has 
recognized the need to sustainably manage, regulate, and control the use of forests and is currently 
preparing, with the support of the FAO, a new forestry policy and legislation, as well as an action 
plan and road map for im plementation. The aim is to enhance stakeholder participation in national 
forest programmes and contribute to assessment of forest legislation, as well as assist with the 
monitoring of sustainable forest management.44 
4.41.  In February  2019, the Ministry of Envi ronment, Energy and Climate Change (now the Ministry 
of Agriculture, Climate Change and Environment) initiated, with the support of the FAO, a project 
called "Capacity building for preparation and implementation of national forest inventory of 
Seychelles".  The project expects to strengthen national capacity for implementing an integrated 
forest land and tree resources assessment.45 
4.42.  According to the FAO, Seychelles has managed to reduce deforestation over the years, thanks 
to good environmental management policies. In addition, good policy steering and governance, and 
adequate land tenure security have contributed to improved biodiversity conservation, making 
Seychelles the first country in the western Indian Ocean region to designate marine prot ected 
areas.46 
4.1.4   Fisheries  
4.43.  With an exclusive economic zone (EEZ) of 1.37  million  km2, Seychelles is a large ocean state 
with current and future prosperity intrinsically linked to its ocean and coastal resources. Fisheries is  
the second -most-important activity of Seychelles' economy, closely behind tourism. The sector 
employ s around 7,500  people47, approximately 15% of the total labour force.48 According to 
Seychelles' National Bureau of Statistics (NBS), exports of fish and fish products represented 92% 
of total merchandise exports in 2021, with the EU -27 and the United  Kingdom being the p rimary 
markets.  
4.44.  Under its National Development Strategies 2019 -2023, Seychelles aims at increasing 
value -added contribution in fisheries and to develop the Blue Economy (see below).  
4.45.  Per capita consumption of fish, estimated at almost 60  kg/person, is the h ighest in Africa and 
more than twice the global average.49 Production and trade mainly consist of canned tuna, fish oil, 
smoked fish, and fishmeal (Tables  4.4 and 4.5) . 
Table 4.4 Fish production, 2015 -20 
(Million tonnes ) 
Product  2015  2016  2017  2018  2019  2020  
Canned tuna  32,068  35,569  40,480  51,077  45,812  52,043  
Smoked fish  57.20  49.90  27.93  18.01  22.46  19.48  
Fish meal  6,820  8,084  8,322  8,061  7,809  9,003  
 
43 FAO, Seychelles . Viewed at: https://www.fao.org/countryprofiles/index/en/?iso3=syc . 
44 FAO (2019) , Seychelles and FAO . Viewed at: https://www.fao.org/3/au744e/AU744E.pdf . 
45 FAO (2019) , Seychelles and FAO . Viewed at: https://www.fao.org/3/au744e/AU744E.pdf . 
46 FAO (2019) , Climate -Smart Agriculture in Seychelles , p. 3. Viewed at: 
https://www.fao.org/3/ca5407en/CA5407EN.pdf . 
47 SFA (2022), Employment Study and Capacity Needs Assessment for the Fisheries Sector in 
Seychelles . 
48 The majority of the labour force is employed by the Indian Ocean Tuna Ltd (IOT) cannery, a 
Thai Union Group company that comprises a mostly foreign labour workforce of 2,300.  
49 Republic of Seychelles, Seychelles Blue Economy: Strategic Policy Framework a nd Roadmap, Charting 
the Future (2018 -2030) , p. 45. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
- 79 - 
  Product  2015  2016  2017  2018  2019  2020  
Fish oil  885 1,037  572 1,641  1,158  881 
Sea cucumber  65.00  55.00  58.60  46.00  55.98  55.86  
Other (shark fins & rays)  1.47 24.01  72.03  58.92  58.26  10.74  
Other fisheries production  
(Tuna loins & fish roe)  170.00  101.00  72.03  56.73  .. .. 
Total production  40,067  44,920  49,605  60,959  54,916  62,013  
.. Not available.  
Source:  Information provided by the authorities.  
Table 4.5 Fish trade, 2015 -21 
(Million tonnes and SCR  million ) 
 2015  2016  2017  2018  2019  2020  2021  
Fish and fish exports (Mt)  
Fresh and 
frozen fisha 1,164  3,099  5,561  10,966  13,284  11,180  9,523  
Canned tuna  30,911  36,904  34,665  36,356  35,951  42,976  46,205  
Dried shark fin 
& sea 
cucumber  66.00  56.56  59.92  48.69  55.98  58.39  56.90  
Fish meal  6,283  8,084  8,322  8,029  7,809  9,003  7,734  
Fish oil  885 1,037  572 1,641  1,158  881 957 
Total exports 
(Mt) 39,309  49,181  49,180  57,040  58,258  64,098  64,477  
Fish and fish exports (SCR  million)  
Fresh and 
frozen fisha 31.03  69.49  107.90  223.25  224.01  274.05  299.25  
Canned tuna  3,044  3,473  3,494  3,817  3,098  4,382  4,397  
Dried shark fin 
& sea 
cucumber  45.89  39.19  43.94  40.86  63.51  88.24  91.70  
Fish meal  96.30  102.79  115.23  127.13  114.93  173.83  139.26  
Fish oil  40.64  40.78  35.06  292.83  77.17  77.23  68.96  
Total exports 
(SCR  million)  3,258  3,725  3,796  4,501  3,577  4,995  4,996  
Gross 
domestic 
export 
(SCR  million)  3,284  3,757  3,911  4,601  3,664  5,085  5,414  
Domestic 
exports (fish 
only) (%)  1.0 2.0 3.0 5.0 6.0 5.0 6.0 
Domestic 
exports (Fish 
& fish 
products) (%)  99.0 99.0 97.0 98.0 98.0 98.0 92.0 
Fish and fish imports (Mt)  
Fish, fresh or 
chilled  13.14  24.77  15.46  18.62  13.19  14.50  9.06 
Fish, frozen  66,966  60,689  76,945  78,663  58,321  73,991  70,148  
Fish, fillets, 
and other fish 
meat 4.92 5.19 3.78 8.94 2.86 4.01 4.72 
Fish, dried, 
salted  39.48  60.00  53.68  40.37  32.08  31.82  40.72  
Fish prepared 
and preserved  0 0 0 0 0 0 0 
Molluscs and 
crustaceans 
prepared or 
preserved  438.22  617.83  682.54  762.48  752.86  727.55  443.60  
Total imports 
(Mt) 67,462  61,397  77,700  79,494  59,122  74,769  70,646  
Fish and fish imports (SCR  million)   
Fish, fresh or 
chilled  1.85 3.63 2.94 4.07 2.79 2.80 2.66 
Fish, frozen  1,229  1,415  2,176  2,218  1,271  2,111  2,063  
Fish, fillets, 
and other fish 
meat 0.84 0.72 0.65 0.95 0.89 1.18 0.90 
Fish, dried, 
salted  6.08 8.34 8.06 6.64 5.14 4.75 7.00 
Fish prepared 
and preserved  0 0 0 0 0 0 0 WT/TPR/S/433 /Rev.1  • Seychelles  
- 80 - 
   2015  2016  2017  2018  2019  2020  2021  
Molluscs and 
crustaceans 
prepared or 
preserved  66.33  72.71  80.48  98.01  79.99  79.30  60.31  
Total imports 
(SCR  million)  1,304  1,500  2,268  2,328  1,360  2,199  2,134  
a Inclusive of both artisanal and by catch.  
Source:  Information provided by the authorities.  
4.46.  Fishing subsectors are mainly artisanal demersal fisheries, artisanal pelagic, industrial, and 
seafood processing. Artisanal demersal fisheries,  the main source of local fish supply, mainly consist 
of hook and line, and trap fishing. Indian Ocean tuna fisheries largely consist of skipjack, yellow fin, 
and big eye species, contributing 20% of the global tuna catch.50 
4.47.  On 24 February  2020, the Seychelles and the European  Union signed a new six -year 
sustainable fisheries partnership agreement (SFPA) and associated implementing protocol. It sets 
out the fishing opportunities for EU vessels, the financial compensation to be pa id by the 
European  Union, and the modalities of sectoral support to the fishing industry of Seychelles. The 
SFPA covers the period 24  February  2020 to 23  February  2026, with an EU financial contribution of 
EUR 5.3 million per year, of which EUR 2.8 million is earmarked for the support of the fisheries 
policies of Seychelles.51 
4.48.  On 10  June 2022, the Seychelles and the European  Union signed a new agreement to govern 
access by Seychelles' fishing vessels to waters of Mayotte52, under the jurisdiction  of the 
European  Union. The Agreement will have a duration of six years and provides for fishing 
opportunities for eight  Seychelles purse seiners.  
4.49.  Seychelles has private fishing agreements with the "Taiwan Deep Sea Tuna Boat -Owners and 
Exporters Associatio n" to carry out longline fishing for tuna and tuna -like species in Seychelles 
waters.  
4.50.  Seychelles has a reciprocal fisheries agreement with Mauritius , allowing it to fish in Seychelles' 
EEZ. 
4.51.  Seychelles is a member of the Indian Ocean Tuna Commission (IOTC),  which has 
responsibility for the conservation and management of tuna stocks that migrate in or out of the 
Indian Ocean.53 Licences to fish in Seychelles' EEZ are subject to the payment of licence fees and 
are of a limited duration; licensed vessels must b e listed on the IOTC positive record of vessels 
authorized to fish in the areas of competence of the IOTC.  
4.52.  As from 1  January  2022, the operations of Seychelles -registered purse seiner vessels are 
regulated under a new legal framework. The agreement establi shes the terms and conditions under 
which company fishing vessels registered and flagged in Seychelles may carry out purse seine fishing 
and related activities in the Seychelles fishing zone and outside Seychelles EEZ. The agreement 
includes revis ing the  licence fee from USD  90,000 to EUR 115,000, and the authorization fee from 
USD 500 to EUR 5,000 annually.  
4.53.  The major challenges facing the Seychellois fishing industry, according to the authorities, 
include the erosion of EU preferential market access , and c ombating illegal, unreported, and 
unregulated (IUU) fishing.  
 
50 Republic of Seychelles, Seychelles Blue Economy: Strategic Policy Framework and Roadmap, Charting 
the Future (2018 -2030) , p. 46. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Eco nomy_Road_Map.pdf . 
51 European Commission, Sustainable Fisheries Partnership Agreement with Seychelles . Viewed at: 
https://ec.europa.eu/oceans -and-fisheries/fisheries/international -agreements/sustainable -fisheries -
partnership -agreements -sfpas/seychelles_en . 
52 Mayotte is an overseas department and region of France, located in the Indian Ocean.  
53 Republic of Seychelles, Seychelles Blue Economy: Strategic Policy Framework and Roadmap, Charting 
the Future (2018 -2030) , p. 46. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
- 81 - 
  4.54.  The main fisheries legislation is the Fisheries Act, 2014. According to the authorities, a new 
Fisheries Bill is being finalized with the aim of providing a modern legislative framework and 
contributing to the development of the industry in a sustainable manner, based on conservation and 
management principles in accordance with international agreements and conventions.  
4.55.  The Ministry of Fisheries and the Blue Economy has the overall responsibility f or the fisheries 
industry. The SFA is a parastatal organization that functions as the executive arm of the Government 
for fisheries and related matters.54 The SFA collaborates with local and regional partners including 
police, the Coast Guard, the Air Forc e, and the National Drug Enforcement Agency to develop the 
fishing industry and to safeguard the resource base for sustainable development.55 
4.56.  The overall goal of the fisheries policy is to provide effective, efficient, transparent, and 
accountable service delivery through a participatory approach to ensure long -term sustainable 
fisheries and aquaculture management and conservation so that the sector continues to play a key 
role in the sustainable development of Seychelles and its socio -economic well -being. The policy is 
structured around 10  policy objectives: good governance and institutional strengthening; 
sustainable management of fisheries and climate resilience; infrastructure support and value chain 
development; building efficiency in the industry; inve stment and economic growth; increasing 
Seychellois stake -holding in the industrial fisheries sector; employment, training, resourcing, and 
human resource development; strengthening monitoring, control, and surveillance; research and 
innovation in the fishe ries sector and aquaculture; and sustainable development of aquaculture.56 
4.57.  Foreign investment in artisanal fishing (including demersal fishing) is not allowed 
(Section  2.4 and Table  A2.3).  
4.58.  The fisheries subsector in Seychelles receives extensive support (see below) aiming to, 
inter alia, boost the development and competitiveness of the industry, create decent jobs and 
sustainable livelihoods, and contribute towards food and nutrition securit y. Addressing harmful 
fisheries subsidies is a government concern. However, according to the authorities, some subsidies 
are necessary to support the industry, and phasing out subsidies will require time to implement. 
Seychelles' position in the WTO negoti ations on fisheries subsidies is to ensure that the provisions 
of any agreement will not hinder the development of its domestic fisheries industry, therefore 
supporting the provision of S&D treatment for developing countries.57 
4.59.  Support to the fisheries sub sector includes:  
• Subsidized prices for ice for registered boat owners and fishers58; 
• 100% fuel excise tax exemption (on a refund basis) for commercial fishing boats and fuel 
bought for resale for fuelling commercial fishing vessels (excluding shark fishing )59; 
• Voluntary insurance scheme available for all full -time boat owners registered with SFA to 
cover all los ses due to all types of natural perils and for all registered fishers and farmers60; 
 
54 SFA is 100% state -owned and a public enterprise since 2019. SFA, Our History . Viewed at: 
https://www.sfa.sc/index.php/about -us1/history . 
55 Republic of Seychelles, Seychelles Blue Economy: Strategic Policy Framework and Roadmap, Charting 
the Future (2018 -2030) , p. 52. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . 
56 Information provided by the authorities.  
57 Republic of Seychelles, Seychelles Blue Economy: Strategic Policy Framework and R oadmap, Charting 
the Future (2018 -2030) , pp. 70-71. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . 
58 Registered boat owners and fishers  pay only SCR  30 per 50  kg bag, SCR  15 per 25  kg bag, and 
SCR 10 per 15  kg of ice.  
59 As set out in the Excise Tax (Full Exemption and Concessions) Regulations , 2018.  
60 The premium for the insurance package is 4% of the insured boat value , of which 50% is paid by the 
Government.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 82 - 
  • Gainful occupation permit, allowing the holder to be gainfully occupied in Seychelles as an 
employee or as a self ‐employed person61; 
• Sickness benefit for SFA -registered fishers62; 
• VAT exemptions for goods and equipment approved for importation by persons engaged 
solely in farming, fishing, and supporting activities.63 There is also a refund on any VAT 
paid on supplies of taxable goods, excluding all motor vehicles except specialized motor 
vehicles as certified by the relevant Ministry, bought by the eligible person64; 
• Starting in 2021 and until the end of 2023, individual fishers are exempted from the 
payment of business tax on any income derived from any fishing activity or fishing -related 
activity in the case of a fisher65; 
• Any equipment used solely in the production or processing of agricultural goods or  
commercial fishing activities, including the processing of fish products of at least 
SCR 1,000, is exempted from custom duty. There is also a rebate of 50% of the applicable 
customs duty rate on importation of commercial motor vehicles, and a 5% rebate of  the 
applicable customs duty rate on importation of inputs and minor operating equipment66; 
and 
• Exemption or reduced income tax rate.67 
4.60.  In addition, the fisheries industry has access to the Fisheries Development Fund (FDF); loans 
offered by the Development  Bank of Seychelles (DBS); schemes for SMEs, i.e.  the SME scheme and 
the Small Business Financing Agency Fund; the Blue Investment Fund (BIF) ; and the Blue Grants 
Fund (BGF).  
4.61.  The FDF is derived from the Fisheries Partnership Agreement (FPA) with the Europe an Union, 
whereby 56% of the proceeds must be reinvested in fisheries and ports development. The primary 
purpose of the FDF is to further economic development of the fisheries subsector by improving the 
financing opportunities for local investors (Table  4.6). 
Table 4.6 Fisheries Development Fund, 2022  
Item  Conditions  
Maximum loan amount  EUR 500,000  
Minimum personal contribution  5% of total project cost  
Interest rate  3% 
Repayment terms  10 years (12 years in exceptional cases)  
Grace period (with capitalized 
interest)  Not exceed ing 9 months from the date of the first disbursement  
Guarantee/security  As per normal DBS requirements or shall not be less than 1.0  times 
the loan amount  
Application fee  1% of the loan amount not exceeding SCR 5,000  
Bank charges  In accordance with the bank policy  
Penalty  Equivalent to commercial bank's prevailing saving's rate plus 1% 
Source:  Information provided by the authorities.  
 
61 There is a processing fee of SCR  1,000. The fee for the whole duration of the permit being sought at 
SCR 500 per month or part thereof is payable when submitting the application.  
62 Registered boat owners and fishers obtain SCR  67 per day on a doctor's approved sick leave. The SFA 
registration card has to be produced upon seeking financial assistance.  
63 Value Added Tax Act, 2010.  
64 VAT (Refunds for Persons Engaged in Farming, Fishing and Supporting Activities) Regul ations, 2018.  
65 The individual fisher shall furnish annual tax returns to the Seychelles Revenue Commission. Business 
Tax (Exemption of Tax to Individual Fishers and Individual Farmers) Order, 2021.  
66 Customs Management (Promotion of Agriculture and Fisher ies) Exemption and Rebate 
Regulations,  2014.  
67 A citizen of Seychelles with emoluments not exceeding SCR  8,550.50 do es not pay income tax. 
Citizens with income above that amount  are eligible  for a reduced income tax. Income and Non -Monetary 
Benefits Tax Ac t, 2017, and its amendment.  WT/TPR/S/433 /Rev.1  • Seychelles  
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  4.62.  Joint venture investment projects can also benefit from the FDF; however, the projects should 
be based on technological transfer and foreign direct investment (FDI), and must have 51% 
Seychellois beneficiary ownership.  
4.63.  Loans offered by the DBS focus mainly on the financ ing of artisanal and semi -industrial 
fishing, for the purchase or construction of boats, purchase of navigational equipment, and repair of 
fishing boats (Table  4.7).68 
Table 4.7 Loans by the Development Bank o f Seychelles, 2022  
Item  Conditions  
Minimum loan amount  SCR 50,000  
Maximum loan amount  SCR 5.8  million  
Interest rate  11.5%  
Source:  Information provided by the authorities.  
4.64.  Administered by the DBS and with the participation of other banks, the SME scheme and the 
Small Business Financing Agency Fund are available to all sectors, including fisheries with the aim 
of encouraging the development of businesses and entrepreneurship, excluding retail an d wholesale 
businesses (Section  3.3.1 and Table  3.4). 
4.65.  The BIF is a loan scheme administered by the DBS and developed specifically to support the 
expansion and diversification of sustainable fishery value chains. Up to USD  3 million (in 
SCR equivalent) is offered at 4% interest rate (Table  4.8).69 
Table 4.8 Blue Investment Fund, 2022  
Item  Conditions  
Amount  Minimum SCR equivalent to USD  10,000  
Maximum SCR equivalent to USD  3 million  
Interest rate  4% fixed rate 
Repayment 
terms  Up to 15 years  
Financing 
coverage  Up to 90% of the project cost (10% pf the project cost to be contributed by the applicant as 
co-financing)  
Applicants  All Seychellois; locally registered civil society organizations; and locally registered, 
Seychellois majority -owned commercial entities, including small and medium -sized fisheries 
enterprises, public -private partnerships, and local -foreign joint ventures  
Activities 
excluded  Purchases of fishing vessels and purchases of fis hing gear  
Source:  DBS, Blue Investment Fund – Your Partner in Building Sustainable Fisheries . Viewed at: 
https://www.dbs.sc/sites/default/files/article -files/BIF%202%20PAGER%20032021_1.pdf . 
4.66.  The BGF is administered by the Seychelles Conservation and Climate Adapta tion Trust 
(SeyCCAT).70 SeyCCAT's goal is to competitively grant at least USD  700,000 per year to support 
Seychellois -led projects  that advance  marine  conservations,  sustainable  fisheries,  development  of 
new and existing  marine  protected  areas  (MPAs) , and select ed other  blue sectors.  In 2021,  the total 
requested  amount  from 54 applications  (SCR 47.6 million)  more than doubled  the funds  available  
(SCR 23.7 million).  As a result,  the BGF was closed  and is due to reopen  in 2023.71 
4.67.  The BIF and the BGF are part of the Seychelles'  Blue Finance  approach  and the Blue Economy  
Strategic Framework and Roadmap 2018 -2030. 
 
68 Loans by the DBS are available for all sectors, not only fisheries.  
69 DBS, Blue Investment Fund – Your Partner in Building Sustainable Fisheries . Viewed at: 
https://www.dbs.sc/sites/default/files/article -files/BIF%202%20PAGER%20032021_1.pdf . 
70 SeyCCAT was established by the Conservation and Climate Adaptation Trust of Seychelles Act , 2015.  
71 SeyCCAT , The Blue Grants Fund 6 Is Now Closed: Check Back in 2023!  Viewed at: 
https://seyccat.org/how -to-apply/ . WT/TPR/S/433 /Rev.1  • Seychelles  
- 84 - 
  4.1.4.1   Blue Economy  
4.68.  On 31  January  2018, Seychelles launched its Blue Economy72 Strategic Framework and 
Roadmap 2018 -2030 "as a means of reali sing the nation's  development potential through innovation 
and knowledge -led approaches, being mindful of the need to conserve  the integrity of the Seychelles  
marine environment and heritage fo r present and future generations".73 According to the authorities, 
the aim is to make maximum use of its 1,358  million km2 of ocean in the most sustainable manner 
possible.74 
4.69.  In 2015, the Department of the Blue Economy, under the Office of the Vice President, was 
established to promote the sustainable use of marine resources and coordinate the use of the EEZ. 
It also oversees the implementation of the Strategic Framework and Ro admap 2018 -2030.  The 
Department's primary target is to bring about economic diversification in order to increase 
Seychelles' self -sufficiency and resilience to external shocks. According to the authorities, this is 
being pursued through the reinforcement o f the country's traditional sectors (e.g.  fisheries, tourism, 
ports, environment, and maritime security) by encouraging more value addition across their value 
chains. Also, through the development of hybrid sectors such as sports tourism and the exploratio n 
and/or subsequent development of emerging sectors (e.g.  marine biotechnology, extractive 
industry, aquaculture, and renewable energy).75 
4.70.  In October  2018, Seychelles issued the world's first sovereign blue bond, worth 
USD 15 million with guarantees from t he World Bank and the Global Environment Facility, to attract 
private investment and finance a transition to sustainable fisheries, and in particular the 
implementation of the Mahé Plateau Demersal Fisheries Management Plan.76 This 10 -year blue bond  
to finance fisheries projects makes Seychelles the world's first country to utilize capital markets for 
funding the sustainable use of marine resources.77 Seychelles is using the proceeds of the blue bond,  
i.e. BGF (USD  3 million) and BIF (USD  12 million), to su pport private (business, civil society, and 
NGOs) and public investment in ocean conservation, sustainable fisheries, and Blue Economy value 
chains (Box  4.1). 
Box 4.1 Seychelles' blue bonds  
What are blue bonds ? 
Blue bonds are financial instruments issued by governments, development banks, or other entities to raise 
capital from impact investors to finance marine and ocean -based projects that have positive environmental, 
economic, and climate benefits.  
Why did Seychelles decide to issue blue bonds ? 
Like many small island developing states (SIDS), Seychelles' economy is highly dependent on the ocean for 
food, nutrition, and livelihoods; marine habitats; and other Blue Economy sectors such as tourism. As the 
economy grew, Seychelles recognized the need to rebuild and sustainably utilize its marine resources through 
improved governance and management of the relevant sectors. However, the costs of transitioning to 
sustainable economic activities can be substantia l for a small island state, both in terms of management costs 
and socio -economic losses.  
 
72 The term "B lue Economy " refers to the sustainable development of ocean resources, while 
significantly reducing environmental risks and ecological scarcities.  Republic of Seychelles, Seychelles Blue 
Economy: Strategic Policy Framework and Roadmap, Charting the Future (2018 -2030) , p. 1. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . 
73 It is articulated through four strategic priorities: creating sustainable wealth; sharing prosperity; 
securing healthy, resilient, and productive oceans; and strengthening the enab ling environment. 
Republic  of Seychelles, Seychelles Blue Economy: Strategic Policy Framework and Roadmap, Charting the 
Future (2018 -2030) , p. viii. Viewed at: 
http:// www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . 
74 SIB, Blue Economy.  Viewed at: https://investinseychelles.com/key -sectors/blue -economy . 
75 There are also cross -cutting efforts to empower the local population at large, especially youth and 
women. For this, special focus has been placed on education/training and sensitization.  
76 SFA (2019), Mahé Plateau Trap and Line Fishery Co -management Plan . Viewed at: 
https://www.sfa.sc/images/2021/06/18/Mahe_Plateau_Trap_and_Line_Fishery_Co -Mangement_Plan_ -
_March_2019.pdf . 
77 Republic of Seychelles, Seychelles Blue Economy: Strategic Policy Framework and Roadmap, Charting 
the Future (2018 -2030) , pp. 8-9. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
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  What makes blue bonds unique ? 
Unlike green bonds, which are predominantly terrestrial based, blue bonds are ocean -space related. Blue 
bonds combine public and privat e investment to mobilize resources for empowering local communities and 
businesses.  
What are the goals of blue bonds ? 
1) Expanding sustainable use of marine protected areas through investments in planning, implementing, 
and enforcing planned expansion of areas within Seychelles' EEZ.  
2) Improving governance of priority fisheries by investing in finalizing key fisheries management plans 
and building the institutional capacity to implement those plans.  
3) Sustainable development of the Blue Economy by  investing in developing greater value addition from 
aquaculture, industrial, semi -industrial, and artisanal fishing, and processing sectors.  
What is the structure of the Seychelles sovereign blue bond? 
The sovereign blue bond was issued with a ceiling value of USD  15 million, with a maturity of 10 years. The 
blue bond, as well as the programme of marine and ocean -related activities it supports, was prepared with 
assistance from the World Bank and the Global Environment Faci lity. This support includes a partial 
World  Bank guarantee (USD  5 million) and concessional loan from the Global Environment Facility 
(USD  5 million), which will partially subsidize payment of the bond coupons.  
How are the proceeds of blue bonds used ? 
The proceeds, referred to as Blue Finance, are being used to capitalize a Blue Grants Fund (USD  3 million) 
and Blue Investment Fund (USD  12 million), each of which provides financing for marine and ocean -related 
activities that contribute to the transition  to sustainable fisheries and use of marine resources.  
Who administers blue bonds ? 
The proceeds are being managed by SeyCCAT, which also administers the BGF. The DBS on the other hand, 
is administering loans from the BIF. These two funds are designed to complement each other. SeyCCAT, a 
public -private trust, provides grants for local enterprises to develop innovative business models. If successful, 
this model can facilitate applying for a loan from the Blue Investment Fund.  
Who are the main beneficiaries  of blue bonds?  
The main beneficiaries are Seychellois whose livelihood depend on marine resources and the ocean, notably 
artisanal, semi -industrial fishers, and operators in seafood value chain s (such as aquaculture and national and 
local institutions eng aged in management of marine resources).  
Source:  Information provided by the authorities.  
4.1.4.2   Aquaculture  
4.71.  The overall goal of the aquaculture policy is to guide an effectively managed and 
environmentally responsible aquaculture industry that contributes towar ds food security and the 
creation of wealth in Seychelles. It is structured around eight policy objectives: good governance in 
aquaculture; sustainable environmental policy for aquaculture; coordinated support for the 
development of aquaculture; investment  in aquaculture; inclusive participation in the industry; 
aquaculture products and markets policy; development of aquaculture on the Outer Islands; and 
R&D in aquaculture.78 
4.72.  In 2020, Seychelles removed the prohibition on foreign investment on aquaculture, allowing 
foreigners to participate in up to 49% of the equity of a company engaged in these activities 
(Section  2.4.1 and Table  A2.3).  
4.2  Energy  
4.73.  Electricity, gas, and water contributed 3.2% to GDP during 2015 -20 (Chart  1.1). Some of 
Seychelles' S OEs are engaged in the energy sector, notably Seychelles Petroleum Company 
(SEYPEC) and Public Utility Corporation (PUC) (Section  3.3.5 and Table  3.7). 
 
78 Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
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  4.74.  Some 99.2% of Seychelles' primary energy requirements (petroleum products) are imported 
and resold by th e fully state -owned SEYPEC.79 Seychelles' fuel import bill (HS 27) represented 19.9% 
of the total value of merchandise imports in 2021, compared with 17.8% in 2015 (Section  1.3.1 and 
Table  A1.3).  
4.75.  Seychelles' dependence on imported fuels, and its vulnerabil ity to fluctuations in oil prices 
prompted the Government to encourage greater use of renewable energy and to utilize energy 
resources in a more efficient manner. To achieve this, the Energy Policy 2010 -2030 was launched 
with the following vision: basic en ergy services must be affordable for the whole population; energy 
base will be diversified and in the long  term, energy supply will be 100% based on renewables80; 
energy supply will be based on both public and private participation and ownership; demand fo r 
energy services should always be met with the most energy -efficient technologies; for security 
reasons, Seychelles must have access to at least a nine -month stock of petroleum products at all 
times; and energy will be priced to consumers at its true cost .81 
4.76.  The Energy Act, 2012, implemented by the Seychelles Energy Commission (SEC)82, governs 
all activities regarding generation, transmission, distribution, sales, and use of electricity. Although 
it is not yet fully in force , the Act also makes provisions for the development of renewable energy 
and energy efficiency including through VAT exemption. Indeed, the SEC is implementing an interim 
procedure for importers to be exempted from VAT upon importation of energy -efficient electrical 
appliances. It is avai lable only for air conditioners , refrigerator s, freezer s, washing machine s, and 
light bulbs , along with solar photovoltaic (PV) system s and components, and solar water 
heating  system s, provided they comply with minimum energy performance standards. Moreove r, 
some incentives are being granted to encourage adoption of new, cleaner technologies, notably 
through the Solar PV Rebate Scheme, and Seychelles Energy Efficiency and Renewable Energy 
Programme (SEEREP) Rebate Scheme (Section  3.3.1 and Table  3.4).83 
4.77.  The European  Union funded the development of the Energy Act, 2012, which has paved the 
way for the integration of renewable energy sources into the electricity grid. Oil upstream and 
downstream activities are not covered by the Act, and the SEC does not regul ate the petroleum 
sector . An upstream policy is under development to promote efficient and safe petroleum operations. 
Land transport and production of electricity count for more than 80% of oil consumption in 
Seychelles.84 
4.78.  The PUC, a 100% state -owned paras tatal body established in 1986 under the PUC  Act, is the 
main energy provider in Seychelles. Private producers vary from distributed generators  and 
auto-producers to independent power producer s. Currently, the PUC provides permission to 
producers such as large hotels , which either cannot connect to the grid  or cannot be supplied 
sufficiently by the PUC. The SEC provides the registration certificates and licence as per the 
Energy  Act, 2012. Electricity on the main islands of Mahé, Praslin, and La Digue is g enerated using 
 
79 Following the closure of the Shell Oil Company in Ap ril 1985 after having been Seychelles ' sole 
supplier of fuel for almost 20 years, SEYPEC was founded, with one sole mandate: fulfilling the country 's 
energy requirements through the supply of fuel. SEYPEC 's operations are based at three depots: New Port, 
Airport , and Praslin. Its main functions revolve around the storage and supply of petroleum products to the 
domestic and international market, the bunkering of vessels, aviation refuelling operations , and the 
management of its shipping arm. SEYPEC, About Us. Viewed at: https://www.seypec.com/about -us. 
80 Reducing energy dependency combined with more renewable energy production could also contribute 
to increased security of supply, as well as meeting projected in ternational commitments under the 
Paris Agreement for 100% renewable energy use by 2050. Republic of Seychelles, Seychelles Blue Economy: 
Strategic Policy Framework and Roadmap, Charting the Future (2018 -2030) , p. 61. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . 
81 SIB, Proposal for Energy Policy of the Republic of Seychelles , 2010 -2030. Viewed at: 
https://investinseychelles.com/key -sectors/other/renewable -energy . 
82 The SEC was set up in July 2009 with the responsibility for the oversight and planning of the 
Government 's approa ch on energy issues.  Since then, the SEC's mandate has expanded to incorporate 
regulatory functions .  
83 Air conditioners, refrigerators, and freezers have been included as restricted goods.  
84 Republic of Seychelles, Seychelles Blue Economy: Strategic Polic y Framework and Roadmap, Charting 
the Future (2018 -2030) , p. 64. Viewed at: 
http://www.seychellesconsulate.org.hk/download/Blue_Economy_Road_Map.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
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  internal combustion engines running on fuel oil and gas oil. The supply of electricity on the other 
islands is from small gas oil operating engines.85 
4.79.  A number of oil and gas exploration licences have been granted by PETRO Seychelles86 and 
are considered in the development of Seychelles Marine Spatial Plan (SMSP) . In 2014, the SMSP 
initiative was launched to develop a comprehensive marine plan and address climate change 
adaptation, protect marine biodiversity, and support the Blue Economy. It  is a government -led 
process  with funding  being  provided  through  private  grants  and the Government .87 The SMSP uses 
an ecosystem -based approach to propose new MPAs in conjunction with improved management of 
the ocean.88 
4.80.  Under its Inclusive Industrial Compe titiveness Policy 2015 -2020, Seychelles is gradually 
replacing its current utilities tariff system, based on increasing unit/marginal rates, by flat unit rates 
to reduce the risk of penalizing successful producers by higher utility rates.  
4.81.  Seychelles' energ y policy focuses on the need to reduce energy dependency through increased 
energy efficiency and promotion of renewable energy sources (wind and solar), which currently 
account for 5% of total electricity demand. Increasing the use of renewable energy sour ces requires 
a progressive change of the energy system and infrastructure, such as the modernization of the 
network system, introduction of technologies such as smart meters, battery storage , and other grid 
stabilizing technology. Seychelles is looking to accelerate the adoption of renewable energy 
technologies through the revision of the energy policy and legislative framework and the 
establishment of new promotional schemes in addition to the ones already mentioned.  
4.82.  The energy policy is currently being re viewed, with a  new policy document to be presented to 
the Government for approval by the end of 2022. According to the authorities, under this new energy 
policy document, Seychelles aims to simplify the overall vision and structure with a more relevant, 
targeted, and actionable targets. These targets are very ambitious for a SIDS and are in line with 
the objectives of the Paris Agreement by further committing to reducing economy -wide absolute 
greenhouse gas (GHG) emissions by 293.8  ktCO 2e in 2030 (26.4%) co mpared to "business as usual" 
scenario. Seychelles also seeks to achieve a substantial mitigation benefit, lowering the GHG 
emission to 817  ktCO 2e by 2030, relative to baseline emissions.89 
4.83.  Imports of electrical energy (ISIC  4 definition) have a zero -duty rate (Table  A3.1).  
4.3  Manufacturing  
4.84.  In recent times, the manufacturing sector has grown generally in line with economic trends 
as increased purchasing power and sustained tourism growth facilitated its rapid evolution.90 In total, 
the manufacturing sector emp loyed about 4,000  people (7.6% of total labour force  in 2020).91 
4.85.  In 2020, the manufacturing sector faced significant challenges, key of which was the 
pandemic that increased prices of imported goods and reduced demand from the tourism sector. 
With the exception of the manufacture of food, which grew in 2020 and was supported by an increase 
in the production of canned tuna, the other three manufacturing industries contracted, notably the 
output of spirits and mineral water.92 
 
85 Tourism activit ies (hotels) are the main consumers of electricity on these islands.  
86 In 1984, the Government established a national oil company, currently PETRO Seychelles, to 
strengthen its exploration and development of petroleum  capabilities . It is 100% state -owned.  
87 In part from SeyCCAT . 
88 The SMSP applies global best practices, scientific data, local expert knowledge , and stakeholder input 
to create maps showing how the ocean is being used. SMSP, Seychelles Marine Spatial Plan: The Initiati ve. 
Viewed at: https://seymsp.com/the -initiative/ . 
89 Information provided by the authorities.  Overall GHG emissions are measured in kiloton s of carbon 
dioxide equivalent  (kt CO 2e), by weighing  non-carbon dioxide gases by their global warming potential.  
90 CBS, Annual Report 2020 , p. 18. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202020. pdf. 
91 The fish -processing industry accounts for about half of the total employment in manufacturing.  
92 CBS, Annual Report 2020 , p. 18. Viewed at: 
https://www.cbs.sc/Downl oads/publications/Annual%20Report%202020.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
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  4.86.  In 2021, the manufacturing s ector is estimated to have declined by 4.2%, mainly due to 
a 7.0% reduction in the output of manufacture of fishery products associated with difficulties 
encountered in the production of canned tuna, such as labour disruptions, rising costs, and increased 
competition in international markets. By contrast, manufacture of beverages and tobacco increased 
by 6.0% on account of strong performance in the production of mineral water, soft drinks, and beer.  
4.87.  Resource -based manufacturing represents about three quarte rs of Seychelles' total 
manufacturing output; very limited low -technology or medium -technology products are currently 
being manufactured, and no high -technology products. Manufacturing is indeed dominated by food 
products (in particular processed fish or f ish products) and beverages. Seychelles -manufactured 
products are generally not competitive because most inputs (e.g.  raw materials, packaging 
materials, cardboard boxes, condiments) are imported. This inhibits manufacturers from achieving 
competitive pric es, as do high production costs; the quality of output also needs to be improved to 
increase the chance of penetrating export markets. Other major challenges facing the sector are 
related to the high cost of utilities and its vulnerability to international  price trends, and the 
continuous increase in the costs of doing business, such as operating infrastructure, the high rental 
cost of privately owned premises, and access to affordable financing.93 
4.88.  The manufacturing sector comprises mostly micro, small, and  medium -sized enterprises 
(MSMEs), further categorized as "cottage/micro enterprises" (annual sales turnover not exceeding 
SCR 2 million, and/or not exceeding 10  full-time employees); "small enterprises" (annual sales 
turnover between SCR  2 million and SCR  10 million, and/or not exceeding 15  full-time employees); 
and "medium enterprises" (annual sales turnover between SCR  10 million and SCR  25 million, 
and/or not exceeding 50  full-time employees).  
4.89.  Indian Ocean Tuna is Seychelles' largest manufacturing compa ny and the largest single 
employer, and it accounts for most of the country's merchandise exports.94 In terms of spatial 
patterns, almost all manufacturing activities are concentrated on the main island of Mahé. There is 
potential for the development of ma nufacturing activities on the Outer Islands , but transportation 
costs and the difficulty in recruiting local workforce on these islands are major constraints.  
4.90.  The only manufacturing subsector where Seychelles can be said to have a comparative 
advantage is processed or preserved fish and fish products. Other than that , the only significant 
manufactured export is specialized orthopaedic appliances. While rum exports have grown in the 
last few years, the value of these exports is still relatively small. Seyche lles has also been slow in 
recent years in diversifying products and its export markets; more than 90% of its exports are to 
the EU -27. Seychelles' geographical position, topography, and small population are significant 
constraints to the diversification a nd structural transformation.  
4.91.  To address some of these challenges and make the industrial sector sustainable and a strong 
economic pillar, the Government is putting a renewed focus on industrial policy, mainly through the 
Seychelles Inclusive Industrial Co mpetitiveness Policy 2015 -2020 launched in 2015 by the Ministry 
of Investment, Entrepreneurship Development and Business Innovation (now the Ministry of 
Investment, Entrepreneurship, and Industry). This policy recognizes the potential of industrialization  
and encourages the private sector competitiveness, notably of MSMEs . Among its main objectives 
are promoting agro and fish processing for value addition in niche exports; encouraging 
knowledge -based industries such as information and communications technol ogy (ICT), call centres, 
extraction, pharmaceuticals, technology, and innovation; and develop ing competitive industries that 
use local raw materials.95 
4.92.  Some of the strategic objectives under this policy are to further create a sustainable business 
environm ent, including through public -private partnerships (PPP); foster foreign and local direct 
investments; advance the development of human capital; conclude bilateral investment treaties 
 
93 Entrepreneurship and Industry Department, Policies and Legislations . Viewed at: 
http://www.industry.gov.sc/policies -and-legislatio ns/policies . 
94 Indian Ocean Tuna is also the largest company in Seychelles and the second -largest tuna canning 
factory in the world.  
95 The industrial sector is defined as those economic sectors that focus on manufacturing, processing, 
re-processing, value -added, related services , and expertise for competitive producers. Entrepreneurship and 
Industry Department, Policies and Legislations . Viewed at: http://www.industry.gov.sc/polic ies-and-
legislations/policies . WT/TPR/S/433 /Rev.1  • Seychelles  
- 89 - 
  (BITs), economic partnership agreements, and industry protocols; conclud e bilateral/multilateral 
investment agreements; provide fiscal incentives; promote and protect intellectual property rights 
(IPRs); invest in the development of quality infrastructure; invest in sustaining local raw materials; 
improve and strengthen MSMEs'  performance; develop quality assurance and environmental/health 
standards; and improve and promote exports.  
4.93.  The manufacturing sector may also benefit from the following general economic support or 
stimulus packages and state aid96: 
• The Government subsidiz es the interest rate on loans provided by the banks to SMEs; the 
maximum repayment period was increased to 10  years; and  
• The Small and Medium Business Development Fund administered by  the DBS helps 
companies registered in Seychelles and 100% owned by Seych ellois to borrow a maximum 
loan of SCR  100,000. The Government guarantees 100% of the loan (no security needed), 
and it is interest -free with a 12 -month moratorium and a maximum repayment period of 
3 years, exclusive of the 12 -month moratorium for the prin cipal amount of the loan.  It has 
an indefinite duration, subject to yearly reviews.  
4.94.  In addition, some measures were taken to enable businesses to cope with the financial impact 
of the pandemic, such as adjusting the monetary policy rate, setting up a credi t facility to assist 
affected individuals and businesses with their cash flow, and establishing a moratorium/rescheduling 
of loan facilities. This also included the Private Sector Relief Scheme for Micro, Small and Medium 
Enterprises, and the Private Secto r Relief Scheme for Large Enterprises (Section  3.3.1 and 
Table  3.5). These two private sector relief schemes were discontinued as from 1  April 2022 
(Section  4.4.1.1). 
4.95.  Manufacturing industries that meet certain requirements are also eligible for finance sch emes, 
such as the Seed Capital Grant Scheme, scrapped during the pandemic but reintroduced in 2022.97 
This scheme was launched in 2016 to provide capital of up to SCR  50,000 to fund small start -up98 
businesses and assist them in their early stages of development. The Ministry of Finance, Trade, 
Investment and Economic Planning allocated SCR  25 million for the scheme for the period 2017 -21; 
SCR 5 million was allocated each year, to assist at least 100  applicants per year.  
4.96.  The average applied MFN tariff on manufactured goods (ISIC  3 definition) is 2.3%, with tariffs 
ranging from zero  to 200% on certain tobacco products and retrea ded tyres (Table  A3.1).  
4.97.  Seychelles is signatory to the WTO Information Tech nology Agreement, which includes some 
manufacturing industries.99 
4.98.  Seychelles' manufacturing exports no longer benefit from preferential access to export 
markets under certain Generalized System of Preferences (GSP) programmes as a consequence of 
reaching t he status of "high -income" country. In January  2017, for example, Seychelles was 
removed from the list of beneficiaries of the United  States' GSP and African Growth and Opportunity 
Act (AGOA) programmes (Section  2.3.2.2).  
4.99.  Foreign investment in manufacturin g and trading of handicrafts is not allowed (Section  2.4 
and Table  A2.3).  
 
96 Information provided by the authorities.  
97 Entrepreneurship and Industry Department, Policies and Legislations . Viewed at: 
http://www.industry.go v.sc/policies -and-legislations/policies . 
98 A start -up is a business that is no older than 36  months from the date of registration with the 
Registration Division and at the time of submitting the application.  
99 Seychelles has not endorsed the declaration fo r the expansion of the ITA coverage as there is a 
discrepancy in the bound rates for 42  tariff lines . WT/TPR/S/433 /Rev.1  • Seychelles  
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  International trade zones  
4.100.   The Financial Services Authority (FSA) is responsible for the regulation and control of all 
activities in International Trade Zones (ITZ). There are five types of licences under the International 
Trade Zone Act, 1995 (ITZ  Act 1995) (Table  4.9). 
Table 4.9 Minimum level of investment and licence fees in ITZ, 2022  
Type of licence  Minimum level of investment  Processing fees  Annual licence fee  
Redistribution  USD 5,000  Nil USD 550 
Light assembly  USD 5,000  Nil USD 550 
Manufacturing  USD 15,000  USD 1,300  USD 2,700  
Processing  USD 15,000  USD 1,300  USD 2,700  
Export  USD 10,000  USD 500 USD 1,500  
Source:  FSA (2022), International Trade Zone Guidelines . 
4.101.   Under Section  3 of the ITZ Act  1995, an ITZ may be a single business or multiple businesses. 
Goods brought into, or services provided to a person in, any place in Seychelles, other than a zone, 
from a zone shall be deemed to be goods imported into, or services provided from, a place outside 
Seychelles. Goods  moving from one zone to another zone or from one zone for the purpose of being 
exported to a foreign country shall not, while in transit through any other part of Seychelles, be 
treated as goods that have been imported into Seychelles.100 
4.102.   Under the ITZ  Act 1995, manufacturing industries operating within the ITZ are eligible to 
receive the following incentives: 0% customs duty imported into the ITZ; 0% VAT for goods imported 
into the ITZ; 0% rate of excise tax provided the goods entered for export under the customs 
legislation; exemption from paying for ITZ work permit fee; 100% foreign ownership is allowed: 
ability to import foreign workers for skills absent in Seychelles; exemption from stamp duty; and 
exemption from immovable property tax.101 
4.103.   ITZ previously  benefited from a 0% business tax concession. With the review conducted by 
the Code of Conduct Group (COCG) for Business Taxation102, the ITZ  Act 1995 was amended to 
repeal this concessionary tax rate as it was deemed harmful by the COCG.  Subsequent to the 
amendments, existing licence holders (ITZ operators licensed before 27  December  2019) have been 
granted a grace period of three years to continually benefit from the business tax concession until 
31 December  2022.103 According to the authorities, ITZ compan ies are allowed to sell up to 20% of 
the goods they produced to the domestic market (Section  3.2.4).  
4.4  Services  
4.104.   The services sector accounted for 78.6% of economic activity during 2015 -20 (Chart  1.1) 
and accounted for  about two thirds of total employment. To urism is the main driver of economic 
growth and the main employer in Seychelles. Another important services segment is 
telecommunications, where there has been rapid advancement and innovation in recent years that 
facilitated the switch to digital platform s. Such development was deemed critical during the 
pandemic , given the health restrictions and urgency to reduce the risks of community transmission 
locally.  
4.105.   Some of Seychelles' SOEs are engaged in the sector, notably the FSA, the DBS, Seychelles 
Commercia l Bank, Nouvobank, Air Seychelles, Seychelles Civil Aviation Authority, Seychelles Ports 
Authority, and Seychelles Public Transport Corporation (Table  3.7). During the review period, the 
supervision of four SOEs was transferred from the Public Enterprise M onitoring Commission (PEMC) 
to the Central Bank of Seychelles (CBS): the DBS, Housing Finance Company Limited, Seychelles 
Commercial Bank Limited, and Nouvobank  (Section  3.3.5).  
 
100 FSA (2022), International Trade Zone Guidelines . 
101 FSA (2022), International Trade Zone Guidelines . 
102 The COCG is an international organization under the scope of the E uropean  Union with the mandate 
of assessing tax measures in jurisdictions significantly lower or at a rate of zero as opposed to the general tax 
rate in that particular jurisdiction. FSA (2 022), International Trade Zone Guidelines . 
103 New ITZ operators licensed after 27  December  2019 are advised to clarify their tax obligations with 
the Seychelles Revenue Commission (SRC). FSA (2022), International Trade Zone Guidelines . WT/TPR/S/433 /Rev.1  • Seychelles  
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  4.106.   The newly adopted Investment (Economic Activities) Regulations , 2022 lists the  services 
activities that are open to foreign investment without restrictions. It is based on the WTO Services 
Sectoral Classification list.104 Activities subject to foreign equity restrictions include restaurants, 
certain type of hotels, and the maintenanc e and repair of some type of vessels. In addition, there 
are few specific services reserved to Seychellois (e.g.  boat charter, clearing agency, and tour 
guides), while other activities are subject to an economic needs test (Section  2.4 and Table  A2.3).  
4.107.   In its GATS schedule, Seychelles made horizontal and partial commitments in all 11  sectors 
identified in the WTO Services Sectoral Classification list: business services; communication 
services; construction and related engineering services; distribution serv ices; educational services; 
environmental services; financial services; health and related social services; tourism and 
travel -related services; recreational, cultural, and sporting services; and transport services.105 
4.108.   Under some of its regional trade agreements, Seychelles is also seeking to gradually 
liberalize trade in services. For example, Common Market for Eastern and Southern Africa  (COMESA) 
members have prioritized services negotiations in communication, financial, tourism, and transport. 
The So uthern African Development Community (SADC) Protocol provides for progressive 
liberalization in six priority sectors: communication, financial services, tourism, transport, 
construction, and energy -related services. Under the African Continental Free Trade  Area (AfCFTA), 
Seychelles has already submitted its services commitments (Section  2.3.2.1).  
4.109.   According to UNCTAD, de facto monopolies exist in transportation and telecommunication 
services: "While the size of the market may explain concentration in some sectors and might be 
justified in certain areas where value for money might not be guaranteed to private operators, it 
never theless affects business operations, as exemplified by the high cost of shipping at the Port 
Victoria and of electricity".106 PPP legislation, currently being developed, may provide an opportunity 
for the entry of new economic operators in sectors that were closed until now.107 According to the 
authorities, a new policy has been announced that will allow private players in public road transport. 
This policy, however, has not yet been published officially.  
4.4.1   Financial services  
4.4.1.1   Overview  
4.110.   Financial and insurance ac tivities contributed 6.5% of GDP over 2015 -20 (Chart  1.1). During 
the pandemic, the financial services industry faced critical financial stability challenges; in particular, 
commercial banks remained susceptible to risks associated with undesirable movemen ts in the 
exchange rate and elevated levels of uncertainty, which translated to subdued private sector lending 
and asset performance. Nonetheless, it is estimated that financial services expanded in 2020 -21 
partly due to the support offered by CBS, mainly through two credit line facilities administered by 
the relevant credit -granting institution: the Private Sector Relief Scheme for Micro, Small and 
Medium Enterprises, and  the Private Sector Relief Scheme for Large Enterprises. On 
31 January  2022, the CBS B oard approved its strategy for unwinding of its pandemic -related support 
measures, including the withdrawal of the private sector relief schemes effective on 1  April 2022 
(Section  3.3.1 and Table  3.5). 
4.111.   The CBS, under the Financial Institutions Act, 2004 (a s amended), is responsible for 
regulating financial institutions108, credit union s109, and payment service providers and payment 
system operators110, as well as other non -banking institutions such as the DBS, Housing Finance 
Company Limited, and financial lea sing companies.111 The FSA, under the Financial Services 
Authority Act, 2013 (as amended), is responsible for non -bank financial services, including the 
insurance industry, private pensions, leasing, peer -to-peer lending, capital markets, and wealth and 
 
104 The WTO Services Sector Classification (WTO document MTN.GNS/W/120, 10  July 1991) is based on 
the UN Central Product Classification and comprises 11  sectors and 55  subsectors.  
105 WTO document GATS/SC/153, 30  June 2015.  
106 UNCTAD (2020), Investment Policy Re view: Seychelles , p. 34; and IMF Country Report No.  19/194 . 
107 UNCTAD (2020), Investment Policy Review : Seychelles , p. 34. 
108 Banks and Bureaux de Changes under the Financial Institutions Act, 2004 (as amended).  
109 Under the Credit Union Act, 2009.  
110 Under th e National Payment System Act, 2014.  
111 Under the Financial Leasing Act, 2013. It should be noted that currently no such institutions have 
been licensed.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 92 - 
  asset management. The CBS and the FSA are jointly in charge of ensuring the soundness and 
stability of the financial system . 
4.112.   According to the authorities, there is ongoing engagement with the Attorney General's Office 
for legislative changes to relevant regul ations for adoption of Basel  II112 Pillar . Moreover, the CBS is 
finalizing amendments to the Foreign Exchange Act, 2003 whereby payment service providers and 
credit union s will now be included in the definition of authorized dealers , hence permitting these 
entities to engage in foreign currency transactions, as approved by the CBS. The CBS is also finalizing 
a proposed framework for bank resolution aligned with the BCBS rec ommendations and FSB Key 
Attributes of Effective Resolution Regimes as well as  adoption of Basel  III capital definition , which 
focuses on  high-quality capital, predominantly in the form of shares and retained earnings that can 
absorb losses.113 Lastly, the CBS will be finalizing its regulatory/supervisory framework for non -bank 
credit -granting institutions.  
4.113.   Other work that remains ongoing is the strengthening of the regulatory framework for credit 
unions, banks, and other financial services providers. Furthe rmore, the CBS has initiated discussions 
with relevant stakeholders in relation to its framework to regulate and supervise fintech114 firms 
wishing to engage in the provision of payment services locally as well as setting out its roadmap for 
development and  implementation of green finance.115 
4.114.   In 2014, the Government adopted the Financial Sector Development Implementation Plan 
(FSDIP), which aims at strengthening and modernizing the financial system and ensuring financial 
stability. According to the authoritie s, Seychelles is committed to moving towards a digital economy 
that encompasses the need to tie in technology with financial services through certain initiatives 
(notably fintech and digitalizing the payment system) to allow for greater efficiency and fina ncial 
inclusion, and to enhance consumer protection. In September  2020, the growing importance of 
cybersecurity at a national level was highlighted following a ransomware attack on the DBS.116 
4.115.   The Anti -Money Laundering Act,  2006 established a Financial Inte lligence Unit (FIU) , 
bringing the Seychelles' anti -money laundering regime more into line with international practices. 
The FIU has the authority to request information considered relevant to an offence under the Act, 
and from reporting entities, superviso ry agencies, and law enforcement agencies. The FIU may enter 
into an agreement or arrangement to facilitate the exchange of information with a foreign 
counterpart agency that performs similar functions and is subject to similar secrecy obligations. The 
Anti-Money Laundering Act requires reporting entities to take "reasonable measures" to ascertain 
the purpose of any transaction in excess of SCR  100,000, or of SCR  50,000 in the case of cash 
transactions, and the origin and ultimate destination of the funds i nvolved in the transactions.  
4.116.   With the enactment of the Anti -Money Laundering and Countering the Financing of Terrorism 
Act, 2020 (AML/CFT Act), the FSA assumed responsibility for AML/CFT Supervisor for the existing 
sectors it was hitherto supervising and r egulating from a prudential supervisory standpoint only 
under the relevant regulatory legislations. The regulated sectors for which the FSA assumed the role 
of AML/CFT Supervisor in 2020 in addition to its prudential supervision responsibilities are: fiduc iary 
(trusts and company service providers); insurance (insurance companies and intermediaries); 
 
112 Basel  II is the second set of international banking regulations defined by the Basel Committee on 
Bank Supervision (BCBS). It is an extension of the regulations for minimum capital requirements as defined 
under Basel  I. The Basel II framework operates under three pillars: capital adequacy requirements, centralized 
supervision, and market discipline. Pillar 1 improves on the policies of Basel  I by taking into consideration 
operational risks in addition to credit risks associated with risk-weighted assets . Bank for International 
Settlements ( BIS), Enhancements to the Basel II Framework . Viewed at: 
https://www.bis.org/publ/bcbs157.htm . 
113 The new features include specific classification criteria for the components of regulatory capital. BIS, 
Definition of Capital in Basel  III: Executive  Summary . Viewed at: 
https://www.bis.org/fsi/fsisummaries/defcap_b3.htm#:~:text=Regulatory%20capital%20under%20Basel%20I
II,the%20components%20of%20regulatory%20capital . 
114 Financial technology (fintech ) delivers financial services through software, such as online banking, 
mobile payment apps , or cryptocurrencies.  
115 The Seychelles Fintech Strategy along with the modernization of the National Payment System Plan 
was approved by Cabinet in August  2021.  
116 CBS, Annual Report 2020 , p. 23. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202020.pdf . In April  2022, a Financial 
Consumer Protection Act was assented by the President. With a commencement notice of 1  May 2022, the Act 
has a transitional period of six months.  WT/TPR/S/433 /Rev.1  • Seychelles  
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  capital markets (Securities Act licensees); and gambling (gambling licensees). Similar to its 
prudential supervisory activities, the FSA adopts a risk -based ap proach concept to AML/CFT 
supervision.117 
4.117.   The enactment of the AML/CFT Act also assigned the responsibility for AML/CFT supervision 
of banks, non -bank deposit -taking institutions, credit unions, payment system providers , and 
bureaux de change  to the CBS who previously was undertaking only prudential supervision of these 
entities. The CBS, with the assistance of the World Bank, has developed the risk -based supervisory 
framework for implementation , and this resulted in the risk -based supervisory policy being approved 
by the CBS Board of Directors in August  2021.  
4.118.   In 2021, following amendments to the Business Tax Act that ensured that the tax system 
conformed to international standards, Seychelles was moved from the EU tax haven blacklist to 
the EU grey li st.118 This is expected to enhance the reputation of Seychelles in international 
markets.119 
4.119.   In November  2021, Fitch Ratings upgraded Seychelles' Long -Term Foreign -Currency Issuer 
Default Rating (IDR) from B to B+ due to its positive economic performance in 2021.120 This rating 
was ratified in May  2022.  
4.120.   The Financial Services Reform Strategy Committee is currently in the process of drafting a 
financial services reform strategy.121 
4.4.1.2   Banking  
4.121.   Seychelles is home to six locally incorporated commercial banks122 and two branches of 
foreign banks, with SCR 33  billion (about USD 2.3 billion)  in total assets in 2021 .123 Banks can be 
broadly categorized into state -owned and foreign -owned commercial banks. Currently, out of the 
eight commercial banks licensed, t wo are majority -owned by the Government, namely Nouvobank 
(78%) and Seychelles Commercial Bank (60%), with SCR 12 billion in total assets in 2021. T he 
remaining banks are majority foreign -owned124, with SCR 21 billion in total assets in 2021. In 
addition, t here is the state  majority -owned DBS.125 
4.122.   The CBS is responsible for licensing, regulating, and supervising banks, non -bank 
deposit -taking institutions, and cash dealers. It has considerable powers of inspection and control 
over what it considers to be unsafe, unsound, or unlawful practices. As of 2011, a single licensing 
regime exists, doing away with the distinction between offshore and onshore banking. Licences are 
 
117 SIB, The AML –CFT Framework.  Viewed at : https://investinseychelles.com/key -sectors/financial -
services/aml -cft. 
118 EU member States use the black and grey lists to tackle external risks of tax abuse and unfair tax 
competition. Adopted in 2017, the lists are managed by the Code of Conduct Group for Business Taxation and 
monitored by the European  Commission.  
119 SIB, Memberships . Viewed at: https://investinseychelles.com/key -sectors/financial -
services/membership . 
120 CBS, Annual Report 2021 , p. 21. Viewed at: 
https://www.cbs.sc/Downloads/publications/A nnual%20Report%202021.pdf . Fitch Ratings is a credit 
rating  agency and is one of the "Big Three credit rating agencies", the other two being Moody's and 
Standard  & Poor's, recognized statistical rating organizations designated by the US Securities and Exch ange 
Commission.  
121 The Secretariat of the Committee is under the Ministry of Finance, National Planning and Trade.  
122 Five banks are currently in operation, the other was licensed in March  2021 but is yet to commence 
operations.  
123 In 2021, the CBS revoked the banking licence of Bank Al Habib Limited as part of the process 
following application from the bank to voluntarily wind down. This brought down the number of banks in 
operation to seven with an additional bank licensed in March  2021, but which has yet to start operations.  
124 These are  MCB (99.9995% owned by MCB Investment Holdings Ltd); ABSA (99.7% owned by ABSA 
Group Ltd); ASBS (70% owned by Al Salam Bank Bahrain and 30% owned by Seychelles Pension Fund); BOC 
(100% owned by Government of Sri Lanka), and BOB (63.74% owned by Government of India).  The other 
bank licensed is not yet in operation.  
125 The DBS was created in 1977 as a joint  venture between the Government and other shareholders. 
The Government owns 61% of its shares. As of 31  March  2022, the DBS is no longer a public enterprise.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 94 - 
  issued by the CBS and are granted only to companies incorporated under the Companies Act, 1942 
or foreign companies that have registered under the Companies Act.126 
4.123.   The minimum capital requirement (CAR) to set up a bank is SCR 20 million (about 
USD 1.4 million).  The CBS poses various prudential requirements including keeping of unimpaired 
capital at a level agreed between the applicant and the CBS and in proportion to assets; a reserve 
fund to which at least 20% of annual pr ofits must be transferred until the fund equals the amount 
of paid up or assigned capital127; and the average level of liquid assets must be maintained at the 
currently prescribed percentage of total liabilities.128 Other key prudential requirements applied to 
banks:  
• As per Regulation  4(1) of the Financial Institutions (Liquidity Risk Management) 
Regulations , 2009, a bank shall maintain liquid assets in an amount which shall not, as a 
daily average each month, be less than 20% of the bank's total liabilities.  
• As per  Regulation 5(1) of  the Financial Institutions (Capital Adequacy) Regulations , 2010, 
the capital adequacy ratio (CAR) must meet or exceed 12% and core capital ratio (CCR) 
must meet or exceed 6%.  
• As per Regulation  5 of the Financial Institutions ( Foreign Currency Exposure ) 
Regulations , 2010, as amended, the prescribed limits for total long position to capital ratio 
and total short position to capital ratio are 30% in both cases.  
• As per Section  29(1) of the Financial Institutions Act, 2004, no financia l institutions shall 
without the prior written approval of the CBS extend one or more credits to any one 
customer or group of closely related customers for amounts aggregating more than 25% 
of such financial institution's core capital, or such lower percen tage as the CBS may 
prescribe.  
4.124.   Banking services are exempt from VAT, except for services provided to merchants accepting 
a credit card or debit card as payment (merchant's discount), the issue and renewal of credit and 
debit cards, safe deposit locker serv ices, and services for maintaining customers' accounts.  
4.125.   The COVID -19 crisis and the ensuing defaults and delayed loan repayments have impacted 
banks' profitability. Nevertheless, according to the IMF, Seychelles' banking subsector is healthy, 
continues to be well capitalized, and remains highly liquid, with limited impact of the pandemic on 
loan portfolios. As at end -2021, the CAR stood at 22.6%, almost double the minimum limit of 12 .0%; 
the liquidity ratio was 40.8%, twice the minimum limit of 20 .0%; and t he net profit before tax of 
the banking industry was SCR 756  million, resulting in Return on Assets (ROA) and Return on Equity 
(ROE) of 2.28% and 24.68%, respectively. In terms of asset quality, non -performing loans (NPLs) 
stood at approximately SCR 533  million as at end -2021, with the ratio of NPL to gross loans 
of 5.47%.  
4.4.1.3   Insurance  
4.126.   Seychelles has eight providers of general insurance services, mostly motor vehicle, and 
together accounted for premiums of SCR  492.1  trillion  in 2021. General insurance includes accident 
and (generally short -term) health  insurance , guarantee, liability, motor, property, and travel  
insurance. The long -term insurance market consists mostly of life insurance, pensions, and 
permanent health insurance. There are six  local companies  and eight foreign companies. There are 
no reinsurance businesses domiciled in Seychelles. The FSA is currently working on a review of the 
licensing framework for the non -domestic insurer licence applications.  
 
126 Under the Financial Institutions Act, 2004, li cence processing fees var y according to the licence being 
applied for . Annual licence fees depend on the activities to be undertaken ; for banks they are based on total 
assets.  
127 Section  24(1) of the Financial Institution Act, 2004 (as amended).  
128 Under Regulations  4(1) of the Financial Institutions (Liquidity Risk Management) Regulations, 2009: 
A bank shall maintain liquid assets in an amount which shall not, as  a daily average each month, be less than 
20% of the bank's total liabilities. The CBS also requires monthly balance sheet submissions; accounts must be 
prepared and audited each year, and then published.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 95 - 
  4.127.   Non-domestic insurers a re subject to the same licensing and supervisory requirements as 
domestic insurers as per the Insurance Act, 2008 and as per the Insurance (Non -Domestic Business) 
Regulations, 2009. There is no cap on foreign participation in the insurance sector.  
4.128.   Since th e enactment of the Insurance Act in 2008, there has been no substantial change, 
with the exception of an amendment in December  2018 to repeal Section  122 of the Act and remove 
any exemptions and concessions as per the Second Schedule of the Act. The FSA is  currently 
reviewing the Insurance Act to better adhere it to international standards and take account of the 
change in the landscape of the insurance industry locally.  
4.129.   Established under the Financial Services Authority Act, 2013, the FSA is responsible for 
licensing, regulating, enforcing regulatory and compliance requirements, monitoring, and 
supervising the conduct of business in the non -bank financial services sector in Seychelles. The FSA 
licenses insurance and reinsurance companies, as well as insurance brokers, company or individual 
insurance agents, insurance managers, and insurance salespersons.  
4.130.   The minimum stated capital for an insurance company carrying on gener al or long -term 
insurance business is SCR 3  million, and SCR 5  million for a reinsurance company.  
4.131.   Insurance premiums are unregulated, and market driven. Motor third -party is the only 
compulsory insurance cover by law. Other insurance covers are required by  certain institutions, for 
example , mortgage insurance for banks.  
4.4.2   Telecommunications  
4.132.   The ICT sector, which comprises telecommunications services, wholesale and retail trade in 
ICT products, multimedia , and other activities such as call centres, software de velopment, website 
development and hosting represented 4.2% of GDP during 2015 -20 (Chart  1.1). Seychelles is a net 
exporter of ICT services, with exports amounting to USD  9.8 million in 2021, and imports of 
USD 1.8 million (Table  1.3). The telecom industry  experienced growth rates of 14% and 13% 
in 2020 and 2021, respectively, contributing to moderate the socio -economic effects of the pandemic 
by facilitating work -from-home and educational arrangements. However, it also accentuated the 
need to address local  digital inequalities.129 
4.133.   During the period 2015 -20, a massive increase occurred in the number of Internet users and 
mobile broadband subscriptions, and in international bandwidth capacity (Table  4.10).  
Table 4.10 Selected telecoms indicators, 2015 -21 
(Number)  
Indicator  2015  2016  2017  2018  2019  2020  2021  
Fixed telephone subscriptions  21,341  20,836  19,652  20,290  20,122  18,882  17,768  
Mobile cellular subscriptions  148,244  151,857  167,282  178,946  193,672  183,882  184,161  
Internet users (%)  54.3 56.5 58.8 70.1 75.0 79.0 .. 
Fixed broadband subscriptions  13,420  14,035  15,221  19,689  26,974  34,966  41,280  
Mobile broadband subscriptions  17,945  21,330  71,962  78,178  89,896  84,034  94,426  
International bandwidth, in Mbit/s  2,092  2,791  3,798  4,217  5,461  6,418  20,020  
.. Not available.  
Source:  ITU, Statistics . Viewed at: https://www.itu.int/en/ITU -D/Statistics/Pages/stat/default.aspx . 
4.134.   Telecommunications tariffs and the cost of fixed broadband Internet connections have fallen 
for business and resi dential users, and the variety of services offered, and their quality have 
increased over the last few years. In the latest ITU report, Seychelles ranks 33rd in the world in 
terms of affordability.130 Seychelles is also only one of two African countries in which the fixed 
broadband prices met the affordability threshold of 2% monthly gross national income (GNI) per 
 
129 CBS, Annual Report 2020 , p. 22. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202020.pdf . 
130 The report analyses prices and trends through five representative baskets of services: d ata-only 
mobile broadband , fixed broadband , mobile cellular (low usage) , data and voice low consumption , and data 
and voice high consumption. ITU (2021), Measuring Digital Development: ICT Price Trends 2020 . Viewed at: 
https://www.itu.int/en/ITU -D/Statistics/Documents/publications/prices2020/ITU_ICTPriceTrends_2020.pdf .  WT/TPR/S/433 /Rev.1  • Seychelles  
- 96 - 
  capita. It also ranks first in Africa for fixed broadband prices.131 Despite the reduction s in prices of 
fixed broadband Internet, there is still room for improvement. Mobile broadband prices are still high. 
Nevertheless, according to the authorities, when the third operator launches its services, mobile 
broadband prices are expected to fall. As a result of the pandemic, the Government, in close 
partnership with telecommunication s services providers, has agreed to reduce the cost of Internet 
as from 2022.  
4.135.   Before the establishment of the Seychelles East Africa System (SEAS) submarine cable 
in 2012 (a partnership between the Government and the private sector), Seychelles had slower and 
more expensive satellite connections. This first submarine cable has allowed a significant expansion 
in the ICT industry. In 2020, a second submarine cable licence w as issued to introduce competition 
in the provision of wholesale international Internet bandwidth. The new cable system will connect to 
the 2Africa system and is expected to be ready for service provisioning in 2023. In addition, in 2022 
Seychelles connect ed to a second submarine cable system, the Pakistan East Africa Connecting 
Europe (PEACE), which is expected to be in operation by end of July  2022, thereby boosting capacity 
and providing Seychelles additional safeguards against any risks to damages on th e single 
connection.132 
4.136.   Seychelles has four telecom service providers, all private companies: Airtel Seychelles133, 
Cable & Wireless Seychelles Ltd (CWS) 134, Intelvision, and Kokonet.135 These licensees offer mobile 
telephony services, including international  mobile roaming (IMR) services. Additionally, there are 
international long -distance network licensees that offer international voice and international 
bandwidth services. CWS is the incumbent operator with the bulk of fixed line subscriptions and also 
provides mobile, Internet , and subscription television broadcasting services.  
4.137.   At the end of 2021, Airtel Seychelles was the operator with the largest share of mobile 
subscriptions. 3G  and 4G mobile coverage is available in over 95% of the land areas , and 5G mobile 
coverage is limited to a few areas. IMR is not yet regulated in Seychelles, given that bilateral and 
multilateral relationships have to be negotiated. In addition, there is the need for reciprocity by  
mobile network operators from other countries despite recent attempts such as the SADC "Roam 
Like At Home Initiative". This initiative was  aimed to convince operators to allow consumers to pay 
charges as close as they would have paid in their home countri es. It was signed in 2007 by SADC 
ministers of communication but is yet to be fully implemented .136 Nevertheless, Seychelles has 
implemented the transparency component of the SADC initiative whereby the mobile operators 
publish their roaming charges.  
4.138.   During the review period, no changes were made regarding policy, legislation, or institutional 
arrangements in the telecom industry. T he Broadcasting and Telecommunications Act, 2000 still 
provides the key regulatory framework. In 2022, a policy d ecision was taken for the establishment 
of an independent regulator for the telecommunication and broadcasting sector. According to the 
authorities, the ICT market is fully open, with no restriction or limitation with respect to foreign 
investment and part icipation to acquire licences for the provision of broadcasting and/or 
telecommunication services in Seychelles . There are no citizenship requirements for directors. 
However, telecom licensees must be domestically registered and established as local compan ies. 
4.139.   The Department of Information Communications Technology (DICT), under the Office of the 
Vice President, is responsible for, inter alia, policy and planning , improved public access , 
resource -sharing and capacity -building , consumer protection and indust ry development , and 
 
131 ITU (2021) , Measuring Digital Development: ICT Price Trends 2020 . Viewed at: 
https://www.itu.int/en/ITU -D/Statistics/Documents/publications/prices2020/ITU_ICTPriceTrends_20 20.pdf . 
132 This second cable system is being built by Vodafone Carrier Services, a branch of the 2Africa cable 
network, one of the biggest subsea projects covering 37,000  km and linking 26  countries. The cable will be 
leased by Intelvision Seychelles throug h a 15 -year lease agreement facilitated by USD  10 million from the 
Managed Co -Lending Portfolio Programme. CBS, Annual Report 2021 , p. 20. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf . 
133 Airtel Seychelles is a 100% foreign -owned subsidiary of Airtel, based in India.  
134 Cable & Wireless Se ychelles is a 100% foreign -owned subsidiary of Cable & Wireless 
Communications, based in the United  Kingdom.  
135 Intelvision and Kokonet are  100% Seychellois -owned compan ies. 
136 SA News  (2017) , "SADC Ministers Push for Affordable Roaming Tariffs", 6  September . Viewed at: 
https://www.sanews.gov.za/south -africa/sadc -ministers -push-affordable -roaming -tariffs . WT/TPR/S/433 /Rev.1  • Seychelles  
- 97 - 
  cybersecurity policy including e-government development.137 It is also responsible for licensing 
broadcasting and telecommunications service providers. All licensed public broadcasting and 
telecommunication s service providers are require d to submit their proposed tariffs, or alterations 
thereto, for determination by the DICT prior to commercializing.  Interconnection among licensed 
operators is mandatory; operators negotiate the terms of interconnection . In 2019, DICT determined 
new and re duced interconnection rates for implementation by operators. The reduced 
interconnection rates are set for implementation. Regulations mandating the registration of all 
mobile prepaid SIM  cards  was amended in 2021, to improve monitoring and reduce unregist ered 
SIM cards on the market.  
4.140.   The Broadcasting and Telecommunications Act, 2000 is to be replaced and repealed by the 
Communications Bill, 2022, to be submitted to the National Assembly in 2022. According to the 
authorities, the eventual implementation of the Bill will not change the status quo vis-à-vis foreign 
investment and foreign participation in the ICT sector. One of the key changes envisaged under the 
new legislation includes the creation of an independent regulator, the Communications Authority , 
that will also be in charge of implementing the new Act. The new Communications Bill aims to allow 
Seychelles to keep abreast with regulatory developments in the electronic communications and 
broadcasting industries. It makes provision for the regulation of electronic communications services, 
electronic communications network services , and broadcasting services and provide s for a 
comprehensive regulatory regime for the ICT sector.  
4.141.   The new legislation provides for the establishment of a Communications Tribu nal to hear and 
determine appeals against any decisions, directions, or orders of the Authority. The new legislation 
aims to create a more transparent licensing regime for persons providing electronic communications 
or broadcasting service. According to th e authorities, price regulation will be based on the use of 
market analysis to determine whether a relevant market is not effectively competitive, and service 
provided by an operator is not subject to a degree of competition that is sufficient to protect t he 
interests of customers.  
4.142.   Seychelles aims to maintain a competitive regulatory environment for its ICT industry . The 
DICT is to implement some initiatives with the objective of further enhancing competition in the ICT 
industry, such as the adoption of Mob ile Number Portability (MNP) in the mobile market, and the 
introduction of Broadcasting and Telecommunication s (Quality of Service) Regulations in 2022. Also, 
as part Seychelles' digital economy agenda, telecommunication s companies are expected to play a 
significant role in ensuring that digital gaps are reduced under the new Act.  
4.4.3   Transport  
4.143.   Transportation and storage contributed 7.1% to GDP during 2015 -20 (Chart  1.1). Based on 
balance of payments data, Seychelles became a net importer of transport services during the review 
period. Indeed, exports of transport services, mostly of passenger services such as tourists flying to 
Seychelles and "other transport services", decreased from USD  207.6  million in 2015 to 
USD 127.5  million in 2021. Imports , mostly freig ht costs and other transport services, increased 
from USD  170.3  million to USD  223.1  million over the same period (Table  1.3). 
4.144.   Trade in transport services contracted sharply in 2020, impacted by the closure of borders 
and travel restrictions taken to count er the effects of the COVID -19 pandemic, but recovered 
somewhat in 2021. Exports of transport services went from USD  161.5  million in 2019 to 
USD 109.9  million in 2020, and USD  127.5  million in 2021. The bulk of Seychelles' trade is handled 
by sea transpor t, while higher -value items are transported by air. Transhipment has become a 
sizeable business, thanks to the existence of freeport zones, both near the port and at the airport 
where warehousing, merchandizing space, and other infrastructural services are  available, for 
re-export to other destinations, mainly other African countries.  
4.145.   The National Development Strategy 2019 -2023 places great emphasis on infrastructure to 
facilitate the socio -economic transformation and support Seychelles' transportation syst ems. Key 
transport infrastructural developments are underway, notably the extension of the Mahé Quay, and 
there are also plans to extend the Seychelles International Airport. The National Development 
 
137 DICT, Mandate, Powers , and Functions . Viewed at: https://dict.gov.ph/about -us/our -mandate/ . WT/TPR/S/433 /Rev.1  • Seychelles  
- 98 - 
  Strategy 2019 -2023 also encourages the adoption and use of environmentally friendly transports 
through tax incentives.  
4.4.3.1   Maritime transport and port services  
4.146.   Seychelles has two main institutions in charge of maritime transport and port services, fully 
state-owned: the Seychelles Maritime Safety Authority (SMSA), established under the Maritime 
Safety Authority Act, 2019; and the  Seychelles Ports Authority (SPA), created  under the Seychelles 
Ports Authority Act, 2004. SPA is responsible for the provision of the main port infrastructure, 
superstructure, and other rel ated facilities and is bestowed with controlling and regulatory powers. 
SPA manages Port Victoria, the main international gateway to the economy.  
4.147.   SPA also administers 1,663  nautical square miles of the Victoria Port, including the 
management of berthing an d movement of vessels in and out of Port Victoria; the main International 
Commercial Port (Mahé Quay), the Industrial Fishing Port, and Ile Du Port; and a network of 
domestic, inter -island jetties and terminals on Mahé, Praslin, and La Digue.138 
4.148.   SMSA is res ponsible for registration of ships; licensing of ships; survey of ships; 
measurements of ships; certification of ships; mortgages and maritime liens for ships; local voyages; 
masters and seamen; wrecks and removal of wrecks in Seychelles waters; safety and  security of 
crews and ships operating in Seychelles waters; protection of the marine environment; limitation 
and division of liability; and other general decisions pertaining to the safety, security, and pollution 
prevention in the maritime industry.  
4.149.   Since the Maritime Safety Authority Act, 2019, came into force, SMSA has been given new 
legal mandates and as a result is currently working on regulations to correctly implement such 
mandates.139 SMSA is also the focal contact point with the International Marit ime Organization 
(IMO), and the custodian of the following acts and regulations:  
• The Merchant Shipping Act, 1995, and various of its regulations.140 In this regard, SMSA 
and the Attorney General's Office are in the process of finalizing the following regula tions: 
Seychelles Maritime Safety Authority (Licences) Regulation; Seychelles Maritime Safety 
Authority (Hire Craft) Regulation; Seychelles Maritime Safety Authority (Watercraft 
Activities) Regulation; Seychelles Maritime Safety Authority (Administrative I ssuances) 
Regulation; Seychelles Maritime Safety Authority (Fees) Regulation; Merchant Shipping 
(Identification of Ships) Regulation; and Merchant Shipping (Certification of Seafarers of 
International Ships) (Amendment) Regulation.  
• The Control of Hire Craf t Act and Regulations, 1973 regulate vessels being let out for hire 
for charter, sports, or other purposes. SMSA is drafting a new regulation to update some 
fees and provisions of the Act.  
• The Beach Control Act, 1971 and its subsidiary Regulation, 1978 reg ulate all activities 
operating in the inshore waters of Seychelles, including, inter alia, activities such as 
parasailing and water sports. A new regulation is being worked on to revamp the laws 
regulating the use of the inshore waters, as the Act is outda ted. 
4.150.   In accordance with Section  4(2)(l) of the Maritime Safety Authority Act, 2019, SMSA is 
mandated to coordinate activities of agencies and bodies involved in search and rescue operations 
 
138 SPA, The Seychelles Ports Authority . Viewed at: http://www.seyport.sc/index.php . 
139 According to the authorit ies, many of the regulations being worked on by SMSA have already 
received Cabinet Approval and are currently at the Attorney General's Office.  
140 These include Merchant Shipping (Registration of Non -Government Ships) Regulations, 1995; 
Merchant Shipping (Registration of Government Ships) Regulations, 1995; Merchant Shipping (Tonnage) 
Regulations, 1995; Merchant Shipping (Appointment of Surveyors) Regulations, 199 5; Merchant Shipping 
(Local Certificates of Registry) Regulations, 1995; Merchant Shipping (Local Safety and Load Line Certificates) 
Regulations, 1995; Merchant Shipping (Local Voyages) (Safety) Regulations, 1995; Merchant Shipping 
(Manning and Certificati on) Regulations, 1995; Merchant (Masters and Seaman) Regulations, 1995; Merchant 
Shipping (Oil Pollution Preparedness and Response) Regulations, 2001; Merchant Shipping (Certification of 
Seafarers of International Ship) Regulations, 2014; and Merchant Ship ping (International Ship and Port Facility 
Security Code) Regulations, 2020 . WT/TPR/S/433 /Rev.1  • Seychelles  
- 99 - 
  and thus SMSA has initiated the process to domesticate the Interna tional Convention on Maritime 
Search and Rescue by putting forth the proposal to the Ministry of Transport's Legal Committee.  
4.151.   The Eastern Africa, Southern Africa , and Indian Ocean four -year project funded by the 
European  Union aims to facilitate the process of effectively implementing the following in the 
maritime sector: the provisions of the International Convention on the Safety of Life at Sea (SOLAS) 
and the In ternational Ship and Port Facility Security Code (ISPS CODE); port state control; the 
handling of dangerous goods; safe and secure port reception facilities; domestication of the ISPS 
CODE to provide for compliance of port facilities in Seychelles with the  set standards; and 
domestication of the Maritime Labour Convention (MLC) to provide for adequate protection for 
Seychellois seafarers.141 
4.152.   According to the authorities, Port Victoria applies the International Ship and Port  Facility 
Security Code (ISPS Code). Port licences are issued to local companies and local citizens.  
4.153.   Cabotage by foreign companies is not allowed.  
4.4.3.2   Land transport  
4.154.   The main institutions in charge of land transport are the Department of Land Transport 
(DOLT) and the Seychelles Land Transp ort Agency (SLTA), both under the Ministry of Transport. In 
addition , the Seychelles Public Transport Corporation, fully state -owned, provides public transport 
services.  
4.155.   The DOLT is custodian to the Road Transport Act and its regulations: Chapter 206 Road 
Transport Act, 1  January  1936 (Schedule); and the Road Transport (Amendment) Bill No.  14, 2019. 
This Act and subsidiary legislation mainly regulate the use and safety of vehicles, as well as safety 
of pedestrians on public roads. This legal framework deals  with restrictions on the weight of vehicles 
imported, the licensing of vehicles and drivers, motor dealers' vehicle licences, registration of 
vehicles, traffic rules and offences on the public roads, and appointment of the Road Transport 
Commissioner (RTC ), and it gives the Minister of Transport the power to make regulations. 
Subsidiary legislation further regulates the operations of the different transport sectors including 
self-drive hire operators; omnibus operators, including the Seychelles Public Tran sport Corporation 
(SPTC); and taxi operators.  Subsidiary regulations under the Road Transport Act also make 
provisions for the conditions of vehicles on the public roads.142 
4.156.   Chapter  205 of the Road Act, 1902, regulates all public roads and highways on the m ain 
islands of Mahé, Praslin, and La Digue. It also lays down the power of the Ministry of Transport in 
relation to all public roads, such as construction, maintenance, and permissions given to other 
authorities, such as the PUC, to carry out such works on any public road.  
4.157.   The Seychelles Land Transport Agency Act, 2009, established the SLTA to provide efficient 
and adequate land transport including land transport services and infrastructure. It also defines the 
SLTA's objectives, functions, and powe rs. The SLTA is in charge of managing and implementing land 
traffic management measures and services, facilitating mobility by improving access to land 
transport, and overseeing the performance of contract relating to land transport infrastructure 
developm ents.143 
4.4.3.3   Air transport services  
4.158.   Air transport grew strongly during 2015 -19, largely driven by tourism, only to collapse 
in 2020 as a result of the COVID -19 crisis. Seychelles has one international airport located on the 
island of Mahé. Seychelles Internatio nal Airport opened in 1972 and is the head office of the national 
 
141 Information provided by the authorities.  
142 These refer to , inter alia, the equipment and conditions of vehicles, the emission of smoke from 
vehicles, the load of vehicles on the  road, the lighting of vehicles on the road, and the vehicle licensing and 
registration.  
143 The Act also specifies the power of the Minister of Transport over the SLTA, and the procedure for 
appointment of its CEO . WT/TPR/S/433 /Rev.1  • Seychelles  
- 100 - 
  carrier Air Seychelles.144 Seychelles International Airport is owned by the Government  and operated 
by Seychelles Civil Aviation Authority (SCAA) . Ground handling services at Seychelles Inter national 
Airport are provided by Air Seychelles. There is one domestic airport on the island of Praslin (owned 
by the Government  and operated by  the SCAA), and several other private fields.  
4.159.   Air Seychelles  offers international flights to Johannesburg, South  Africa; Port Louis, 
Mauritius; Mumbai, India; and Tel Aviv, Israel, as well as charter services on demand. In 
January  2018, Air Seychelles announced the closure of its sole long -haul route (Paris). Air Seychelles 
has codeshare agreements with Air India, E tihad Airways, and South  African Airways. Some 10 other 
airlines provide passenger transport services to other countries. On the domestic network, Air 
Seychelles operates daily domestic flights between Mahé and Praslin, as well as charter services 
througho ut the archipelago.145 
4.160.   In 2012, the United Arab Emirates' national carrier, Etihad Airways, invested USD  45 million 
in Air Seychelles for a 40% share in the airline following problems of management and profitability.146 
In 2018, Air Seychelles announced a bu siness transformation plan to focus on its domestic and 
regional networks, with a reduced workforce. The aim of the plan was to ensure the long -term 
profitability and sustainability for the airline in response to rapidly increasing competition.147 In 2021, 
Air Seychelles went into administration with the aim of considering optimal ways of restructuring the 
airline and settling its debts.148 
4.161.   The SCAA was established under the Civil Aviation Authority Act, 2005  as an administrative 
and financial body corporate to provide for the services, facilities, and regulation of civil aviation 
activities in Seychelles with the power to do anything for the purpose of discharging or facilitating 
the discharge of its function s. The SCAA is responsible for, inter alia, regulating and promoting the 
development of air transport, maintaining and managing its aerodromes providing for the necessary 
services and facilities, advising the Government on all matters relating to civil avi ation, and 
representing Seychelles internationally as the national body in all matters relating to civil aviation.149 
Seychelles became a Contracting State to the International Civil Aviation Organization's (ICAO) 
Chicago Convention on 25  May 1977.  
4.162.   Market a ccess for air transport services is governed by the  Civil Aviation Authority Act, 2005 
and its associated regulations, which according to the authorities are in line with the provisions of 
the 1944 Convention on International Civil Aviation. Seychelles' ma rket access policy consists of 
gradual liberalization through 82 bilateral air service agreements/arrangements (BASAs) 
(Table  A4.2). Traffic rights are allocated on a bilateral basis that reflects the current and estimated 
future point -to-point traffic, as  well as connecting traffic. BASAs govern the allocation of traffic 
rights, designation, and frequency entitlements. Tariffs are set freely by airlines in accordance with 
the relevant article of the BASAs.  
4.163.   According to the authorities, cabotage by foreign companies is not allowed.  
4.4.4   Tourism  
4.164.   Seychelles' natural beauty  makes tourism its most important economic activity. 
Accommodation and food service activities represented 11.8% of GDP in 2015 -20 (Chart  1.1). The 
travel and tourism industry provides around 12,5 00 jobs (26.8% of total employment).150 Based on 
 
144 Air Seychelles was incorporated in 1977,  officially named Air Seychelles in 1978, and began 
long-haul services in 1983. It is 100% state -owned. Air Seychelles , About Us. Viewed at: 
https://www.airseychelles.com/en/about -us. 
145 Air Seychell es, About Us. Viewed at: https://www.airseychelles.com/en/about -us. 
146 The National News  (2014),  "Air Seychelles Profits from Successful Expansion Strategy ", 10 April. 
Viewed at: https://www.thenationalnews.com/business/air -seychelles -profits -from-successful -expansion -
strategy -1.585990 . 
147 Air Seychelles  (2018), "Air Seychelles Announces Business Transformation Plan to Safeguard 
Long-term Profitability" , 23 January.  Viewed at: https://www.airseychelles.com/en/about -
us/news/2018/01/air -seychelles -announces -business -transformation -plan-safeguard -long-term. 
148 IMF Country Report No.  22/6, p.  9.  
149 The SCAA is administered by a CEO reporting to a Board of Directors appointed by  the Minister 
responsible for Civil Aviation. SCAA, Statute . Viewed at: https://www.scaa.sc/index.php/about -us/statute . 
150 WEF (2019) , Travel & Tourism Competitiveness Report 2019. Viewed at: 
https://www3.weforum.org/docs/WEF_TTCR_2019.pdf . WT/TPR/S/433 /Rev.1  • Seychelles  
- 101 - 
  balance of payments data, n et exports of travel services amounted to USD  277.5  million in 2021, 
compared with USD  362.4  million in 2015 (Table  1.2). Seychelles ranked 62nd of 140  countries in 
the World Economic Forum's (WEF) Travel & Tourism Competitiveness Report 2019  (54th in 2015), 
the best performer in Africa after Mauritius. This performance reflects an efficient prioritization of 
the travel and tourism sector by the G overnment, as witnessed by exhaustive GATS commitments.151 
Nonetheless, the WEF report calls for an expansion of Seychelles' protected areas (where Seychelles 
ranks 138th), and for better protection of the country's threatened wildlife (136th). Moreover, 
Seychelles ranks unfavourably on price competitiveness (136th).152 
4.165.   Before the pandemic, tourism had been one of Seychelles' fastest -growing activities, 
supported by high and rising FDI inflows into the tourism industry (Section  1.3.3). Tourism has a 
strong impact on the rest of the economy, as Seychelles maintains a strong domestic supply chain 
involving the use and promotion of local products. Also, tourism services rely on environmental 
policy to market Seychelles as a zero -carbon footprint destinat ion. 
4.166.   The pandemic has had a severe effect on the industry, with tourist arrivals in 2020 -21 well 
below the levels reached during 2015 -19. Consequently, tourism earnings fell from USD  590 million 
in 2019 to USD  221 million in 2020, albeit increasing to USD  310 million in 2021 (Table  4.11).  
Table 4.11 Selected tourism indicators, 2015 -21 
Indicator  2015  2016  2017  2018  2019  2020  2021  
Visitor arrivals  276,233  303,177  349,861  361,844  384,204  114,858  182,849  
Average length of 
stay (nights)  9.9 9.9 9.5 10.1 9.9 8.8 9.8 
Tourism earnings 
(USD  million)  392 414 483 559 590 221 310 
Average expenditure 
per diem (USD)  144 138 145 153 155 219 173 
Hotel bed occupancy 
rate (%)  59 60 60 66 68 46 32 
Source:  CBS, Annual Report 2021 , p. 20. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf ; and information 
provided by the authorities.  
4.167.   Seychelles has 759  licensed hotels in operation, with a total capacity of 7,093 rooms.153 
Seychelles has been applying a moratorium since 2015 on the construction of large hotels 
(i.e. 25 rooms or more) in Mahé, Praslin, La Digue, and the other Inner Islands.154 Foreign equit y 
on hotels and other lodging services between 16 and 24  rooms is limited to 80%. Additionally, 
foreign investment in other tourism activities (e.g.  catering services, tourist guide, and travel 
agency) is not allowed (Section  2.4 and Table  A2.3). Except fo r Outer Island development 
purposes155, the Government has no equity stake in hotels. Nonetheless, it leases land to investors 
who wish to construct hotels.  
4.168.   Tourism is under the responsibility of the Department of Tourism, under the Ministry of 
Foreign Affa irs and Tourism. This followed a restructuring of the Ministry of Foreign Affairs to include 
the tourism portfolio. The previous Department of Tourism and the Seychelles Tourism Board were 
amalgamated into one entity. The Department of Tourism is responsib le for promoting the 
sustainable development of the tourism industry and for promoting Seychelles abroad.  
4.169.   Tourism is mainly regulated through the Tourism Development Act, 2019, the Tourism 
Development (Accommodation establishments) Regulations, 2020, and t he Tourism Development 
(Vertical Integration) (Amendment) Regulations, 2020.  
 
151 WTO document GATS/SC/153, 30  June 2015.  
152 WEF (2019) , Travel & Tourism Competitiveness Repo rt 2019 . Viewed at: 
http://www3.weforum.org/docs/WEF_TTCR_2019.pdf . 
153 Data provided by the authorities.  
154 The moratorium on rooms varies. In the north of Mahé , it is limited to 20  rooms per developer. For 
the rest of Mahé  and Praslin , the development is limited to 24  rooms per developer; 15 on Cerf Island; 
and 5 on La Digue. Tourism Development Act , 2019. Viewed at: https://old.seylii.org/sc/Act%208%20 -
%20Tourism%20Development%20Act%20 -%2023rd%20August%202019.pdf . 
155 This managed by the Island Development Company.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 102 - 
  4.170.   In 2018, the Department of Tourism launched the Tourism Master Plan: Updated Situational 
Analysis to update the Tourism Master Plan first developed in 2012, and address policy, re gulatory, 
infrastructural, institutional, marketing, human resources, and statistical gaps. The tourism strategy 
"Destination 2023" provides the roadmap for the sector's growth up to 2023 and beyond. In 2021, 
the Department of Tourism launched "Experience Seychelles: Grand Diversity, Nature's Sanctuary, 
Creole Rendezvous", a digital campaign encompassing Seychelles' three main tourism pillars.  
4.171.   Some of the key aims of these strategies are increasing yields per visitor, with greater focus 
on offering experien ces that are more authentic by adapting culture -based tourism -to-tourism 
packages; market and product diversification to improve the industry's resilience in the face of 
external threats; r aising the visibility of Seychelles on the international market; an d upskilling and 
training the local labour force to meet the needs of the sector.  
4.172.   The business tax regime for tourism activities, which used to be the same preferential regime 
as that for agriculture and fisheries, was also aligned in 2021 with the general  rates (Section  2.4.2). 
Some of the incentives offered to tourism activities include:  
• Operators of the services industry receive business tax concessions on taxable income. 
Incomes between SCR  0 to SCR  250,000 are subject to 0% tax, while incomes above 
SCR 250,000 are subject to a 15% flat tax; and  
• Travel and tourism suppliers also benefit from certain special deductions on taxable 
income: training certified by the Department of Tourism (the total amount of deductions 
allowable for training certified by the Department of Tourism is 150% of the actual 
expenditure incurred); marketing and promotion expenditure156; emoluments paid to 
graduates157; special rates for accelerated depreciation158; and emoluments paid to a 
musician by a licensed accommo dation.159 
 
 
156 This is a special deduction, in add ition to any other allowable deduction, of the expenditure incurred 
for marketing and promotion to the extent of 5% of the taxable income or the actual expenditure, whichever is 
lower, for tourism services providers (e.g.  tourism establishments, restaurant s, transportation services 
(including domestic ferry services, boat and yacht charters , and car hire), travel agents and tour guides, water 
sports operators , and underwater dive centre operators , as well as equestrian operators).  
157 Subject to income tax be ing paid, the total amount of deductions allowed from taxable income shall 
be 200% on emoluments paid by an employer to a qualified graduate of Seychelles Institute of Technology 
(SIT), Farmers Training Centres (FTC), Maritime Training Centre (MTC), and Se ychelles Tourism Academy 
(STA), for tourism's service s providers (as above).  
158 The special rate s are applicable to the following services: hotel, guest house , or self -catering; café or 
restaurant; fixed - or rotary -wing passenger transport services in respect to all domestic flights; domestic ferry 
services for the transport of freight or passengers; boat or yacht charter (including live -aboard); car hire 
operator; underwater dive operator; dive centre; water sports operator; travel agent; tour operator ; tour 
and/or tourist guide; equestrian operator; and gambling/casino operator.  
159 The total amount of deductions allowed from the taxable income of a licensed accommodation in 
respect of a musician under a contract of service is 125% of the actual amount p aid to the musician.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 103 - 
  5  APPENDIX TABLES  
Table  A1.1 Domestic exports by HS section and major HS chapter, 2015 -21 
 2015  2016  2017  2018  2019  2020a 2021a 
Total domestic exports 
(USD  million)  246.7  282.1  286.5  330.7  261.1  288.6  320.0  
 (% of total)  
01 Live animals and products  2.5 3.0 4.2 6.2 8.5 7.5 7.6 
 HS 03 Fish and 
crustaceans  2.4 2.9 3.9 5.7 8.2 7.1 7.2 
02 Vegetable products  0.4 0.4 0.3 0.3 0.6 0.2 0.2 
03 Fats and oils 1.2 1.1 0.9 6.4 2.1 1.5 1.3 
04 Prepared food, beverages 
and tobacco  95.7 95.4 92.5 85.8 87.8 89.9 90.0 
 HS 16 Preparations of fish 
or of crustaceans  92.7 92.5 89.3 83.0 84.5 86.2 87.0 
 HS 23 Residues and waste 
from the food industries; 
prepared animal fodder  2.9 2.9 2.9 2.8 3.2 3.4 2.8 
05 Mineral products  0.0 0.1 0.0 0.0 0.0 0.0 0.0 
06 Chemicals and products 
thereof  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
07 Plastics, rubber, and articles 
thereof  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
08 Raw hides and skins, 
leather, and its products  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
09 Wood and articles of wood  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
10 Pulp of wood, paper and 
paperboard  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
11 Textiles and textile articles  0.1 0.0 0.0 0.0 0.0 0.0 0.0 
12 Footwear, headgear, etc.  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
13 Articles of stone, plaster, 
cement  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
14 Precious stones and metals, 
pearls  0.1 0.0 0.2 0.2 0.1 0.2 0.1 
15 Base metals and articles 
thereof  0.0 0.0 0.5 0.4 0.4 0.5 0.7 
16 Machinery, electrical 
equipment, etc.  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
17 Transport equipment  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
18 Precision equipment  0.1 0.0 1.2 0.7 0.4 0.1 0.1 
19 Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
20 Miscellaneous manufactured 
articles  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
21 Works of art, etc.  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
Other  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
a Provisional.  
Source:  WTO Secretariat estimates, based on data from National Bureau of Statistics, Statistical Bulletins, 
Merchandise Trade , various editions (31  March  2022, 31  March  2021, 31  March  2020, 
29 March  2019, and 29  March  2018). Viewed at: https://www.nbs.gov.sc/statistics/merchandise -
trade .WT/TPR/S/433 /Rev.1  • Seychelles  
- 104 - 
  Table  A1.2 Domestic exports by destination, 2015 -21 
 2015  2016  2017  2018  2019  2020a 2021a 
Total domestic 
exports 
(USD  million)  246.7  282.1  286.5  330.7  261.1  288.6  320.0  
  (% of total)  
Americas  0.0 0.1 0.6 0.9 1.2 1.3 0.9 
 United  States  0.0 0.1 0.6 0.9 1.2 1.3 0.9 
Europe  93.4 93.4 91.2 84.5 85.7 87.9 86.6 
 EU-27 58.5 64.7 64.1 58.6 56.2 62.3 65.2 
 France  37.9 37.1 36.6 38.6 35.8 40.2 40.1 
 Italy 14.5 17.8 15.6 12.7 13.0 10.9 13.9 
 Germany  0.8 3.6 4.8 2.7 3.1 6.6 5.9 
 Netherlands  1.9 1.8 2.9 2.1 1.5 2.2 2.3 
 Denmark  2.2 2.8 2.8 1.3 1.6 1.4 1.8 
 Finland  0.8 1.0 0.5 0.2 0.7 0.7 0.8 
 Cyprus  0.1 0.1 0.1 0.2 0.1 0.1 0.2 
 EFTA 1.2 0.9 0.7 0.5 0.4 0.5 0.2 
 Iceland  0.4 0.2 0.1 0.4 0.4 0.3 0.1 
 Other Europe  33.7 27.9 26.3 25.5 29.2 25.1 21.3 
 United  Kingdom  33.7 27.9 26.3 25.4 28.6 24.3 20.9 
 Türkiye  0.1 0.0 0.0 0.0 0.6 0.8 0.4 
Commonwealth of 
Independent 
States (CIS)b 0.3 0.1 0.1 0.1 0.0 0.0 0.0 
Africa  0.4 0.4 0.4 1.0 0.4 0.7 1.0 
 Ghana  0.0 0.0 0.1 0.3 0.0 0.0 0.6 
 Mauritius  0.1 0.1 0.3 0.2 0.2 0.4 0.2 
Middle East  0.1 0.1 0.1 0.1 0.1 0.3 0.3 
 United Arab 
Emirates  0.1 0.1 0.1 0.1 0.1 0.3 0.3 
Asia 5.2 5.0 5.3 10.5 7.9 6.0 6.0 
 China  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
 Japan  1.1 0.1 0.2 0.2 0.5 0.3 0.1 
 Other Asia  4.1 4.9 5.1 10.3 7.5 5.7 5.9 
 Hong 
Kong,  China  1.8 1.5 1.6 1.5 2.8 2.2 2.0 
 Chinese  Taipei  0.4 0.6 0.2 0.1 0.4 1.3 1.6 
 Thailand  0.0 0.7 0.0 0.5 0.1 0.5 1.2 
 India 0.0 0.0 0.3 0.3 0.3 0.7 0.5 
 Australia  0.3 0.4 2.0 7.2 2.8 0.4 0.3 
 Sri Lanka  1.6 1.6 0.9 0.6 1.0 0.5 0.2 
Other  0.5 0.9 2.3 2.8 4.7 3.8 5.1 
Memorandum:          
EU-28 92.2 92.5 90.4 84.0 84.7 86.6 86.0 
a Provisional . 
b Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat estimates, based on data from National Bureau of Statistics, Statistical Bulletins, 
Merchandise Trade , various editions (31  March  2022, 31  March  2021, 31  March  2020, 
29 March  2019, and 29  March  2018). Viewed at: https://www.nbs.gov.sc/statistics/merchandise -
trade .WT/TPR/S/433 /Rev.1  • Seychelles  
- 105 - 
  Table  A1.3 Merchandise imports by HS section and major HS chapter, 2015 -21 
HS Section/chapters  2015  2016  2017  2018  2019  2020a 2021a 
Total imports (USD  million)  991.1  1,040.1  1,303.5  1,271.0  1,166.6  982.7  1,120.5  
  (% of total)  
01 Live animals and products  13.5 15.8 16.5 17.3 13.5 18.0 15.6 
 HS 03 Fish and crustaceans  9.8 11.9 12.8 13.2 9.6 13.9 11.8 
 HS 04 Dairy produce  1.8 1.9 1.7 1.9 2.0 2.0 2.0 
02 Vegetable products  3.5 4.7 3.1 3.5 3.6 3.9 3.6 
03 Fats and oils  1.4 1.6 1.6 1.4 1.1 3.5 1.5 
04 Prepared food, beverages, and tobacco  6.6 7.1 5.8 6.1 6.6 5.9 6.4 
 HS 22 Beverages, spirits, and vinegar  2.2 2.6 2.1 2.2 2.3 1.6 1.8 
05 Mineral products  18.4 16.6 16.9 20.2 19.1 17.6 20.8 
 HS 27 Mineral fuels  17.8 15.9 16.4 19.1 17.9 16.5 19.9 
06 Chemicals and products thereof  4.5 4.6 3.7 4.1 4.5 5.1 5.7 
07 Plastics, rubber, and articles thereof  2.7 4.1 4.7 3.0 3.3 2.9 3.1 
 HS 39 Plastics and articles thereof  2.0 3.3 1.5 2.3 2.5 2.2 2.3 
08 Raw hides and skins, leather, and its 
products  0.2 0.2 0.1 0.2 0.2 0.1 0.2 
09 Wood and articles of wood  1.9 1.9 1.3 1.5 1.9 1.8 1.2 
10 Pulp of wood, paper, and paperboard  2.1 2.2 1.7 1.7 1.6 1.9 1.5 
11 Textiles and textile articles  2.2 1.9 1.2 1.4 2.1 1.9 2.5 
12 Footwear, headgear, etc.  0.4 0.5 0.3 0.3 0.4 0.4 0.4 
13 Articles of stone, plaster, cement  1.6 1.8 1.3 1.4 1.5 1.5 1.2 
14 Precious stones and metals, pearls  0.2 0.2 0.1 0.1 0.1 0.1 0.1 
15 Base metals and articles thereof  7.6 6.9 8.0 6.6 7.7 8.4 13.6 
 HS 72 Iron and steel  2.3 2.0 1.8 1.6 2.2 2.1 4.8 
 HS 73 Articles of iron or steel  2.5 2.3 2.4 2.8 3.5 4.1 4.6 
 HS 83 Miscellaneous articles of base 
metal  1.7 1.5 2.1 1.2 0.9 1.2 3.3 
16 Machinery, electrical equipment, etc.  16.8 13.5 15.3 12.2 14.3 11.9 11.9 
 HS 84 Machinery and mechanical 
appliances; parts thereof  9.6 8.2 11.2 6.9 8.9 6.4 6.8 
 HS 85 Electrical machinery and 
equipment and parts thereof  7.2 5.2 4.1 5.3 5.5 5.4 5.2 
17 Transport equipment  11.7 11.4 14.5 14.9 13.9 11.2 6.9 
 HS 89 Ships, boats, and floating 
structures  6.0 4.3 8.3 9.4 7.2 8.1 3.3 
 HS 87 Vehicles  4.1 6.4 4.2 4.2 5.0 2.3 2.0 
18 Precision equipment  1.6 1.4 1.1 1.3 1.3 1.1 1.2 
19 Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
20 Miscellaneous manufactured articles  3.1 3.7 2.7 2.6 3.2 2.8 2.5 
21 Works of art, etc.  0.1 0.1 0.0 0.0 0.0 0.0 0.0 
Other  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
a Provisional.  
Source:  WTO Secretariat estimates, based on data from National Bureau of Statistics, Statistical Bulletins, 
Merchandise Trade , various editions (31  March  2022, 31  March  2021, 31  March  2020, 
29 March  2019, and 29  March  2018). Viewed at: https://www.nbs.gov.sc/statistics/merchandise -
trade .WT/TPR/S/433 /Rev.1  • Seychelles  
- 106 - 
  Table  A1.4 Merchandise imports by origin, 2015 -21 
 2015  2016  2017  2018  2019  2020  2021a 
Total imports (USD  million)  991.1  1,040.1  1,303.5  1,271.0  1,166.6  982.7  1,120.5  
 (% of total)  
Americas  2.9 2.6 2.4 2.1 1.9 1.7 1.8 
 United  States  2.0 1.3 1.3 1.4 1.3 1.1 1.0 
 Other America  0.9 1.3 1.0 0.7 0.6 0.6 0.8 
 Brazil  0.8 1.0 0.8 0.4 0.4 0.5 0.7 
Europe  28.3 29.2 30.4 32.2 28.3 33.9 34.9 
  EU-27 24.1 24.6 27.3 25.2 24.1 29.8 31.5 
 France  8.1 8.6 9.1 9.9 8.9 11.3 10.9 
 Italy 2.5 2.7 2.2 2.5 3.1 2.5 8.3 
 Spain  7.8 7.7 10.8 7.8 5.9 11.1 8.1 
 Netherlands  1.6 1.9 1.6 1.6 1.5 1.7 1.5 
 Germany  2.1 1.6 1.6 1.3 2.2 1.1 1.1 
 Belgium  0.7 0.9 0.9 0.9 1.1 0.8 0.8 
  EFTA 0.3 0.3 0.3 0.3 0.6 0.3 0.6 
 Switzerland  0.3 0.3 0.3 0.3 0.6 0.3 0.6 
  Other Europe  3.9 4.2 2.8 6.7 3.6 3.7 2.8 
 United  Kingdom  3.9 4.2 2.8 6.7 3.6 3.7 2.8 
Commonwealth of Independent 
States (CIS)b 0.1 0.0 0.1 0.1 0.1 0.1 0.2 
Africa  13.8 15.9 11.7 12.6 12.9 12.0 13.8 
 South  Africa  7.6 9.4 6.6 7.2 7.6 6.5 8.1 
 Mauritius  4.0 4.0 3.2 3.3 3.7 3.9 2.9 
 Eswatini  0.0 0.0 0.0 0.0 0.0 0.0 1.0 
 Egypt  0.5 0.8 0.6 0.6 0.7 0.6 0.6 
Middle East  27.4 28.3 24.1 28.2 29.8 26.7 30.5 
 United Arab Emirates  26.9 28.2 24.0 28.1 29.4 26.5 30.5 
Asia 21.3 20.7 22.7 20.2 19.2 16.2 14.7 
 China  4.4 3.0 2.6 3.7 3.6 3.4 3.1 
 Japan  1.4 1.9 1.4 1.1 1.2 0.5 0.2 
 Other Asia  15.5 15.8 18.7 15.4 14.4 12.3 11.4 
 India 4.0 4.9 3.2 5.2 5.2 5.0 4.4 
 Singapore  3.7 3.8 3.3 3.3 2.9 2.2 2.6 
 Thailand  1.2 1.3 1.0 1.5 1.1 1.4 0.9 
 Hong Kong,  China  0.5 0.7 6.4 0.6 0.6 0.9 0.8 
 Malaysia  1.5 1.2 0.9 1.2 1.0 0.8 0.7 
Other  6.2 3.2 8.7 4.6 7.8 9.4 4.0 
Memorandum:          
EU-28 28.0 28.9 30.1 31.9 27.7 33.5 34.3 
a Provisional.  
b Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat estimates, based on data from National Bureau of Statistics, Statistical Bulletins, 
Merchandise Trade , various editions (31  March  2022, 31  March  2021, 31  March  2020, 
29 March  2019, and 29  March  2018). Viewed at: https://www.nbs.gov.sc/statistics/merchandise -
trade . 
 
 
 WT/TPR/S/433 /Rev.1  • Seychelles  
- 107 - 
  Table  A2.1  Notifications to the WTO, 1  May 2015 to 31  July 2022  
Agreement  Description  Periodicity  WTO documents (most 
recent if submitted 
periodically or for amended 
notifications)  
Agreement on Agriculture  
Articles  10 and 18.2 (ES:1, 
ES:2)  Export subsidies  Annual  G/AG/N/SYC/ 10, 11/07/2022  
Article  18.2 (DS:1)  Domestic support  Annual  G/AG/N/SYC/8, 10/03/2020  
Agreement on the Application of Sanitary and Phytosanitary Measures  
Article  7 and Annex  B Sanitary/phyto -sanitary 
regulations  Ad hoc  G/SPS/N/SYC/1, 13/02/2017 to 
G/SPS/N/SYC/6, 26/01/2022  
Agreement on Implementation of Article  VI of the GATT  1994 (Anti -Dumping Agreement)  
Article  16.4 Anti-dumping actions 
(preliminary and final)  Ad hoc  G/ADP/N/193/SYC, 01/02/2018  
Article  16.4 Anti-dumping actions (taken 
within the preceding 
six months)  Semi-annual  G/ADP/N/193/SYC, 01/02/2018  
G/ADP/N/294/Add.1,  21/04/2017  
Article  16.5 Establishment of competent 
authorities  Once, then 
changes  G/ADP/N/193/SYC, 01/02/2018  
Article  18.5 Laws and regulations  Ad hoc   G/ADP/N/1/SYC/1 , 
G/SCM/N/1/SYC/1 , 
G/SG/N/1/SYC/1, 01/03/2016  
Agreement on Import Licensing Procedures  
Article  1.4(a)  Sources of information and of 
publications concerning 
import licensing procedures  Ad hoc  G/LIC/N/1/SYC/1, 22/08/2016  
Articles  5.1-5.4 Institution of licensing 
procedures or subsequent 
changes  Ad hoc  G/LIC/N/2/SYC/3, 20/01/2022  
G/LIC/N/2/SYC/2, 20/01/2022  
G/LIC/N/2/SYC/1, 24/06/2020  
Article  7.3 Replies to questionnaire on 
import licensing procedures  Annual  G/LIC/N/3/SYC/4, 06/12/2021  
Article  8.2(b)  Changes in relevant laws or 
regulations  Ad hoc  G/LIC/N/2/SYC/3, 20/01/2022  
G/LIC/N/2/SYC/2, 20/01/2022  
G/LIC/N/2/SYC/1, 24/06/2020  
G/LIC/N/1/SYC/1, 22/08/2016  
Agreement on Pre -shipment Inspection  
Article  5 Adoption of laws and 
regulations, and subsequent 
changes  Once and then 
changes  G/PSI/N/1/Rev.4/Add.3, 
21/09/2020  
Agreement on Rules of Origin  
Article  5 Existing non -preferential rules 
of origin; and related judicial 
decisions and administrative 
rulings of general application  Once (within 
90 days of the 
date of entry into 
force of the 
WTO Agreement 
for the Member 
concerned)  G/RO/N/141, 02/05/2016  
Annex  II, para.  4  Existing preferential rules of 
origin and subsequent 
changes; and related judicial 
decisions and administrative 
rulings of general application  Ad hoc  G/RO/N/219, 29/04/2021  
G/RO/N/141, 02/05/2016  
Agreement on Safeguards  
Article  12.6 Laws, regulations and 
administrative procedures 
relating to SG measures  Once G/ADP/N/1/SYC/1,  
G/SCM/N/1/SYC/1,  
G/SG/N/1/SYC/1, 01/03/2016  
Agreement on Subsidies and Countervailing Measures  
Article  25.1 Report on subsidies  Biennial  G/SCM/N/372/SYC, 27/10/2021  
Article  25.11  Semi-annual report on 
countervailing duty actions  Semi-annual  G/SCM/N/363/Add.1, 14/10/2020  
Article  32.6 Laws or regulations and 
subsequent changes, 
including changes in the 
administration of such laws  Ad hoc  G/ADP/N/1/SYC/1 , 
G/SCM/N/1/SYC/1 ,  
G/SG/N/1/SYC/1, 01/03/2016  
Agreement on Technical Barriers to Trade  
Article  2.9.2 Technical regulations  Ad hoc  G/TBT/N/SYC/4, 25/10/2018  
G/TBT/N/SYC/3, 07/02/2017  
G/TBT/N/SYC/2, 21/04/2016  
Article  2.10.1  Technical regulations (urgent)  Ad hoc  G/TBT/N/SYC/1, 17/02/2016  WT/TPR/S/433 /Rev.1  • Seychelles  
- 108 - 
  Agreement  Description  Periodicity  WTO documents (most 
recent if submitted 
periodically or for amended 
notifications)  
Article  15.2 Adoption of laws, regulations, 
or administrative 
arrangements  Once G/TBT/2/Add.114, 25/09/2015  
Agreement on Trade -Related Aspects of Intellectual Property Rights  
Article  63.2 Adoption of laws and 
regulations  Once, then 
changes  IP/N/1/SYC/1 to IP/N/1/SYC/ 11, 
29/07/2022  
Article  63.2, and  the 
Decision of the  Council for 
TRIPS of  
21 November  1995 on the 
Checklist  of Issues on  
Enforcement  Enforcement law and  
practices  Once, then 
changes  IP/N/6/SYC/1, 07/04/2016  
Article  69 Specification of  contact points  Once, then 
changes (if any)  IP/N/3/SYC/1, 04/04/2016  
Agreement on Trade -Related Investment Measures  
Article  6.2 List of publications containing 
investment  measures related 
to goods  Once, then 
changes  G/TRIMS/N/2/Rev.25/Add.2,  
13/04/2016  
Agreement on Trade Facilitation (WT/L/911, replaced by WT/L/931)  
Article  15  Notification and 
implementation of Category A 
commitments designated for  
developing and least 
developing countries  Once WT/PCTF/N/SYC/1, 17/09/2015  
Article  16  Indicative and definitive dates 
for implementation of  
provisions  designated in  
Categories  B and C  Once G/TFA/N/SYC/1/Add.2, 
22/08/2019  
G/TFA/N/SYC/1/Add.1, 
23/02/2018  
G/TFA/N/SYC/1, 25/06/2017  
Decision on Notification Procedures for Quantitative Restrictions (G/L/59/Rev.1)  
G/L/59/Rev.1  List of quantitative 
restrictions in force  Biennial; Ad hoc  
(changes)  G/MA/QR/N/SYC/2, 07/04/2021  
General Agreement on Trade in Services  
Articles  III:4 and  IV:2 Enquiry and contact points  Ad hoc (and then 
updates)  S/ENQ/78/Rev.21, 12/02/2021  
Participation in Regional Trade Agreements  
GATT  1994, 
Article  XXIV:7(a)  Formation of a free trade area  Ad hoc  WT/COMTD/RTA23/N/1,  
31/05/2022  
WT/REG445/N/1, 18/01/2021  
WT/REG427/N/1, 07/01/2021  
WT/REG368/N/1, 08/01/2016  
Understanding on the Interpretation of Article  XVII:4(a) of the GATT  1994 (State trading)  
Article  XVII:4(a)  State trading activities  Biennial  G/STR/N/19/SYC, 11/03/2022  
Source:  WTO Secretariat.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
- 109 - 
  Table A2. 2 RTAs signed by Seychelles, as of 31  July 2022  
# Name  Date of 
signature  Date of 
entry into 
force  Coverage  Legal provisions 
under 
WTO  notification  WTO document 
series  
1 COMESA FTA 
(Accession of 
Seychelles)a November 
2007 11/05/2009  Goods  Enabling Clause 
(Paragraph 4(a))  WT/COMTD/RTA23, 
WT/COMTD/RTA16  
2 SADC FTA 
(Accession of 
Seychelles)b 
- Protocol on 
Trade  
 
- Protocol on 
Trade in services  
  
 
 
01/04/2015  
 
 
23/08/2016  
  
 
 
25/05/2015  
 
 
13/01/2022   
 
 
Goods  
 
 
Services   
 
 
GATT Art.  XXIV 
 
 
..  
 
 
WT/REG368  
 
 
.. 
3 Interim EPA with 
the 
European  Union 
and the ESA 
States  29/08/2009  14/04/2012  Goods  GATT Art.  XXIV WT/REG307  
 
4 EPA between the 
United  Kingdom 
and the ESA 
States  31/01/2019  01/01/2021  Goods  GATT Art.  XXIV WT/REG427  
5 SADC -EAC-
COMESA TFTA  10/06/2020  Not ratified  Goods  .. .. 
6 AfCFTA  21/03/2018  15/09/2021  Goods and 
services  .. .. 
.. Not available.  
a The other 15  COMESA FTA signatories are Burundi, the Comoros, Djibouti, Egypt, Kenya, Libya, 
Madagascar, Malawi, Mauritius, Rwanda, Sudan, Tunisia, Uganda, Zambia, and Zimbabwe.  
b The other 12  SADC FTA signatories are Botswana, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, 
Mozambique, Namibia, South  Africa, Tanzania, Zambia, and Zimbabwe.  
Source:  WTO Secretariat.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
- 110 - 
  Table A2. 3 Consolidated list of restricted activities to foreign investment, 2022  
Activities  Treatment of foreign 
investment  
Accommodation (hotel, guest house, letting services of furnished 
accommodation, self -catering, establishment, motel) of 1 to 15 rooms  Not allowed  
Animal or livestock keeping  Not allowed  
Auctioneer and appraisal services  Not allowed  
Artisanal fishing (including demersal fishing)  Not allowed  
Bacca manufacturing/distribution  Not allowed  
Barber shop  Not allowed  
Bicycle hire services  Not allowed  
Boat charter services  Not allowed  
Butcher shop  Not allowed  
Car hire operators  Not allowed  
Carpentry services  Not allowed  
Car washing services  Not allowed  
Catering services  Not allowed  
Clearing agency  Not allowed  
Cleaning contractor  Not allowed  
Commission agent  Not allowed  
Building contractor (class ii, iii, iv)  Not allowed  
Crop production  Not allowed  
Child minding services  Not allowed  
Dealer in latanier leaves  Not allowed  
Dealer in pesticides  Not allowed  
Dive centers on inner islands excluding Silhouette, Fregate and North 
Island s Not allowed  
Dive operators on live aboard or yachts of less than 24 metres, up to 
3 boats  Not allowed  
Driving instruction service  Not allowed  
Electrical contractor  Not allowed  
Employment agency  Not allowed  
Events coordinator/planner  Not allowed  
Ferry services  Not allowed  
Floristry  Not allowed  
Horticultural services  Not allowed  
Installation of air conditioners, refrigeration, and alarm security 
systems  Not allowed  
Installation of TV systems  Not allowed  
Labour contractor  Not allowed  
Land surveyor  Not allowed  
Lapire manufacturer/distribution  Not allowed  
Landscaping services  Not allowed  
Limousine services/chauffeur driven cars (excluding 5 -star hotels)  Not allowed  
Manufacturing and trading of handicrafts  Not allowed  
Masonry services  Not allowed  
Motor mechanic  Not allowed  
Omnibus operator  Not allowed  
Operator of laundry service  Not allowed  
Painting work  Not allowed  
Photography services  Not allowed  
Plumbing services  Not allowed  
Primary and secondary processing of all plant productsa Not allowed  
Real estate agency  Not allowed  
Repairer of non -electrical apparatus  Not allowed  
Rental/leasing services without operators relating to Yachts 1 -3 
(excluding yachts of 24  metres or above)  Not allowed  
Sea cucumber fishing  Not allowed  
Secretarial services  Not allowed  
Security services  Not allowed  
Ship chandler  Not allowed  
Shipping agency  Not allowed  
Surfing school  Not allowed  
Standalone take -away business  Not allowed  
Standalone fish mongering services  Not allowed  
Standalone delivery services  Not allowed  
Trading and dealing in Coco de Mer and its products  Not allowed  
Tailoring services  Not allowed  
Taxi operator service  Not allowed  WT/TPR/S/433 /Rev.1  • Seychelles  
- 111 - 
  Activities  Treatment of foreign 
investment  
Tour guiding service  Not allowed  
Travel agency  Not allowed  
Tree lopping  Not allowed  
Truck hiring service  Not allowed  
Water sports  Not allowed  
Wireman  Not allowed  
Welding services  Not allowed  
Maintenance and repair services of office machinery and equipment 
including computer  Foreign equity limited to 49%  
Research and experimental development services on cultural sciences, 
sociology and psychology  Foreign equity limited to 49% and 
approval from the relevant 
governme nt authority  
Rental and leasing services without operators relating to yachts - 4 to 
5 yachts  Foreign equity limited to 49%  
Hotels and other lodging services between 16 and 24 rooms, excluding 
staff quarters, located on Mahé, Praslin, La Digue, Silhouett e, Cerf , 
and St  Anne island s Foreign equity limited to 80%  
Letting services of furnished accommodation of between 16 and 24 
rooms located on Mahé, Praslin, La Digue, Silhouette, Cerf, and St 
Anne island s, excluding rooming, boarding houses, cabins, and staff 
quarters  Foreign equity limited to 80%  
Restaurants fewer than 21  covers  Foreign equity limited to 49%  
Tour operator services excluding travel agents  Foreign equity limited to 49%  
Maintenance and repair of vessels above 60  metres  Foreign equity lim ited to 49%  
Vessel salvage and refloating services  Foreign equity limited to 49%  
Aquaculture  Foreign equity limited to 49%  
Any activity not listed in this table, the first schedule (permitted to 
non-Seychellois without restrictions) under Seychelles Investment 
(Economic Activities) Regulations of 2022, or any other investment 
regulation  Subject to an ENT  
a "Primary processing" means from harvesting, drying, and conditioning to commin uting of plant 
materials. "Secondary processing" means oi l extraction (through the process of distillation, 
centrifugal , and/or other extracting mediums ) and turning the resulting by -products into 
co-products. "Tertiary processing" means value adding to secondary processing.  
Source:  Seychelles Investment (Econom ic Activities) Regulations, 2022 (First Schedule), Policy Paper on 
Economic Activities Reserved for Seychellois (2020), and Fisheries (Aquaculture) Regulations, 2020; 
and WTO document GATS/SC/15, 30  June 2015.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 112 - 
  Table A3. 1 MFN applied tariff summary, 2022  
 Number 
of lines  Average 
(%) Range (%) 
MFN applied  Coeffi -
cient of 
Variation  Duty -
free 
(%)a Non-ad 
valorem 
(%)a 
All products  5,869  2.7 0-200 4.4 88.9 4.0 
HS 01 -24 1,215  9.9 0-200 2.1 61.9 18.8 
HS 25 -97 4,654  0.9 0-200 8.4 95.9 0.1 
By WTO category        
WTO agricultural products  1,020  7.4 0-200 2.9 71.6 22.5 
 Animals and products thereof  114 1.7 0-25 3.1 89.5 4.4 
 Dairy products  28 0.0 0.0 0.0 100.0  0.0 
 Fruit, vegetables, and plants  252 7.5 0-50 1.5 61.9 0.0 
 Coffee and tea  26 12.5 0-25 1.0 50.0 0.0 
 Cereals and preparations  115 5.8 0-100 2.6 83.5 4.3 
 Oils seeds, fats, oil and their 
products  83 0.0 0.0 0.0 100.0  0.0 
 Sugars and confectionery  18 0.0 0.0 0.0 100.0  0.0 
 Beverages, spirits and tobacco  233 19.9 0-200 2.0 40.3 94.0 
 Cotton  5 0.0 0.0 0.0 100.0  0.0 
 Other agricultural products, 
n.e.s.  146 1.5 0-25 3.8 92.5 0.0 
WTO non -agricultural products  4,849  1.8 0-200 4.9 92.5 0.1 
 Fish and fishery products  262 17.2 0-100 0.7 32.4 0.0 
 Minerals and metals  914 0.5 0-25 7.1 98.0 0.0 
 Chemicals and photographic 
supplies  979 0.4 0-25 7.0 97.0 0.0 
 Wood, pulp, paper and furniture  288 0.9 0-50 5.7 96.5 0.0 
 Textiles  593 1.6 0-25 3.0 87.9 0.0 
 Clothing  230 0.0 0.0 0.0 100 0.0 
 Leather, rubber, footwear and 
travel goods  169 8.3 0-200 4.1 84.6 0.0 
 Non-electric machinery  541 0.1 0-10 8.7 98.7 0.0 
 Electric machinery  257 0.3 0-25 9.2 98.8 0.0 
 Transport equipment  215 0.5 0-25 6.7 97.7 0.0 
 Non-agricultural products, 
n.e.s.  385 0.9 0-50 5.6 96.6 0.0 
 Petroleum  16 3.1 0-25 2.6 87.5 25.0 
By ISIC sector        
 ISIC 1 - Agriculture, hunting 
and fishing  439 8.1 0-100 1.6 64.2 0.0 
 ISIC 2 - Mining  99 0.0 0.0 0.0 100.0  0.0 
 ISIC 3 - Manufacturing  5,330  2.3 0-200 5.2 90.7 4.4 
 ISIC 4 - Electrical energy  1 0.0 0.0 0.0 100.0  0.0 
By stage of processing        
 First stage of processing  823 7.7 0-100 1.6 66.7 0.0 
 Semi-processed products  1,828  0.5 0-25 7.1 98.0 0.0 
 Fully processed products  3,218  2.7 0-200 5.4 89.4 7.2 
By HS section        
 01  Live animals and products  381 12.5 0-100 1.1 50.4 1.3 
 02  Vegetable products  356 6.0 0-50 1.7 69.4 0.0 
 03  Fats and oils  48 0.0 0.0 0.0 100.0  0.0 
 04  Prepared food, beverages 
and tobacco  430 11.9 0-200 2.6 61.6 52.1 
 05  Mineral products  161 0.3 0-25 8.9 98.8 2.5 
 06  Chemicals and products 
thereof  903 0.5 0-50 7.1 97.0 0.0 
 07  Plastics, rubber, and articles 
thereof  234 5.3 0-200 5.4 91.0 0.0 
 08  Raw hides and skins, 
leather, and its products  70 4.1 0-25 2.2 82.9 0.0 
 09  Wood and articles of wood  122 1.3 0-25 4.3 94.3 0.0 
 10  Pulp of wood, paper and 
paperboard  146 0.7 0-50 7.3 97.9 0.0 
 11  Textiles and textile articles  818 1.1 0-25 3.7 91.7 0.0 
 12  Footwear, headgear, etc.  48 4.5 0-25 2.0 77.1 0.0 
 13  Articles of stone, plaster, 
cement  146 2.6 0-25 2.9 89.0 0.0 
 14  Precious stones and metals, 
pearls  53 0.0 0.0 0.0 100.0  0.0 
 15  Base metals and articles 
thereof  565 0.1 0-25 16.8 99.6 0.0 
 16  Machinery, electrical 
equipment, etc.  800 0.2 0-25 9.8 98.8 0.0 WT/TPR/S/433 /Rev.1  • Seychelles  
- 113 - 
   Number 
of lines  Average 
(%) Range (%) 
MFN applied  Coeffi -
cient of 
Variation  Duty -
free 
(%)a Non-ad 
valorem 
(%)a 
 17  Transport equipment  226 0.5 0-25 6.9 97.8 0.0 
 18  Precision equipment  210 0.0 0.0 0.0 100.0  0.0 
 19  Arms and ammunition  18 0.0 0.0 0.0 100.0  0.0 
 20  Miscellaneous manufactured 
articles  127 1.0 0-25 4.9 96.1 0.0 
 21  Works of art, etc. 7 0.0 0.0 0.0 100.0  0.0 
a Duty-free lines in a specific tariff form are taken into account in the calculations.  
Note:  Calculations are based on national tariff line level (8 -digit).  
 The tariff schedules are based on HS17 nomenclature, consisting of 5,869 tariff lines (at the  
8-digit tariff line level). Ad valorem  equivalents (AVEs) were provided by the authorities.  
Source:  WTO Secretariat calculations, based on WTO IDB database. View ed at: https://tao.wto.org/ ; and 
information provided by the authorities.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
- 114 - 
  Table A3. 2 Tariff lines with an MFN applied rate higher than the bound tariff rate  
Tariff code  2022 tariff  
Bound 
rate As reported in 
tariff schedule  AVEs provided 
by the 
authorities  
HS 1211 Plants and parts of plants (including seeds and fruits), 
of a kind used primarily in perfumery       
 12113000  10 n.a. 0 or 10a 
 12114000  10 n.a. 0 or 10b 
HS 2202 Waters, including mineral waters and aerated waters, 
containing added sugar or other sweetening matter or 
flavoured       
 22021090  SCR 10/l 52.2 50 
HS 2208 Spirits, liqueurs and other spirituous beverages       
 22089012  SCR 17.73/l  28.4 25 
 22089013  SCR 17.73/l  29.7 25 
HS 2009 Fruit juices (including grape must) and vegetable 
juices, unfermented and not containing added spirit       
 20099022  SCR 5/l 25.6 25 
HS 2202 Waters, including mineral waters and aerated waters, 
containing added sugar or other sweetening matter or 
flavoured, and other non -alcoholic beverages, not including 
fruit or vegetable juices of heading 20.09       
 22029110  SCR 10/l 156.4  50 
 22029923  SCR 10/l 123.0  50 
HS 2203 Beer made from malt       
 22030039  SCR 25.93/l  146.0  125 
 22030072  SCR 31.23/l  157.8  125 
HS 2208 Spirits, liqueurs and other spirituous beverages       
 22082010  SCR 60/l 71.9 50 
HS 3307 Pre -shave, shaving or after -shave preparations, 
personal deodorants, bath preparations, depilatories and other 
perfumery, cosmetic or toilet preparations, not elsewhere 
specified or included       
 33072010  25 n.a. 6.5 
 33074910  25 n.a. 6.5 
HS 3604 Fireworks, signalling flares, rain rockets, fog signals 
and other pyrotechnic articles       
 36041000  25 n.a. 6.5 
 36049090  25 n.a. 6.5 
HS 3825 Residual products of the chemical or allied industries       
 38251000  25 n.a. 6.5 
 38252000  25 n.a. 6.5 
 38253000  25 n.a. 0 
 38254100  25 n.a. 6.5 
 38254900  25 n.a. 6.5 
 38255000  25 n.a. 6.5 
 38256100  25 n.a. 6.5 
 38256900  25 n.a. 6.5 
 38259000  25 n.a. 6.5 
HS 4016 Other articles of vulcanised rubber other than hard 
rubber       
 40169900  10 n.a. 0 
HS 4017 Hard rubber (for example, ebonite) in all forms, 
including waste and scrap; articles of hard rubber       
 40170000  25 n.a. 0 or 25c 
HS 5305 Coconut, abaca (Manila hemp or Musa textilis Nee), 
ramie and other vegetable textile fibres       
 53050000  25 n.a. 0 or 25d 
HS 6812 Fabricated asbestos fibres; mixtures with a basis of 
asbestos or with a basis of asbestos and magnesium carbonate       
 68128000  25 n.a. 0 or 25e 
HS 8408 Compression -ignition internal combustion piston 
engines (diesel or semi -diesel engines)       
 84089000  10 n.a.  0 or 10c 
n.a. Not applicable.  
a Bound at zero for chilled or frozen coal leaf.  
b Bound at zero for chilled or frozen poppy straw.  
c Bound at zero for use in civil aircraft.  
d Bound at zero for other than coconut (coir).  
e Bound at zero for use in civil aircraf t and for blankets and other firefighting equipment.  
Source:  WTO Secretariat calculations based on the IDB and CTS databases; and information provided by the 
authorities.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
- 115 - 
  Table A3. 3 List of duty exemptions under the Trades Tax Regulations, 1997  
Exempted goods  Section  No. 
Goods for use by the President  223 
Goods for churches and presbyteries  224 
Re-imported goods  225 
Cinematograph films, etc. for certain purposes  226 
Returnable containers  227 
Materials under technical aid and assistance programmes  228 
Samples for soliciting orders  229 
Articles imported tax free under the Vienna  Convention  on Consular Relations  230 
Personal effects and travel souvenirs of tourists  231 
Temporary imports  232 
Deposit and refund of deposit  233 
Passengers' baggage  235 
Visitors' baggage  236 
Further concessions in case of passengers changing residence  237 
Goods imported under agreements with the Government  238 
Temporary importation of vehicles and spare parts  239 
Goods exempted in the national interest and for export  240 
Source:  Trades Tax Regulations, 1997.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
- 116 - 
  Table A3. 4 Customs -related fees, 2022  
Description  Fee (in SCR)  
Application for review of any decision  1,000  
Application for registration as a tax agent  2,500  
Application for registration as a customs agent  2,500  
Appeal to the Supreme Court  Fees listed under the Court 
Fees (Supreme Court) and 
Cost Act  2020 
Application for any corporate body or entity for a Certificate of Tax Exemption  1,000  
Application made by any registered business for a Certificate of Residence for Tax 
Purposes  400 
Application made by a registered taxpayer for a Tax Clearance Certificate (new)  100 
Application made for a Tax Confirmation Certificate by a person issued with a 
Taxpayer Identification Number  100 
Charges to the supply of copies:  
a) Any tax returns  
b) Official receipts issued  
c) Any assessment  
d) Business activity statement  
e) Correspondence forwarded Customs Division   
25 
25 
25 
25 
25 
For attendance by an officer at any port or airport, International Trade Zone, 
excise warehouse at the request of an importer, owner or carrier for any matter 
deemed out of th e ordinary relating to cargo, or any request for out hours 
attendance for each hour or part thereof  100 
For each certificate issued, including a Tanker Outrun, Ships Stores from Bond 
Undertaking, EUR1 Certificate, Certificate of Origin or other document s igned by 
the Comptroller except for a clearance certificate  100 
For any goods intended to be imported into Seychelles that are lodged in a  
Government warehouse or other place of deposit provided by the Government for 
the security of the taxes  20 per tonne or part thereof 
per day (first 7  days free)  
Administrative charge by the proprietor or occupier of a warehouse licensed under 
the Customs Act or the Excise Act and not being a ship chandler, and per licensed 
warehouse  10,000 per year (payable in 
advance)  
Administrative charge for a ship chandler for each occupied licensed warehouse  5,000 per year (payable in 
advance)  
Processing of any bill of entry under the ASYCUDA system  25 
Data capture of a bill of entry either manually or electronically at the  request of an 
importer/agent  50 
Locating any Bill of Entry either manually or electronically at the request  of an 
importer or agent  50 
Copying any bill of entry and providing it to an importer/agent  50 
Verification of contents of a container at the importer's premises at the request of 
the importer:  
a) 29 -foot container  
b) 40 -foot container   
 
1,500  
2,000  
Supervising the destruction of perishable goods or "out of time" goods from 
International Trade Zone or a licensed bonded warehouse. When the aggregate 
the VAT payable on all goods to be destroyed is:  
a) less than SCR  1,000  
b) SCR 1,000 or more   
 
500 
 
1,000  
Lodgement fee for a special release at Air Cargo  100 per release  
Late payment fees for lodgement of bills of entry to cover a special release at 
Air Cargo:  
(a) Up to 10 working days  
(b) After 10 working days   
 
25 per day  
75 per day  
Administrative fee based on monthly turnover for specialized warehouse operating 
outside premises administered by the Financial Services Authority  1.5% of monthly turnover  
Source:  Revenue Administration (Fees) (Amendment) Regulations, 2020.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
- 117 - 
  Table A3. 5 List of restricted products for importation, 2022  
Goods  Institution  Reasons  
Live animals  Agriculture Department  Health protection  
Meat and edible meat offal, fresh, frozen or chilled  Agriculture Department  Health protection  
Fish and crustaceans, mollusc and other aquatic 
invertebrates, fresh, frozen or chilled  Agriculture Department  Health protection  
Birds' eggs and other edible products of animal 
origin  Agriculture Department  Health protection  
Animal and animal by -product s not treated  Agriculture Department  Health protection  
Plant and plant products  Agriculture Department  Environmental 
protection  
Edible vegetables  Agriculture Department  Health protection  
Edible fruits  Agriculture Department  Health protection  
Spices  Agriculture Department   
Wood treated and untreated biodegradable  Agriculture Department  Environmental 
protection  
Brooms consisting of twigs or other vegetable 
materials bound together, with or without handles  Agriculture Department  Environmental 
protection  
Fertilisers  Agriculture Department  Environmental 
protection  
Fertilisers used as explosives  Agriculture Department and 
Commissioner of Police  Environmental 
protection  
Organic fertilisers (growing media and compost)  Agriculture Department  Environmental 
protection  
Endangered species  Ministry of Environment, Energy and 
Climate Change  Conservation  
Biodegradable (Non -plastic) straws  Ministry of Environment, Energy and 
Climate Change  Environmental 
protection  
Plastic u tensils and polystyrene boxes  Ministry of Environment, Energy and 
Climate Change  Environmental 
protection  
Plastic bags  Ministry of Environment, Energy and 
Climate Change  Environmental 
protection  
Biodegradable plastic and other articles of 
biodegradable plastic  Ministry of Environment, Energy and 
Climate Change  Environmental 
protection  
Hydrofluorocarbon (HFC) gas  Ministry of Environment, Energy and 
Climate Change  Environmental 
protection  
HFC refrigerated and HFC dependent equipment  Ministry of Environment, Energy and 
Climate Change  Environmental 
protection  
Dangerous chemicals and precursor chemicals  Ministry of Environment, Energy and 
Climate Change  Environmental 
protection  
Popsicles containing alcohol  MFNPT  Health protection  
Alcoholic beverages  MFNPT  Health and socio -
economic  
Tobacco  MFNPT  Health and socio -
economic  
Mineral fuels, mineral oils and products of their 
distillations, bituminous substances; mineral waxes  Ministry of Transport  Socio -economic  
Left-hand drive vehicles  Ministry of Transport  Public safety  
Second -hand vehicles  Ministry of Transport  Environmental 
protection  
Reciprocating piston engine of kind used for the 
propulsion of vehicles of Chapter 87  Ministry of Transport  Public safety  
Compression -ignition internal combustion piston 
engines (diesel or semi -diesel engines)  Ministry of Transport  Public safety  
Vehicle and chassis/bodies/spare parts  Ministry of Transport  Public safety  
Hand sanitiser  Ministry of Health  Health protection  
Pharmaceutical and veterinary products  Ministry of Health  Health protection  
Articles of cellulose fibre cement or the like  Ministry of Health  Health protection  
Electronic cigarettes  Ministry of Health  Health protection  
Radio communication equipment  Department of Information and 
Communications Technology  National security  
PVC insulated wires and cables for fixed wiring  Ministry of Environment, Energy and 
Climate Change, and Seychelles Energy 
Commission  Public safety  WT/TPR/S/433 /Rev.1  • Seychelles  
- 118 - 
  Goods  Institution  Reasons  
PVC insulated flexible cord for use with appliances 
and equipment intended for domestic, office and 
similar environments  
Glass and glazed glass products for architectural 
use in buildings  Seychelles Bureau of Standards  Public safety  
Prefabricated building  Ministry of Land and Housing  Public safety  
Aircrafts  Seychelles Civil Aviation Authority  Public safety  
Ships and vessels  Seychelles Maritime Safety Authority  Public safety  
Pyrotechnic products and blasting explosives  Ministry of Internal Affairs and 
Commissioner of Police  National security  
Armoured fighting vehicles  Ministry of Internal Affairs and 
Commissioner of Police  National security  
Warships  Ministry of Internal Affairs and 
Commissioner of Police  National security  
Arms and ammunitions  Ministry of Internal Affairs and 
Commissioner of Police  National security  
Military uniforms  Ministry of Internal Affairs and 
Commissioner of Police  National security  
Imitation/replica of firearms, ammunitions and guns  Ministry of Internal Affairs and 
Commissioner of Police  National security  
Radioactive substances  Ministry of Internal Affairs and 
Commissioner of Police  Environmental 
protection  
Source:  Customs Management (Prohibited and Restricted Goods) Regulations , 2019, and thei r amendments.  
  WT/TPR/S/433 /Rev.1  • Seychelles  
- 119 - 
  Table A3. 6 IP rights registrations, 2022  
IP right registration  2015  2016  2017  2018  2019  2020  2021  
Trademarks  134 116 767 486 947 650 473 
Copyrights  34 31 22 8 .. 38 77 
Patents  9 13 49 31 21 31 29 
Industrial designs  0 1 5 8 6 0 1 
Utility models  0 0 0 0 0 0 0 
Layout -design s and integrated circuits  0 0 0 0 0 0 0 
Geographical indications  0 0 0 0 0 0 0 
.. Not available.  
Source:  Information provided by the authorities.  WT/TPR/S/433 /Rev.1  • Seychelles  
- 120 - 
  Table  A4.1 Cost of agricultural inputs and selling price, 2022  
(SCR)  
Code  Items  Cost price  Selling price  
  Cucumber      
SED1028  Plentiful Green (5  g) 30.00  35.00  
SED1033  Emerald Swallow (5  g) 26.00  35.00  
SED1067  Cucumber Alba (50  g) 1,393.00  1,530.00  
SED1068  Cucumber Alba (5  g) 83.00  95.00  
SED2017  Bountiful No.  2 (5 g) 61.00  65.00  
SED2018  Bountiful No.  2 (250  g) 3,037.00  3,190.00  
SED2019  Bountiful No.  2 (500  g) 6,074.00  6,380.00  
SED2020  Genuine (5  g)  61.00  65.00  
SED2021  Genuine (250  g) 3,037.00  3,190.00  
SED2022  Genuine (500  g Tin)  6,074.00  6,380.00  
  Tomato      
SED700  King Kong  12.75  15.00  
SED706  Red Crown No.  1 (1,000 seeds)  34.00  40.00  
SED849  Victoria (2  g) 46.75  55.00  
SED850  Dora (2  g) 46.75  55.00  
SED922  Red Crown No.  1 (20,000 seeds Tin)  3,315.00  3,900.00  
SED940  King Kong (1  g) 12.75  15.00  
SED941  King Kong (200  g) 2,567.00  3,020.00  
SED991  Farmers 209 (1  g) 25.50  30.00  
SED1000  Calinago F1 (5  g) 74.82  80.00  
SED1001  Caracoli F1 (5  g) 74.82  80.00  
SED1056  F1 Rodeo 84 (5  g) 68.00  80.00  
SED1088  King Kong (5  g) 97.00  105.00  
SED1087  Tomato Falcon (5  g) for Trial  137.00  145.00  
SED1064  Tomato Red Crown No.  2 (1,000 seeds)  83.00  88.00  
SED1065  Tomato Red Crown No. 3 (1,000 seeds)  83.00  88.00  
SED1066  Tomato King Tropical (100 seeds) for Trial  135.00  145.00  
  Lettuce      
SED693  Red Rapid (5  g) 8.50 10.00  
SED905  Grand Rapid (5  g) 8.50 10.00  
SED949  Mindelo  17.00  20.00  
SED963  General (5  g) 29.75  35.00  
SED1022  Red Rapid (500  g) 1,459.00  1,680.00  
SED1039  Minetto (5  g) 16.00  20.00  
SED1069  Minetto (100  g Tin)  250.00  275.00  
SED1070  Mindelo (100  g) 250.00  275.00  
SED1076  Minetto (500  g Tin)  985.00  1,035.00  
SED1077  Mindelo (500  g Tin)  985.00  1,035.00  
SED2033  Minetto (5  g) 21.00  25.00  
SED2034  Mindelo (5  g) 21.00  25.00  
SED2035  Lettuce Trinity 500  g 921.00  1,015.00  
SED2036  Lettuce Trinity 10  g 38.00  40.00  
  Chinese Cabbage      
FAOSED646  Chinese Cabbage Summer Bright (5  g) 6.80 8.00 
SED913  Chinese Cabbage Green Sun (5  g) 25.50  30.00  
SED1043  Chinese Cabbage White Sun (5  g) 35.00  40.00  
SED1044  Chinese Cabbage Green Sun (5  g) 35.00  40.00  
SED1057  Chinese Cabbage Green Sun (5  g) 29.00  35.00  
SED1058  Chinese Cabbage White Sun (5  g) 29.00  35.00  
SED1089  Pai Tsai Bino (250  g Tin)  714.00  750.00  
SED1090  Pai Tsai Bino (500  g Tin)  1,427.00  1,500.00  
SED1091  Pai Tsai Gracious (250  g) 114.00  120.00  
SED1092  Pai Tsai Gracious (500  g) 228.00  240.00  
SED972  Pai Tsai Bino  14.00  15.00  
SED971  Pai Tsai Gracious (5  g) 2.00 5.00 WT/TPR/S/433 /Rev.1  • Seychelles  
- 121 - 
  Code  Items  Cost price  Selling price  
  Pumpkin      
SED951  Pumpkin Torsten (5  g) 38.45  45.00  
SED1007  Pumpkin Gladiator (5  g) 20.32  25.00  
SED1024  Pumpkin Peacock (500  g Tin)  3,404.00  3,745.00  
SED1025  Pumpkin Phoenix (500  g Tin)  3,404.00  3,745.00  
SED1041  Pumpkin New Papaya (100 seeds)  63.00  75.00  
SED1051  Pumpkin Barouti (5  g) 34.00  40.00  
SED1081  Pumpkin Martinica (5  g) 23.00  25.00  
SED2013  Pumpkin Befit (5  g) Winter Squash  61.00  65.00  
SED2014  Pumpkin Demi (5  g) 61.00  65.00  
SED2015  Pumpkin Phoenix (5  g) 61.00  65.00  
SED2016  Pumpkin Peacock (5  g) 61.00  65.00  
  Basil      
SED2039  Basil Cinnamon (1  g) 12.00  15.00  
SED2040  Basil Grand Vert (1,000 seeds)  12.00  15.00  
  Beans      
SED786  Snap Beans Farmers  8.50 10.00  
SED822  Asparagus Beans KY Bush  12.00  15.00  
SED896  Asparagus Bean Green Pod Kaohsiung  8.50 10.00  
SED986  Snap Beans Farmers (1  kg Tin)  378.25  445.00  
SED1047  Snap Beans Farmers  10.00  15.00  
SED2029  Asparagus Beans KY Bush (5  g) 3.00 5.00 
  Eggplant      
SED984  Eggplant Tubby (5  g) 34.00  40.00  
SED1094  Eggplant Tubby (250  g Tin)  1,998.00  2,100.00  
SED1004  Eggplant Glory  101.00  120.00  
SED1005  Eggplant African Beauty  43.65  50.00  
SED1053  Eggplant Black Beauty  17.00  20.00  
SED1010  Eggplant Charming 2  g 16.00  20.00  
SED1093  Eggplant Charming 200  g 1,998.00  2,100.00  
SED1008  Eggplant Choco  16.00  20.00  
SED1009  Eggplant Tubbiness  16.00  20.00  
  Cabbage      
SED1011  Cabbage Summer Tide (5  g) 34.00  40.00  
SED1012  Cabbage Tops (5  g) 34.00  40.00  
SED1042  Cabbage Summer Autumn (5  g) 45.00  50.00  
SED1082  KK Cross -Premium F1 (500  g) 3,038.00  3,190.00  
SED1083  Grand KK Cross (500  g) 3,038.00  3,190.00  
SED1084  KK Cross -Premium F1 (5  g) 31.00  35.00  
SED1085  Grand KK Cross (5  g) 31.00  35.00  
SED2027  Cabbage Tops (5  g) 69.00  75.00  
SED2028  Cabbage Summer Autumn (5  g) 61.00  65.00  
SED646  Cabbage Summer Bright  6.80 8.00 
SED827  Cabbage Topper (5  g) 29.75  35.00  
  Papaya      
SED903  Papaya Tainung  42.50  50.00  
SED932  Papaya Red Lady (50  g) 2,890.00  3,400.00  
SED939  Papaya Tainung (50  g Tin)  1,661.75  1,955.00  
SED945  Papaya Red Lady  72.75  85.00  
SED1062  Papaya Known You No.  1 46.85  50.00  
SED1063  Papaya Sun Rise  36.20  40.00  
  Melon      
SED919  Melon New Dragon  25.50  30.00  
SED993  Melon Golden Crown  80.75  95.00  
SED1002  Musk Melon Spring Love  307.00  355.00  
SED1013  Seedless Watermelon All Lucky  43.00  50.00  
SED1014  Chubiness Watermelon  43.00  50.00  
SED1032  Melon Splendid  105.00  120.00  
SED1033  Mighty Duchess  26.00  30.00  
SED1048  Melon Flower Dragon  32.00  35.00  WT/TPR/S/433 /Rev.1  • Seychelles  
- 122 - 
  Code  Items  Cost price  Selling price  
SED1052  Melon Round Dragon  76.50  90.00  
SED1096  Watermelon Grand Baby  34.00  35.00  
SED1097  Melon Dark Belle (5  g) 91.00  95.00  
SED2031  Melon Diana (2  g) 59.00  65.00  
SED2032  Melon Dark Belle (2  g) 56.00  60.00  
SED2037  Watermelon Sugar Baby (5  g) 15.00  20.00  
SED833  Watermelon Bright Duchess  56.10  20.00  
  Capsicum (sweet pepper)      
SED634  Sweet Pepper Neptune (1  g) 8.50 15.00  
SED699  Sweet Pepper Big Star  17.00  20.00  
SED965  Sweet Pepper Big Star (1 g) 34.00  40.00  
SED977  Sweet Pepper Big Star (1  g) 25.50  30.00  
SED978  Sweet Pepper Blue Star (1  g) 29.75  35.00  
SED989  Sweet Pepper Big Star (5  g) 114.75  135.00  
SED990  Sweet Pepper Blue Star (5  g) 153.00  180.00  
SED1029  Sweet Pepper Carmine Star (5 g) 139.00  160.00  
SED1030  Sweet Pepper Trim Star (5  g) 139.00  160.00  
SED1031  Sweet Pepper Brilliant Star (5  g) 139.00  160.00  
SED1045  Sweet Pepper Red Star (1  g) 41.00  45.00  
SED1098  Sweet Pepper Red Star (250  g) 9,134.00  9,590.00  
SED1099  Sweet Pepper Blue Star (250  g) 9,134.00  9,590.00  
SED2000  Sweet Pepper Blue Star (1  g) 37.00  40.00  
SED2001  Sweet Pepper Big Star (250  g) 6,850.00  7,200.00  
SED2002  Sweet Pepper Yellow Star (250  g) 9,134.00  9,590.00  
SED2003  Sweet Pepper Yellow Star (1  g) 37.00  40.00  
  Hot pepper (Chili)      
SED764  Hot Pepper Antillas  5.10 6.00 
SED802  Hot Pepper Hab anero  (1 g) 8.50 10.00  
SED914  Hot Pepper Red Air (1  g) 17.00  20.00  
SED930  Hot Pepper Chivalry (200  g Tin)  2,745.50  3,230.00  
SED1040  Hot Pepper Yellow Jamaican (1  g) 9.00 10.00  
SED1054  Hot Pepper Tornado (5  g) 136.00  160.00  
SED2026  Hot Pepper Chivalry (1  g) 29.50  30.00  
SED2043  Hot Pepper Big Sun 1  g 12.00  15.00  
  Parsley      
SED680  Parsley Moss Curled (5  g) (NEW)  8.50 10.00  
SED809  Parsley Plain (5  g) (NEW)  12.75  15.00  
SED1072  Parsley Moss Curled (100  g) 96.41  100.00  
SED950  Parsley Moss Curled (100  g)  63.75  75.00  
SED968  Parsley Moss Curled (100  g)  97.75  115.00  
  Thyme      
SED1074  Thyme Ordinary (50  g) 353.00  390.00  
SED1075  Thyme Ordinary (25  g) 236.00  260.00  
SED2042  Thyme Ordinary (0.5  g) 12.00  15.00  
  Coriander      
SED2009  Favor (10  g) 4.00 10.00  
SED2010  Favor (400  g) 167.00  175.00  
  Spring Onions      
SED2011  Bunching Onion Miranda (500  g) 1,041.00  1,095.00  
SED2012  Bunching Onion Miranda (5  g) 10.00  10.00  
  Sweet Corn      
SED907  Sweet Corn Bright Jean  25.50  30.00  
SED908  Sweet Corn Super Gem (50  g) 25.50  30.00  
SED964  Sweet Corn Super Gem (500  g Tin)  420.00  485.00  
SED1050  Sweet Corn Shin Jean  32.00  35.00  
SED2025  Sweet Corn Bright Jean No.  2 (50  g) 43.00  45.00  
  Balsam Pear      
SED916  Balsam Pear Eternity (5  g) 85.00  100.00  
SED1019  Balsam Pear High Moon  35.00  40.00  
SED1020  Balsam Pear Moonlight  35.00  40.00  WT/TPR/S/433 /Rev.1  • Seychelles  
- 123 - 
  Code  Items  Cost price  Selling price  
SED2007  Balsam Pear Eternity (2 g) 43.16  45.00  
  Cauliflower      
SED863  Cauliflower Summers Day  34.00  40.00  
  Celery      
SED2038  Celery Plein Blanc Pascal (2  g) 10.00  15.00  
SED2041  Celery A Couper (1  g) 12.00  15.00  
  Radish      
SED981  Radish Koxinga 20  g 51.00  60.00  
  Okra      
SED2008  Okra Pure Luck (1  kg Tin)  2,283.00  2,400.00  
SED2023  Okra Pure Luck (5  g) 17.00  20.00  
  Bottle Gourd      
SED2030  Bottle Gourd Long Life (5  g) 69.00  75.00  
  Sponge Gourd      
SED807  Sponge Gourd (5  g) 25.50  30.00  
  Fertilizer      
FER120  Ammonium sulphate (kg)  8.50 10.00  
FER130  Calcium Nitrate (kg)  17.00  20.00  
FER136  Triple Super phosphate (kg)  12.75  15.00  
FER150  Peat Moss  508.56  535.00  
FER151  (12:12:17) Germany  26.54  28.00  
FER153  Hydroponics mix (kg)  43.75  45.00  
FER154  Bio rock (kg)  7.84 8.50 
FER155  Bio Ganic (kg) (Bounce Back)  6.78 7.50 
FER156  Bio Ocean (kg)  8.95 9.50 
FER157  Bio Ocean All Purpose (5  kg) 32.13  34.00  
FER158  Bio Ganic All Purpose (5  kg) 28.44  30.00  
FER159  N.P.K (13:13:20) Fast Release  17.66  20.00  
FER160  Potassium Sulphate (kg) (NEW)  30.93  39.00  
FER161  MAP (Monoammonium Phosphate) kg  33.30  38.00  
FER162  Triple Super phosphate (kg)  22.96  30.00  
FER163  Urea (kg) 46% NEW (only pkt per 1  kg left)  19.75  21.00  
FER164  Welgrow  (kg) Rs400 per bag (10  kg) 35.00  40.00  
FER165  N.P.K (15:15:15) – Slow Release  22.50  25.00  
FER166  Calcium Nitrate (kg)  24.76  25.00  
  Insecticide      
INS229  Delta-Thrin (Decis) Ltr NEW  211.44  225.00  
INS232  Cyprine Ambush (ltrs)  155.06  165.00  
INS233  Citrunil (Ltrs) pou karya/termites  933.72  935.00  
INS235  Bio-Jaal (Ltrs)  332.88  335.00  
INS237  Affirm (leaf -miner)  1,111.62  1,170.00  
INS238  Laser (100  ml) 1,567.67  1,650.00  
INS239  Laser (250  ml) 3,762.40  3,950.00  
INS240  Fastac 100 SC (Ltr) NEW  720.91  795.00  
INS241  Cartap 50 SP (Suntap) KG NEW  536.30  565.00  
INS242  Cypermethrin (Ambush) Ltr NEW  176.52  205.00  
INS243  Dicarzol (25  g) NEW  69.50  75.00  
INS244  Agromectin 018EC (Vertimec) NEW Ltr  180.56  210.00  
INS245  Cyromazine (Trigard) (25  g) 25.16  30.00  
INS246  Delta 7 WP (35  g) 103.76  115.00  
INS247  Dipel (Thuricide) (25  g) 43.52  45.00  
INS248  Lastraw (Ltrs)  252.45  265.00  
INS249  Bio-Jaal (Ltrs) NEW  345.45  365.00  
INS250  Neem Baan (Ltrs)  717.48  755.00  
  Herbicide      
HER136  Round up ( Ltr) 118.58  125.00  
HER040  Gramoxone  180.00  190.00  
HER141  Servian 75 WC (50  g) 264.11  290.00  WT/TPR/S/433 /Rev.1  • Seychelles  
- 124 - 
  Code  Items  Cost price  Selling price  
  Other Chemicals      
OCL056  Rat blocks (250  g) 21.25  25.00  
OCL057  Snail pellets (kg) Rs 40 per kg  35.34  40.00  
  Agricultural Equipment      
ARE212  Large Poultry drinker  182.75  215.00  
ARE213  Poultry feeder  191.25  225.00  
ARE236  Small Poultry drinker  135.00  155.00  
ARE237  Pig Nipple Drinker  117.00  130.00  
  Miscellaneous      
MRQ212  Poly pots 7.5 x 7.5 x 7.5 cm  1.70 2.00 
MRQ213  Shade -cloth (per mtr) 40% (Green)  57.55  65.00  
MRQ214  Shade -cloth (per mtr) 30%  51.00  60.00  
MRQ227  Poly pots 6 x 6 x 6 cm  1.28 1.50 
MRQ256  UV Plastic 3.5  m (per metre)  54.82  65.00  
MRQ257  Nursery Plastic bag (Large)  2.13 2.50 
MRQ258  Nursery Plastic bag (Large)  2.34 2.75 
MRQ260  Shade -cloth (per mtr) 60%  76.44  85.00  
MRQ261  shade -cloth (per mtr) 80%  82.43  90.00  
MRQ262  Nursery bag N3 1.25  L (NEW)  0.28 1.00 
MRQ263  Nursery bag N4 2.5  L (NEW)  0.71 1.50 
MRQ264  Nursery bag N6 7.5  L (NEW)  1.54 2.00 
MRQ265  Nursery bag N7 9  L (NEW)  1.60 2.25 
MRQ266  Nursery bag N8 11  L (NEW)  2.61 3.00 
MRQ267  Greenhouse Foil (300 MICRON) 50 x 6.5  M 117.83  125.00  
  Fungicides      
FUG078  Nimrod/Milcurb  412.25  485.00  
FUG079  Copper Liquid  170.00  200.00  
FUG081  Benlate (100  g) 29.75  35.00  
FUG082  Previter (ltr)  680.00  800.00  
FUG094  Copper Oxychloride (200  g) 46.75  55.00  
FUG102  Dithane (200  g) 45.21  45.00  
FUG105  Rovral (Ltr)  575.92  575.00  
FUG106  Dithane M -45 (200  g) 22.26  25.00  
FUG107  Wettable Sulphur (kg)  120.00  135.00  
FUG108  Bravo 720 SC (Ltr) NEW  419.61  440.00  
FUG109  Benomyl (Benlate) (100  g) NEW  42.31  50.00  
FUG110  Copper Oxychloride (200  g) NEW  52.28  60.00  
  Growth Regulator      
GRE051  Soft Wood  277.17  305.00  
GRE052  Hard Wood  277.17  305.00  
GRE053  Potassium nitrate (kg)  33.60  35.00  
Source:  Information provided by the authorities.  
 
   
  WT/TPR/S/433 /Rev.1  • Seychelles  
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Table  A4.2 Seychelles' bilateral air transport services agreements/arrangements, 2022  
No. Partners  Agreement  Initialled  Signed  Status  Freedoms  
1 Abu Dhabi  MoU .. 22 May 2012 MoU signed in 2012  1,2,3,4  
2 Australia  ASA/MoU  5 December  2017 .. MoU signed in 2013, 2017  1,2,3,4  
3 Austria  MoU/Full ASA  18 November  2014 5 May 2017 Operational effect  1,2,3,4,5*  
4 Azerbaijan  AM/ASA  6 December  2017 .. ..  .. 
5 Bahamas  Full ASA  8 December  2016 13 December  2018 Operational effect  1,2,3,4  
6 Bahrain, Kingdom of  Full ASA  20 November  2014 .. Operational effect. Supplemented by MoU signed in 1982, 2014  1,2,3,4,5*  
7 Belarus  Full ASA  4 December  2019 .. MoU signed in 2017, 2019  .. 
8 Belgium  Full ASA  22 October  2015 .. Operational effect. Supplemented by MoU signed in 1996, 2015  1,2,3,4  
9 Botswana  Full ASA  21 November  2014 .. MoU signed in 2014  1,2,3,4,5*  
10 Brazil  Full ASA  12 December  2013 19 May 2015 Operational effect  1,2,3,4,5*  
11 Bulgaria  Full ASA  20 October  2015 .. MoU signed in 2015  1,2,3,4,5*  
12 Cabo Verde  Full ASA  16 June 2014 16 June 2014 Operational effect  1,2,3,4,5*  
13 Cambodia  Full ASA  18 September  2014 16 October  2014 Operational effect. Supplemented by MoU signed in 2014  1,2,3,4,5*  
14 Cameroon  Full ASA  7 December  2016 .. Operational effect. Supplemented by MoU signed in 2016  1,2,3,4,5*  
15 Canada  Full ASA  7 December  2016 .. Operational effect  1,2,3,4  
16 Chile MoU 14 December  2018 .. MoU signed in 2018  .. 
17 Colombia  Full ASA  11 December  2018 .. MoU signed in 2018  .. 
18 Comoros  Full ASA  8 July 2014 23 August  2014 Operational effect  1,2,3,4,5  
19 Côte d'Ivoire  Full ASA  21 October  2015 .. MoU signed in 2015   
20 Curacao (Netherlands)  Full ASA  19 October  2015 .. MoU signed in 2015 1,2,3,4,5*  
21 Cyprus  Full ASA  3 December  2019 ..  .. .. 
22 Czech  Republic  Full ASA  1 December  2012 9 June 2016 Operational effect  1,2,3,4  
23 Denmark  Full ASA  20 October  2015 ..  .. 1,2,3,4  
24 Dominican  Republic  Full ASA  11 December  2019 .. Operational effect  .. 
25 Dubai  MoU 1 July 2012 .. MoU signed in 2012  1,2,3,4  
26 Egypt  MoU 18 November  2014 18 December  2014 MoU signed in 2014  1,2,3,4,5*  
27 Eswatini  Full ASA  11 December  2013 ..  Operational effect, supplemented by MoU of 2013  1,2,3,4  
28 Ethiopia  Full ASA  26 August  2014 .. MoU signed in 2011  1,2,3,4,5*  
29 Finland  Full ASA  20 November  2014 30 September  2016 In force  1,2,3,4,5*  
30 France/Reunion Island  Full ASA  15 June 2017 .. MoU signed in 2017  1,2,3,4,5  
31 Ghana  Full ASA  11 December  2019 .. MoU signed in 2018  .. 
32 Greece  Full ASA  20 November  2014 13 December  2018 In force  1,2,3,4,5*  
33 Guyana  Full ASA  4 December  2019 .. MoU signed in 2019  .. 
34 Hong Kong, China  Full ASA  30 October  2012 24 June 2013 In force  1,2,3,4,5  
35 Iceland  Full ASA  10 December  2012 .. MoU signed in 2012  1,2,3,4  
36 India Full ASA  16 September  2014 26 August  2015 In force  1,2,3,4  
37 Israel  Full ASA  29 October  2015 ..  .. 1,2,3,4,5*  
38 Italy Full ASA  26 February  2015 1 April 2016 In force  1,2,3,4,5  
39 Jamaica  Full ASA  7 December  2016 10 December  2018 In force, Supplemented by MoU of 2016  1,2,3,5*  
40 Jordan  Full ASA  1 December  2013 .. MoU signed in 2013  1,2,3,4,5  
41 Kenya  Full ASA  13 December  2013 13 December  2018 In force  1,2,3,4,5  
42 Korea, Republic of  Full ASA  19 November  2016  ..  .. 1,2,3,4,5*  
43 Kuwait, State of  Full ASA  11 December  2012  .. MoU signed in 2012  1,2,3,4  
44 Luxembourg  Full ASA  12 November  2018 ..  Not in effect, Supplemented by MoU of 2018  1,2,3,4,5*  
45 Madagascar  Full ASA  25 April 2014 ..  Not in effect, supplemented by MoU of 2014  1,2,3,4    
  WT/TPR/S/433 /Rev.1  • Seychelles  
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No. Partners  Agreement  Initialled  Signed  Status  Freedoms  
46 Malawi  Full ASA  .. ..  In force  1,2,3,4  
47 Malaysia  Full ASA  .. ..  Not in effect  1,2,3,4,5  
48 Maldives  Full ASA  .. ..  Operational effect, supplemented by MoU of 2001  1,2,3,4  
49 Mali Full ASA  13 December  2018 ..  Operational effect, supplemented by MoU of 2018  1,2,3,4  
50 Mauritius  Full ASA  31 October  2014 ..  In force, supplemented by MoU of 2014  1,2,3,4  
51 Mexico  MoU 8 December  2016 8 December  2016 MoU of 2016  1,2,3,4  
52 Morocco  Full ASA  10 December  2012 ..  Operational effect, supplemented by MoU of 2012  1,2,3,4  
53 Mozambique  Full ASA  12 December  2018 ..  In force  1,2,3,4,5  
54 Namibia  Full ASA  12 December  2013 ..  Operational effect, supplemented by MoU of 2013  1,2,3,4,5  
55 Netherlands  Full ASA  12 December  2013 ..  Operational effect, supplemented by MoU of 2013  1,2,3,4,5*  
56 New Zealand  Full ASA  18 November  2014 29 September  2015 In force  1,2,3,4,5*  
57 Nigeria  Full ASA  7 December  2016 ..  Operational effect, supplemented by MoU of 2016  1,2,3,4  
58 Norway  Full ASA  20 October  2015 ..   .. 1,2,3,4  
59 Oman  Full ASA  .. ..  Supplemented by MoU of 2017  1,2,3,4  
60 Paraguay  Full ASA  5 December  2019 ..  Operational effect, supplemented by MoU of 2019  1,2,3,4  
61 Philippines  Full ASA  23 August  2017 ..  Operational effect, supplemented by MoU of 2017  1.2.3.4  
62 Poland  Full ASA  12 December  2018 ..  Operational effect, supplemented by MoU of 2018  1,2,3,4  
63 Portugal  Full ASA  21 October  2015 ..  Operational effect, supplemented by MoU of 2015  1,2,3,4  
64 Russian  Federation  Full ASA  19 October  2015 ..  In force, supplemented by MoU of 2015  1,2,3,4  
65 Rwanda  Full ASA  11 December  2012 13 December  2018 In force  1,2,3,4  
66 Saudi Arabia, Kingdom of  Full ASA  11 December  2013 13 December  2018  .. 1,2,3,4  
67 Senegal  Full ASA  5 December  2019 ..  In force, supplemented by MoU of 2019  1,2,3,4,5  
68 Serbia  MoU 19 October  2014 ..  Operational effect, supplemented by MoU of 2014  1,2,3,4  
69 Singapore  Full ASA  10 December  2012 ..  Operational effect, supplemented by MoU of 2012  1,2,3,4,5  
70 South  Africa  Full ASA  6 May 2013 ..  Operational effect, supplemented by MoU of 2013  1,2,3,4  
71 Spain  Full ASA  8 November  2014 ..  Operational effect, supplemented by MoU of 2014  1,2,3,4,5  
72 Sri Lanka  Full ASA  19 April 2013 30 June 2013 In force  1,2,3,4,5*  
73 Sweden  Full ASA  20 October  2015 ..   .. 1,2,3,4  
74 Switzerland  Full ASA  25 July 2013 13 December  2018 In force  1,2,3,4,5*  
75 Tanzania  Full ASA  10 December  2013 ..  Operational effect, supplemented by MoU of 2013 1,2,3,4  
76 Türikye  Full ASA  1 December  2012 ..  In force  1,2,3,4,5*  
77 Uganda  MoU 21 November  2014 ..  Operational effect, supplemented by MoU of 2014  1,2,3,4,5,6  
78 United  Kingdom  Full ASA  11 January  2011 ..  Operational effect, supplemented by MoU of 2017  1,2,3,4,5  
79 United  States  Full ASA  1 December  2012 7 December  2015 In force  1,2,3,4,5  
80 Viet Nam Full ASA  28 August  2013 28 August  2013 In force  1,2,3,4  
81 Yemen  Full ASA  1 December  2012 ..  Operational effect, supplemented by MoU of 2012  1,2,3,4  
82 Zimbabwe  Full ASA  .. 12 March  2019 In force  .. 
.. Not available.  
Note:  *in some of the agreements/arrangements means not full freedom applies.  
Source:  Information provided by the authorities . 
 
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