Appleby acted as Seychelles counsel to African Development Bank in its €8.4m loan to Seychelles Cable Systems Company Limited and the associated security package, for the development of the Seychelles Eastern Africa Submarine Cable System.

Several updates have been provided in recent months, regarding the new Seychelles International Business Companies Act, 2016 (the Act).

Another jurisdiction which has recently entered into the foundations market is the Seychelles, which enacted the Foundations Act 2009 (the "Act") in December of that year.

The projects are two of the largest investments made in the Seychelles Islands and generally reflect growing Middle Eastern investments in the Indian Ocean.

Seychelles is one of the most popular offshore jurisdiction, with favourable business regulations, a prosperous economy and a stable political situation.

Fundamental changes to the IBC regime in Seychelles are imminent with the enactment of the new IBC Act 2016 (New Act).

The Seychelles offer a stable legal environment to investors who wish to conduct efficient and confidential offshore businesses. Its legal system is based on a mixture of English Common law and French Civil law.

The Mutual Funds and Hedge Fund Act, 1998 was brought into law in the Seychelles with a view to creating an investment fund regime that is designed to be both relatively "light touch" in its regulation at the same time as protecting the interests of investors depending on their level of market experience.

The Seychelles’ statute law on companies is contained in the Companies Ordinance, 1972 (Companies Ordinance) which was modelled on the old UK Companies Act.

The Seychelles offer a wide variety of financial services, including offshore banking, investments and insurance.

The following amendments have been made to the IBC Act:

This Guide is concerned exclusively with limited partnerships formed under the Seychelles’ Limited Partnerships Act, 2003.