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Newsletter | Articles SEYCHELLES FORMS 10,000th IBC With the imminent enactment of the International Corporate and rustee Service Providers Bill, regulation in the Seychelles is likely to be significantly modernised and simplified with a commensurate improvement in professional standards. The Ministry of Finance and the Central Bank have also announced that consultations have begun with experts from the IMF with a view to modernising the Financial Institutions (Banking) and the Central Bank Acts. It is reported that the numbers of both local and foreign service providers applying for licences continue to increase. The Government also has a policy to encourage foreign offshore practitioners with incentives and suitably qualified foreign attorneys will be admitted to the Seychelles Bar to conduct offshore related work. In his 2003 Budget Address Vice President and Finance Minister James Michel praised the efforts of corporate service providers and SIBA - the Seychelles International Business Authority - in developing the industry which saw a 40% increase in incorporations and registration of the 10,000th IBC. "It is one of my aims to see that, in years to come, the offshore sector really becomes one of the three pillars of the Seychelles economy", he said. He went on to say that the enactment of the Companies (Special Licences) Act, the Limited Partnership Act, the Protected Cell Companies Act and the Interactive Gambling Act will provide international investors with a wider choice of tax efficient vehicles and alternative solutions to their business problems. The Double Taxation Agreement network is developing, with DTAs ratified with China, Indonesia and South Africa and signed with Thailand and Zimbabwe. Negotiations have been concluded with Russia, Vietnam, Malaysia, Oman and Egypt and are in progress or planned with 12 other countries.