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Seychelles is a potential jurisdiction which has the well-performing economic status with the GDP keep consistently growing over the past few years. The country’s economy is well-known for its financial industry. But recently we have observed huge chances increasing in exporting and importing service when these factors have become a big contribution to the country’s development. For that, Seychelles exports and imports (or foreign trading) has become an appealing opportunity for global businesses and investors consider landing their investment here in the country.
For more information about imports and exports in Seychelles, you can read the below information. Further details and consultancy about how to open an offshore company in Seychelles to grasp these opportunities can be provided by professional company formation agents.
Seychelles exports and imports at a glance
Despite being an insular state located in the Indian Ocean with population just under 100,000 people, the Archipelago of Seychelles is very open to trade with trading relations all over the world. Moreover, the country has become a member of COMESA (The Common Market of East and South Africa) and of the WTO since 2015 so there are no boundaries on Seychelles exports and imports ability.
According to OEC (Observatory of Economic Complexity), Seychelles was the number 163 economy in the world in terms of total imports. There was a time when Seychelles imported 90% of the food it consumed. Now with the attempts to develop the agricultural foundation, with a focus on locally created goods and indigenous materials, Seychelles can lightly decrease its dependence on importing agricultural products.
Taking a look at the variety of commodities on the Seychelles market, we can now have a list of Seychelles main imports: The top imported product is Recreational Boats which amounted to $466M in 2020 (according to OEC). Refined Petroleum comes after which is worth $179M. The overall number of imported products is roughly 3,4209, with 162 nations contributing.
Seychelles main imports and partners
In terms of Seychelles main imports’ countries, the United Arab Emirates, France, Spain, the United Kingdom, and South Africa are among the most prominent partners. If you are in any countries or jurisdictions that can take advantage of Seychelles import businesses, opening an offshore company in Seychelles is a must to consider. One IBC consultant can provide information on the key import procedures that should be followed when bringing products into Seychelles from various countries around the world.
While being ranked 163rd in total imports, Seychelles was the number 150 in terms of overall exports. Due to its specific economy and conditions, Seychelles imports in number outweighs the exports, however, the industry keep its export in stable development when we take a look at these Seychelles major exports:
Three-quarters of exports are from prepared or preserved fish, accounting to 76,3% of total. Petroleum oils followed after with 7,2%. In the past few years (literally in 2018), motorboats were among Seychelles major exports with the value of 212,590 million USD.
Seychelles major exports and partners
The top clients of Seychelles exports see some of the same partners in import industry, France (35.9% of total exports), the United Kingdom (21.9%), Italy (9.7%), the United Arab Emirates (7.8%), and Germany are Seychelles' most important customers (6.3%) (according to Comtrade, Latest Available Data).
Opportunity in Seychelles exports and imports
Understanding the proper paperwork is critical for efficient import and export operations. The documentation may differ based on the country of origin or destination in many circumstances. The documentation may need to be created differently to meet the import or export country's criteria.
Moreover, to start providing services in Seychelles exports and imports legally, you should own a company here. So if you are a foreign investor, the first thing you need to do is successfully set up an offshore company in Seychelles.
Local and foreign investors must first need to research and be well-aware of the process of registering a business in Seychelles in order to engage in import and export activities in the Seychelles. One of the most popular structures among foreign investors looking to set up business in Seychelles is the anonymous company.
An offshore company's registration in Seychelles will be conducted in accordance with the Company Law, but further processes, such as VAT registration, will be required. Because Seychelles has strong trade ties with the EU, enterprises based here will be required to obtain EORI numbers when importing and exporting goods from EU countries.
All trading operations related to Seychelles exports and imports are accomplished based on the Revenue Commission for different customs processes. Import and export of commodities into and out of the Seychelles will be performed using particular documentation that must accompany the products. Bills of lading, certificates of origin and value, packing lists, and special certificates in the case of certain product categories are all required. Companies also have to apply for import and export permissions for each operation that they carry out.
Setting up an offshore company engaging in Seychelles exports and imports is not too difficult, however, working with a professional agent can fasten and secure your process.
Professional agent in company formation to engage in Seychelles exports and imports
One IBC with extensive practical experience can provide you with any advice on incorporating in Seychelles and more than 27 jurisdictions worldwide. We commit to bringing top quality service under a professional and reputable business platform that you can entrust your investment decisions to.
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