On 15 June 2012 the Seychelles International Business Authority ("SIBA") issued the first ever securities exchange licence to a company in the Seychelles, Trop-X (Seychelles) Limited ("Trop-X").
The legal foundation for the securities exchange was laid with the passing of the Securities Act 2007. In April 2011, Trop-X submitted a proposal to SIBA and, with the full support of the Government of Seychelles, the Ministry of Finance, Trade and Investment and the backing of the Central Bank of Seychelles, the securities exchange has now become a reality. The exchange will provide the platform for public companies and entrepreneurs to access affordable and sustainable global capital pools whilst empowering the Seychelles financial services sector. Through its world-class rules and regulations, Trop-X aims to be attractive to both regional and international investors and issuers seeking high-quality, low-cost access to finance.
Trop-X will run a multi-asset, multi-currency international exchange platform and will launch three equities boards, each attracting companies at different stages of their growth cycle, in the final quarter of 2012.
- The Venture Capital (VCAP) board will focus on venture capital companies wishing to raise up to US$10 million.
- The Small and Medium Enterprises (SME) board is aimed at companies seeking to raise up to US$35 million.
- The main board is for companies seeking to raise over US$35 million.
A bonds and repos board and a listed derivatives board will follow during the course of 2013 which will contribute to the growth of the capital market activities in Seychelles.
Various sectors of the Seychelles economy are set to benefit directly from the new securities exchange including the already well established corporate, trust and fund administration services sector as well as the banking, accounting, auditing, investments services and corporate legal advisory sectors. Seychelles Finance, Trade, and Investment Minister, Pierre Laporte commented that "The launch of the Stock Exchange in Seychelles is much awaited. It will be an important milestone toward the modernisation of our financial system and our economy as a whole. I have no doubt that this initiative will bring substantial benefits to Seychelles".
The Seychelles Government works closely with the islands international business community to develop laws & regulations that will enhance the business environment in Seychelles. Similarly, the landing of the fiber optic submarine cable will provide maximum bandwidth, with full redundancy, to the Island, enabling Seychelles to accommodate rapidly growing global electronic commerce and communication services.
Seychelles is a truly offshore financial center. Located in the Indian Ocean, the Island is ideally situated between the major trading and manufacturing channels of Asia, Europe and Africa, allowing Seychelles to offer a unique platform for investment into these key global areas.
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