International business authority wins top award |08 February 2011

The Seychelles International Business Authority (Siba) won the Business Authority of the Year – Offshore award from the InterContinental Finance Magazine, for the first time.

This magazine gives over 90,000 readers the information to make informed decisions on which firms they would be wise to bring on board to help them in corporate matters.

Siba has thus taken its place among reputable firms worldwide such as KPMG Corporate Services, PricewaterhouseCoopers, Ernst & Young, Noble & Scheidecker, Grant Thornton UK, Maples & Calder, Investec and Walkers.

The award was officially handed over to the authority during its annual cocktail reception to reward the best international service providers, held recently at the Constance Ephelia Resort, Port Launay.

The ceremony was attended by former President James Mancham, chief justice Frederick Egonda-Ntende and Central Bank of Seychelles (CBS) governor Pierre Laporte.

Also there were Siba’s chief executive Steve Fanny and his staff, as well as representatives of various international service providers operating in Seychelles.

Mr Fanny said the authority has to improve its internal processes and level of professionalism to satisfy the demands and aspirations of the industry and its international clients.

“Capacity building is crucial if we are to remain in tune with the industry’s international norms of practice,” he said.

He added that Siba’s staff will soon be posted to leading jurisdictions, including the Isle of Man, for attachments. Such a move will allow employees to build on their existing skills and remain abreast of developments in the industry.

“Being in the offshore industry is both rewarding and challenging, and we are currently being confronted with the challenges of meeting the Organisation for Economic Cooperation and Development’s requirements,” said Mr Fanny.

Such requirements mean a greater level of transparency and a sound regulatory framework, and it is vital to take stock of what is happening in the international environment and rise to that challenge, he said.

He added that through direct dividends the authority has contributed R30 million to the government.

Speaking about the award, he said Siba’s work has impressed many, but other partners were involved in this success, including the CBS and Department of Finance.

The InterContinental Finance Magazine said Siba is well respected for its role in overseeing offshore business activities.

Other awards handed over during the ceremony went to Powerpoint Management (Seychelles) for being the international corporate service provider with the highest number of International Business Company (IBC) incorporations for the year 2010.

Intershore Consult (Pty) was the firm with the second highest number of IBC incorporations, followed by Apollo Business Solutions (Pty).

Mossack Fonseca & Co (Seychelles) was the service provider with the highest number of IBC renewals for last year, followed by ACT Offshore and Apollo Business Solutions.

And Sterling Offshore won the award for being the foundation service provider with the highest number of foundations registered last year.