Investment Promotion Act
Act 21 of 1994
- Commenced on 1 January 1995
- [This is the version of this document at 30 June 2012 and includes any amendments published up to 30 June 2014.]
1. Short titleThis Act may be cited as the Investment Promotion Act.
2. InterpretationIn this Act—"agricultural and marine resources investment" means an investment in an enterprise for agricultural or marine based resources but does not include an enterprise engaged in the processing of agricultural and marine based resources;"capital investment" includes land, plant, machinery, buildings, furniture, assets and vehicles of an enterprise but does not include vehicles for the transport of passengers unless transport of passengers is the principal activity of the enterprise;"enterprise" means an industry, project, undertaking or business;"export oriented unit", in relation to an investment, means an investment other than tourism development investment, in which—(a)not less than 50 per centum of the annual turnover of its products or the services, as certified by an auditor, is directly exported;(b)the total proceeds of the exports, as certified by an auditor, are remitted to Seychelles in foreign currency; and(c)not less than 50 per centum of the remittances under paragraph (b), as certified by an auditor, is converted into the currency of Seychelles;"general category" means an investment other than an export oriented unit or a special growth area;"industrial and manufacturing investment" means an investment in an enterprise for any construction activity or for the transformation of raw materials imported to or originating in Seychelles into finished products and includes an investment in an enterprise for transformation of agricultural or marine based resources into finished products by a chemical, mechanical or any other process;"investor" means an existing or a potential investor;"operating equipment", in relation to a hotel or restaurant, means equipment specified by the Minister by notice published in the Gazette;"professional services investment" means an investment in an enterprise for supply of professional services arising out of special skills or knowledge but does not include tourism related services;"raw materials" means direct materials identifiable in the finished product;"small scale industries investment" means any agricultural and marine resources investment or industrial and manufacturing investment in which—(a)the annual turnover does not exceed R 1,000,000;(b)the number of workers does not exceed 10;(c)capital investment does not exceed R 500,000; and(d)the enterprise is the sole enterprise of the investor and is managed by the investor;"special growth area" is an investment in any of the activities specified in Part I of the Schedule for such period and subject to such conditions as may be specified in the certificate;"throughputs" means all consumables other than raw materials and includes fuel specified in Schedule 4 of the Trades Tax Regulations, 1994 or any other Regulations replacing those Regulations;"tourism development investment" means an investment in an enterprise connected with any of the activities specified in Part II of the Schedule.
3. Certificate of approval
4. Categories of investmentsThe certificate of approval shall be in such form as may be approved by the Minister and shall be granted for one or more of the categories of investments specified in Part III of the Schedule.
5. Concessions and incentives
6. Minister may call for information
8. RulesThe Chief Justice may make rules for the purpose of appeals under section 3(5) or section 5(6) and for specifying fees payable in respect of such appeals.
History of this document
01 January 1995