Appleby, the leading global offshore legal, fiduciary and administration service provider, has opened an office in the Republic of Seychelles. Appleby is the first international law firm to open in the country and the new office provides clients with greater access to the fast-growing emerging markets in Africa, Asia and India. The office is located in the Seychelles’ capital Victoria.
Appleby, recently announced its merger with law firm Dickinson Cruickshank in the Isle of Man, which will create the world’s largest offshore law firm by partner numbers. The firm will have ten offices in key offshore and major financial centres worldwide and a total staff of over 800 including 73 partners.
Malcolm Moller, Managing Partner of Appleby’s Mauritius office, played a key role in establishing the office, and will serve as the Managing Partner in the Seychelles. The firm’s incorporated entity in the Seychelles, Appleby Corporate Services (Seychelles) Limited, will offer corporate and trust administration services.
The firm has also announced that Conrad Benoiton, Chairman of the Seychelles International Business Authority, Director General – Securities and Financial Markets, Central Bank of Seychelles and the former Executive Chairman and Director of Air Seychelles, will become Managing Director of Appleby Corporate Services (Seychelles) Limited. Mr. Benoiton is credited with the creation of the Seychelles first regulatory body SIBA, in 1995. In addition the new office will be staffed by two further lawyers and a support team.
The office will focus on investment into the emerging African, Asian and Indian markets. Institutional clients are looking to establish efficient investment structures created through a well-placed, independent sovereign country with a network of double taxation treaties. The Seychelles, with a population of 85,000, has a highly literate English and French speaking workforce and created the first regulatory body for its offshore industry in 1995, the Seychelles International Business Authority (SIBA). Whilst tourism and fisheries are the mainstay of the Seychelles economy, SIBA has successfully established the foundation for an international financial centre which both diversifies the economic base and stimulates inward investment. The Seychelles has entered into 11 double taxation treaties, including with China and Indonesia, and is on the OECD “white list”.
Commenting on the new office Malcolm Moller said: “This is a significant opportunity for both Appleby and the Seychelles as we will offer world-class legal, fiduciary and administration services from the Seychelles to international clients and to businesses based in the islands. We believe our presence in this fast growing jurisdiction will complement our Mauritius office and, as the first international law firm to open here, we will be well positioned to offer our clients sophisticated offshore services for investment in the African, Asian and Indian markets. In addition, our global resources and reputation will further assist the growth of international business in the Seychelles.”
Michael O’Connell Managing Partner of the Jersey office concludes: “Our driving strategy is to be the leading provider of legal, fiduciary and administration services in the offshore world. Our entry into the Seychelles market provides even greater resources and choice to our clients. With two offices in the Indian Ocean we offer unique access to emerging markets in Africa and the Asian sub-continent, reinforcing Appleby’s position as the first choice for clients in the offshore sector.”
For further information, please contact:
Michael O’Connell, Managing Partner – Jersey
Simon Worsey, Head of Marketing – Jersey