Seychelles is a beautiful group of islands located in the Indian Ocean. Over the years, Seychelles has received a lot of investments into and attention for its upcoming economy. It is divided into the Outer and Inner (Mahe, Praslin, La Digue, Silhouette Island, and Inner Corallines) islands. Tourism and fishing are two of the main sectors of this successful economy.
With technological advancements across the globe, Seychelles has made important developments to keep up with the rest of the world. Spanning across the East African Coast, fiber optic cables have been introduced to provide fast internet connection and efficient communication for everyone in Seychelles.
One of the most attractive elements of its economy is the Double Taxation Avoidance treaty established with countries such as China, South Africa, the UAE, and Oman. Seychelles has significant employable talent. Skuad can assist you in finding the best fit for your company. Talk to Skuad experts to learn more.
Overview of Seychelles
Seychelles has a population of over 98,000, according to the latest estimates. The majority of its population is situated in its capital, Victoria.
Indian, Chinese, and a minority population of French ethnic communities are found in Seychelles due to the influence of the British empire. Christianity is followed by most of the population, followed by Hinduism and Islam.
With an attractive business model that promotes fairness and transparency, Seychelles has quickly attracted a lot of investors and businesses to be a part of its developing economy. It has the second-highest gross domestic product (GDP) per capita in Africa, making it a worthy contender against other countries, especially after the challenges posed by the COVID-19 pandemic. Fisheries, agriculture, and information technology (IT) are a few of the upcoming sectors in Seychelles that promise to provide vast employment opportunities.
Gross Domestic Product (GDP): USD 1.12 billion (2020)
Seychelles is a developing but high-income economy. It ranks 62nd on the Human Development Index (2018), and the rate of unemployment (3.7% in 2017) is steadily dropping. It exports a good amount of fishery and petroleum products to countries such as the UAE, France, UK, Germany, and Italy. Two-thirds of its labor force is employed in public sector ventures.
Internet Speed and Connectivity
About 58.77% of Seychelles’ population uses the internet. Many bars, restaurants, hotels, and cafes provide internet access. The average internet speed is 3195.70 Kbps. The main internet service providers are Intelvision, Kokonet, and Atlas.
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Talent in Seychelles
Seychelles is ranked number one in Africa on the Human Development Index (2019) and is the third for the Mo Ibrahim Index of African Governance.
Victoria, located on the island of Mahe, is the capital of Seychelles. Fishing is one of the major industries in Victoria, with a focus on tuna fishing and canning. Botanical gardens, towers, and bustling markets are among the many attractions found in Victoria. The top job roles across different sectors in Victoria are,
- Sales Executive,
- Director of Sales and Marketing, and
- Training Manager.
Beau Vallon is the epicenter for most of the tourist infrastructure in Seychelles. The Beau Vallon beach is one of the most popular beaches on the island that attracts many tourists all year round. With activities such as snorkeling and diving, the tourism sector is crucial to this region. There are plenty of opportunities in the hotel management and the bioeconomy sectors.
Main Industries and Top Skills
The government has incorporated important policies that help the country achieve its financial goals. With partnerships between the public and private sectors, there are multiple opportunities for local or global investors.
The Seychelles Financial Services Authority is the authoritative figure to regulate non-banking financial services; this establishment is vital for the overall supervision and licensing of non-banking services in Seychelles. The establishment of the Financial Services Authority has led to Seychelles becoming one of the fastest international business company (IBC) registrars in the world.
With the guidance and cooperation of the Seychelles International Business Authority, offshore financial services are closely monitored to maintain certain professional standards for drawing out fiscal advantages.
With the latest trends revolving around crypto-currency, Seychelles has incorporated plans to incorporate the newest technology to make use of these opportunities, promoting even more interest amongst investors.
Top Skills Required For Financial Services:
- Market awareness
- Analytical skills
- Communication skills
- Customer service
Seychelles has taken advantage of its 115 islands to promote and build its tourism sector and stand out against the rest of the world. The Ministry of Tourism in Seychelles aims to break its previous record of 384,201 tourists in 2019 by preparing to welcome 405,000 tourists by 2021. The pandemic has delayed these plans; yet, the tourism sector continues to grow because of the economic promises made by attractive business models.
To combat COVID-19, the Seychelles Department of Tourism has actively collaborated with the Public Health Authority to organize seminars and sessions to train their employees to adhere to health regulations. These initiatives have given basic information to both global and local businesses, making Seychelles safer for tourism.Hilton, Kempinski, and Four Seasons are among the hotel chains that have realized the potential of the country. Further, with more global investors planning to take advantage of Seychelles’ tourism sector, growth opportunities have multiplied exponentially.
Top Skills Required in the Tourism Sector:
- Time management
Information Communication Technology
Seychelles has quickly adapted to the technological advancements happening across the world; this has been evident through its investments in the deployment of IT. It has stayed resilient to stand out amongst its neighboring countries, and now, it has the third-highest mobile phone penetration rate in Africa.
This sector continues to grow with various opportunities opening in cybersecurity, data centers, wireless technology, and multimedia development. Seychelles has adopted modern global practices to take advantage of this sector, with customer development as its driving force.
The Department of Information Communication Technology has drawn up important plans to better implement the latest technologies in every industry. The Central Bank of Seychelles and the Department of Finance are two of the major collaborative stakeholders to make technology, both hardware and software, easily accessible to a wide group of individuals.
Top Skills Required in the ICT Industry:
- Cloud computing
- Data analytics
- Data science
One of the important lessons taught by the ongoing pandemic is the importance and preservation of nature and its elements. Since Seychelles is a cultural and tourist hub, it has always stayed accountable to protect and preserve its environment.
The measures taken by Seychelles have been well integrated with technology to use surrounding elements and provide sustainability for the near future. The department of Blue Economy was established with these goals in mind.
The economic vulnerability has played a huge role in driving this industry toward sustainability and higher GDP from the marine sectors. Seychelles is striving to fight against climate change, and it has welcomed innovative solutions to find sustainable models to bring a shift, providing high-value jobs and investment opportunities.
Through the Blue Economy sector, Seychelles plans to explore natural resources such as oil, aquaculture, and eco-tourism.
- Biotechnology research
- Port services
- Maritime legal services
- Renewable energy development
When a country has so much talent to offer, it becomes tricky to hire the right set of people for your team. Skuad can help you find, hire, and manage excellent local talent and make expansion in Seychelles a hassle-free task.
Cost of Living: City-wise
The cost of living in Victoria, Seychelles is considerably inexpensive compared to metropolitan cities such as Paris, Sydney, and Frankfurt.
The average budget for top regions in Seychelles is,
- 23,512.30 SCR/month for two (excluding rent) (USD 1581.25) in Victoria
- 10,902.42 SCR/month for two (excluding rent) (USD 733.21) in Beau Vallon
- 17,734.04 SCR/Month for two (excluding rent) (USD 1192.65) in Mahe
Cost of Renting
The banking, energy, healthcare, and education sectors receive frequent raises.
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Salary Structure For Various Roles in Seychelles
Learn more about the salary structure in Seychelles by talking to Skuad experts.
Employment Laws in Seychelles
The Employment Act is the primary legislation that sets the terms and conditions for both employers and employees. A written contract is legally required, except for a contract regarding casual work. Employee compensation, benefits, and termination are crucial factors that must be mentioned.
The Employment Act is notably clear on the protection of employees; however, if the employee has been negligent or dishonest, the employer is well within their rights to deduct wages. The employees are also entitled to employee benefits, according to the Employment Act, until their lawful termination.
Further, as per the Employment Act, an employer is prohibited from harassing their worker. The employer cannot discriminate against a worker based on their age, gender, race, color, nationality, or religion.
An employee may terminate their contract by serving notice.
- Casual worker: One-day notice
- Casual worker on probation: Seven-day notice
- A worker except for a non-Seychellois worker: One-month notice
Although the labor legislation in Seychelles is more straightforward than in other countries, handling international legalities and taxation requires expertise. Skuad’s EOR solutions for Seychelles can help expand your business while adhering to the tax legislation, labor laws, and contracts.
How Can Skuad Help You in Hiring in Seychelles?
Financial services, tourism, IT, and Blue Economy are key sectors in which to invest in Seychelles. With opportunities opening up in various niche subsectors, Seychelles is a hub for new ideas and economic progress.
Skuad’s digital HR platform takes care of all critical aspects of business expansion, such as sourcing and vetting talent, onboarding, global digital contracts, managing payroll, compliance, and tax filing. We have a dedicated team of experts working for you across time zones and delivering excellent results. This allows you to focus on the business side of things without worrying about the detailed and complex hiring process. For more information, connect with Skuad experts and book a demo.