Financial Assistance

The Government of Seychelles has announced its support for businesses during these unprecedented times that we are in, through the following measures:

 

Financial Support

 

The Central Bank of Seychelles [CBS] and Seychelles Bankers Association has introduced moratorium on loan repayments for a period of up to 3 months for individuals and up to 6 months for businesses, on interest and/or capital repayments, and debt restructuring measures.

 

The moratorium and debt restructuring measures are not automatic – Individuals and businesses are encouraged to approach their respective commercial bank, Development Bank of Seychelles (DBS) or Seychelles Credit Union (SCU) to identify whether they are eligible for assistance and seek guidance on the required documentation that will need to be submitted for application purposes, should they be eligible.

 

Individuals and businesses wishing to extend their moratorium period will need to contact their respective bank, DBS or SCU for an assessment of their requirements and financial position, where assistance will be considered on a case-by-case basis. 

 

Read more on the Moratorium and Debt Restructuring Measures 

[Source: Central Bank of Seychelles, CBS].

 

Credit Line Facilities

The Central Bank of Seychelles (CBS) has made available two credit line facilities for a total value of SCR 1,250 million to assist private sector businesses impacted by COVID-19 under two respective schemes, as follows:

  

 

Find out more here.

In November 2020, CBS announced that both facilities were extended for another 6 months.

[Source: Central Bank of Seychelles, CBS]

 

Interest Rates for Agriculture and Fisheries

 

Interest rates under the Agriculture Development Fund and Fisheries Development Fund have been reduced to 1%. Businesses and individuals should contact the Development Bank of Seychelles (DBS) for more information.

Small Business Support Fund

 

The Small Business Support Fund (SBSF) was set up to assist businesses registered in Seychelles in getting finance to help them survive the economic difficulties that have risen due to COVID-19.

 

Key Features

 

  • Maximum loan amount of SCR 100,000
  • The government guarantees 100% of the loan, no security needed
  • Interest-free with a 12-month moratorium
  • Maximum repayment period of 3 years, exclusive of the 12-month moratorium for the principal amount of the loan taken.

 

Loan Eligibility

 

The following criteria is used to determine loan eligibility:

 

  • 100% Seychellois ownership
  • Trading or commercial activity
  • Annual Turnover of SCR 2 million or less on average, each year for the past two years
  • Established before 1 March 2020
  • In operation, profitable and neither in bankruptcy, liquidation or similar
  • Adversely affected by COVID-19

 

Find out more about the Small Business Support Fund.

 

Apply online through the portal. 

Financial Assistance for Job Retention

 

The Financial Assistance for Job Retention (FA4JR) scheme was launched in 2020 to assist businesses and non-governmental organisations financially in light of the COVID-19 pandemic and its effect on the economy. 

 

The FA4JR online portal is now open until Monday 25th January 2021 for businesses that have received FA4JR assistance for their December 2020 payroll and need to submit details of any downward payroll amendments.

 

The following points should be noted:

 

  • Only businesses with employees not on the January 2021 payroll compared to the December 2020 payroll, should submit payroll amendments.
  • Businesses whose January 2021 payroll is the same as that of December 2020, do not need to submit anything.
  • All amendments are to be submitted through the online portal only link: https://mof.egov.sc/fa4jrsubmissions
  • The online portal is currently open only for submission of downward payroll amendments.
  • The deadline for submission of all payroll amendments is Monday 25th January 2021.

FA4JR procedures for 2021 will be announced soon, and the online portal will be updated to reflect any amendments in procedures.

Contact hotline 190 or email This email address is being protected from spambots. You need JavaScript enabled to view it. for queries.

Read the full press release here.

[Source: Ministry of Finance, Economic Planning and Trade]

Public Utilities

 

Following Government’s decision to maintain the electricity tariff for the public sector, the commercial sector will also benefit from a reduction of more than 25 cents per unit on their electricity tariffs.

Rent Collection

 

The Ministry of Finance, Trade, Investment and Economic Planning has announced that it will waive the collection of July 2020 rentals for tourism-related businesses operating on Government property.

 

In view of reduced operations as well, with the opening of the country to commercial flights, the rental of August to December 2020, Government will provide a reduction in rent from 50% to 75%, depending on the type of businesses.

 

The government entities collecting rentals from businesses are Enterprise Seychelles Agency (ESA), the Seychelles Heritage Foundation (SHF) and the Industrial Estates Authority (IEA). The respective Boards of these Government entities will determine eligibility.

 

Find out more

[Source: Ministry of Finance, Trade, Investment and Economic Planning]

Redundancies

 

As per the Employment (Amendment) Act, 2020, businesses are able to apply for redundancy, subject to the following:

 

  • The business has stopped operating completely or partly
  • The operation of the business is suspended entirely or partly
  • The business is reorganizing itself so that it is more streamlined
  • As a result of new technology, the business needs less workers

 

Section 2 - 51A and 81A refer to the provisions and modalities on redundancy.

[Source: Ministry of Employment, Immigration & Civil Status]

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Following the latest public health advisory, the SIB office will remain closed to the public until January 28th 2021.
 
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