The Economic Needs Test (ENT) is a process as enacted in the Third Schedule of the SI 71 Seychelles Investment (Economic Activities), under the Seychelles Investment (Economic Activities) Regulations of the Seychelles Investment Act 2010.
The ENT process evaluates and determines whether the proposed economic activities are able to fill a gap in a particular sector, by allowing foreign investments.
2. The ENT Committee
The ENT process is administered by the ENT Committee.
The ENT Committee does not approve economic activities, but rather evaluates and makes recommendations on their suitability to the local economy, as well as the merits of being undertaken by a foreigner. These are based on the ENT criteria.
It is to be noted that while the ENT Committee assesses the merits of an economic activity, the investor will be required to follow the appropriate licensing and certification processes.
The Seychelles Investment Board (SIB) acts as the Secretariat to the ENT Committee, to process applications, compile statistics, keep records and convey the decisions of the Committee to the foreign investor.
3. The ENT Procedure
Project Submission
Your Project Memorandum
and other documents will be
submitted to the ENT
Committee on your behalf by
SIB
Presentation and Q&A
You will be required to present
the details of your Project
Memorandum to the
Committee and answer any
questions that may arise
Evaluation of Project
The Committee will evaluate the economic activities based on ENT criteria
Project Outcome
You will be informed of the Committees’ decision on the outcome of your project by SIB
4. The ENT Criteria
Your Project Memorandum will be evaluated based on the following criteria and scored. The pass mark is 75%.
Criteria
Provision of New Products or Services
Does the product or service have good international repute, with the potential of bringing brand recognition to Seychelles? Is the product or service considered a novelty; that is, it is currently not available locally?
Innovativeness of the Products or Services
How innovative is the product or service? Does it bring better solutions that meet existing or new market requirements? E.g. Online payment platforms.
Economic and Environmental Sustainability
Does the product or service bring substantial benefit to Seychelles? What is the value of the investment and what is its impact on the economy? What is the investor’s educational background in relation to the proposed economic activity? Does the economic activity have a positive environmental impact?
Introduction of Cutting-Edge Technology
Does the economic activity promote the use of science and technology, leading to improved technological know-how (e.g. online stock control system), efficiency and productivity?
Employment Opportunities for locals
Does the economic activity have the potential to create employment and attract skilled labour?
Following the latest public health advisory, the SIB office will remain closed to the public until January 28th 2021.
SIB remains firmly committed to assisting all our investors. Our dedicated team is available virtually to process your projects and assist you with any queries.
We invite you to contact us on:
T: +248 2 815 500 or +248 2 615 500
WhatsApp: (+248) 261 55 00
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