Government's Financial Aid for Businesses in Seychelles [in response to Covid-19]

The Government of Seychelles has announced a set of measures to assist businesses in Seychelles, in view of the threat that the Covid-19 pandemic is posing. 

 

MEASURES IN PLACE FOR BUSINESSES IN SEYCHELLES

  1. Government will provide financial assistance to struggling businesses, to ensure that all employees are paid in April, May and June 2020.

  2. No redundancies will be approved by the Department of Employment during the period of April, May and June 2020.

  3. In exceptional cases, there will be a moratorium on loan repayments for a period of 6 months, for both interest and capital repayments.
    The 6-month moratorium is not automatic – Individuals and businesses are encouraged to approach their respective commercial bank, Development Bank of Seychelles and Seychelles Credit Union, to identify whether they are eligible for the 6-month moratorium and seek guidance on the required documentation that will need to be submitted in order to apply, should they be eligible. [Source: Central Bank of Seychelles, CBS]

  4. The Central Bank of Seychelles (CBS) has introduced a Credit Line Facility for the purpose of helping individuals and self-employed businesses in impacted sectors of the economy. The Credit Line Facility is being financed by CBS and will be managed by the commercial banks, Development Bank of Seychelles and Seychelles Credit Union. The Credit Line Facility is a complimentary mechanism to the measures being implemented by the Government of Seychelles.[Source: Central Bank of Seychelles, CBS]

  5. For the agriculture sector; Government will ensure that through the Seychelles Trading Company (STC), all produce will be bought (if the farmer wishes to sell to STC). Furthermore, Government has identified 14 plots of land that will be made available to the Farmer’s Association for further production.

  6. Interest rates for investment loans in agriculture or fisheries will be reduced to 1%.

  7. 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.

  8. Contributions that employers are required to make toward the Seychelles Pension Fund (the 3% on the salary of their employees for April, May and June 2020) will now be due in September 2020.

  9. Tax payments:
    All tax payments due in March 2020 are being postponed to September 2020.
    Corporate Social Responsibility Tax, Tourism Marketing Tax, and Business Tax payments for April, May and June 2020 are also being postponed to September 2020.
    Payments for all other taxes whose deadlines are in April, May and June 2020 will remain in place (i.e. they will be due in April, May and June 2020 respectively).

  

FINANCIAL ASSISTANCE FOR JOB RETENTION (FA4JR) SCHEME

The Financial Assistance for Job Retention (FA4JR) scheme is primarily intended to assist private businesses and non-governmental organizations which already submit a monthly payroll to the Seychelles Revenue Commission (SRC), regardless of how many employees they have. 

Applicants must be able to meet all of the following criteria:

  • Be able to explain how COVID-19 has caused significant disruption to its business activity
  • Prove a reduction in turnover of more than 25%
  • Be temporarily unable to pay normal salaries
  • Agree that no staff are to be made redundant

 

IS MY BUSINESS ELIGIBLE?

For a comprehensive guide of who qualifies and which type of assistance they should be applying for, please follow the flowchart below:

HOW DO I APPLY FOR FINANCIAL ASSISTANCE?

To apply for financial assistance, follow the steps below:

 

Step 1: Choose the correct application form

Form 1 - for employers/NGOs with one or more payrolled employee 

Form 2 - for self-employed business owners seeking financial assistance 

A full list of the supporting documents is available at the bottom of each application form.

Download supporting templates in PDF format here:

Annex A - 6 month cash flow projection

Annex B - List of Contracts

Hard-copy forms will also be made available from Tuesday 31st March onwards for collection from any of the following locations during normal office hours (Monday to Friday, 8am to 4pm): 

  • Ministry of Finance, Trade, Investment and Economic Planning, Liberty House, Victoria (ground floor at Security)
  • Ministry of Employment, Immigration and Civil Status, Independence House, Victoria
  • Seychelles Chamber of Commerce and Industry (SCCI) offices at Providence Industrial Estate
  • All District Administration (DA) offices in all districts around Mahe, Praslin and La Digue

For assistance in filling in the form, call the FA4JR Hotline on 282 82 62 (Monday to Friday from 8am to 4pm). In the event that there are issues that cannot be resolved over the phone, an appointment will be arranged.

 

Step 2: Submit your application

Email:       

Submit your signed and scanned application form with supporting electronic documents to This email address is being protected from spambots. You need JavaScript enabled to view it.

Collection Box:

Submit hard copy documents in a SEALED envelope addressed to:        

Financial Assistance for Job Retention Committee

Liberty House

Victoria

into any designated FA4JR collection box at the following locations:

 MAHE

  • Ministry of Finance, Trade, Investment and Economic Planning, Liberty House, Victoria (ground floor at Security)
  • All District Administration (DA) offices in all the districts around Mahe.

PRASLIN AND LA DIGUE

  • All District Administration (DA) offices in all the districts

The eligibility of or the extent of assistance will be determined by the FA4JR Committee following the review of your full application form and all documentation you have submitted. 

 

Step 3:  A decision is made

Your form and documentation will be passed on to the FA4JR Committee, who will review your application in conjunction with the documents you have provided. Based on the established criteria, a decision will be made. You will be informed of the decision via email, advising you of the next steps.

 

FREQUENTLY ASKED QUESTIONS (FAQs)

FA4JR - FAQ - Full list of FAQs

 

FOR FURTHER ASSISTANCE

Call the FA4JR Hotline on 2 82 82 62 for advice or email your query to This email address is being protected from spambots. You need JavaScript enabled to view it. 

Visit http://www.finance.gov.sc/view/34 for more information. 

 

 

 

 

 

 

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