March 27, 2009

The Republic of Seychelles, better known as the Seychelles islands, is the latest nation bankrupted by the global crisis—in response to which it is promoting itself as an 'offshoring' destination.

Banks, particularly, have embraced the trend to use workers in less expensive labor markets off shore, and offshoring is one of the few areas of business expected to thrive in reaction to the crisis.

The Seychelles, an upscale tourist destination in the Indian Ocean has seen its staple, tourism, shrink, as consumers cut back on travel.

As an offshoring destination it offers no corporate tax, no minimum capital requirements, only one shareholder or director required per company, and an annual licensing fee of just $100.