International Trade Zone (Amendment) Act, 2019

[27th December 2019] Supplement to Official Gazette 171

[Coat of Arms]

INTERNATIONAL TRADE ZONE (AMENDMENT)
ACT, 2019

(Act 17 of 2019)

I assent

[Signature]

Danny Faure
President

26th December, 2019

AN ACT to amend the International Trade Zone Act (Cap 277).

ENACTED by the President and the National Assembly.

1. This Act may be cited as International Trade Zone (Amendment) Act, 2019. Short title

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172 Supplement to Official Gazette [27th December 2019]

Amendment of Cap 277

2. The International Trade Zone Act is hereby amended as follows —

(a) in section 6 —

(i) by inserting after subsection (3) the following subsection —

"(3A) The Authority shall not issue a licence unless it is satisfied that the applicant —

(a) meets the minimum level of initial investment for a business as specified by the Authority;

(b) has arrangements for employing a sufficient number of persons to carry out the business;

(c) has arrangements for maintaining a permanent physical office or premises in Seychelles.";

(ii) by repealing subsection (4) and substituting therefor the following subsection —

"(4) The holder of the licence shall be entitled to the concessions specified in the licence provided that the holder of the licence meets substantial activity requirements as may be prescribed.";

(b) by repealing in section 11(1) the words "with the prior approval of the Minister responsible for Finance,";

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[27th December 2019] Supplement to Official Gazette 173

(c) by repealing in section 14(2) the words "in paragraphs 5 and 9" and substituting therefor the words "in paragraphs 2, 4, 5, 8 and 9".

I certify that this is a correct copy of the Bill which was passed by the National Assembly on 18th December, 2019.

[Signature]

Mrs. Tania Isaac
Deputy Clerk to the National Assembly