Karl joined the FSA within the International Trade Zone Section in 2010, now currently known as the International Trade Zone and Hire Purchase Section, which has given him a diverse experience in the field. He started as a junior staff within the section and gradually moved to senior positions, and is presently the Director of the section. Over the years he has acquired significant knowledge, experience and skills in the industry and has also undergone courses and trainings in the field of Compliance, AML and International Finance and Administration. In his role as Director, he ensures that proper licensing is being done and compliance is being maintained by all their licensees in line with the respective legislations.

International Trade Zone and Hire Purchase

The Seychelles International Trade Zone came into force on the 1^st July 1995, upon the enactment of the Seychelles International Trade Zone Act, 1995 (“ITZ Act”). The Act empowers the Financial Services Authority (“FSA”) to license, regulate and supervise all operations of the designated Zones in Seychelles as mandated by the ITZ Act and the Financial Services Authority Act, 2013. 

The ITZ Section is structured into two units, the “Licensing Unit” and the “Supervision Unit” which are responsible for the licensing and supervision of all ITZ licensed companies operating in Seychelles. The Licensing Unit evaluates all new applications and issues ITZ licenses, whilst the Supervision Unit ensures that licensees comply with the ITZ Legislations and any other applicable Legislations in the Seychelles.

Additionally, the section also regulates employment matters within the ITZ and facilitates the processing of immigration matters. The processing of employment grievances lodged by employees and/or employers of ITZ licensed companies are conducted as per the International Trade Zone (Employment) Regulations, 1997.   

To conclude, the ITZ is also a member of the World Free Zones Organization (WFZO) which is a non-for-profit body that provides one authoritative and collective voice representing the interests of free zones around the globe.