Government launches new Loan Scheme to support local businesses wanting to register their IP internationally
September 13, 2024
A new loan scheme designed to support the international registration of IP rights for Micro Small and Medium Enterprises and other relevant businesses in Seychelles is to be launched on 1st October, 2024.
The initiative is the first of its kind in the country, which aims to foster innovation, safeguard creators' interests, and enable Seychellois-owned businesses to access global markets.
The funding scheme is open to all Seychellois or majority Seychellois owned MSMEs and startups that holds IP protected nationally and are registered business entities with a valid business license and Tax Identification Number (TIN).
Objectives of the Scheme:
- Facilitate Regional and International IP Registration
- Cultivate Innovation and Creativity
- Enhance Access to Global Markets and
- Drive Sustainable Economic Development
The maximum loan under this scheme is R500,000.
The IP Loan Scheme will be managed by the Development Bank of Seychelles.
The launch of this IP Loan Scheme is a direct response to concerns raised by key partners, during a series of workshops in April 2023, to commemorate World Intellectual Property Day, where they highlighted the significant financial barriers associated with international registration.
The Ministry of Finance, National Planning, and Trade is confident that this scheme will play a pivotal role in encouraging Seychellois businesses to protect their intellectual property on a global scale, thereby contributing to the nation's economic development.