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Important Information

Important changes in the corporate legislation in the Seychelles


05/12/2016

Important changes in the corporate legislation  in the SeychellesOn July 26th, 2016 the Seychelles National Assembly approved the International Business Companies Act, 2016; this is legislation which regulates the registration and operation of International Business Companies (IBCs). The legislation came into force on November 1st, 2016. The new corporate legislation includes many elements which will also affect existing companies. It is worth highlighting two of these:

Register of Beneficial Owners (internal). With the exception of public companies and their subsidiaries, all companies are required to ensure that a record of the beneficial owners of the company is available in the company’s registered office. Registers of Directors and Shareholders also have to be available in the registered office.

Requirements regarding the Register of Directors. According to earlier regulation, the Register of Directors could be held anywhere in the Seychelles, as the director saw fit. In accordance with the new legislation the Register of Directors must be available in the company’s registered office. The Register of Directors must include the name(s) of the director(s), residential address and date of appointment/resignation/removal.

Furthermore, the Register of Directors must be filed with the Registrar of Companies. The document will only be publicly available, however, 2 years after the date of filing. The Register of Directors must be filed with the Registrar of Companies within one year of the law coming into force. The initial filing will be free of charge, while companies will be charged for filing any subsequent amendments or changes.

 

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