The legislation governing Seychelles international business companies is currently set out in the International Business Companies Act, 1994. This is to be replaced by the International Business Companies Act, 2016, which will come into force on 1 December 2016.
There are some significant changes to the regime and our detailed note on the new Act can be found here. The more important changes include:
the requirement to keep and maintain an internal register of beneficial owners. This register need not be filed with the Registrar; and
the obligation to file the company’s register of directors with the Registrar.
In both cases, companies in existence on 1 December 2016 will have 12 months in which to comply with these requirements.
We will release further blogs in the coming weeks in respect of particular aspects of the new Act.
We believe that the new Act is an important development for the Seychelles enabling it to meet FATF standards and bringing it into closer line with other comparable jurisdictions.