On 1st December 2016, a new International Business Companies Act, 2016 came into effect in Seychelles. The new Act is a comprehensive rewrite of the IBC Act 1994 aimed at modernising Seychelles company law and further enhancing Seychelles status as a international business and financial centre.
(1)A company incorporated under this Act shall at all times have a registered office in Seychelles
(2)The directors of the company may change the address of the registered office of the company, which change shall be notified to the Registrar.
The major changes, amongst others, include the following provisions:
1Every company will be required to keep a beneficial ownership register at the registered agent’s office in Seychelles.
2. All companies will be required to file with the Registrar a copy of the register of directors
· within 3 months after the date of incorporation of a company if the company was incorporated after the amendments came into force
· within 12 months after the amendments came into force if the company was incorporated before the amendments came into force
The filed register of directors will be made publicly accessible after two years following the entry into force of the amendments.
In the case of any change or changes in directorship a company has to file with the Registrar a copy of its updated register of directors within 30 days after the change or changes took place.
If a company or its director knowingly permits contravention of the above condition, both shall be liable to a penalty fee of US$500 and to an additional penalty of US$50 for each day or part thereof during which the contravention continues.
3. The penalty fee for failure to keep registers of directors and members are increased to $500 and $50 per day thereafter. We would like to remind you that all registers must be kept at the registered agent’s office in Seychelles.
4. All companies must file an annual return by way of a declaration not later than on 31 December of each year after the year in which it was incorporated. A copy of an annual return is attached hereto.
If necessary, the full text of the amendment in English can be sent to you.
For our part, we will do everything possible to prevent these innovations from affecting your further work with your clients in the case of new incorporations as well as company renewals.
We will be glad to answer your questions!