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The Beneficial Ownership (Amendment) Act, 2022 (the “Amendment Act”) came into effect from 30 December 2022 aims to ensure Seychelles' continued compliance with international standards as mentioned in earlier article. Highlighted further the key change whilst Guidelines from the Seychelles FInancial Services Authority ("FSA") will still be in the process to be updated in due course.
Rention Period Every Seychelles entity (including those have been struck off) must keep its Register of Beneficial Owner (RBO) during its lifetime.
The entity must also keep its RBO and some associated information with its RA in Seychelles for at least 7 years. A similar retention period is imposed on registered agents for entities that are dissolved or cease to exist or continue outside Seychelles.
An entry relating to a former beneficial owner may be removed from the RBO after 7 years from the date on which that person ceased to be a beneficial owner.
The amendments will ensure that Seychelles remains in compliance with international standards especially with those under the Financial Action Task Force (FATF).
Those who uses Seychelles BC should take this into account whilst operating their businesses.
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Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
