Information about certain important changes in the work of companies in Seychelles

Dear Colleagues and Partners,

We inform you about the changes to the Law on International Business Companies that will be adopted in the near future. The approximate date for the entry into force of the law is December 1, 2016.

The most important changes, among other things, include the following provisions:

- Each company will have to maintain a register of beneficial owners in the office of the registration agent in the Seychelles.

- All companies will be required to provide the Registrar with a copy of the register of directors. If the company is registered after the new amendments, then this action must be performed within three months, if the company was registered before the changes, then it is given 12 months for the foregoing. The provided register of directors will be made public within two years after the amendments come into force. In the event of changes in the composition of directors, the company must provide the registrar with a copy of the updated register of directors within 30 days from the date of the above change. If the company or its director knowingly violates the above condition, both are charged with a fine of 500 US dollars and an additional penalty of $50 for each day, or part of the day, of the existence of the violation.

- All companies must file an annual return in the form of a declaration no later than December 31 of each year when it was registered.

If necessary, the full text of the amendments in English can be additionally sent to you. For our part, we will do everything possible to ensure that these innovations do not affect your further work, both in the case of new incorporation, and when renewing companies.

We will be happy to answer any possible questions!