Regarding recent key changes to the Beneficial Ownership Act in the Seychelles, further update from the Beneficial Ownership (Amendment) Regulations (“the Regulations”) were enacted on 28 April 2023.
Key updates in the Regulations
- Updated definition of a beneficial owner (“BO”):
- A natural person appointed as liquidator, administrator or receiver is no longer considered to be a BO (repeal of regulation 3(7)).
- In the case of a deceased shareholder, a natural person acting as executor/personal representative of the deceased’s estate is no longer considered to be a BO (repeal of regulation 3(9)).
- New declaration of BO template
As mentioned previously, all Seychelles entities are expected to submit additional information and an updated Register of BO, which includes the national identification number or equivalent (if any) and tax identification number or equivalent (if any) of each beneficial owner.
The Regulations also provide a new declaration of BO template in order to reflect the new requirements.
Please note that the new declaration of BO template (please click here) is to be adopted for all new incorporations and any subsequent changes in BO with effect from 28 April 2023.
- Introduction of new annual review obligation by legal entities
The Regulations underline the need by legal entities of a review and verification of their BOs for all Seychelles entities, at least once a year.
The annual review shall be undertaken within 3 months from a legal entity’s anniversary date (i.e. 3 months prior to its date of registration in Seychelles), with a signed declaration of compliance to be supplied to its Registered Agent at most 1 month after the entity’s anniversary date.
Please note that this new obligation has not yet come into force and further guidelines, including the template declaration of compliance, are yet to be released.
- Removal of the prescribed register of BO template
The template for the register of beneficial owners (“RBO”) is no longer prescribed by law, so long as it contains the minimum information as detailed under Regulation 12(a) and (b).