Posted by As an update, Regulation 13 (defined below), came into force on 1 October 2024. You may refer to the commencement notice published in the Seychelles gazette. The Financial Services Authority of Seychelles has further issued a Circular to clarify the new obligations under Regulation 13.
In this communication, we highlight the new obligations under Regulation 13 pertaining to the annual review of legal entities’ Beneficial Ownership (“BO”) information and submission of a Declaration of Compliance.
New Annual Review Obligation by Legal Entities
Regulation 13 requires all Seychelles legal entities to review and verify their BO information and ensure it is up to date and accurate at least once per calendar year and submit a Declaration of Compliance, with effect from 1 January 2025.
The annual review must be undertaken 3 months prior to the anniversary of a legal entity’s date of registration in the Seychelles (“the Review Period”), with a signed Declaration of Compliance to be supplied to its Registered Agent by no later than 1 month after the entity’s anniversary date.
Please note that any Seychelles entities that fail to comply with the new obligations within the prescribed timelines may result in fines or penalties and lead to the eventual striking off of their entity.