Seychelles IBC Act 2016: Action for all companies required
The requirement to file and maintain a list of Directors and Beneficial Owners for all Seychelles companies or International Business Companies “IBCs” registered under the International Business Companies Act 2016 has been introduced to as a way to increase the transparency of all Seychelles international businesses for tax and money laundering purposes
Going forward, all IBCs must file their Register of Directors with the Registrar and comply with their obligations regarding Beneficial Owners at their earliest convenience or within 18 months of the commencement of the act. Any Seychelles companies that are classified as IBCs are now required to take reasonable steps to identify any influential individuals involved within the business.
Due to requests to extend the transition period to allow smaller businesses to adhere to the new regulations; the Seychelles Registrar introduced the IBC (Amendment) Bill 2017 which lengthened the 12 month timeframe to 18 months; so companies will have extra time to get their affairs in order.
Non-compliance of the reporting requirements requires the Registrar to impose penalty fees after the 31st May, 2018 (the extended date).
For any help with the reporting requirements, contact us, Eltoma has experts on hand to assist with any and all business related matters for Seychelles IBCs.
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