Seychelles prepares to say good bye to Bearer shares

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17.01.2014The Seychelles has a proposed amendment to the International Business Companies Act 1994, this comes on the back of the OECD’s review, the amendment is due to be sanctioned within the next few weeks. The most significant changes come in the form of the abolition of Bearer Shares which still exists despite many other jurisdictions already eradicating them. Once the amendment goes through all Bearer Share certificates shall be annulled and re-issued within a period of six months, any that are not re-issued within this time will rendered as void. Other amendments include a declaration to the registered agent from the company stating:
Accounting records are maintained by the company and those records are available from the registered agent,
The share register is complete and accurate and is held by the registered agent.
The penalties for non-compliance are an immediate fine of $100 USD with a $25USD per day thereafter, with similar fines being incurred by the Director/s for permitting the breach of the regulations.