Regulatory Alerts2021-01-01
International Business Companies (Amendment) Act 2021
The President and National Assembly of Seychelles enacted the International Business Companies (Amendment) Act 2021 to update corporate governance and compliance frameworks for registered entities. The legislation replaces escalating daily penalty charges with fixed caps of up to US$10,000 and permits ordinary resolutions for amending memoranda regarding registered offices and agents. It further clarifies director and agent delegation authorities, mandates written consent for new directors, expands valid authentication methods to exclude mandatory common seals, and authorizes companies to issue shares at a discount.
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