Regulatory Alerts2021-01-01
Foundations (Amendment) Act, 2021
Issued by the President and National Assembly of Seychelles, this Act amends the Foundations Act (Cap 270) to redefine the Registrar as the Financial Services Authority and mandate that registered agents preserve foundational and accounting records for at least seven years. Foundations must now prepare annual financial summaries within six months, lodge accounting records bi-annually if kept abroad, and maintain electronic copies at their registered offices. The legislation introduces streamlined court and administrative restoration procedures for struck-off or dissolved entities, imposes penalties up to US$10,000 for non-compliance, and requires all foundations to meet these updated record-keeping obligations within six months of the Act's commencement.