Regulatory Alerts2011-01-01
ICSP (Amendment) Act, 2011
Enacted by the President and National Assembly of Seychelles, this legislation amends the International Corporate Service Providers Act, 2003 to establish a comprehensive licensing framework for corporate, trustee, and foundation service providers. It mandates annual licence fees, January compliance filings, and Authority-approved management agreements for managed providers while granting regulators explicit powers to inspect, suspend, or revoke licences based on fit-and-proper assessments. The Act enforces strict penalties and fines up to SCR 300,000 for contraventions or false declarations, updates tax exemptions, and requires licensees to maintain resident directors, client identification records, and business insurance.
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