Regulatory Alerts2024-01-01
International Business Companies (Amendment) Act, 2024
The President and National Assembly of Seychelles enacted the International Business Companies (Amendment) Act, 2024 to modernize corporate registration and governance frameworks for International Business Companies. The legislation empowers registered agents to update registered office address particulars without physical relocation, mandates the transfer of incorporation documents and financial records to new agents within thirty days under a US$10,000 penalty, and clarifies the striking off, dissolution, and restoration timelines for companies. By amending twenty-four sections of the principal 2016 Act, including nominee definitions and beneficial ownership registers, the law ensures streamlined compliance while requiring pre-existing companies to adopt the updated provisions within twelve months.