Regulatory Alerts2025-01-01
International Business Companies (Amendment) Act, 2025
The President and National Assembly of the Republic of Seychelles enacted this Act to amend the International Business Companies Act, 2016 by imposing strict compliance obligations on nominee members. Nominee members must submit status declarations and updated identity details to their companies within 21 days of appointment or any changes, while companies are mandated to retain these records for seven years and may restrict voting rights or cancel interests of non-compliant nominees. The legislation introduces fines of up to US$10,000 and imprisonment terms of one year for false declarations or non-compliance, with existing nominee members required to align with the new rules by 15 July 2025.
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