Regulatory Alerts2018-01-01
International Business Companies (Amendment) Act, 2018
The President and National Assembly of Seychelles enacted the International Business Companies (Amendment) Act, 2018 to modernize the regulatory framework for incorporated business companies. The legislation expands permitted operational activities to include banking, insurance, securities, mutual funds, and gambling while mandating that companies deriving assessable income in Seychelles notify the Registrar within one month and file annual returns with annexed documents. Non-compliance triggers a US$100 base penalty plus US$25 per day, with annual return filings set at a fixed US$50 fee, and the amendments commence on 1 January 2019.
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