Regulatory Alerts2009-12-30
Added · Updated
International Corporate Service Providers (Amendment) Act, 2009
The President and National Assembly of Seychelles enacted the International Corporate Service Providers (Amendment) Act, 2009, to amend the International Corporate Service Providers Act, 2003. This Act introduces "foundation services" and "foundation services licences," expanding the scope of regulated activities to include the formation, registration, management, and administration of foundations. It also revises application and annual licence fees, updates licence duration and renewal processes, establishes minimum share capital requirements for foundation service providers, and strengthens the Authority's monitoring and enforcement powers with new penalties for non-compliance.