The Financial Services Authority (FSA) hereby notifies all legal persons and arrangements that Section 13 of the Beneficial Ownership (Amendment) Act 2023 (“BO Act”), regarding the periodic review of beneficial owners, will come into effect from October 1, 2024.
In addition to the obligation for every legal entity ("entity") to maintain accurate and up-to-date beneficial ownership information in the Beneficial Ownership Register, Section 13 of the 2020 Beneficial Ownership Act requires each entity to review and verify its beneficial owners at least once annually. This ensures that the information in the beneficial ownership register is accurate, up-to-date, and fully reflects the entity's beneficial ownership. Entities must conduct this review and verification at least once a year, within three months before their incorporation anniversary. After the review, they are required to submit a review declaration form to their registered agent in Seychelles within one month after the anniversary of their incorporation.
In light of this, compliance with Section 13 will apply to Seychelles company with anniversaries on or after January 1, 2025. Therefore, entities with anniversaries falling on or after January 1, 2025, must conduct the review and verification of their beneficial owners during the period from October 1, 2024, to December 31, 2024 (i.e., the 3 months before their corresponding incorporation anniversary).
Beneficial Ownership (Amendment) Regulation 2023 – Regulation 13
Any individual who becomes a beneficial owner or in case of any changes to the beneficial ownership must submit a beneficial ownership declaration to the Seychelles company within 14 days, and the Seychelles company must provide this information to the registered agent.
Failure to provide correct or timely updated beneficial ownership information in compliance with the regulations may result in a penalty of up to SCR 150,000.
EWO Consulting
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