Beneficial Ownership (Amendment) Act, 2022 has been enacted with effect from 30 December 2022 which replacing the original The Beneficial Ownership Act, 2020 for the purpose of ensuring the on-going compliance with international standards.
Key amendments under the new Act:
Addition information on the Register of Beneficial Owners (“RBO”)
The RBO has been updated which includes the national identification number or equivalent (if any) and tax identification number or equivalent (if any) of each beneficial owner, by 30 December 2023.
Identify and verify the identity of BO
The documents about the process of identifying the verifying the identify of BO such as the notice and confirmation are required to maintain at the registered office and file to Government Database together with the RBO.
Period of filing declaration of BO
Under the new act, the period of filing the declaration of BO is extended from 14 days to 21 days.
Registrable Legal Persons (“RLP”)
When a listed company or a licensed registered agent is considered as a beneficial owner of the Seychelles company, the particulars of the RLP must be entered in the RBO.
When you are updating the RBO, please make sure the RBO of your Seychelles Companies is prepared in the format under new Act. For further details about the RBO requirement, we will keep clients informed upon receiving any updates from the Seychelles FSA.
Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
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Beneficial Ownership (Amendment) Act, 2022 has been enacted with effect from 30 December 2022 which replacing the original The Beneficial Ownership Act, 2020 for the purpose of ensuring the on-going compliance with international standards.
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