The publication of the directors of an offshore IBC company of the Seychelles was withdrawn
Renewal of the IBC Act 2016
In a possible renewal and extension of the IBC Act 2016, a new subsection, of Section 152, required companies registered in Seychelles to file a list of directors. They had until 1 December 2018 to comply. This list of directors would then be publicly available.
In addition, another subsection of the, Section 152 also required a private register, for official use only, containing a list of the beneficial owner(s). However, this subsection was very controversial.
Pressure from start-up agencies in Seychelles
The offshore sector protested against this subsection and the argument was made that many companies registered in Seychelles would simply move to other jurisdictions after the implementation of the subsections of Section 152. The Seychelles government was initially unimpressed by the rebuttals, pointing out that a public register of company ownership would quickly become a regulatory requirement in all jurisdictions worldwide. However, this remains not the case and only a limited number of jurisdictions have introduced this measure.
For Seychelles to continue to have a strong, unrestricted offshore financial sector that all founders and beneficial owners can rely on, this change had to be prevented. The former Member of the National Assembly and since 26.10.2020 acting Vice President of Seychelles, Mr. Ahmed Afif recognized this and proposed to suspend the relevant subsections of Section 152 with immediate effect.
The recommendation went to the National Assembly. and an amendment was passed on November 30, 2018.
Signature by the President
President Danny Faure then signed the amendment to the country's International Business Act 2016 on 19 December 2018. This was to continue to protect the confidentiality of offshore companies registered in Seychelles.
However, international companies registered in Seychelles are still required by law to keep a register of their directors, but at the registered office while filing a copy with the Registry.
The previous measure that details were available for public inspection, in the register of directors, has been removed.