356 Register of beneficial owners

(1) Subject to subsection (3), every company shall keep at its registered
owners
office in Seychelles a register to be known as a register of beneficial
owners, and enter in it the following information —

(a) the name, residential address, date of birth and nationality of each
beneficial owner of the company;

(b) particulars of each beneficial owner‘s beneficial interest and how
it is held;

(c) the date on which a person became a beneficial owner of the
company; and

(d) the date on which a person ceased to be a beneficial owner of the
company.

(2) A company shall ensure that the information required by subsection (1)
to be kept in its register of beneficial owners is accurate and up-to-date.

(3) Subsection (1) shall not apply to a listed company.

(4) The register of beneficial owners may be in such form as the directors
may approve but if it is in magnetic, electronic or other data storage form,
the company must be able to produce legible evidence of its contents.

(5) An entry relating to a former beneficial owner of the company may be
removed from the register after 7 years from the date on which that person
ceased to be a beneficial owner of the company.

(6) The register of beneficial owners is prima facie evidence of any matters
which are by this Act directed or permitted to be inserted in it.


(7) A company that contravenes subsection (1) or (2) shall be liable to a
penalty fee of US$500 and an additional penalty fee of US$50 for each
day or part thereof during which the contravention continues.

(8) A director who knowingly permits a contravention under subsection (1)
or (2) shall be liable to a penalty fee of US$500 and an additional penalty
fee of US$50 for each day or part thereof during which the contravention
continues.