Upcoming Changes for International Business Companies

Seychelles is moving forward with reforms to the International Business Companies Act that will introduce new requirements for International Business Companies (IBCs).

The principal changes include the following:

1. Public Access to Directors’ Information

The names of the current directors of IBCs will become publicly available through the Financial Services Authority (FSA).

Based on the information available to date, this access is expected to be provided through a Certificate of Official Search, rather than through the establishment of a separate public register of directors.

2. Disclosure of Nominee Directors

   
   

Companies that use nominee directors will be required to disclose:

• the nominee director status; and

• the identity of the person who nominated or appointed the director (nominator).

Existing structures that use nominee directors will be required to comply with the new requirements during the applicable transitional period.

3. Appointment of the First Director

The period for appointing the first director of a newly incorporated IBC will be reduced from nine months to 30 days from the date of incorporation.

What Happens Next?

Certain aspects relating to the practical implementation of the new provisions remain pending the corresponding guidelines, forms and operating procedures of the Financial Services Authority.

CLD LEGAL will continue to monitor the implementation of these reforms and will inform its clients of any action that may be required with respect to their IBCs in Seychelles.