Beneficial Ownership Act, 2020 ("BO Act 2020")

Date：2021/04/18

Following the enactment of the Beneficial Ownership Act, 2020 (“BO Act 2020”), please be advised that all legal persons and legal arrangements, are hereby notified of the coming into force of the BO Act 2020.

 

For the purpose of the effective implementation of the provisions under the BO Act 2020, every IBC must ensure that its register of beneficial owners is updated to capture all persons falling within the scope of the new meaning of beneficial owner. One important feature of the definition is the reduction in threshold for identification of beneficial owners for legal persons from 25% (the IBC Act) to 10% (under the BO Regulations).

 

The BO Act 2020 also provides for the establishment and maintenance of registers of beneficial owners as well as a declaration of all legal persons and legal arrangements in Seychelles, and the said registers shall be filed in a centralized beneficial owner database with the Financial Intelligence Unit (FIU) and the deadline for the Registered agent to comply with same is 1st May, 2021.

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