Seychelles beneficial ownership database Act, 2020 (“BO Act”) came into force on 28 August 2020 along with the Beneficial Ownership Regulations (“BO Regulations”) imposing new requirements on Seychelles Legal Persons and Legal Arrangements (“Entities”).
Seychelles beneficial ownership database / Under the provisions of the BO Act:
- Legal Persons are companies including overseas companies, associations, international business companies, protected cell companies, special license companies, partnerships, and foundations.
- Legal Arrangements are resident trustees of international trusts and general partners of limited partnerships.
BO Act | Seychelles beneficial ownership database
The BO Act makes provisions for a secure centralized, but not public, Seychelles beneficial ownership database (“FIU Database”) maintained by the Seychelles Financial Intelligence Unit (“FIU”), accessible only by authorized Governmental bodies in Seychelles.
The FIU has recently launched the database for resident agents to input information of Beneficial Owners (“BO”) of Entities by 1 May 2021.
The information to be input in the FIU Database is that declared by the BO through the Declaration of Seychelles Beneficial Ownership Database (“Declaration of BO”), which Entities had to comply with by 31 January 2021, pursuant to section 18 of the BO Act; including the obligation to maintain an updated Register of Beneficial Owners (“Register of BO”) which consolidates the information of all known BOs for each entity as declared in the Declaration of BO.
OMC Group strongly encourages clients who have yet to submit the Declaration of BO of all known BOs for each of their Entities, to do so as quickly as possible to ensure that the BO information of their Entities is successfully uploaded onto the FIU Database by the prescribed deadline.
Clients who provide a Declaration of BO near the deadline, risk potential administrative penalties to their Entities for failure to comply with the provisions of the BO Act.
Entities that fail to maintain accurate and up-to-date information on their Declaration of BO and Register of BO, shall be liable to a penalty of SCR50,000 (approximately USD2,500 depending on the exchange rate).
In addition, every director or counselor, as the case may be, of Entities that fail to maintain accurate and up-to-date information on their Declaration of BO and Register of BO, shall also be liable to a penalty of SCR50,000 (approximately USD2,500 depending on the exchange rate).
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