Important Update: Changes in Beneficial Owner Information for Seychelles Companies.

As of January 2025, important regulatory requirements for Seychelles companies have come into force as specified in the Consolidated to 30th December 2022, Beneficial Ownership Act, 2020 (Act 4 of 2020). These changes relate to the notification and documentation of Ultimate Beneficial Owner (UBO) information.
 
1. Declaration of Beneficial Ownership Information
According to Section 10 of the Beneficial Ownership Act:

1. Every person on becoming a beneficial owner in relation to a legal person or legal arrangement shall submit a declaration of beneficial ownership in such form, as may be prescribed, within 21 days from the date of becoming the beneficial owner, to the legal person or legal arrangement, containing the registrable particulars relating to the person.
2. Upon receipt of the declaration of beneficial ownership, the legal person or legal arrangement shall, within 14 days:
   1. Furnish the registered agent with a copy of the declaration of beneficial ownership; and
   2. Update the register of beneficial owners based on the declaration or notice.

 
2. Notification of Relevant Changes in UBO Information
Any changes related to the Ultimate Beneficial Owner (UBO) must be communicated in writing within 21 days. Following receipt of this notification, registered agents will have 14 days to update the changes in the relevant registry.
For the purposes of this Act, a "Relevant Change" occurs if:

1. The person ceases to be a beneficial owner of the legal entity;
2. A change occurs due to an update in the particulars of the beneficial owner; or
3. The person becomes aware of an error or inaccuracy in previously provided details.

 
3. Consequences of Non-Compliance
If the UBO fails to notify of changes within the required period, they will be committing an offence and may be subject to the following penalties upon conviction:

1. Imprisonment for a term not exceeding 1 year;
2. A fine not exceeding SCR 150,000;
3. Or both penalties.

Additionally, further consequences as specified in the regulations may include:

1. Restrictions on the rights attached to the legal owner’s interest in the company;
2. Loss of any right to transfer or assign shares or other interests;
3. Loss of any right to payment due in respect of the legal owner’s interest;
4. Cancellation of the legal owner’s interest in the legal entity.

 
4. Documentation Requirements for UBO Changes
To ensure compliance, the following supporting documents must be provided when notifying of a change in UBO information:

• Change of Address: Updated certified proof of address.
• Change of Name or Surname: A duly certified document confirming the change (e.g., marriage certificate, deed poll, or official ID).

Failure to provide the necessary documents may delay the update process and could lead to compliance risks.
All Seychelles companies are advised to review their UBO details and ensure that any changes are reported promptly.
 
HOW BYBLOSERVE CAN ASSIST YOU?
Bybloserve Management is here to advise and assist you in submitting the required UBO information and to provide any necessary support to ensure compliance with these regulatory obligations, helping you avoid penalties or other potential liabilities.
 
DISCLAIMER: The information contained herein is provided for general information purposes only and does not constitute and neither shall be construed as legal or other professional advice. Neither Bybloserve Management Limited nor any of its employees accept any liability for any loss arising from relying on the information contained herein.
 
 

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