Seychelles (IBC)

The Seychelles recently made a number of amendments to its International Business Companies (IBC) legislation, which will be enforced from 1 January 2013. The key amendments to the Act that clients should be aware of require an IBC to:

- Keep its share register and register of directors (or a copy) in the Seychelles

- Notify its Seychelles Registered Agent of the physical address (may be outside of the jurisdiction) where its minutes and resolutions are kept

- Notify its Seychelles Registered Agent of the physical address (which may be outside of the jurisdiction) where its financial records are kept

Contraventions of the amendments are subject to a daily penalty of USD25. A director of an IBC who knowingly permits a contravention is also subject to the same daily penalty. For any questions, please do not hesitate to contact IBN Offshore at dubai@ibn.co.za!