Seychelles: Amendments to the IBC Act 2013

Pursuant to the amendments of the International Business Companies Act, 2013, the following take effects immediately and have to be adhered to:

1.       Issue of Bearer Shares is prohibited and all current bearer shares issued by the company have to be recalled and cancelled within six months and shall issue registered shares in substitution for the cancelled bearer shares.  Any bearer shares which have not been recalled and cancelled within that period of six months shall thereafter be null and void and be without effect for the purpose of the law.

2.      The share register of an IBC shall be maintained at the registered agent office only.

3.      Every company incorporated under the Act, shall by 31st December of each year furnish to the Registered Agent a return in the form of a declaration that:

(i)                  The company is keeping accounting records in accordance with the Act and that such records can be made available through its registered agents and that the Share Register located at the Registered Office is complete and updated.