Seychelles Introduces New Beneficial Ownership Act

The Beneficial Ownership Act (hereinafter "BO Act") came into force in August 2020.

According to the provisions of the BO Act as well as the Beneficial Owners Regulations, every Seychelles' International Business Company ("IBC") should maintain adequate information on Registry of the Company's BO.

One important feature of the definition of the BO according to the new BO Act 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 Register of the BO (hereinafter "RBO") should include the following information in respect of every BO:

• The name, residential address, service address, date of birth and nationality of beneficial owner;