Seychelles: DECLARATION FOR PERIODIC REVIEW OF BENEFICIAL OWNERS

(Regulation 13 of the B.O. Regulations)

https://www.viss.com.hk/so/34PAWO2_R?languageTag=en

It relates to Regulation 13 (i.e., periodic review of beneficial owners) of the Beneficial Ownership Regulations, 2023 (“BO Regulations").

The requirement came into force on 1st October, 2024.

What are the requirements?

1. Under Regulation 13 of the BO Regulations, a company or foundation is required to conduct periodic reviews and verifications of its beneficial owner every year to ensure that beneficial ownership information is up-to-date. Such reviews can help uncover changes in beneficial ownership where a company or foundation inadvertently fails to identify or report these changes.

    

2. The review and verification should be carried out at least once every calendar year, within a specific timeframe, 3 months before the anniversary of the company or foundation’s registration under its respective statutory legislation.

   A company or foundation may achieve this requirement by contacting their known beneficial owners to check for any change they may have omitted to report (with the supporting documents) and to confirm their beneficial ownership status. Such confirmation may be less formal (emails would be acceptable), but the company and foundation should keep track and record such communications.

3. Following the review and verification, the company or foundation must provide its resident agent with a declaration of compliance with this obligation no later than one month after the anniversary.

What are the next steps?

To assist our clients, we will send you the necessary declaration along with the Register of Beneficial Owners for each company or foundation under our administration so you can verify the required information and return the declaration to us for safekeeping, as stipulated by this regulation. This declaration must be kept at the principal place of business of the Resident Agent in Seychelles. Therefore, please promptly send us the required declaration to avoid any penalties imposed by the competent authority.

What are the penalties?

Failure to comply with this regulation will lead to enforcement actions by competent authorities. A company or foundation that fails to comply shall be liable to a penalty not exceeding SCR20,000 (approximately USD1,500).

 

IMPORTANT NOTE: Given the above, compliance with Regulation 13 will apply to companies or foundations with anniversary dates from 1 January 2025 onwards.

If you have any questions or require additional assistance, please do not hesitate to contact us at Contact@viss.com.hk.