20.12.2018. Seychelles – information about directors and owners of offshore companies remains confidential

News

Seychelles President Danny Faure has signed an amendment to the International Business Act 2016, maintaining the confidentiality of offshore companies registered in the jurisdiction.
Section 152 of the Act, as originally enacted two years ago, required companies to file a list of their directors with the Registrar of Companies by 1 December 2018, for inclusion on a public available central register. It also mandated the introduction of a private register of beneficial ownership, available only to the authorities.
However, strong opposition emerged from the offshore sector, which warned that many such companies would relocate elsewhere if section 152 of the Act were implemented.
It is not yet clear how the decision will affect Seychelles’ standing with the OECD Global Transparency Forum, which has grey-listed the jurisdiction pending reforms to its corporate legal framework.