The current Seychelles International Business Companies Act, 1994 is to be replaced by the International Business Companies Act, 2016 (the “new Act”). The new Act is in force as of the 1st December 2016.
The most important changes include the Register of Members, Register of Directors and the Accounting Records kept by the company.
Every Seychelles company is supposed, under the new legislation maintain and keep accounting records that will be sufficient to show and explain the company's transactions; assets and liabilities. The accounting records must be kept at the registered office of the company or at any other place that directors think is suitable. Accounting records must be kept in the files of the company for 7 years.
Regarding the Register of Directors, all companies are responsible for maintaining such a register, and, submit into the Registrar a copy of the list within 30 days of appointment of its first directors. Every time there is a change of the directors of the company, it is mandatory to submit the changes to the Registrar.
However, the Register of Members should be kept in the company's records but NOT in the Registrar. Companies which wish to file the Register of Members to the Registrar, are free to do so.
Finally, all above mentioned changes are mandatory and companies should comply with the amendments to the law.
