Directors and owners of offshore companies remain confidential

Directors and owners of offshore companies registered in Seychelles remain confidential

Press release 17.01.2020

At the end of November 2018, the National Assembly - the legislative body of the Seychelles - for an amendment to preserve the confidentiality of these offshore companies, tabled by Ahmed Afif.
The President of Seychelles, Danny Faure, has signed the proposed amendment, the Keeping the names of directors and owners of offshore companies private.
The approval was urgent because companies had to declare their directors from 1 December 2018.

17.01.2020

Seychellen.com

Author:
Karl Schnürch

Translation of the original:
Karl Schnürch

Source:
Own research
Seychelles.digital

Afif said the companies responsible for registering offshore companies had already sounded the alarm by explaining the potential losses to Seychelles.

"If we had left the law as it was, it would have brought our offshore system down," he said.

With increasing development in the offshore sector, Seychelles undertook a full review of the International Business Act in 2016. A new provision under Section 152 of the Act required companies to publicly disclose the list of their directors and owners, giving them two years to comply, which expired on 1 December 2018.

"At the time it was thought that this would become the norm and we had taken the lead, but today we see that other countries competing with us have not introduced this measure and so we decided to bring it back to the level it was," said Steve Fanny, the director of the FSA (Financial Services Authority).

The bill had to be brought to the National Assembly but was delayed in the Attorney General's office.
Although the information is confidential, relevant authorities such as the judiciary and financial regulators have access to it.
The offshore sector in Seychelles is the third largest contributor to the economy. There are over 200,000 registered companies in the country.

More information about offshore in the Seychelles:
https://offshore.sc/en/

Author: Karl Schnürch

In 2007 I started the website Seychelles.com to write everything I experienced from my head. Since then I have been constantly optimizing and expanding Seychelles.com to eventually present a complete picture of Seychelles on this site.