Maritime International Advisor

SEYCHELLES OFFSHORE COMPANIES - IMPORTANT CHANGES IN PRIVACY LEGISLATION

August 2012 - Very significant changes in legislation relating to privacy have been introduced in the Seychelles in 2012. We have advised all our existing clients of these matters earlier in the year and made various recommendations for their consideration. However, we continue to receive enquires from others who do not seem to have been so informed. Therefore, we take this opportunity to provide this information to a wider audience, through our Newsletter.

The following changes in legislation are currently in force:

1. The Register of Directors and Shareholders must be kept at the Registered Office of the company in Seychelles, or at some other location in the Seychelles as decided by the Director. Such location in the Seychelles must be reported to the Registered Office.
   
   This is required of all existing Seychelles companies, as well as new ones.
   
   Important Results: Unlike in the past, the name and address of the company's Directors and shareholders will be known to the Registered Office. This will be the case whether the company has bearer shares or registered shares.
   
   If privacy is important to you, you may wish to use a nominee Director and Shareholder for your company; then only the nominees will be in the record in Seychelles.
   
   
2. All existing and new Seychelles companies must keep accounting records and must advise the Registered office of the address where they are being kept. "Accounting records" are defined as: "documents relating to assets and liabilities of the company including receipts and expenditures, sales and purchases and other transactions".
   
   These records have to be kept for seven years and must be kept at the Registered Office in the Seychelles or such other place as the Directors deem suitable. The address of the place at which the records are kept must be provided to the Registered Office for their records, and be available to them as required.
   
   Important Results: You will need to keep the indicated records for seven years and provide details to the Registered Office as to where they are being kept. Certification will be required yearly to reflect any changes in address. If you wish, Maritime International Ltd will prepare the accounting records for you and keep them at our offices. Of course, you may use your existing accountant if you wish.
   
   If you do not wish to keep these records, the only other option is to re-domicile your company out of the Seychelles to a jurisdiction which does not have this requirement. Maritime International Ltd would be pleased to advise you of your options.
   
   
3. Penalties: There are significant penalties for non-compliance.

FOLLOW-UP

If you would like more information on how to alleviate your privacy concerns arising from these changes, please contact us on our Secure Information Request Form, and address your enquiry to Malcolm Nickerson, Managing Director, Maritime International Ltd. Click here for your secure connection.

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