THIS IMPORTANT POST CONCERNS ALL OF OUR CLIENTS WITH SEYCHELLES REGISTERED COMPANIES

IMPORTANT UPDATE ON CHANGE OF LEGISLATION
International Business Companies Act of Seychelles (IBC Act)

LP CORPORATE SERVICES (LPCS) wishes to inform all its esteem clients that the Government of Seychelles has amended the Seychelles International Business Companies Act with is now effective, Below is outline of the amendments to the properties and operations of the IBC and the requirements to all clients in order to comply with the changes to the law;

1. The register of directors and shareholders must be maintained at the registered office of the company and any changes must be filled with the registered office (removing the provision for the directors to elect for the registers to be maintained outside Seychelles)

In order to comply with the above LP CORPORATE SERVICES (LPCS) in partnership with the registered agent will be opening electronic registers for all its IBC’s and we will require that all clients deliver to us the following documents held on records;

• Copies of all minutes or resolutions of the board of directors and shareholders
• Copy of the register of director and shareholder

2. The introduction of the requirements for all IBC’s to maintain accounting records and such accounting records shall be maintained at the registered office unless the director files with the registered agent in writing of the physical of another place he deems fit for maintaining the account which may be in Seychelles or outside Seychelles. Such accounting records shall be maintained for a period of 7 years (from the completion of the transactions)

In order to comply with the above we request for all clients to send to the registered office a resolution from all its existing companies stating the place where the ‘accounting records’ will be kept (a sample resolution is attached)

“Accounting records” is defined as “documents relating to assets and liabilities of the company including receipts and expenditure, sales and purchases and other transactions”.

All companies are required to be fully compliant with the law above mentioned by 31st March 2012 and we entrust on the corporation of all our clients to ensure this deadline is achieve.

The amendments to the IBC Act also made the other following amendments;

i. The Registrar for the sole purpose of monitoring and assessing compliance with the IBC Act, may access the RO of the IBC; inspect the documents and request an explanation should there be any missing documents.

ii. The Registrar shall not disclose to a third party any information acquired in the performance of their functions unless there is a Court order; it is a requirement under the IBC Act or any other written laws of Seychelles.

iii. The introduction of a registry fee for extension of name reservation (25$). Payable to both should the extension request be done prior to free initial 30 days reservation expiry date or if done any date after.

We look forward to the cooperation of all our clients and management remains at your disposal should you all have any questions.

Should you have any questions in regards to this message, please do not hesitate to contact our Seychelles office. Please reply to this email should you need the direct contact details.

PLEASE NOTE THAT THESE NEW GUIDELINES ARE EASY TO FOLLOW. WHEN IT COMES TO THE ACCOUNTING RECORDS, YOU WILL JUST NEED TO SAVE ALL INVOICES, RECEIPTS ETC. BUT WHAT WE CAN DO ALSO, IS TO ASSIST CLIENTS TO MOVE THEIR COMPANIES TO BELIZE SHOULD THEY REQUIRE, WHERE THERE ARE NO SUCH REQUIREMENTS.

Yours sincerely

Management
LP CORPORATE SERVICES (LPCS)