The Beneficial Ownership Regulations 2020 have been amended with the introduction of Regulation 13. This new regulation mandates that all companies (including legal persons and legal arrangements) registered in Seychelles must review and verify their beneficial owners annually starting from 1 January 2025.

Key amendments under the new regulation include:

1. Annual Renewal of Beneficial Owners
   
   Companies must conduct at least one review and verification of their beneficial owners within 3 months before their Anniversary date each year. This review ensures that the particulars of beneficial owners are up-to-date and that any changes have been reported.
   
   A declaration of compliance must be kept at the registered office no later than one month from the anniversary date.
   
   
2. Timing
   
   Companies with anniversaries starting on or after January 1, 2025, must conduct the review and verification and make the necessary declaration.
   
   Please find the examples below for your reference:
   
   

   Anniversary Date	First Review and Verification made between	First Declaration Deadline
   1 Jan	1 Oct 2024 to 31 Dec 2024	1 Feb 2025
   1 Jun	1 March 2025 to 31 May 205	1 Jul 2025
   10 Dec	9 Sept 2025 to 9 Dec 2025	10 Jan 2026

   
   
3. Penalties
   
   Companies that fail to comply will be liable to penalties not exceeding USD1,500.

The above-mentioned declaration will be provided together with the renewal notice before the anniversary of your Seychelles Company for all Kaizen’s client. Please be reminded that when updating the beneficial ownership of the Company, ensure the Register of beneficial owners is prepared in the format required under the new Act.

Kaizen’s fees will be adjusted in the upcoming annual renewal in accordance with the above amendment.

If you require further information for the Seychelles Beneficial Ownership Act, please feel free to reach out your usual contact persons at Kaizen.