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President Danny Faure of Seychelles has signed an amendment to the International Business Act 2016 which ensures the secrecy of offshore companies registered in the territory of jurisdiction. MP Ahmed Afif said the registration companies for offshores have already warned, explaining the losses for the Western Indian Ocean archipelago of Seychelles.
"If we'd left the law as it was, our offshore system would have been brought to the ground," he said.
As originally enacted two years ago, Section 152 of the Law required companies to submit to the Company Registrar a list of their directors for inclusion in the public central register of their companies by 1 December 2018. It also required the establishment of a privately-owned register which is only available to the authorities.
However, the offshore sector was strongly opposed, warning that if s152 were implemented, many such companies would move elsewhere. The OECD Global Transparency Forum, which included greylisting of competence pending corporate-legal-rail reform of the decision, has yet to clarify how the Seychelles ' position will impact.
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