Seychelles – Beneficial Ownership Regulation 2020

The Seychelles had recently gazetted the Beneficial Ownership Regulation to take effect on 28 August, 2020 (Regulations) on top of the already existing Beneficial Ownership Act introduced on March 2020 (Act).

Under the provisions of the Act and Regulations, legal persons and arrangements will be required to maintain a Register of Beneficial Ownership (RBO) in prescribed format and in magnetic, electronic or other data storage form. The information is to be submitted to the Financial Intelligence Unit (FIU) via their Registered Agent.

Entries in the RBO is required to be retained for 7 years after a person ceases to become a beneficial owner.

Definition of “Beneficial Owners”

1. Under Section 3 of the Regulation “Beneficial Owner” means:-
One or more individual who ultimately have a controlling ownership interest in a legal person or arrangement by:-

(i) holding directly or indirectly 10% or more shares or voting rights.
(ii) holding the right directly or indirectly, to appoint or remove a majority of the board of directors.

2. A natural person or persons that exercise control over the company or any legal person or arrangement . This means that the individual:-

(i) has the right to appoint or remove the majority of the board of directors or general partner.
(ii) is controlling the legal person or arrangement by dominating the individual with controlling ownership interests by virtue of a familial or employment relationship.
(iii) holds certain powers in relation to the legal person or legal arrangement which are likely to be used in practice to affect the decisions taken by the person with controlling ownership interests eg. A veto right; or
(iv) any other control over a legal person or legal arrangement other than the control by ownership of any interests

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How Beneficial Ownership is to be determined

Guidenotes issued by the FSA specifies that legal persons and arrangements may adopt the below Cascading Test (three tiered information-gathering approach) which mirrors the three tiered approach specified in the BO Regulations when seeking to ensure beneficial owners are identified.

It is important to note that the above measures are a cascading process, to be used in succession when a previous step has been taken but has not resulted in the identification of the beneficial owner or in instances where there is doubt with regards to the beneficial owner identified under a previous tier.

This means that measure (ii) and (iii) are not alternative options but are cascading measures, with each to be used where the previous measure has been applied and has not identified a beneficial owner or there is reason to believe that another natural person is also ultimately exercising control over the legal person by other means.

The guidelines for Beneficial Ownership will be published once available.

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Beneficial Owners of Other Legal Persons or Arrangements

The Regulations are also specific in providing for who will be deemed a beneficial owner in the case of legal person, joint ownership, foundations, partnerships, trusts and other legal arrangements including for legal arrangements that are in liquidation or receivership.

Register of Beneficial Ownership

The Regulations provide for a prescribed format of a register of beneficial owners specified in Schedule 1.

Upon becoming a beneficial owner or on a change of beneficial owner, a declaration of beneficial ownership is to be provided in prescribed from (as set out in Schedule 2 Regulations) to the legal person or arrangement within 14 days of becoming a beneficial owner.

Submission of the Register of Beneficial Ownership, all declaration of beneficial ownership and copies of written notices relating to any changes in relation to a beneficial owner issued under s.10(3) of the Beneficial Ownership Act are to be handed over to the FSA within 14 days of a legal person or arrangement dissolving or ceasing to exist.

Penalties apply for a failure to comply with any aspect of Act or Regulations. A contravention of the provision to maintain a Register of Beneficial Ownership will result in penalties of up to SCR50,000 (approx.. USD2,790) for the legal person or arrangement and for every director, councilor, partner as the case may be.

You may access the full text of the legislation and schedules here:-

(i) CIRCULAR No 4 of 2020 Beneficial Ownership Act, 2020 Commencement Notice
https://www.seychellesfiu.sc/FIU/Publications/Circulars/Notice_to_LAs_and_LPs_BO_Act_2020.pdf

(ii) Beneficial Ownership Act 2020
https://www.seychellesfiu.sc/FIU/Legislations/Acts_&_Regulations/Beneficial_Ownership_Act_2020.pdf

(iii) Beneficial Ownership Regulation 2020
https://www.seychellesfiu.sc/FIU/Legislations/Acts_&_Regulations/SI_107_2020_Beneficial_Ownership_Regulations.pdf

(iv) Schedule 1
https://portcullis.co/download/First Schedule -Register of Beneficial Owners.xls

(v) Schedule 2
https://portcullis.co/download/schedule 2 of Beneficial Ownership Regulations(word version).doc

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Next Steps‍

Portcullis will prepare the RBO and send this to you for review and update. (If the information is not correct, please ensure that any changes are notified to us in accordance with s.10(3) of the Act and a declaration of beneficial ownership is provided.)

Please note that you will have until 31st of January 2021 to confirm the details of the RBO and provide any declarations (if necessary) to us in line with s.18 of the Act.

Please be advised that Portcullis will charge a one time fee of USD250 to review our records, prepare the RBO, liaise with you as to the accuracy of the information contained in the RBO and update any changes or field any question you may have with regards to the RBO. Further charges may apply if changes to the RBO are extensive (i.e. number of new beneficial owners for which we are required to conduct due diligence and obtain documentation exceed 2).

Please do not hesitate to contact your Relationship Manager should you have any further queries.

Thank you.

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PORTCULLIS GROUP
www.portcullis.co

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塞席爾群島-2020 最終受益人條

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塞席爾最近已在公報上刊載，除2020年3月提出的既有「最終受益人法」之外，將於2020年8月28日施行「最終受益人條例」。

依最終受益人法及最終受益人條例規定，法人及法律組織（legal arrangements）必須留存一份以法定格式內容及以磁式、電子或其他資料儲存形式製備的最終受益人名冊。本項資料應由其註冊代理人向金融情報中心（「金情中心」）提交。

最終受益人名冊中的登錄資料，必須留存至該人已不再為最終受益人後7年。

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「最終受益人」定義

依最終受益人條例第3條規定，「最終受益人」定義如下：-

1. 因下列情形而最終擁有法人或法律組織控制性所有人權益的單一或數個個人:-

(i) 直接或間接持有10%或更多的股份或表決權。
(ii)直接或間接擁有任命或解任董事會過半數董事的權利。

2. 對公司或任何法人或法律組織行使控制權的單一或數個自然人。亦即該個人:-

(i) 擁有任命或解任董事會過半數董事或普通合夥人的權利；
(ii)藉由家族或雇傭關係，支配擁有控制性所有人權益的個人，而進行法人或法律組織的控制；
(iii) 擁有對法人或法律組織的特定權力，而該等權力得實際使用於影響擁有控制性所有人權益之人所做的決定，例如否決權等；或
(iv) 擁有法人或法律組織因擁有任何權益所生控制權以外的任何其他控制權。

金融監督管理局頒布的指導細則，明確規定法人及法律組織得採取下列階梯式測試（三階資料蒐集法），該測試可在試圖確認最終受益人時，反映最終受益人條例所規定的三階法。

重要的是，應注意上述措施乃屬階梯式程序，在已採取前一階步驟但結果並未確認最終受益人時，或對於前一階步驟所確認的最終受益人有疑慮時，即應接續使用階梯式措施。

換言之，第(二)及(三)項措施並非另一選項，而是階梯式措施，在已採用前一階措施而並未確認最終受益人時，或有理由認為另一自然人亦以其他方式最終行使對法人的控制時，則應使用下一階措施。

最終受益人準則一旦訂定即予公布。

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其他法人或法律組織的最終受益人

對於誰被視為法人、共同所有權、基金會、合夥公司、信託及其他法律組織（包括清算中或受破產管理的法律組織）的最終受益人，最終受益人條例亦有明確規定。

最終受益人名冊

最終受益人條例亦規定最終受益人名冊的法定格式內容，詳如附表1所載。

在成為最終受益人或最終受益人異動時，應在成為最終受益人後14日內，向法人或法律組織提交一份以法定格式所寫的最終受益人聲明書（詳如最終受益人條例附表2所載）。

最終受益人名冊、所有最終受益人聲明書、依最終受益人法第10(3)條發出的最終受益人異動通知書，應在法人或法律組織解散或不再存續後14日內，向金融監督管理局提交。

未遵守最終受益人法或最終受益人條例的任何規定者，將遭受處罰。違反留存最終受益人名冊的規定時，將導致法人或法律組織及各董事、理事、合夥人（依實際情形而定）遭受最高塞席爾盧比50,000元（約合美元2,790元）的罰款。

存取法規及附表全文的網址如下：

(i) 2020年最終受益人法第4號通報函、2020年開始通告書
https://www.seychellesfiu.sc/FIU/Publications/Circulars/Notice_to_LAs_and_LPs_BO_Act_2020.pdf
(ii) 2020年最終受益人法
https://www.seychellesfiu.sc/FIU/Legislations/Acts_&_Regulations/Beneficial_Ownership_Act_2020.pdf
(iii) 2020年最終受益人條例
https://www.seychellesfiu.sc/FIU/Legislations/Acts_&_Regulations/SI_107_2020_Beneficial_Ownership_Regulations.pdf
(iv) 附表1
https://portcullis.co/download/First Schedule -Register of Beneficial Owners.xls
(v) 附表2
https://portcullis.co/download/schedule 2 of Beneficial Ownership Regulations(word version).doc

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後續步驟

保得利將編製最終受益人名冊，將之送交 貴公司審閱及更新（若其中資料不正確，請確保依最終受益人法第10(3)條規定通知本公司任何異動情形，並提供最終受益人聲明書）。

請注意，在2021年1月31日之前，貴公司必須確認最終受益人名冊的詳細內容，並向本公司提供任何必要的聲明書，以便符合最終受益人法第18條規定。

本公司亦藉此告知，保得利將收取一項一次性費用美元250元，支應本公司審閱記錄、編製最終受益人名冊、聯繫 貴公司討論最終受益人名冊資料是否正確事宜、更新任何異動情形、詳盡回答貴公司可能提出的最終受益人名冊相關問題。若最終受益人名冊大幅異動（亦即，本公司必須進行盡責調查並取得證明文件的新增最終受益人超過2人），本公司亦可能另行收費。

貴公司若有任何進一步問題，請不吝洽詢 貴公司的關係經理。

謝謝。

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保得利集團
www.portcullis.co