It is proposed to enact a new Companies Act (the “New Act”), which will unify and replace the existing “dual” system consisting of the Companies Act 1972 (“72 Act”) and the International Business Companies Act 1994 (“IBC Act”). The Seychelles International Business Authority (“SIBA”), working in conjunction with the Ministry of Finance and subject to formal Bill preparation by the AG’s office, will take a central role in the New Act Project. This is because of the integration under the New Act of offshore and domestic company law, SIBA’s knowledge of IBCs, CSLs and PCCs, etc, and as it is proposed that SIBA (or its successor, FSC) will assume the role of Registrar in respect of all companies in Seychelles. SIBA has undertaken extensive research of the corporate law in comparable (successful) international financial centres, including the British Virgin Islands (“BVI”), Jersey, Guernsey, Cayman Islands, Bermuda, Mauritius, Hong Kong and England.
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