Seychelles IBC Act - Bearer Shares Amendments

Seychelles International Business Companies (Amendment) Act, 2009 came into force on 1 June 2009 to amend the Seychelles International Business Companies Act, 1994.

The following is a summary of the amendments relating to bearer share:

A bearer share shall be transferable by delivery of the certificate. Any such transfer signed by the transferor must be notified in writing to the company's registered agent in Seychelles.

The notification must state the name and address of the transferor and the transferee, and the date on which the certificate relating to the share was delivered to the transferee. The Register of Members shall also be updated with the following particulars:

• the name and address of the transferee as the holder of the relevant bearer share；
• and the date on which the transferor ceased to be the holder of the relevant bearer share, which shall be deemed to be the date on which the registered agent received notification of transfer.

A company or a director that contravenes or knowingly permits the contravention of the above shall be liable to a penalty of US$25 for each day or part thereof during which the contravention continues.