Amendments to the Limited Partnership Act are approved
July 28, 2021
Amendments to the Limited Partnership Act have been approved by the National Assembly.
The amendments were presented by the Minister for Finance, Economic Planning and Trade, Naadir Hassan yesterday afternoon.
Again, these amendments are aimed at honouring the obligations of Seychelles to ensure transparency and exchange of information on taxes as recommended in the Global Forum report, by the Organisation of Economic Cooperation Development (OECD).
Limited Partnership is a financial product which is registered with the Financial Services Authority (FSA), through a licensed agent, which in this case will be a Corporate Service Provider (CSP), but conduct their business operation outside their registered jurisdiction.
There are six amendments which were proposed and approved, among which are Section 6, which obliges the registered CSP (agent for the Limited Partnership), to become the registered office of the Limited Partnership.
Section 6A, obliges the ‘Limited Partnership’ to appoint a local licensed agent (CSP).
Other amendments are obliging Limited Partnership to keep their financial records (at least twice a year) in Seychelles, preserve their records for at least 7 years, submit their ‘statement of particulars’ when registered at FSA, and penalties under the law have been increased.