Amendments to the Companies (Special Licences) Act are approved

July 28, 2021

The National Assembly has approved amendments to the Companies (Special Licences) Act.

The amendments were presented before the National Assembly, this morning, by the Minister for Finance, Economic Planning and Trade, Naadir Hassan.

The objectives of the amendments are to increase supervision over and to also increase the business environment for these companies.

One of the main challenges, the supervisory entity Financial Services Authority (FSA), was facing is the fact that the current law does not make provision for sanction against these companies with special licences, when they do not pay their license.

Companies with special licences are restricted in the field of business activities they can conduct and their audited financial report and annual report are kept only at FSA, unless they have collected revenues which are taxable in Seychelles.

Some 15 amendments were presented for approval, which included the removal of Section 4 and Schedule 1.

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