The digital platform for all domestic companies, partnerships and associations to register their beneficial owners, an obligation under the Beneficial Ownership Act 2020, is now open.
Entities which fall under the obligation have to identify what is known as a Register Agent, which usually will be the secretary. Only the Register Agent is required to access the platform, known as the Beneficial Ownership Database and input the information.
Under the law, the Register Agent, is obligated to keep and maintain a physical register.
The Beneficial Ownership Database can be access via the website of the Financial Intelligence Unit, (FIU).
Once the resident agent has registered, he/she will be provided with a set of credentials, to log in on the database to input the necessary information.
The platform is secured and managed by FIU. Only law enforcement entities will have access to the database.
For any query or assistance, contact FIU on telephone number: 248 43 83 400, or use the following email: boenquiries@fiu.sc.
The deadline to comply with the Beneficial Ownership Act, 2020 is 31st January 2022.
In the meantime, the awareness campaign to assist and support domestic companies, partnerships and associations to better understand their obligations under the law has started.
On Friday 29th October and Saturday 30th October, representatives from FIU and the Office of the Registrar General, were on La Digue and Praslin to give further explanations on the law, and the registration process.