Marbury

Amendments to the Seychelles Beneficial Ownership regime

The Beneficial Ownership (Amendment) Act, 2022 has been enacted with effect from 30 December 2022. The relevant amendments are introduced to ensure ongoing compliance with international standards set by the Financial Action Task Force (FATF) and Organisation for Economic Cooperation and Development (OECD) which require jurisdictions to maintain beneficial ownership information that shall be accessible and made available upon request to competent authorities.

We have detailed 5 significant updates that affect Seychelles International Business Companies in our summary.

Marbury obtains ISAE 3402 Type I Accreditation

Marbury Corporate Advisory Services Limited has successfully obtained the International Standard on Assurance Engagements (ISAE) 3402 Type I Report in respect of the following aspects of its business:

  • information security
  • data management and storage
  • business continuity
  • compliance
  • fund administration
  • cash management and remittance services

ISAE 3402 is a global assurance standard developed by the International Auditing and Assurance Standards Board (IAASB) and involves establishing and independently auditing internal controls and processes within a service organisation. To learn more about ISAE 3402, click here.

Marbury continues to work with the highly-respected audit and accountancy firm, Baker Tilly, to obtain the ISAE 3402 Type II accreditation.

Payroll and HR obligations for Hong Kong employers

Although Hong Kong is very business-friendly and constantly ranked among the top countries for its ease of doing business, when it comes to HR and payroll compliance, most foreign owned companies and start-up businesses find employer and employee compliance burdensome. This is often due to the limited resources available in time and funds. Hiring an employee early on solely for the administration of personnel matters for a small team can rarely justify the expense. However, the consequences of an oversight and the resulting potential non-compliance with labour laws and related regulations can be severe. In this short guide, we will highlight the most common issues business owners and directors should keep in mind.