The Seychelles BTAA has updated the Business Tax Act to comply with the European Union’s Economic Substance requirements. Previously, Seychelles operated under a territorial tax regime, meaning only income sourced within the country was subject to taxation. Foreign-sourced income was exempt from Seychelles taxation. However, pursuant to the BTAA updates, exemptions for foreign sourced income have been specified.
The Seychelles BO regime has since been further enhanced through the related Seychelles Beneficial Ownership (Amendment) Regulations enacted on 28 April 2023.
We summarise the key amendments to the BO Regulations in our updater here.
The BVI Business Companies (Amendment) Act introduced changes to the strike off regime and restoration process that may impact your BVI company. Specifically, these changes affect BVI companies that were struck off after 1 July 2016 and before 1 January 2023, and that have not yet been dissolved.
If you have any such existing struck off companies that you may need to restore, it is recommended that you take action now to avoid the costly, complicated, and potentially lengthy process of restoration through a Court application.
The Companies Ordinance (Cap 622) (CO) introduced a company-led court-free process for reduction of share capital in 2014. This followed in the wake of the removal of the requirement for companies to have an authorised capital, which in turn followed a trend globally of removing restrictions in the handling of company capital that has swept up major common law countries such as the UK and Australia.