Company Formation

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.

Hong Kong Budget 2023-24

Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2023-24 in his Budget Address on 22 February 2023. Highlights of some measures of particular interest to Hong Kong companies and those with business interests in Asia, are set out below.

Dormancy of a Hong Kong Limited Company

When clients find that they no longer need their Hong Kong company they would naturally like to reduce their Company-related costs. With our clients’ best interests in mind, Marbury would usually recommend that the Company be formally deregistered in order to prevent future liabilities. However, if there is a chance that the Company may be needed at a later stage, you may consider declaring the Company dormant.

Striking off in the British Virgin Islands

Recent amendments to the BVI Companies Act (Revised) have introduced significant changes to the strike off regime and restoration process. We outline the process and implications around strike off and dissolution of BVI companies under the new regime and the temporary transitional period which is currently in force.