The Beneficial Ownership Act, 2020 and the Beneficial Ownership Regulations, 2020 came into force on 28th August 2020 ensures the identification and verification of beneficial ownership information and provides for the establishment of an up-to-date register of beneficial owners (hereafter “The BO register”), and a secured and centralised Beneficial Ownership database maintained by the FIU. This is a proactive step in deterring and preventing the misuse of legal entities

What is Beneficial Ownership?

Beneficial owners are always natural persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, a foundation, etc.

This ownership or control can be exercised in a variety of ways: for example, holding a controlling ownership interest (e.g. 10 per cent or more) of a legal person. Other ways include control of a significant percentage of voting rights, or the ability to name or remove the members of an entity’s board of directors. Effective control can be exercised in other ways. For example, control may be evident in influence over or a veto of the decisions that an entity makes, through agreements among shareholders or members, through family links or other types of connections with decision-makers, or by holding negotiable shares or convertible stock from an entity.

Given that beneficial ownership can be exercised in many different ways, determining the BO can be a complex process that must be undertaken on a case-by-case basis.


In the AML/CFT Act, 2020 “beneficial owner” means a natural person or persons who ultimately owns or controls a customer or the natural person on whose behalf a transaction is being conducted and includes those persons who exercise ultimate effective control over a legal person or arrangement

The Beneficial Ownership regulations, 2020 defines the beneficial owner in relation to a legal person or legal arrangement includes but is not limited to;

For further guidance on identifying BO, kindly make use of the Beneficial Ownership Guidelines

Who must keep BO information

The BO Act applies to the following—

Legal person being—

Legal arrangement being—

The BO Act shall not apply to —

Registrable particulars

Resident agents must hold the registrable particulars for every beneficial owner of legal persons or legal arrangements, to which the Act applies.

The required details are:

If interest is held by a nominee

Where any beneficial owner holds 10% or more of the beneficial ownership of a legal entity to which this Act applies, that person is a beneficial owner and the resident must submit the required details of each beneficial owner to the FIU to be held in the Seychelles of BO Database.

Beneficial ownership register

In accordance with Section 18 of the BO Act 2020, the above-mentioned legal persons and legal arrangements have until 31st January 2021 to comply with the provisions of the Act,

which include, amongst other things, the identification of beneficial owners, and maintaining and filing of the register of beneficial owners.

Beneficial ownership database

Pursuant to Section 13 (1) of the BO Act 2020, the Financial Intelligence Unit (“FIU”) shall be the nodal agency to maintain the Seychelles Beneficial Ownership database by populating the beneficial ownership information (including the periodic update requirements) reported by the legal persons or the legal arrangements, through their resident agent.

The registrable particulars of all beneficial owners must be submitted electronically to the Seychelles BO Database by the resident agent within 14 days from the date of becoming the beneficial owner, to the legal person or the legal arrangement, as the case may be, containing the registrable particulars relating to the person.

How do I access the Seychelles BO database?

The FIU uses an online platform to facilitate registration. reporting entities will be notified once the platform has been finalized and deployed.

Meanwhile, the FIU is also finalizing guidelines to provide further guidance on the procedure for registration as per section 7(2) of the regulations.

To View BO Reports