INTERNATIONAL CORPORATE SERVICE PROVIDERS ACT, 2003

(Act 10 of 2003)

I assent

F.A. Rene President

24th December. 2003

AN ACT to provide for the regulation of the providers of certain international corporate services and trustee services and for connected matters.

ENACTED by the President and the National Assembly.

PART I

PRELIMINARY

1. This Act may be cited as the International Corporate Service Providers Act, 2003 and shall come into operation on such date as the Minister may be notice in the Gazette appoint.

2.(1) In this Act -

"the Authority" means the Seychelles International Business Authority established by the Seychelles International Business Authority Act:

"Court" means the Supreme Court of Seychelles:

"document" means-

(a)  any writing on any material;

(b)  a book, graph, drawing or other pictorial representation or image:

(c)  information recorded or stored by any electronic or other technological means and capable. with or without the aid of any equipment, of being reproduced:

"fit and proper", in relation to any person, means that the person satisfies the criteria set out in paragraph 3 of Schedule 3;

'"international business company" means an international business company incorporated under the International Business Companies Act.

"international trust" means a trust established under the International Trusts Act:

"international corporate services" means the following services provided in or from Seychelles for remuneration;

(a) services connected with the formation management or administration of a specified entity;

(b)  serving as a registered agent, director or other similar officer of a specified entity;

(c)  provision of a registered office, place of business or address for a specified entity;

(d)  serving as a nominee shareholder in a specified entity;

(e)  such other services as may be prescribed;

"international trustee services'" means the following services provided in or from Seychelles for remuneration;

(a)  services connected with the formation, registration or administration of an international trust;

(b)  serving as resident trustee of an international trust; and

(c)  such other services as may be prescribed;

"international corporate services licence" means a licence issued under section 3 (5) authorising the licensee to carry on the business of providing international corporate services;

"international trustee services licence" means a licence issued under section 3 (5) authorising the licensee to carry on the business of providing international trustee services;

"licensee" means a person holding a licence under this Act and includes any branch or subsidiary of such person operating outside of Seychelles;

"'prescribed" means prescribed by regulations made under this Act;

"specified entity" means -

(a)  an international business company:

(b)  a company incorporated in accordance with the Companies (Special Licences) Act:

(c) a limited partnership established under the Limited Partnerships Act; or

(d) such other corporate body as may be prescribed.