Form the 16th of December 2013, pursuant to the amendments to the IBC Act, Seychelles IBCs are no longer permitted to issue bearer shares!
Well, not that this is something terrifying, since nowadays NO bank will open an account for a company, that is allowed to issue bearer shares, neither will this bearer share be AS confidential AS originally created to be (as explained in one previous publication: The naked truth about BEARER SHARES ), however this is a new change!
Further, all the IBCs created before, which issued bearer shares must exchange these shares for registered shares.
The tricky thing is - there is a deadline for all Seychelles IBCs that were created prior and has any issued and outstanding bearer shares, these IBCs are all required to recall and cancel such bearer shares by 16 June 2014, and exchange them for registered shares. If this is not done on time, all bearer shares will be deemed null and void! Furthermore in accordance with section 28 of the IBC Act, all details of the cancelled bearer shares and substituted registered shares has to be entered in the IBC`s Share Register.
This is more of an update in the recent changes of Seychelles IBC laws, but surely worth to know.
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