France has requested Seychelles to provide information of French-owned entities
As it was informed in mass media and confirmed by representatives of Seychelles Revenue Commission (SRC) in late September 2019, France has made 66 requests of information concerning several Seychelles companies owned by French residents.
France has initiated investigation towards offshore companies of its residents after the information about them has appeared in “Panama Papers” in 2016. Approximately 500 entities in total are involved in this investigation, and the sufficient part of them (15%) have been incorporated in Seychelles.
The periods of which the information is requested by France include 2016 and consequent years. The process of collecting the requested information by SRC will require registered agents to participate, so that they will need to provide the data of a company being investigated if requested by SRC as well as by other public authority of Seychelles authorized to make such requests.
The information requested must be provided independently of status of company in question, i.e. even if it has been already struck off by the date of request or still remains active. It is likely that registered agent will have to provide at least details of directors, copies of memorandum and articles of association of companies and certificates of incorporation, and/or other information as may be requested.
The legal basis for such requests made by France is the Convention on Mutual Administrative Assistance in Tax Matters which was signed by Seychelles and entered into force for this jurisdiction in 2015 (France is a party to this multilateral international agreement since 2005). The information received will be forwarded to French competent authority immediately after being obtained and processed by SRC.Tags: offshores, seychelles