The position prior to the Seychelles Bearer Share Amendments was that ownership of a bearer share was transferable by mere delivery of the bearer share certificate. The new position under the Bearer Share Amendments is that a bearer share is now transferable by delivery of the share certificate relating to such bearer share and notification of transfer. “Notification of transfer” is effected by delivery to the company’s registered agent in Seychelles of a written notice, signed by the transferor bearer shareholder, stating the name and address of the transferor, the name and address of the transferee and the date on which the certificate relating to the bearer share was delivered to the transferee.
Accordingly, notwithstanding delivery of a bearer share certificate to a new holder, a transfer of ownership of the share shall not be regarded as effective until “notification of transfer” (as defined above) is made to the IBC’s registered agent in Seychelles.
Upon receipt of the bearer share transfer notice, the Company’s Registered Agent is required to cause:
- the name and address of the transferee to be entered in the Share Register as the holder of the relevant bearer share;
- to be entered in the Share Register, the date on which the transferor ceased to be the holder of the relevant bearer share, which shall be deemed to be the date on which the registered agent received notification of transfer.
As is the case for shares issued to registered shareholders where the CSP only provides registered agent and registered office services, KYC on the holder of each bearer shareholder may be retained with a professional intermediary or reseller client in accordance with a KYC Agreement.
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