1. 12 August 2013
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New Accounting Obligations for Seychelles Companies
All Seychelles companies are required to keep proper accounting records:
» that are sufficient to show and correctly explain the IBC’s transactions;
»
to enable the financial position of the International Business Company to be determined
with reasonable accuracy at any time; and
» to enable the accounts of the International Business Company to be prepared.
The accounting records are not deemed to be kept with respect to a company if they do not give
a true and fair view of the IBC’s affairs and explain its transactions. IBCs are not required to
either prepare or file annual accounts.
“Accounting records”, in relation to an IBC, means documents relating to or evidencing the
company’s assets and liabilities, company receipts and expenditure and sales, purchases and
other transactions to which the company is a party (for example, bank statements, receipts, title
documents, agreements, etc).
The accounting records shall be kept at the registered office of the International Business
Company or such other places as the directors think fit. If the company decides to keep them at a
place other than the registered office, it must inform the registered agent in writing of the physical
address of that place. Same requirement applies where this address is changed, a new place’s
address must be notified to the registered agent within 14 days.
An IBC must retain all accounting records for seven (7) years from the date of the transaction.
The new regulations provide for a penalty of US$ 25 to be paid by a Seychelles registered
company for each day of non-compliance with this section of the law and a penalty of US$ 25 for
each day of non-compliance to be paid by a director who knowingly fails to comply with this
section.
The requirement to keep accounting records does not affect exemption from taxes and financial
reporting per se.
Intuit Research Team
Intuit Management Consultancy
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