IMPORTANT NOTICE: Seychelles New accounting records obligations

Please be reminded that the accounting records of International Business Companies  (IBC) must be lodged at the registered office in Seychelles on a biannual basis.  We trust that the IBCs are now ready to submit the accounting records as required.

The provisions of the IBC Act call for IBCs to keep reliable accounting records that are sufficient to show and explain the IBCs' transactions, enable the financial position of the IBCs (to be determined with reasonable accuracy at any time) and allow for financial statements of the IBC to be prepared. Accounting records shall give a true and fair view of each IBC’s financial position and explain its transactions.

Accounting records shall be documents in respect of the IBC’s assets and liabilities, the receipts and expenditure of the IBC and the sales, purchases and other transactions to which the IBC is a party. Following this definition, accounting records including the underlying documents, can take on many forms and include:

• Bank statements
• Receipts
• Invoices
• Vouchers
• Title documents
• Contracts and agreements
• Ledgers
• Any other documentation underpinning a transaction

All IBCs shall lodge the accounting records at their registered office in Seychelles on a biannual basis. In addition, IBCs that are not small holding companies must also prepare an annual financial summary to be kept at the registered office in Seychelles within 6 months from the end of their “financial year”.

IBCs incorporated, continued or registered before the commencement of the IBC Amendment (i.e. 6 August 2021) were required to provide to its registered agent by 31 January 2022, copies of accounting records related to transactions or operations that occurred for the 7 calendar years prior to 31 December 2021.

Companies with no transactions

1. IBCs that have not yet traded, are dormant or otherwise have no assets or liabilities, must submit the “Accounting Records Declaration” by 31 January of every year.
2. IBCs that have assets but no transaction for the reporting period, must submit the “Declaration of No Businesses, Transactions or Operations” according to the schedule below.

Small holding companies” are IBCs with no trade or business operations of its own, but holding interests in other companies or holding assets that do not have an annual turnover of more than SCR50,000,000 (approximately USD3,700,000 depending on the current exchange rate).

The “financial year” shall be the calendar year from January to December, unless it is changed by a resolution of directors and notified to the registered agent of the IBC within fourteen (14) days of passing said resolution. 

When IBCs change the location where the accounting records are kept, a Notice of Location of Company Recordsust be submitted to the registered agent via email, within 14 days of such change.

Instructions for Submission of Accounting Records and Financial Summary

Please refer to the below chart for guidance on the due dates to submit all accounting records and Financial Summaries: 

Accounting Records and Financial Summaries may be submitted free of charge by email following the instructions below. 
 
IMPORTANT: Please note that any submission not conforming to the below specifications will be subject to a USD 150 service charge.