In compliance with the requirements on the transparency and exchange of information by international organizations (e.g. OECD), Seychelles has implemented a range of updated amendments to its existing statutes. On August 6, 2021, the International Business Companies (Amendment) Act, 2021 was enacted.
New accounting records obligations
The Amendment Act introduced the following new accounting records requirements for the Seychelles International Business Companies (IBCs):
1. Bi-annual reporting of accounting records to registered office
From February 6, 2022, every IBC is required to submit and keep its accounting records at its registered office in Seychelles at least twice a year.
In addition, existing accounting records relating to transactions or operations completed in the past seven years up to December 31, 2021 (i.e. all accounting records from January 1, 2015) must be kept in Seychelles by February 6, 2022. While the accounting records must be kept at the registered office in Seychelles, they are not required to be filed with the Registrar and are not open to public inspection.
2. Annual financial summary required for large companies and non-large non-holding companies
The Amended Act includes the following new definitions:
From February 6, 2022, a large company or a non-large company that is not a holding company is required to prepare an annual financial summary to be kept at its registered office in the Seychelles within six months from the end of the company’s financial year.
Non-compliance with the accounting record keeping requirements will result in heavy fines and penalties ranging between USD2,000 to USD10,000 per breach.
Seychelles IBCs are advised to take immediate action collate their accounting records to ensure they are delivered to the Seychelles registered office before February 6, 2022.
We anticipate that the Seychelles Government will release guidelines on the Amendment Act, and we will keep you informed for further updates.
For more information, please contact Ms. Vincy Cheung at firstname.lastname@example.org