Seychelles IBCs: Amendments to the International Business Companies Act, 2016 of the Seychelles
Be ready to file your financial report now ! That's the new regulation
Our solution : Accounting as a Service (read more below)
As from August 2021, the Seychelles International Business Companies (IBC) Act was amended and introduced the following important requirements for the Seychelles IBCs.
Bi-annual filing of accounting records to your registered office in Seychelles
As from February 6th 2022, each Seychelles IBC shall send updated accounting records to 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 (7) years up to December 31st 2021 must be kept in Seychelles by February 6th 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.
Large companies & non-large non-holding companies – annual financial summary
The Amended Act includes the following new definitions:
(a) Large Company means a company that meets the annual turnover threshold specified for a “large business” under the Revenue Administration Act, namely Seychelles Rupees 50,000,000 (approx. US$3,000,000 a year as of August 2021); and
(b) Holding Company means a company with no trade or business operations of its own but holds interests in other companies or assets.
From February 6th 2022, large companies and non-holding companies must prepare an annual financial summary to be kept at their registered office in Seychelles within six (6) months from the end of the company’s financial year (section 175(1B) of the Act).
A discretionary penalty fee not exceeding US$10,000 will be imposed on companies and their directors for breaching the requirements relating to keeping accounting records.
You might be thinking, Oh ! What a headache!
No. You don't have to worry about the day-to-day routine of accounting. Our Accounting as a Service program puts your books in the right hands and allows you to focus on what you do best: Run your great business! We'll take care of all of the tax preparation, recordkeeping and reporting for you so that you can keep your business running smoothly.
Instead of keeping an accountant on your payroll, it's as easy as renting one!
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