Seychelles Offshore Company IBC Accounting Records and Financial Summary Requirement

Companies formed in Seychelles must prepare both Accounting Records and an Annual Financial Summary.

The Accounting Records shall be submitted on a bi-annual basis to the Registered Agent, where they will be available for inspection by the Financial Services Authority, the Financial Investigation Unit, and the Registered Agent.

These accounting records are not a tax return, and are not public records.

Failure to comply with the accounting records requirement carries a penalty of up to US$10,000.

Accounting records shall be kept for at least 7 years from the date of completion of the transactions or operations to which they each relate.

What does accounting records include?

“Accounting Records”, in relation to a company, means documents in respect of—

1. the company’s assets and liabilities;

2. the receipts and expenditure of the company; and

3. the sales, purchases and other transactions to which the company is a party;

   
   

Hence, accounting records include, but are not limited to bank statements, agreements, contracts, invoices, receipts, title documents, and other documents.

Annual Financial Summary

The Financial Summary consists of a balance sheet and an income statement. This Annual Financial summary is provided to the Registered Agent and kept in the Registered Address.

Which companies are required to submit an Annual Financial Summary?

All companies, except Holding Companies which are small companies (not a large company) are required to provide a Financial Summary. 

To be classified as a small holding company, the company’s annual revenue shall not exceed US$3,500,000.

Deadline: 

The Financial Summary shall be submitted 6 months after the end of the company’s financial year, which is the calendar year, unless it is changed by a resolution of directors and notified to the company’s registered agent within 14 days of the passing of the resolution.