For those left out of the loop, I will explain the newest requirement for Seychelles IBC`s to keep Accounting Records

January 30, 2013 - by Nida U.

I know this is not a newbie, however this is fairly recent, so I decided to post about this for those who don’t know. In fact, there are many information websites that for some reasons are not being updated frequently enough, leaving clients in dark. With our www`s, of course, this is not the case!

Ok, down to the amendments.

As we know Seychelles IBC`s were not required to keep any “Accounting Records” (AR) at all. But the Seychelles Government had to make amendments regarding AR as a response to the initial request by the OECD.

Here are main facts and information about the amendment:

Let’s start with the definition, this way it will make it clear what falls under the AR. Extracted from the Act itself AR are all documents relating to assets and liabilities of the company, including receipts and expenditure, sales and purchases and other transactions of the IBC, e.g., bank statements, copies of contracts, invoices, receipt, sort of anything that would be used by the accountant in usual case to show income (profit/loss) of the company.

Now, what the law requires is for the AR to be kept for a period reflecting last 7 years and for them to be kept in a precisely defined location, in addition this location has to be defined in writing.

Keep in mind that in many other jurisdictions, e.g., British Virgin Islands (BVI) this is nothing new. Also keep in mind that we do our best to make this as simple as possible for our clients to comply with this rule.

Thank you for reading my post! And you are welcome to leave comments, feedback, suggestions for other posts or contact me for more information.

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