Highlights of Accounting Record Requirements
Further to our e-news of 3 September 2021 and a subsequent reminder on 10 January 2022 regarding the amendments to the International Business Companies Act 2016 relating to the requirements of accounting records, we would like to highlight the below requirements in particular:
Every Seychelles company is required to send a copy of its accounting records twice annually to be kept at its registered office in Seychelles:
- Accounting records relating to transactions or operations in the first half (January to June) of a calendar year must be kept in Seychelles by July of that year.
- Accounting records relating to transactions or operations in the second half (July to December) of a calendar year must be kept in Seychelles by January of the following year.
The obligation to provide existing accounting records for the past 7 years to 31 December 2021.
Required Actions
In view of the above, please be reminded to take action as follows:
- Please send us the accounting records of the Seychelles companies for the first half of the year (i.e. January to June) by July 2022.
- If companies have not yet complied with the requirement for existing accounting records for the past 7 years, please do the needful to provide us with the same.
Consequences for Non-Compliance
An entity that contravenes section 175 of the International Business Companies Act 2016 (the “Section”) shall be liable to a penalty fee not exceeding US$10,000; a director who knowingly permits a contravention under the Section shall be liable to a penalty fee not exceeding US$10,000.
Sertus Incorporations (Seychelles) Limited as the registered services provider reserves the right to hold up all corporate secretarial services for the non-compliant Seychelle companies, including but not limited to the issue of Certificate of Incumbency and annual renewal of companies, until they have complied with the relevant requirements.
If you have any questions regarding the above, please feel free to contact your Sertus Client Services Representative or contact us at info@sertus-inc.com.
Kindly note that this e-news is not exhaustive but just intended to provide a general reference. This is not a legal advice and should not be regarded as a substitute for a specific legal advice that meet your circumstances. Sertus does not accept any responsibility for any errors or omissions of the contents of this e-news.