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2012.12.27 - Seychelles: Obligation to declare the place where the accounting records are kept.

 

Seychelles: On 1st January 2013, the Seychelles International Business Companies (Amendment) Act 2011 comes into force. This supplements the Seychelles IBC Act 1994 and obliges companies incorporated in this jurisdiction to inform their registered agent of the address where its accounting records are kept, and to notify the agent within 14 days in the event of a change of address.

In accordance with Section 65 of the above regulatory enactment, accounting records are documents that are sufficient:

  • - to show and explain the company’s transactions
  • - to enable the financial position of the company to be determined
  • - to enable the financial accounts to be prepared.

Therefore, ‘accounting records’ should be understood to mean bank statements and other documents evidencing all transactions disclosed therein such as invoices, contracts and any other relevant documents that are usually required for the preparation of the company financial statements.

The records must be retained for 7 years from the date when the relevant transactions are made.

A penalty of USD 25 may be imposed on the company for each day of non-compliance with the regulation.

Simultaneously, this regulation does not require that financial accounts must be prepared or filed as it only provides that appropriate accounting records must be kept at the specified address.

The above supplements to the Seychelles IBC Act were adopted on 27th December 2011. Initially, it was provided that all companies should meet these criteria within three months, i.e. by 27th March 2012. However, after additional explanations from the Seychelles International Business Authority, the deadline was extended until 1st January 2013.

International Overseas Services comments:

In the future, it is likely that similar regulations will be adopted in other classic offshore jurisdictions. Such regulations have been present in the British Virgin Islands since 2006.

This regulation does not restrict the rights or operations of the company or its owner in any way. It only provides that accounting records should be retained and kept in order. There is no requirement to transfer this documentation to other persons or to file a financial report.

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