Key Accounts Filing Requirements for Seychelles Offshore Companies

Seychelles International Business Companies (IBCs) benefit from a relatively light regulatory burden compared to many other offshore jurisdictions. While the Seychelles provides flexibility, it’s important to stay on top of these requirements to remain compliant.

Here are the primary accounting obligations for offshore companies in Seychelles:

No Requirement for Audited Financial Statements

One of the significant advantages of Seychelles Company Formation is that International Business Companies (IBCs) are not required to submit audited financial statements. This offers significant cost savings and reduces administrative burdens for offshore entities.

Accounting Records Must Be Maintained

Although IBCs in Seychelles are not required to file audited financial statements, they must maintain proper accounting records. According to the Seychelles International Business Companies Act (as amended), IBCs must keep records that:

• Show the company’s financial position.
• Include details of all transactions.
• Can be used to create financial statements, if necessary.

These records include invoices, receipts, bank statements, and contracts. The records must be accurate and up-to-date.

Where to Store Accounting Records

Seychelles IBCs are allowed to keep their accounting records anywhere in the world. However, the company’s registered agent in Seychelles must be informed of the physical address where these records are stored. If requested by the Seychelles authorities, these records should be provided within a specified time frame, typically within 90 days.

Annual Declaration of Compliance

Seychelles IBCs must file an Annual Declaration of Compliance to confirm that they are keeping proper accounting records and meeting other legal requirements. This declaration is filed through the company’s registered agent and ensures that the company remains in good standing with the Seychelles authorities.

Record Retention Period

Seychelles law requires that the accounting records be kept for at least seven years from the date of the transaction or event being recorded. This means that even though Seychelles is lenient in terms of auditing and filing financial statements, offshore companies must ensure they are retaining their records for the legally required period.

Penalties for Non-Compliance

Failure to maintain proper accounting records or to file the required declaration can result in significant penalties, including fines and potentially having the company struck off the register. To avoid these risks, it’s essential to work with a knowledgeable registered agent who can assist with meeting these obligations.

How WWincorp Can Help You Stay Compliant

At WWincorp, we understand the intricacies of Seychelles Company Formation and the specific requirements for maintaining compliance in jurisdictions like Seychelles. With over 25 years of experience in offshore company formation and management, we can help you ensure that your Seychelles IBC remains compliant with all local regulations.

Why Choose WWincorp?

• Expert Guidance: Our team of professionals, including accountants and legal experts, ensures that you understand and meet all accounting and compliance requirements.
• Personalised Service: Every client is assigned a dedicated account manager to handle their specific incorporation needs, including staying on top of accounting and filing requirements.
• Global Network: We leverage our global network of professionals to provide you with the best advice, no matter where your offshore company operates.
• Simplified Compliance: We take the stress out of managing compliance, providing reminders and support to ensure you meet all deadlines and obligations.

While Seychelles offers many advantages for offshore incorporations, it’s essential to remain aware of the accounting and compliance requirements to avoid penalties. By maintaining accurate records, keeping your registered agent informed, and filing the required declarations, you can ensure your Seychelles IBC remains in good standing.

At WWincorp, we offer comprehensive support for all aspects of offshore incorporation and compliance, including assistance with Seychelles accounting requirements. Let us help you navigate the complexities of offshore company management so you can focus on growing your business.

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