Seychelles Updates – Please provide the Accounting Records in the 1st half of 2023

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Recap of Accounting Record Requirements

Frankly reminder of the amendments to the International Business Companies Act 2016 relating to the requirements of accounting records as follow:

  1. Every Seychelles company is required to send a copy of its accounting records twice annually to be kept at its registered office in Seychelles:
    (i) Accounting records relating to transactions or operations in the 1st half (January to June) of a calendar year must be kept in Seychelles by July of that year.
    (ii) Accounting records relating to transactions or operations in the 2bd half (July to December) of a calendar year must be kept in Seychelles by January of the following year.
  2. The obligation to provide existing accounting records for the past 7 years to 31 December 2021.

Ref: https://www.harmonybcs.com/2021/09/10/seychelles-updates-ibc-act-amendment-highlights-relating-to-requirements-of-accounting-records/

Required Actions

  1. Please send us the accounting records of the Seychelles companies for the 1st half of the year (01.01.23 – 30.06.23) on or before 21 July 2023.
  2. 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.

Compliance inspections and penalties

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.

If any queries, please contact your Harmony representative. 

Thank you