Seychelles Accounting records from 2022

[Upworker]

‘Starting from 2022, all Seychelles companies must provide bi-annual reporting of its accounting records to its registered office and large companies (with annual turnover above USD3.75m) and non-large non-holding companies must provide an annual financial summary.
Does this means Seychelles now requires financial statements? Anyone heard of this.

 

[Sols]

Financial statements have been required for a long time in the Seychelles. The new requirements for 2022 simply tighten those regulations. The main change is that accounting records must now be kept with the registered agent in the Seychelles, whereas before you could keep them anywhere and unscrupulous registered agents didn't bother to verify where (and whether) they were kept.

There will also be inspections. In reality, there's no way they can check every IBC's statements in detail but it's really easy to check which ones have accounting records and which don't. That's where the penalties of up to 10,000 + 10,000 USD come into play.

 

[proples]

What if I just don't submit them anything? Will they be able to personally prosecute me, or only my company? As far as I understand I am not personally liable for my company's debts

 

[Sols]

What if I just don't submit them anything?

Then you break the law.

Will they be able to personally prosecute me, or only my company?

Both.

As far as I understand I am not personally liable for my company's debts

That doesn't apply to criminal activities or neglect.

But it's no secret that the Seychelles aren't going to prioritize every single company, let alone be practically able to enforce.

 

[proples]

The company is liable to pay a penalty, but it doesn't mean Owner of the Company is committing a crime.

 

[Sols]

The company is liable to pay a penalty, but it doesn't mean Owner of the Company is committing a crime.

Directors are personally liable for a company's criminal wrongdoings. This responsibility can also be applied to shareholders/owners.

But again, it's extremely unlikely Seychelles authorities will come after you. Just don't conflate lack of actual accountability with something being legal.

 

[proples]

It makes sense.

Do you have any information about this Seychelles situation? I sent the agent financial statements, and now they are asking for invoices and bank statements, which is complicated to get from 3 years ago.

 

[rowena]

It makes sense.

Do you have any information about this Seychelles situation? I sent the agent financial statements, and now they are asking for invoices and bank statements, which is complicated to get from 3 years ago.

Do you have a business bank account in Seychelles? If you don’t then you can tell them you have no income/transactions. It may be risky but I don’t think Seychelles will search business bank accounts in the world.

 

[bonox]

Do you have a business bank account in Seychelles? If you don’t then you can tell them you have no income/transactions. It may be risky but I don’t think Seychelles will search business bank accounts in the world.

agree.. I told them no activity for the company and they never got back.