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uplana

Corporate Services
Mentor Group Gold
No never, and it ain't going to happen!
 

daniel31

New member
It sure is happening to one of my companies right now. They are asking for 7 years of accounting stuff for inspection.
 

daniel31

New member
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I am on the phone so the screenshot and darkening isn’t the best. But yeah, always thought same as you that it would never happen and here we are.
 

jryan54

New member
Man! I've never heard of that happeneing before. i wonder if they are under pressure from someone to do so.

Weird!
 

daniel31

New member
I was told that they are “under constant pressure from the OECD and EU in particular, over the practical application of this requirement. As such, spot inspections from our own regulator are increasing”

The fines for not having it done are $100 + $25 per day + $25 per day per director + $2500 (if convicted in court) by the way. So a company with 3 directors would have to pay $100 per day in fines until it’s done.
 

daniel31

New member
I wonder how they will collect the fines if you as an foreigner just leave the company and ignore any demand to pay the fines!?

I fully agree though not a good option for me this time as the payment processor I use requires documents of the company every couple of years and I’d loose the recurring subscriptions with a company change.
 

sonato

Offshore Agent
What's the payment processor that allow a Seychelles company? mind to share here or by PM ?
 

daniel31

New member
What's the payment processor that allow a Seychelles company? mind to share here or by PM ?
It’s 2checkout but I am not sure they’d still allow it.

The account is almost a decade old and I remember a few years ago they complained to us about the setup but (according to them) added an exception to the account, basically grandfathered it in.

So not sure if that can still be done or not.
 

Sols

Staff member
Mentor Group Gold
If you still have processing statements, bank statements, and invoices for the past seven years, you can create the financial statements retroactively. You'll need to work with an accountant, but it's doable.

While they probably will struggle to collect the funds from you, the company will be struck off. If it's big a enough fine, I suppose they can try selling the debt to a debt collector but that's difficult across borders.
 

daniel31

New member
If you still have processing statements, bank statements, and invoices for the past seven years, you can create the financial statements retroactively. You'll need to work with an accountant, but it's doable.

While they probably will struggle to collect the funds from you, the company will be struck off. If it's big a enough fine, I suppose they can try selling the debt to a debt collector but that's difficult across borders.
No need for that. They do not need proper accounting. They are happy with all the invoices and bank statements.

All they want to see is that you have those so that accounts could be made.
 

daniel31

New member
What were you involved in? - Crypto, stocks or something else?

Rather weird they've targeted you.
None of those. The company they wanted the data for is a completely legit webhosting company.

Pretty small scale with around 500-600k annual revenue as well. Only setup in the Seychelles for taxes.

Going by what I have heard back so far it doesn’t sound targeted and more like they randomly pick companies to check.
 
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