Seychelles Company Accounting Reccord Inspection

[daniel31]

Has anyone ever heard of an accounting reccords inspection in the Seychelles or had one happening to them?

 

[uplana]

No never, and it ain't going to happen!

 

[daniel31]

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

 

[daniel31]

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]

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

Weird!

 

[daniel31]

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.

 

[JohnLocke]

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!?

 

[daniel31]

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]

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

 

[daniel31]

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.

 

[sonato]

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

it can not. I know they did it back in time, no issues at all, but not today any longer, sadly.

 

[Sols]

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]

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.

 

[wellington]

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

Rather weird they've targeted you.

 

[daniel31]

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.

 

[wellington]

Might be some hosting you've sold to someone dodgy... US Gov is really going on the cyber hunt.

 

[Malek]

We had exactly the same thing.
We had to submit 7 years accounts and sometime after we were asked for all the bank statements

 

[proples]

Seychelles is asking for my accounting records as well and I have no idea how to do it. Do you have a template or something that I can use?

 

[leeku88]

I’ve also just received the same demand! I was thinking of not renewing the company this year and letting it get struck off. But it says they will still want the account records going back 7 years and will issue fines if not received! ‍

 

[rowena]

I’ve also just received the same demand! I was thinking of not renewing the company this year and letting it get struck off. But it says they will still want the account records going back 7 years and will issue fines if not received! ‍

Demand for inspection or to provide 7 years of accounting?