Does an IBC have to keep accounts and other records?

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Retention of documents is mandatory, the financial statements are not

Does an IBC have to keep accounts and other records?

It is an obligation for all companies in all parts of the world to keep books and other records. The Seychelles IBC is no different in this respect. It is a duty of the directors of the company to do so. This also applies to other records such as minutes of meetings, and agreements between shareholders and between directors and other officers, also contained consents and appointments, and share transfer forms.

No bookkeeping, no annual accounts necessary

It is important to note that a Seychelles IBC continues, as of October, 2021., not is required to prepare accounting reports or financial statements that can be read. They are only expected to keep accounting records, i.e. invoices and receipts, bank statements and contracts, possibly in a so-called "shoe box".

It is also important to note that IBCs are not required to file bookkeeping accounts with anyone in Seychelles.

You can find more and further information in our Lexicon/Glossary or in the IBC Act.

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