Following amendments to the Seychelles International Business Companies Act on the 27th December 2011 all Seychelles IBCs must give notice to the Registered Agent (that”s us) of where they keep their accounting records. It states that the accounting records shall be kept at the registered office or such other place as the directors think fit. Where they are kept at another place the directors must notify the registered agent and also must notify the Registered Agent of a change of address within 14 days.
To avoid the cost of sending documents to Seychelles most if not all of our clients keep their accounting documents at the address of an intermediary or at their own address. Many intermediaries already provided the service to their clients before the amendment (document repository and safe-keeping).It should be noted that the directors of an IBC have always had the duty to keep accounting records and other documents of the IBC. The new requirement is for notification of an address only.
It should also be noted that there is no requirement to prepare, or audit or file financial statements (profit and loss, balance sheet and cash flow statements) that can be read. The “accounting records” are defined as “documents relating to assets and liabilities of the company including receipts and expenditure, sales and purchases and other transactions;”. These documents can be kept at the accounting address in what accountants call a “shoe-box” so that there is no need to employ an accountant.