Reminder: Seychelles accounting records due

Seychelles entities are reminded of the requirement to submit their bi-annual accounting records to their registered agent (by July and January) each year.  The official deadline for submitting accounting records for the second half of the year 2022 (July to December) is 31 January 2023. Furthermore, large entities (with an annual turnover of more than SCR 50 million), as well as non-large non-holding entities, should prepare and submit their Financial Summary using the prescribed template for submission within six months from their financial year end. As detailed in our original Seychelles update, significant penalties have been introduced in case of non-compliance with statutory obligations by International Business Companies (IBC). Therefore, please ensure that you provide accounting records to Marbury before 30 January 2023 to enable filing with the Seychelles registered agent by the above deadline.  Non-compliant entities face delay in obtaining company documents For any Seychelles entities that have not yet submitted their historical and/or first half 2022 accounting records, these are now overdue.  The Seychelles registered agent will not issue certificates to non-compliant entities and thus clients will face delays in their business operations when a certificate is required until their outstanding obligations are fulfilled.  Seychelles entities are further reminded of the obligation to inform the registered agent of any change of address of directors or members on an ongoing basis. Inaccurate or not up-to-date information held on the registers may also incur penalties. For further details, please see the penalty table covering each type of non-compliance under the IBC Act.  Marbury is able to provide bookkeeping and accounting management services. Please contact your usual Marbury advisor or email if you have any queries about this update or would like to learn more about our related services.

Seychelles: Additional Register of Directors requirements

To ensure that international regulatory standards of tax transparency are met, the Seychelles Government enacted a suite of new legislation over the last two years, including the International Business Companies (Amendment) Act 2021 (the Amendment Act) and the International Business Companies Act and Other Related Laws (Amendment) Act 2021. The legislation imposes a number of new reporting obligations on Seychelles companies (and their Registered Agents), and the Financial Services Authority recently issued the International Business Companies Guidelines to aid compliance. Under the Amendment Act additional mandatory fields relating to the Register of Directors (RODs) are required to be completed, along with an additional requirement to provide consent in writing by the persons/entities appointed. An overview of the RODs including the new requirements is set out below. Register of Directors (ROD) mandatory fields The following information relating to company directors are required to be filed with the Registrar as mandatory fields in the ROD: For individual directors name date of birth nationality service address for receipt of documents and residential address (if different to service address) For corporate directors date of incorporation place of incorporation service address for receipt of documents (ie registered office address) Dates relating to each person entered as a director, alternate director, or nominated as reserve director Appointment/Nomination date Cessation date Written consent to act as director Under the Amendment Act, every person appointed as a director or alternate director or nominated as a reserve director of a company from 6 August 2021 onwards must provide consent in writing. For persons appointed or nominated prior to 6 August 2021, this requirement is not applicable. Filing deadlines Whilst a company is not required to appoint a director within

Seychelles: New accounting records obligations

The Seychelles Government has introduced new legislation that significantly increases the accounting records keeping requirements for International Business Companies (IBCs).