Seychelles Accounting Records: Compliance Guide for IBCs, Foundations, Trusts and Limited Partnerships

If you have a Seychelles entity, maintaining proper accounting records is not optional. Under the International Business Companies (Amendment) Act, 2021, Seychelles entities are required to maintain and lodge accounting records at their registered office within prescribed deadlines.

Failure to comply may result in significant financial penalties and regulatory action.

Seychelles Accounting Records: Who Must Comply?

The accounting records requirements apply to virtually all Seychelles structures, including:

• International Business Companies (IBCs)

• Foundations

• Trusts

• Limited Partnerships (LPs)

What Records Must Be Maintained?

Accounting records must be lodged with the entity's registered office in the Seychelles and should include sufficient documentation to explain the company's transactions and financial position accurately.

Typical records include:

• Bank statements

• Invoices

• Receipts

• Contracts and agreements

• Accounting ledgers

• Supporting financial documentation

• Any other records necessary to substantiate transactions

These records must be complete, accurate, and readily available upon request by the authorities.

Accounting Records Lodgment Deadlines

Since 2022, Seychelles has operated on a bi-annual filing schedule.

Historical Records

Accounting records covering the period 1 January 2015 to 31 December 2021 were required to be lodged by 6 February 2022.

Ongoing Deadlines

Accounting Period	Lodgment Deadline
January – June	31 July of the same year
July – December	31 January of the following year

These deadlines continue every year.

Annual Financial Summary

Certain Seychelles entities are also required to prepare an Annual Financial Summary.

This requirement generally applies to:

• Large companies (annual turnover exceeding approximately USD 3.75 million), and

• Non-large companies that are not holding companies.

The Financial Summary must be kept at the registered office within six months after the end of the company's financial year.

Records Kept Outside Seychelles

Accounting records do not necessarily need to be physically maintained in Seychelles.

However, if they are stored elsewhere:

• The registered agent must be notified in writing of the storage location.

• Any subsequent change of storage location must be reported within 14 days.

Keeping this information updated is a legal requirement.

Penalties for Non-Compliance

Failure to comply with the accounting records obligations may result in:

• Monetary penalties ranging from USD 2,000 to USD 10,000 per breach;

• Regulatory enforcement action; and

• In serious or persistent cases, the strike-off of the entity from the Seychelles register.

Given these potential consequences, it is important to ensure records are prepared, maintained, and submitted on time.

How V. I. Services & Solutions Limited Can Help

V. I. Services & Solutions Limited (VISS) works closely with its licensed partner Seychelles-registered agent to help clients meet their ongoing compliance obligations.

We can assist you with:

• Understanding your accounting records obligations

• Coordinating the timely submission of accounting records

• Determining whether an Annual Financial Summary is required

• Liaising with your Seychelles registered agent

• Ensuring your entity remains in good standing

If you have questions regarding your Seychelles company or would like assistance with your compliance obligations, please contact our team at Contact@viss.com.hk.