All Seychelles entities must have their Accounting records (including underlying documentation) and "Financial Summary." Accounting records (including the underlying documents) can take on many forms and includes:
a) Bank statements
b) Receipts
c) Invoices
d) Vouchers
e) Title documents
f) Contracts and agreements
g) Ledgers
h) Any other documentation underpinning a transaction
Note: The focus of the IBC Act is on keeping the underlying, or supporting, documentation that would evidence or show that these sales and purchases (and other transactions, as the case may be) took place, for example. In contrast, it is noted that the income statements and balance sheets would typically provide an overall view of a company's financial performance.
The Accounting records are required to be submitted in Seychelles for the following periods:
1. Period - 1st January 2015 up to 31st December 2021.
i. Submission of Accounting records (including underlying documentation):
- The deadline for submission of the same was 06/02/2022. If you are yet to comply with the requirements for this period, please do the necessary to have the Accounting records (including underlying documentation) submitted.
ii. Submission of 2021 "Financial Summary":
- The deadline for submission of the same was 30/06/2022 (If the Financial Year End is on 31st December)
iii. Notice of Location of Company Records:
- Attached is the template to be used. Kindly note that the template can be dated with the current date.
- From now on, the "Notice of Location of Company Records" will only be required whenever there are changes to the addresses of the Accounting records.
2. Period - 1st Half of 2022 (i.e. 1st January 2022 up to 30th June 2022):
Submission of Accounting records (including underlying documentation):
- The deadline for submission of the same is 31/07/2022. If you are yet to comply with the requirements for this period, please do the necessary to have the Accounting records submitted.
3. Period - 2nd Half of 2022 (i.e. 1st July 2022 up to 31st December 2022):
Submission of Accounting records (including underlying documentation):
- The deadline for submission of the same is 31/01/2023.
Important note: Please note that the bi-annual submission of Accounting records will continue for years to come (From 2022 onwards).
4. Financial Summary:
- The new requirements of Accounting records keeping also makes it an obligation for all companies (except "Non-Large Holding Companies") to submit their "Financial Summary" within six months of the end of a company's Financial Year End.
Definitions of Large, Non-Large Companies & holding companies:
Large companies mean companies with an annual turnover of over SCR50 million.
Not-Large companies mean companies with an annual turnover of less than SCR50 million.
"holding company" means a company with no trade or business operations but holding interests in other companies or assets.
- The "Financial Summary" is not the "Financial Statements". As its name states, it is only a company's financial summary at the end of a Financial year.
- If the Financial Statements are being provided for a company's year-end and the contents of the Financial Statements include what is required in the "Financial Summary", the company will not be required to issue the "Financial Summary" for that particular year-end.
PENALTIES
Please be advised that not complying with those mentioned above and not submitting accounting records could bring significant penalties to the company (from US$ 2,000.00 up to US$ 10,000.00). The appropriate penalty level will be case-by-case, depending on the severity of non-compliance identified.
Should you have any additional questions, please do not hesitate on letting us know.
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