Seychelles company audit, financial statements, accounting, consulting in Seychelles

The accounting records of Seychelles offshore companies are not subject to public disclosure, however, such companies must maintain their accounting records.

The International Business Companies Act sets out the following minimum obligations:

- an international business company is required to maintain accounting records that must:

• be sufficient to show and correctly explain the company's transactions;
• enable the financial position of the company to be determined at any time with reasonable accuracy;
• enable the company's financial statements to be prepared (if necessary);
• be reliable and objective.

- accounting records include documents confirming the assets and liabilities of a company, records of sales and purchases and other documents confirming relevant transactions;

- accounting records must be kept at the company’s registered office address or at such other address as decided by the directors (when accounting records are kept at an address other than the registered office, the company must inform the registered agent in writing about such physical address; if the records keeping address changes, the company notifies the registered agent in writing about the change of the physical address within 14 days);

- accounting records must be kept for 7 years.

Preparing or filing annual accounts is not mandatory for Seychelles companies (with some exceptions), nor is appointing an auditor.

Companies are required to comply with the director’s request for accounting records within two weeks of the request. Failure to comply may result in fines, and if the company refuses to disclose this information, a formal request may be lodged with the court for such disclosure.

Starting from 2022, all Seychelles companies must:

• submit accounting records to its registered office at least twice a year;
• large companies (with a turnover of more than USD 3 500 000) – submit an annual financial summary.

If a company operates within Seychelles, it must obtain a tax number and register with the Seychelles Revenue Commission.

According to the International Business Companies Act, appointing an auditor or conducting an audit is not mandatory for offshore companies incorporated in Seychelles.

Any non-compliance with accounting records requirements in Seychelles may result in a fine between USD 2 000 and USD 10 000.

From February 2022, the Seychelles Registrar will initiate on-site compliance inspections to ensure that Seychelles entities maintain proper accounting records; if violations are detected, appropriate sanctions will be applied, including:

• a fine of up to USD 10 000; and
• if the director deliberately commits a violation, he also faces a fine of up to USD 10 000.

Even if a legal entity is struck off, dissolved (liquidated) or deregistered, the director must ensure that all accounting records are lodged at the entity’s registered office in Seychelles.