In relation to the changes in the Seychelles IBC Act the following changes should be noted.
AMENDED IBC ACT
The Seychelles IBC ACT has been amended late December 2011 and after clarifications made with the Regulatory body as follows:
ACCOUNTING RECORDS
All IBCs registered in the Seychelles must by 1st January 2013 indicate the location where they keep the documents related to its business transactions. The place can be in Seychelles or anywhere in the world. The new changes in the Law do not require an IBC to prepare financial statements, to have audited accounts or to file any financial records with any Regulatory bodies in the Seychelles.
The client will have two choices: either to maintain such records in the Seychelles i.e. at the Registered Address or keep them outside the Seychelles. In the case where such documents are to be kept at the Registered Office, we will require copies of accounting records (invoices, receipts, bank statements or any other documents affecting the financial activity) to be sent to us on monthly basis.
On the other hand, if records are being kept outside Seychelles, we will require a signed undertaking by the director(s) confirming location where these records are being kept. In the case where nominee service has been provided, we will require a signed undertaking by the beneficial owner confirming address where such records are being kept.
The records produced however are not publicly available and outsiders can only view them with the permission of the director(s). The Seychelles International Business Authority (SIBA) which is the regulatory body has the right to request the verification of the account records.
The IBC will be fined USD 25 per day and the director(s) also would be fined USD 25 per day in the case no such records are kept.
The transparency of transactions and company operations have long been a requirement of the OECD and this is probably the reason behind the changes in the Seychelles.
REGISTERS
The amendments in the ACT require a copy of the share register, register of directors and officers be kept at the Registered Address.
RESERVATION PERIOD OF A COMPANY NAME
Upon approval of a proposed company name by the Registrar, the proposed name will be reserved for a period of 30 days as the date of approval. There is no charge for the initial 30 day reservation period. After 30 days have been elapsed, the name would be available to any other Corporate Service Provider on a ‘first come first served’ basis.
Should a Corporate Service Provider request to extend the reservation period of a proposed name prior to the relevant expiry date of the reservation period, a fee of USD 25 per name will have to be incurred.