Updates on Seychelles Accounting Records Keeping Obligations

In August 2021, Seychelles introduced major amendments to its International Business Companies (IBC) framework, including related statutes on Foundations, Limited Partnerships, and Trusts. 

These amendments set clear obligations for keeping Seychelles accounting records at the registered office in Seychelles and established bi-annual reporting and annual financial summary requirements. Since 2021, further amendments have been enacted to refine compliance obligations and align with evolving international standards. 

Notably, the 2025 updates introduced requirements for nominee shareholder declarations, clarified financial summary obligations, and strengthened enforcement measures, including updated penalties for non-compliance. This article provides an up-to-date overview of Seychelles accounting records obligations for IBCs, helping companies navigate the current regulatory landscape and ensure full compliance.

New requirement on place of keeping accounting records

Under the International Business Companies (Amendment) Act, 2021, and subsequent amendments through 2025, all Seychelles International Business Companies (IBCs), Foundations, Limited Partnerships, and Trusts are required to maintain their accounting records at their registered office in Seychelles. This obligation ensures transparency, regulatory compliance, and alignment with international standards.

Key requirements

• Retention Period: Accounting records must be kept for a minimum of 7 years from the date of the related transaction or operation.
• Accepted Formats: Records may be maintained in either original or electronic form, provided they are complete, accurate, and accessible.
• Examples of Accounting Records:
  • Bank statements
  • Receipts and invoices
  • Vouchers and title documents
  • Contracts and agreements
  • Ledgers and financial statements
  • Any other documentation supporting transactions

All records must be readily available for inspection by Seychelles authorities at any time. Compliance with this requirement is critical to avoid penalties and ensure the company remains in good standing.

Timeframes for new accounting records maintenance

Accounting records between 1st Jan 2015 to 31st Dec 2021

All Seychelles IBCs’ historical accounting records dating back to 7 years prior to 31st Dec 2021 must be delivered to the entities’s Seychelles registered office before 6th Feb 2022.

Accounting records from 1st Jan 2022 onwards 

Effective from 1 January 2022, Seychelles IBCs and other regulated entities are required to maintain accounting records on a twice-yearly schedule, as prescribed under section 175 of the Amendment Act, 2021, with further clarifications under 2025 updates.

Deadlines for records that should be preserved at the registered office in Seychelles on a bi-annual basis are as follows:

• First half of the year (January–June): records must be kept by 31 July of the same year.
• Second half of the year (July–December): records must be kept by 31 January of the following year.

Records must remain readily available at the registered office in Seychelles, as government authorities may request them at any time during the year.

Summary of deadlines for easy reference:

Accounting Records Period	Deadline
1 January 2015 – 31 December 2021 (past 7 years)	6 February 2022
January – June 2022 (first half)	31 July 2022
July – December 2022 (second half)	31 January 2023
January – June 2023 (first half)	31 July 2023
July – December 2023 (second half)	31 January 2024
January – June 2024 (first half)	31 July 2024
July – December 2024 (second half)	31 January 2025
January – June 2025 (first half)	31 July 2025
July – December 2025 (second half)	31 January 2026

Annual financial summary submission

Seychelles IBCs, Foundations, Limited Partnerships, and Trusts are required to prepare and maintain an Annual Financial Summary in addition to their regular accounting records. This requirement applies to:

• Large companies with an annual turnover exceeding SCR 50 million (US$3,750,000).
• Non-holding companies with revenue below SCR 50 million (US$3,750,000).

The Annual Financial Summary must be submitted to the company’s registered office in Seychelles within six months of the financial year-end. If a company has not chosen a specific financial year, the default financial year is considered to be the calendar year.

It is important to note the distinction between the Financial Summary and full Financial Statements:

• The Financial Summary provides a condensed overview of the company’s financial position and key figures.
• Full Financial Statements include detailed accounting records, balance sheets, and other statutory information.
• If a company’s full Financial Statements include all information required for the Financial Summary, a separate summary may not be necessary for that year.

Additionally, the 2025 amendments have removed any provisions allowing accounting records to be maintained outside Seychelles. Companies that currently hold historical records outside the jurisdiction must notify their Registered Agent of the physical address of those records.

Seychelles authorities may request access to accounting records and the Financial Summary at any time, making it essential for companies to maintain them on-site and up-to-date. Non-compliance can result in financial penalties ranging from US$2,000 to US$10,000 per breach.

Nominee shareholder declaration

Under the Seychelles International Business Companies (Amendment) Act, 2025, all nominee shareholders are legally obligated to submit a signed declaration within 21 days of their appointment. This declaration must be addressed to the company and include:

• A statement confirming the nominee’s status.
• Full identity details of the nominator (the person or entity on whose behalf the nominee acts), including:
• For individuals:
  • Full name
  • Address
  • Date of birth
  • Nationality
  • National identification number or equivalent (e.g., passport number)
• For entities:
  • Legal name
  • Registered address
  • Date and place of incorporation or registration
  • Incorporation or registration number
• Any additional information as required by the Registrar.

In the event of any changes to the nominator’s details, the nominee must submit:

• A written notice detailing the change.
• An updated declaration reflecting the new information.

These updates must be submitted within 21 days of the change.

Failure to comply with these requirements may result in penalties, including:

• A fine of up to USD 10,000
• Imprisonment for up to one year
• Or both

Companies are required to retain these declarations and notices at their registered office in Seychelles for a minimum of seven years from the date the nominee ceases to act in that capacity.

Penalties for non-compliance

Under the International Business Companies (Amendment) Act, 2025, Seychelles IBCs, Foundations, Limited Partnerships, and Trusts are subject to strict penalties for failing to comply with accounting and reporting obligations:

• Failure to maintain accounting records: Companies that do not keep accounting records at their registered office in Seychelles may face fines of up to US$10,000.
• Failure to submit the Annual Financial Summary: Companies that fail to submit the financial summary within six months of the financial year-end may incur additional fines or legal action.
• Nominee shareholder non-compliance: Nominee shareholders who do not submit the required declaration or notify changes within 21 days may be subject to fines up to US$10,000 and, in severe cases, imprisonment.

Compliance with these obligations is essential to avoid financial penalties, legal consequences, and reputational risk. Companies are advised to maintain accurate records, submit summaries on time, and ensure nominee declarations are up-to-date to remain in good standing with Seychelles authorities.

BBCIncorp Seychelles annual renewal service

Navigating Seychelles accounting and compliance obligations can be complex, especially with the latest 2025 updates on accounting records and financial summaries. BBCIncorp offers a comprehensive Seychelles Annual Renewal Service designed to keep your company fully compliant and stress-free.

With just one package, your company benefits from:

• Annual Company Renewal and Maintenance: Covers all statutory obligations and government fees.
• Registered Office: Local registered address to meet compliance requirements.
• Company Administration: Management of statutory registers, automated reminders of filing deadlines, and exclusive access to the BBCIncorp company management portal.
• Accounting Records Submission: A fast, convenient, and fully managed service, BBCIncorp ensures your accounting records are accurately prepared, securely maintained, and submitted on time, helping your company stay fully compliant with Seychelles regulations.

Designed for Seychelles IBCs, BBCIncorp’s service ensures that your company stays fully compliant while minimizing administrative burden. Leveraging expertise in corporate secretarial services, nominee directors and shareholders, banking support, and virtual office solutions, BBCIncorp helps you focus on your business while keeping regulatory obligations fully managed.

The 2025 updates to Seychelles accounting and reporting obligations reinforce the importance of maintaining accurate accounting records, submitting annual financial summaries, and fulfilling nominee shareholder declaration requirements. Companies must ensure records are kept at the registered office, meet bi-annual deadlines, and remain accessible for regulatory review. Proactive planning and diligent compliance are essential to avoid significant fines and legal consequences. 

Engaging a professional service provider such as BBCIncorp, can simplify ongoing obligations, ensure timely submissions, and provide peace of mind, allowing business owners to focus on growth while staying fully compliant with Seychelles regulations. Should you have any further questions regarding the Seychelles accounting records keeping obligations, please drop us an email to service@bbcincorp.com for more information.

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