I blogged recently about the
record keeping requirements of a company under the new
Seychelles IBC legislation, the International Business Companies
Act, 2016 (the "Act").
That blog included details about the holding of accounting
records under the Act. This blog sets out the requirements in more
detail. While there is still no requirement to file accounts
in the jurisdiction, there have been some minor refinements to an
IBC's obligations.
"Accounting records" are defined in the Act as
documents in respect of the company's assets and liabilities;
the receipts and expenditure of the company; and the sales,
purchases and other transactions to which the company is a
party.
A company must keep reliable accounting records that are
sufficient to show and explain the company's transactions;
enable the financial position of the company to be determined with
reasonable accuracy at any time; and allow for accounts of the
company to be prepared. They must also give a
