Navigate The Continuously Changing Business Landscape with CRESCO Accounting
A new development comes to light that accounting records will soon be kept in Seychelles. This regulation will challenge both RA’s and entities conducting business in this jurisdiction.
Under the current rules, the Registered Agents (RA’s) do not have the power to request Accounting Records from the IBC’s. This rule makes it difficult for RA’s to monitor the IBC’s compliance requirements.
Challenges with keeping records in Seychelles:
- Keeping the physical documents will be a challenge; whilst opting to keep the electronic file, this will not guarantee availability should the IT system fail.
- A Registered Agent (RA) does not have the capacity to sign off an entity’s accounting records as correct and accurate.
- Entities’ Directors are responsible for the accuracy, completion, and submission of such records, the RA’s can only maintain the records.
- Seychelles IBC law requires documents to be maintained for 7 years as opposed to 5 years which is the international norm. This difference makes it more challenging on the accounting record-keeping and filling.
CRESCO Accounting Your Seychelles IBC Accounting Partner
When the new regulation takes effect, this will not only be an expensive activity but a tedious one to begin with. Outsource your client’s accounting services with us, our local, in-country, accounting teams are dedicated to helping clients get quick support to answer overseas company’s day-to-day management questions.
We work closely with RA’s and clients to adapt and optimise your accounting systems and processes to meet the needs of new markets, emerging opportunities, and the ever-changing face of international accounting regulation.
We offer a complete package depending on the nature and needs of your business – from incorporation, accounts reporting to taxation services and compliance
