Seychelles IBC Essentials: Generating Locally Sourced Income_

Seychelles IBC Essentials- Generating Locally Sourced Income

An International Business Company (IBC) is an offshore company formed under the laws of Seychelles which, previously, was restricted in terms of the activities it may conduct.

The game changed for IBCs starting January 1, 2019, when the government allowed for the International Business Companies to actually do business here in Seychelles.

This means foreign companies registered in Seychelles may now operate in the country!

While this change brought great opportunities – it has corresponding obligations.

If an IBC generates income from WITHIN Seychelles, it has to note the following additional regulatory compliance requirements:

  • Registration of Tax Identification Number (TIN) with the Seychelles Revenue Commission (SRC);
  • Monthly filing of Business Activity Statements with the SRC;
  • Annual preparation of Audited Financial Statement; and
  • Filing of Annual Business Tax Returns with the SRC

Sounds a lot? We got you covered!

Our team at CRESCO can handle the administrative work for you. We will liaise directly with the Seychelles Revenue Commission to obtain the Tax Identification Number. We can also help you with the Audited Financial Statements which have to be filed before 31st March of the year following the reporting period, and submit your Business Tax Return on your behalf.

If you’re considering hiring employees, you might have to remit income taxes on their monthly earnings. This and other taxes such as Value Added Taxes, Corporate Social Responsibility Tax, Withholding Tax will be reported on the Business Activity Statements, which our team can prepare for you and ensure that the requirements have complied.

Our service doesn’t end upon submission. Should you require accounting service for internal purposes, we are also here to assist.

CRESCO Accounting Limited is an international company based in Seychelles, having offices also based in the Philippines and Dubai. Hence, as required by other institutions outside Seychelles, an audit can be performed by our professionals from the different locations.

As a welcome to IBC’s in Seychelles, we offer a ‘smooth sailing journey’ with us.

Give us a call on +248 430 3149

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Our UAE offices are closed from April 8-12, 2024, you may still reach us on +971 4 406 9680 as our team in Seychelles and the Philippines remain at your disposal. Eid Mubarak!

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