Q:
|
When should I renew the Seychelles IBC?
|
|
A:
|
Starting from the subsequent year after incorporation, all IBC are required to proceed the annual renewal before the anniversary date of its incorporation. In practice, it is required to pay the annual renewal fees before one month of the anniversary to enable us to proceed the renewal on time.
|
Q:
|
What do I need to provide for the annual renewal other than payment?
|
A:
|
According to section 171 of IBC Act, IBC required to file a declaration annually to state and declare that it is keeping proper accounting, minutes and resolutions records and the locations kept. Such records can be made available within the specified period when required by specified parties.
|
Q:
|
Does the IBC need paying tax in Seychelles?
|
A:
|
No taxes liabilities imposed on the IBC for any income or capital gains derived from outside the Seychelles.
|
Q:
|
Is the IBC’s board or shareholder meeting required to be held in Seychelles?
|
A:
|
The board or shareholder meetings of Seychelles IBC are not required to be held in Seychelles. Meetings can be held anywhere and conducted by telephone or electronic means subject to the company’s articles.
|
Q:
|
Do the accounts of Seychelles IBC need to be prepared?
|
A:
|
IBCs are required to keep the accounting records under section 174(1) of the IBC Act. An IBC shall 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.
An IBC shall preserve its accounting records being kept for at least 7 years.
|
Q:
|
Do the Accounts of the IBC need to be audited?
|
A:
|
No. The IBC Act does not require the accounts of the IBC be audited.
|
Q:
|
What should I do if there is any change of director for an IBC?
|
A:
|
The Seychelles IBC is required to file the updated register of directors within 30 days of any changes. In addition, relevant documents about change of director in standard format need to be signed. Therefore, please notify us for any changes at earliest in order to complete the filing on time.
|
Q:
|
What is the consequence of non-payment of annual renewal fee of the IBC?
|
A:
|
Non-payment of annual renewal fees will make the IBC lose its status of good standing and severe late penalties will be incurred. The Registrar of Companies will take strike-off action if the Seychelles IBC fails to renew the company within the prescribed time period.
|
Q:
|
Is it possible to restore an IBC after it has been struck-off by the Registrar of Companies of Seychelles?
|
A:
|
Substantial government fees will be applied to restore an IBC after it has been struck-off by the Registrar of Companies of Seychelles. These reinstatement fees will include all past outstanding renewal fees and penalties.
|
Q:
|
Will the debts and obligations of Seychelles IBC be released after it has been struck-off by the Registrar of Companies of Seychelles?
|
A:
|
No. An IBC which has been struck-off by the Registrar of Companies of Seychelles shall remain liable to any due and unpaid fees. Such company also remains liable to all its debts and obligations.
|
FAQ
