A Seychelles IBC (international business company) is a company incorporated under the International Business Companies Act 2016 and supervised by the Financial Services Authority (FSA) Seychelles. Seychelles remains one of the best-known budget offshore jurisdictions, and since 2021 the law has noticeably tightened accounting requirements: the company keeps accounting records, prepares an annual financial summary and keeps documents in Seychelles. Below are the obligations under the Act as consolidated by the FSA as of August 24, 2026.
A registered agent is mandatory
Under section 164 of the Act, an IBC must at all times have a registered agent in Seychelles. Only a person licensed to provide international corporate services under the International Corporate Service Providers Act can act as agent. Registration, correspondence, the keeping of some documents and communication with the registrar go through the agent.
Accounting records and the financial summary
Section 174 requires the company to keep reliable accounting records that:
- show and explain the company's transactions;
- make it possible to determine its financial position with reasonable accuracy at any time;
- allow financial statements to be prepared.
A breach exposes the company to a fine of up to US$10,000, and the same fine applies to a director who knowingly permitted it.
Section 175 sets out where records are kept:
- an ordinary company prepares an annual financial summary and keeps it at its registered office in Seychelles within 6 months after the end of the financial year;
- if records are kept abroad, copies are sent to the registered office at least twice a year;
- a holding company that is not a large one is exempt from the summary and also sends records to the office at least twice a year;
- the financial year is the calendar year; the directors may change it by resolution, notifying the agent within 14 days;
- records are kept for at least 7 years from the date the transaction was completed;
- copies may be kept electronically.
The separate section on the annual return (section 171) was repealed by the 2021 amendments: its function is performed by the records and the summary held at the registered office.
Producing documents on request
Under section 173, the company or the agent must produce accounting records, minutes and registers within the set deadline at the request of the Seychelles Revenue Commission, the FSA or the registrar. If documents are in another language, a translation into English or French may be requested. The fine for a breach is up to US$5,000 for the company and for a director.
Beneficial owners
The company keeps a register of beneficial owners under the Beneficial Ownership Act 2020. The IBC Act links this register to the agent's work: the current agent may refuse consent to a change of agent if the company is in breach of its obligations regarding the beneficial ownership register, accounting records or the registers of members and directors (section 169). Promises of an "anonymous company" are at odds with these rules. How beneficial ownership disclosure works in different countries is explained in the guide on beneficial owners (UBO).
Status on the EU list
Under the decision of the Council of the EU of October 9, 2026, the list of non-cooperative jurisdictions for tax purposes (Annex I) includes eight territories: American Samoa, Anguilla, Guam, Palau, Russia, the Turks and Caicos Islands, the US Virgin Islands and Vanuatu. Seychelles is not on this list. The list is reviewed twice a year, and the next review is scheduled for February 2027.
Bank and payment services
Banks and EMIs assess the owners, the type of business, the country of operations and the origin of funds. For an operating business with frequent card payments, an IBC with no office or staff may run into PSP restrictions. Before registration it helps to know which bank or EMI will consider your specific case: a formal right to apply does not guarantee acceptance as a client.
A two-year budget
Include in the estimate registration fees and annual renewal, registered agent and registered office services, bookkeeping and the annual financial summary, sending records to Seychelles, tax advice in the owner's country and banking. The full list of recurring obligations is in the guide on offshore company annual maintenance.
Seychelles or the BVI
For a holding company and joint investments, Seychelles is often compared with the British Virgin Islands: what matters is how banks and counterparties view the jurisdiction, the reporting requirements and the taxes on payments in the subsidiaries' countries. The comparison is in the guide BVI vs Seychelles, and a BVI company's obligations are on the page BVI company formation.
Other islands with an IBC and a licensed agent are the Bahamas and the Marshall Islands. Seychelles is absent from Stripe's list of countries, so for online sales read the guide to payment processing.
Offshora will check whether a Seychelles IBC suits your purpose and compare it with the alternatives. Send us the owners' country of residence, the type of business and the expected payments. We handle registration and ongoing support under our offshore company formation and maintenance program.
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