Seychelles IBC Ongoing Compliance 2026 Checklist

A Seychelles International Business Company (IBC) is low-maintenance, but not zero-maintenance. Since the reforms of recent years, IBCs have to keep accounting records in Seychelles, prepare an annual financial summary and maintain beneficial ownership information, on top of paying the annual fees. Miss one of these and you risk penalties, problems with your bank or, eventually, being struck off.

Use this checklist to keep your IBC in good standing year after year. It is a practical overview, not legal advice; your registered agent will confirm the requirements that apply to your company.

Seychelles IBC compliance checklist

1. Pay the annual government fee and agent renewal

The annual government fee to the Financial Services Authority (FSA) and your registered agent's renewal fee are due every year on the anniversary of incorporation. This is the obligation that lapses most often, so set a reminder well in advance. Under the IBC Act, late payment attracts a penalty (currently 10% if up to 90 days late and 50% after that), and a company that remains unpaid for 180 days can be struck off the register. Restoring a struck-off company costs more and is not automatic.

2. Keep a registered agent and registered office in Seychelles

Every IBC must have a licensed registered agent and a registered office in Seychelles at all times. The agent files documents with the Registrar, keeps your records and is your link to the authorities. If you change agent, the outgoing agent must transfer your records to the new one.

3. Keep accounting records and lodge them in Seychelles

Following the International Business Companies (Amendment) Act, 2021, every IBC must keep accounting records that explain its transactions, show its financial position with reasonable accuracy and allow financial statements to be prepared. The records must be kept at the registered office in Seychelles on a half-yearly basis:

• Records for January to June must be lodged by the end of July.
• Records for July to December must be lodged by the end of January of the following year.

If the original records are kept elsewhere, you must tell your registered agent in writing where they are kept. Accounting records are not filed with the authorities and are not open to the public. Records must be kept for at least seven years.

4. Prepare the annual financial summary

Most IBCs must prepare an annual financial summary, essentially a simple balance sheet and income statement, within six months of the end of the financial year and keep it with the registered agent. The financial year is the calendar year unless the directors change it by resolution, in which case the agent must be told. There is still no general requirement to file audited financial statements for an IBC, but the summary must be consistent with your accounting records.

5. Maintain the statutory registers

• Register of members: kept at the registered office and updated whenever shares are issued or transferred.
• Register of directors: kept by the company, with a copy filed with the Registrar. Changes must be updated promptly. The register is not a public ownership database.
• Minutes and resolutions: keep copies of board and shareholder decisions, especially those that approve significant transactions or changes.

6. Keep beneficial ownership information current

Under the Beneficial Ownership Act, 2020, every IBC must hold up-to-date information on its beneficial owners, the individuals who ultimately own or control it. A person who becomes a beneficial owner must give their details to the company within 14 days. The registered agent records the information in the central beneficial ownership database. It is not public, but it is available to the competent authorities. Update it every time ownership or control changes, not only at formation.

7. Check economic substance and tax rules

Seychelles taxes on a territorial basis. If your IBC earns foreign-source passive income such as interest, dividends or royalties, check with your agent whether the economic substance conditions for exemption apply to you. Remember too that your company may have obligations in the countries where it is managed or where its owners live.

8. Respond to agent and bank requests

Your registered agent must review client due diligence periodically, and banks run their own reviews. Keep your passport, proof of address and business information current, and respond to requests quickly. An IBC with clean, complete records is far easier to bank.

Why staying compliant pays off

• No penalties or strike-off: missed fees and records lead to fines and, eventually, dissolution.
• Easier banking: banks and payment providers ask for a certificate of good standing and up-to-date records. See the difficulties of opening a bank account.
• Credibility: clean records reassure clients, partners and investors.
• Protection for directors: directors are responsible for the company meeting its obligations. Read the seven responsibilities of a corporate director.

Annual calendar at a glance

• End of January: lodge July to December accounting records.
• Within 6 months of year end (30 June for a calendar year): prepare the annual financial summary.
• End of July: lodge January to June accounting records.
• Anniversary of incorporation: pay the government fee and registered agent renewal.
• Whenever something changes: update registers and beneficial ownership details.

Official guidance and fee schedules are published by the Seychelles Financial Services Authority.

Set up a compliant Seychelles IBC with WeForm

If you are still deciding whether an IBC suits your business, start with the benefits of incorporating an IBC in Seychelles and our complete guide to IBC incorporation in Seychelles.

WeForm's Seychelles IBC packages start at USD 550 and include the FSA name check, Memorandum and Articles, filing with the FSA, Certificate of Incorporation, share certificates, statutory registers, the beneficial ownership register, registered office and registered agent for 12 months and the annual government fee for year one. Your documents and a compliance calendar with your deadlines live in your client dashboard. Every package also includes help opening a payment account through our banking services.

Have questions about an existing IBC? Contact us, or start your application for a new one.

FAQ

Does a Seychelles IBC have to file accounts?

An IBC does not generally file financial statements with the authorities, but it must keep accounting records in Seychelles every half year and prepare an annual financial summary for its registered agent.

What happens if I do not pay the annual fee?

Late payment attracts penalties, and a company that stays unpaid for 180 days after the due date can be struck off the register.

Is beneficial ownership information public in Seychelles?

No. It is held by the registered agent and in a central database available to the competent authorities, not to the public.

Does a dormant IBC still need to comply?

Yes. A dormant IBC must still pay annual fees, keep its registered agent and office, and meet its record-keeping obligations.