Seychelles Update – IBC Act Amendment

Explore key amendments to the Seychelles International Business Companies Act, including updated tax residency rules, restoration timelines, and new accounting record obligations. Understand how the 2018 and 2019 changes affect IBC compliance and taxation.

News
February 14, 2019
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This update summarizes recent amendments to the International Business Companies Act 2016 (the Act), which is the Seychelles legislation providing for international business companies (IBCs). The Act has been amended by the
International Business Companies (Amendment) Act 2018, Act 12 of 2018 (the 30.11.2018 Amendments) effective 30 November 2018 and by the International Business Companies (Amendment) Act 2018, Act 15 of 2018 (the 1.1.2019 Amendments) effective 1 January 2019 (together the Amendments).

SUMMARY OF AMENDMENTS TO THE INTERNATIONAL BUSINESS COMPANIES ACT 2016

1. Continuation of no public access to Registers of Directors filed with theRegistrar

1.1 Section 152 of the Act (read with sections 352 and 390) has been amended to provide indefinitely for no public access to IBC Registers of Directors filed with the Registrar. Prior to the 30.11.2018 Amendments coming into force, no public access to filed Registers of Directors was only guaranteed until 30 November 2018.

1.2 The penalties for breach of the obligation to file a copy Register of Directors have been reduced to US$250 (from $500) and a daily penalty of $25 (instead of $50) for each day or part thereof during which the contravention continues.

2. Deemed dissolution date extended from 5 to 7 years after striking off

Section 275 of the Act has been amended to provide that an IBC struck off the Register is deemed to be dissolved after being struck off continuously for seven (instead of five) years.

3. Registrar to have wider powers to restore struck off companies

Section 276(1) of the Act was amended to extend the Registrar’s power to restore a company struck off the Register to all struck off companies except for those struck off under section 272(1)(a)(iii) or (iv) of the Act, being companies struck off for involvement in fraud or for jeopardizing the reputation of Seychelles as a financial centre. These wider restoration powers of the Registrar avoid the extra time and cost of an application to the Supreme Court of Seychelles for a restoration order.

4. Increasing restoration order application period from 10 to 12 years

Section 276(2)(a) of the Act was amended to permit an application to the Supreme Court of Seychelles for an order to restore to the Register a struck off or dissolved company to be made within twelve years (instead of ten years) of the date of the striking-off notice published in the Gazette.

5. IBCs become Seychelles tax resident but continue to pay no Seychelles tax on foreign sourced income

5.1 The ban on IBCs carrying on business in Seychelles has been removed. An IBC is now tax resident in Seychelles and no longer tax exempt. If an IBC carries on business in Seychelles it must pay Seychelles business tax. Significantly however, if an IBC only earns foreign sourced income, it is not liable for Seychelles tax on any of its income or profits. Seychelles has a territorial tax system such that a Seychelles tax resident is liable for Seychelles tax on Seychelles sourced income but not on foreign sourced income.

5.2 While the 1.1.2019 Amendments were prompted to ensure that Seychelles meets the standards set by the Base Erosion and Profit Shifting Standards initiative of the Organisation of Economic Co-operation and Development, they strengthen Seychelles IBC attractiveness and have no adverse fiscal impact on IBCs that only earn foreign sourced income. Despite the removal of the former section 361 tax exemptions, an IBC that solely derives its income outside Seychelles is not liable for Seychelles tax on its foreign income. Under Seychelles’ territorial tax system, a tax resident is liable for Seychelles tax on Seychelles sourced income but not on foreign sourced income. Seychelles does not tax capital gains.

5.3 IBCs continue to be exempt from Seychelles stamp duty on instruments relating to: (i) the formation of a company; (ii) transfers of property to or by a company; (iii) transactions in respect of the shares, debt obligations or other securities of a company; (iv) the creation, variation or discharge of a charge or other security interests over any property of a company; and (v) other transactions relating to the business or assets of a company (section 362 of the Act), except that no stamp duty exemption applies to an instrument directly or indirectly relating to Seychelles immovable property (real estate).

5.4 The former prohibition against IBCs carrying on business in Seychelles has been removed (but see paragraph 5.6 below for business restrictions). However, if an IBC earns assessable income (income sourced from Seychelles) it is legally required to:

(a) within one month of deriving the first assessable income (income sourced from Seychelles), notify the Registrar in writing that it is deriving assessable income and the nature of the activities giving rise to such assessable income;

(b) within one year of deriving the first assessable income, submit to the Registrar an Annual Return accompanied by the documents to be annexed to the Annual Return as required under the Companies Act 1972, including annual audited financial statements;

(c) pay Seychelles tax on its assessable income.

5.5 Business Tax Act 2009 (BTA) has recently been amended by the Business Tax (Amendment) Act 2018, Act 14 of 2018 (BTA Amendment Act 2018). The following provisions of the BTA as amended by the BTA Amendment Act 2018 can be noted:

(a) “assessable income” only includes income derived from sources in Seychelles
(sections 2 and 11 of the BTA);

(b) “non-taxable business income” means income not sourced in Seychelles and not included in the assessable income of a business (section 2 of the BTA);

(c) An amount derived by a resident person (including an IBC) in carrying on business is derived from sources in Seychelles if derived from activities conducted, goods situated or rights used in Seychelles, regardless of the residence of the parties participating in the transactions and regardless of the place where the agreements are executed (section 5(1) of the BTA);

(d) The remittance of an amount to a person outside Seychelles, out of non-taxable business income (see (b) above) is not subject to Seychelles tax (section 5(4)(a) of the BTA); and

(e) Whereas section 8(1) of the BTA provides for business tax (withholding tax) on certain payments by a resident person (including dividends, interest and royalties) to non-resident persons, section 8(4) of the BTA provides that subsection (1) shall not apply if dividends, interest, royalties or other payments are made by a resident person from income that is not sourced in Seychelles.

5.6 While an IBC may carry on business in Seychelles and earn Seychelles-sourced income (subject to the above-mentioned reporting and taxpaying obligations), pursuant to section 5(2) of the Act an IBC continues to be prohibited from:

(a) carrying on banking business as defined in the Financial Institutions Act 2004 in or outside Seychelles;

(b) carrying on insurance business as defined in the Insurance Act 2008 in Seychelles or, unless it is licensed or otherwise legally able to do so under the laws of the country in which it carries on such business, outside Seychelles;

(c) carrying on business providing international corporate services, international trustee services or foundation services as defined in the International Corporate Service Providers Act 2003 except:

(i) to the extent permitted under the International Corporate Service Providers Act 2003; and

(ii) in the case of carrying on such business outside Seychelles, if the company is licensed or otherwise legally able to do so under the laws of each country outside Seychelles in which it carries on such business;

(d) carrying on securities business as defined in the Securities Act 2007 in Seychelles or, unless it is licensed or otherwise legally able to do so under the laws of the country in which it carries on such business, outside Seychelles;

(e) carrying on business as a mutual fund as defined in the Mutual Fund and Hedge Fund Act 2008 unless it is licensed or otherwise legally able to do so under the Mutual Fund and Hedge Fund Act 2008 or under the laws of a recognized jurisdiction as defined in the Mutual Fund and Hedge Fund Act 2008; or

(f) carrying on gambling business as defined in the Seychelles Gambling Act 2014, including interactive gambling business, in or outside Seychelles unless it is licensed or otherwise legally able to do so under the laws of the country in which it carries on such business.

COMMUNIQUE NO. 1 OF 2019

Keeping of Accounting Records by International Business Companies

As part of its mandate to ensure compliance with the International Business Companies Act 2016 as amended (“IBC Act”), the Seychelles Registrar of International Business Companies “Registrar”) has informed licensees that it will be commencing a testing program in relation with section 174 of the IBC Act, which relates to keeping of accounting information. This is to ensure that such records are accessible by competent Authorities upon request.

This is in line with recent recommendations made by the OECD to monitor the practical implementation of measures to ensure that accounting information in respect to relevant entities are available in all cases upon request by relevant competent Authorities. It is expected that a random sample of International Business Companies shall be requested to make available, within a specified timeframe, their accounting records at the Registered Office (being the principal place of business of the Registered Agent) to ascertain compliance with section 174 of the IBC Act.

A random sample will be selected and the requested records are to be provided within a prescribed time frame.

We take this opportunity to remind companies that they have an obligation to maintain records pursuant to s.174 of the Act. “Records” include:-

(a) Accounting Records;
(b) Minutes and resolutions of members kept pursuant to section 125;
(c) minutes and resolutions of directors kept pursuant to section 156;
(d) annual returns made pursuant to section 171;
(e) register of members;
(f) register of directors;
(g) register of beneficial owners; and
(h) register of charges (if any).

Should you require any assistance with bookkeeping or preparation of Financial or Management Accounts, please do not hesitate to contact your Relationship Manager.

塞席爾最新資訊公告 – 國際商業公司法修正

本公告摘述2016年國際商業公司法(下稱「公司法」)最近的修正,公司法是塞席爾用以規範國際商業公司的法律。公司法已以2018年國際商業公司(修正)法 –即自2018年11月30日起實施的2018年第12法(下稱「2018.11.30修正法」)– 以及2018年國際商業公司(修正)法 –即自2019年1月1日起實施的2018年第15法(下稱「2019.1.1修正法」)– (以下合稱「修正法」)予以修正。

修正法概論

1. 繼續禁止公眾取得向註冊處歸檔的董事名冊

1.1 公司法第152條(與第352及390條合併參酌)已經修正,修正後規定無限期禁止公眾取得向註冊處提交的國際商業公司董事名冊。在2018.11.30修正法實施前,禁止公眾取得歸檔的董事名冊一事,僅保障至2018年11月30日為止

1.2 違反歸檔董事名冊義務的罰款,已從美元500元減為250元,且在違法期間每日或不足一日的罰款,亦降為美元25元(而非50元)。

2. 認定的解散日從除名後5年延長至7年

公司法第275條已經修正,修正後規定已經除名的國際商業公司,在除名連續七年(而非五年)後被視為已經解散。

3. 註冊處擁有更大權限恢復已除名的公司

公司法第276(1)條已經修正,修正後擴大註冊處得恢復已除名公司的權限,但依公司法第272(1)(a)(iii)或(iv)款規定因涉及詐欺或危害賽席爾作為金融中心的聲譽而遭除名的公司除外。本條規定的註冊處更大復名權限,可避免向賽席爾最高法院提出復名命令聲請的額外時間及費用。

4. 復名命令聲請期限從10年增長至12年

公司法第276(2)(a)條已經修正,修正後允許向賽席爾最高法院提出恢復原已除名或解散的公司登記的命令聲請,可在公報刊登除名通知之日起十二年(而非十年)內提出。

5. 國際商業公司變成賽席爾稅務居民,但其外國來源收入仍無須繳納賽席爾稅賦

5.1 國際商業公司不得在賽席爾營業的禁令已經解除。國際商業公司現在已經是賽席爾的稅務居民,而不再免稅。國際商業公司若在賽席爾營業,則必須繳納賽席爾營業稅。但重要的是,國際商業公司若只賺取外來來源收入,則其任何收入或盈餘無須繳納賽席爾稅賦。賽席爾實施屬地稅賦制度,因此賽席爾稅務居民必須繳納的賽席爾稅賦,僅針對賽席爾來源收入,而不針對外國來源收入。

5.2 2019.1.1修正法雖為確保賽席爾符合經濟合作暨發展組織所倡議「稅基侵蝕及利潤移轉準則(Base Erosion and Profit Shifting Standards)」所設定的標準而予促成,然其亦加強了賽席爾國際商業公司的吸引力,對於只賺取外國來源收入的國際商業公司並無負面財政衝擊。儘管舊的第361條免稅條款被刪除,但只在賽席爾境外獲取其收入的國際商業公司,其外國收入無須繳納賽席
爾稅賦。依據賽席爾的屬地稅賦制度,稅務居民必須繳納的賽席爾稅賦,僅針對賽席爾來源收入,而不針對外國來源收入。賽席爾不對資本利得課稅。

5.3 對於與下列各事項相關的文書,國際商業公司繼續免繳賽席爾印花稅:(1)公司成立;(2)公司轉讓或受讓財產;(3)公司股份、債務或其他證券的相關交易;(4)對於公司任何財產設定、變更或解除抵押或其他擔保利益;及(5)有關公司業務或資產的其他交易(公司法第362條),但對於直接或間接有關賽席爾不動產的文書,免印花稅規定不適用。

5.4 禁止國際商業公司在賽席爾營業的舊禁令已經解除(但請參下列第5.6項的業務限制規定)。然而,若國際商業公司賺取應核課收入(賽席爾來源的收入),則其依法必須:

(a) 在賺取第一筆應核課收入(賽席爾來源的收入)後一個月內,以書面通知註冊處其現賺取應核課收入,以及衍生該筆應核課收入的業務性質;

(b) 在賺取第一筆應核課收入後一年內,向註冊處提交一份年度納稅申報書,並附上1972年公司法所規定年度納稅申報書應檢附的文件,包括經查核的年度財務報表;

(c) 繳納其應核課收入的賽席爾稅賦。

5.5 2009年營業稅法(下稱「營業稅法」)最近已以2018年營業稅(修正)法–即2018年第14法(下稱「2018營業稅修正法」)予以修正。下列營業稅法條款經由2018營業稅修正法予以修正後值得注意如下:

(a)「應核課收入」僅包括來自賽席爾境內來源的收入(營業稅法第2及11條);

(b)「非應課稅營業收入」意指非賽席爾來源的收入,且不包括在公司的應核課收入內(營業稅法第2條);

(c) 由居民(包括國際商業公司)在賽席爾經營業務、處理商品或行使權利所賺取的營業金額,即視為來自賽席爾境內來源的收入,而無論交易當事人的居住地,亦無論協議書的簽署所在地(營業稅法第5(1)條);

(d) 從非應課稅營業收入(請參以上(b)項)中撥款匯給賽席爾境外之人時,無須繳納賽席爾稅賦(營業稅法第5(4)(a)條);

(e) 營業稅法第8(1)條規定對居民給付非居民的若干款項(包括股利、利息及權利金)課徵營業稅(代扣稅款),然營業稅法第8(4)條規定,若居民給付的股利、利息、權利金或其他款項,是取自非賽席爾來源收入者,則第8(1)條規定不適用。

5.6 國際商業公司雖可在賽席爾營業並賺取賽席爾來源收入(必須遵守上述申報及納稅義務),然依據公司法第5(2)條規定,國際商業公司仍繼續被禁止下列行為:

(a) 在賽席爾境內或境外經營2004年金融機構法所定義的銀行業務;

(b) 在賽席爾境內或境外經營2008年保險法所定義的保險業務,但該公司已依其經營上述業務所在國法律獲得核發執照或可合法經營者,則其得在賽席爾境外經營之;

(c) 經營提供2003年國際公司服務供應商法所定義的國際公司服務、國際信託服務或基金會服務的業務,但下列情形除外:
(i) 在 2003 年國際公司服務供應商法許可的範圍內;及
(ii) 該公司已依其經營上述業務的賽席爾境外所在國法律獲得核發執照或可合法經營者,則其得在賽席爾境外經營之;

(d) 在賽席爾境內或境外經營2007年證券法所定義的證券業務,但該公司已依其經營上述業務所在國法律獲得核發執照或可合法經營者,則其得在賽席爾境外經營之;

(e) 經營2008年共同基金與避險基金法所定義的共同基金業務,但其已依2008年共同基金與避險基金法或依2008年共同基金與避險基金法所定義的公認地區法律獲得核發執照或可合法經營者,不在此限;或

(f) 在賽席爾境內或境外經營2014年賽席爾博弈法所定義的博弈業務,包括互動式博弈業務,但該公司已依其經營上述業務所在國法律獲得核發執照或可合法經營者,不在此限。

2019年一號公報

國際商業公司必須留存會計記錄

作為其確保遵守經修訂的“2016年國際商業公司法”(“IBC法案”)第174條,涉及保存會計信息,塞舌爾國際商業公司註冊處處長(“註冊處處長”)業已通知各註冊代理人,將展開該條例的測試計畫。此項計畫是為了確保應主管當局要求時,可以提交這些紀錄。

此計畫亦符合經合組織近日提出的為確保有關主管當局應各種情況要求下,國際商業公司可提交相關的會計信息之監測實際執行措施的建議。預計公司註冊處應是隨機抽樣國際商業公司,要求其在規定的時間內提交其在註冊辦事處備存的會計紀錄,以確保符合IBC法案第174條的規定。

註冊處將進行隨機抽查,要求提供記錄時,相關實體必須在規定期限內提供之。

本公司藉此機會提醒各公司,公司有義務依公司法第174條規定保留各項記錄。

「記錄」一詞包括

(a) 會計記錄。
(b) 依第125條留存的股東會議記錄及決議案。
(c) 依第156條留存的董事會議記錄及決議案。
(d) 依第171條完成的周年申報書。
(e) 股東名冊。
(f) 董事名冊。
(g) 實質受益人名冊。
(h) 抵押設質清冊(若有)。

倘貴公司在簿記或編製財務或管理帳目上需要任何協助,請洽詢您的關係經理。

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