Some of you probably already noticed that SIBA now has a different website.
These changes are due to the Financial Services Authority Act 2013 and effective form March the 1st 2014, when the “SIBA” (Seychelles International Business Authority) was replaced by the “FSA” the Financial Services Authority.
What are Accounting Records?
“Accounting records”, means documents relating to assets and liabilities of the company, including receipts and expenditure, sales and purchases and other transactions.
What Account Records law requires for IBCs to keep?
1. that are sufficient to show and correctly explain the International Business Company`s transactions;
2. to enable the financial position of the International Business Company to be determined with reasonable accuracy at any time; and
3. to enable for accounts of the International Business Company to be prepared.
Form the 16th of December 2013, pursuant to the amendments to the IBC Act, Seychelles IBCs are no longer permitted to issue bearer shares!
Well, not that this is something terrifying, since nowadays NO bank will open an account for a company, that is allowed to issue bearer shares, neither will this bearer share be AS confidential AS originally created to be (as explained in one previous publication: The naked truth about BEARER SHARES ), however this is a new change!
Further, all the IBCs created before, which issued bearer shares must exchange these shares for registered shares.
In 1856 Alfred Escher founded "Schweizerische Kreditanstalt". The original purpose of which was to finance the expansion of the Nordostbahn/North-East Railway railroad network. And it was a big success and Credit Suisse evolved into a leading financial services provider globally.
Centuries of good reputation has recently been struck down by the charges for tax evasion, followed by the guilty plea by Credit Suisse’s main bank subsidiary.
Belize International Business Companies are obliged to prepare and keep its accounting records, further all accounting records shall be maintained and retained for a period of not less than 5 years. These records shall be kept in any place within or outside Belize as may be determined by its directors or other competent persons.
On October 10, 2013 Belize has passed the Accounting Records (Maintenance) Act 2013 in an effort to improve the country`s legal and regulatory framework.
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