International business companies (IBCs) have to meet some compliance obligations. An annual licence fee is due to be paid by the anniversary of incorporation. The fee is increased if payment is late. If, 120 days after the anniversary, no licence fee is paid then the registrar can notify the IBC of its intention to strike off the company.

There are no obligations to appoint an auditor and it is up to the members of the IBC to decide what type of books of account should be maintained. The only information maintained on the public record for an IBC are details of its registered office, registered agent and the memorandum and articles of association.

Pearse Trust’s joint venture arrangement in the Seychelles has a detailed working knowledge of the International Business Companies Act 1994 and its practical application.

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