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Accounting & Taxes

PAGE SECTIONS
01 Accounting
02 Corporate Tax
03 Personal Tax on Profits & Dividends
04 Loans
05 How to issue invoice?
06 Employees
07 Paying Directors
08 How Internet Banking affects accounting
09 Recording Cash in Accounting
10 Accounting - After Company’s Closure
01
Accounting
No Worries About Accounting
Our application provides complete accounting services and annual tax filings, freeing up your time to focus on your business. You can monitor your accounting updates in real time from anywhere in the world through the application.
02
Corporate Tax
Tax Simplicity
Enjoy 0% Corporate Tax and 0% VAT thanks to your cloud-based structure combining Seychelles IBC and Qatar Tax Free Zone accounting and regulatory management. The only tax your company pays is the Stable tax of 6 EUR per year - no matter of your turnover and profits.
Your Cloud based company can pay the Stable Tax once per year directly through the Sky Continent application, and the Regulatory Director manages the submission of the Company’s annual tax on behalf of the Company.
03
Personal Tax on Profits & Dividends
If you distribute profits (dividends) from your Cloud Based Company to your personal bank account in your home country, you may be required to pay dividend tax. Dividend tax rates may range from 0% up to 35% or more, depending on the laws of your tax jurisdiction. If dividend tax applies in your country, it is usually declared and paid as part of your annual personal tax return – at the end of the year.
Shareholders of Cloud-Based Companies can receive their profits (dividends) at any time during the year
If the Cloud-Based Company has multiple owners/shareholders, dividends must be distributed to all shareholders in proportion to their ownership percentages. The application automatically calculates dividend distributions in accordance with the law and the Articles of Association. If the company has only one owner/shareholder, all dividends will be distributed to that one shareholder.
Seychelles does not impose any withholding tax on dividends distributed by Cloud Based Companies.
Directors can distribute Dividends very simply using the Dividend section of the internet banking in the Application.
Side Navigation → Banking → Internet Banking → Send Yourself Dividends / Profits
04
Loans
Providing Loans
A Cloud-Based Company may provide loans to shareholders or to other persons as decided by the owners (shareholders). If the company has multiple shareholders, the loan amount and the interest rate shall be decided by a simple majority of shareholders.
All loans shall be denominated in EUR, as EUR is the operating currency of all Cloud-Based Companies; therefore, the interest rates shall also be calculated in EUR. To comply with international regulations, loans granted to private persons shall carry an interest rate not lower than the reference interest rate of the European Central Bank. The interest rate applied by Cloud-Based Companies to any natural or legal person shall not exceed 20% per year.
Side Navigation → Banking → Internet Banking → General Payment → Payment Type: Loan
05
How to issue invoice?
You can generate professional invoices in seconds using the Sky Continent application. You may customize, edit, or delete any invoice as needed. With each invoice you issue, you can generate a payment link allowing clients to pay for your services with their credit or debit cards.
Side Navigation → Invoices → Create New Invoice
06
Employees
IMPORTANT
Cloud-Based Companies are best suited for enterprises with single-person ownership or a small team of independent shareholders compensated primarily through dividends. Cloud Based Companies are not designed to hire employees.
Where employees are required, the Cloud Based Company shall establish an appropriate local subsidiary in the jurisdiction where the individual performs work. Any such subsidiary shall be registered with local tax authorities, social security and health insurance institutions, and all other authorities required under applicable laws. Employment relationships, payroll obligations, and related compliance responsibilities will then remain solely with the locally established entity.
07
Paying Directors
The Director role within a Cloud-Based Company is designed as an owner-managed function and does not create an employment relationship with the company. Compensation is realized through profit distributions in the form of dividends arising from share ownership.
Location of a Director who is not a Shareholder
If a Director who is not a Shareholder performs its duties from a specific country for an extended period (for example, several months within the same calendar year), some local laws may request for registration of tax residency, or other compliance obligations of the Director in their jurisdiction. The Directors of Cloud Based Companies shall therefore monitor both:
the country from which they manage the company, and
the total duration of time spent performing management activities from that location for that particular cloud based company within one year.
If local obligations arise, the Cloud-Based Company shall establish a local branch company, through which compensation, taxation, and social or health insurance obligations can be made for a director who is not a shareholder - in accordance with local regulations. The Branch company shall be a separate legal entity under the laws of the relevant jurisdiction.
Regulatory Director
Each Cloud-Based Company is governed by a Regulatory Director. This role is performed by
Sky Continent Management House Ltd, a legal entity based in the Qatar Tax Free Zone. The main responsibilities of the Regulatory Director include tax submissions, accounting administration, data storage, compliance coordination, and related administrative support for all Cloud-Based Companies. (For a complete list of services, please review the User Agreement. ) Payment for these services is already included in the Cloud-Based Company monthly fee.
NOTE
Upon request of company owners (simple majority of shareholders), Sky Continent Management House may also assume the position of Acting Director for an additional hourly service fee.
08
How Internet Banking affects accounting
Select correct payment type
When making internet banking payments in the Sky Continent application, please select the correct “Payment type” (General Payment, Invoice, Loan, Return of Investment, Contract, Dividend). The system will then automatically generate accurate accounting records, including dividend and loan balances.
09
Recording Cash in Accounting
Debit Cards Withdraws
If you withdraw cash from an ATM using company’s debit card, you shall manually upload the corresponding bills or receipts paid in cash. Otherwise, undocumented amounts will be recorded in the accounting system as “Cash in Hand”.
Side Navigation → Accounting → Upload new Bills & Receipts
Paying Invoices in Cash
Received invoices can be paid electronically or in cash. If paid in cash, they must be recorded in the accounting system by selecting the invoice in the list of received invoices and then clicking:
Payment Links
Side Navigation → Accounting → Received Invoices: Pay in Cash
Receiving payments in Cash
If you issue an invoice, you can also accept cash payment for that invoice. In this case, the settlement of the invoice in cash must be recorded in the accounting system as follows:
Side Navigation → Accounting → Issued Invoices → Detail of Payment → Settle the Invoice → Paid in Cash
10
After Company’s Closure
Accounting
After closure, all shareholders who were active on the date of closure will continue to see the closed company in their online accounts (section Closed Companies). The archived data will include bank transaction history, accounting summaries, bills and receipts, the register of the company’s directors and shareholders, and all corporate documents for up to 7 years, after which the compulsory retention period ends and all documents will be permanently erased.
Top Navigation → My Personal Data → Closed Companies
Application Fee
The monthly application fee will not be charged from the month following the month in which the Cloud-Based Company was closed. Even if the accounting year has not yet ended, the final tax return and balance sheets will be approved and submitted with the company closure.
Closing the Company
The closure requires approval by a minimum of 51% of shareholders, costs 6 EUR, and is completed within 5 working days.
Side Navigation → About the Company → About Company → Requests to Close the Company