Steps to Obtain the License


We will be happy to assist you to in applying for a Securities Dealers License in Seychelles. We have substantial experience in this business and we are proficient in executing the application to the Financial Service Authority (FSA) in a manner that will satisfy the regulator. We prefer to prepare all the documents, including the required business plan, by ourselves.

Key requirements for a Securities Dealers License in Seychelles

 The key requirements for the license are:

 1. Domestic company in Seychelles with share capital of US$50,000. The US$50,000 will need to be paid into the bank account but can later be used for the daily business activity of the company
2. At least two (2) fit and proper directors - We will screen the CVs of the directors and advise if they qualify for the FSA approval. We can also provide Nominees if needed
3. An operational office in Seychelles - We will handle this for you and provide you with a fully serviced office, suitable for FSA approval
4. A qualified compliance officer in Seychelles - We will handle this for you and provide you with a trained and qualified compliance officer, acceptable for FSA approval
5. Securities Dealers Representative - Can be one of the directors of the company

Our 4 Steps to Obtain the License

Step 1 - Domestic Company formation in Seychelles

In order to obtain the license we first need to incorporate a Domestic company in Seychelles with a share capital of US$50,000. The company must have at least two (2) shareholders and two (2) directors. A person can act both as a shareholder and director of the company. The incorporation takes around 2 weeks. The fee to incorporate the company and the maintenance for the 1st year is US$4,000.00.

Step 2 -  Application for Securities Dealers License

During the incorporation process we can start and arrange the application and the business plan that will be submitted to the FSA. Application preparation on our side takes 2-4 weeks. We will need you to provide us with the following documents for each shareholder and director:

1. Certified passport copy
2. Certified utility bill in English issued within the last month
3. CV (Curriculum Vitae)
4. Certified academic and professional certificates
5. Two professional reference letters
6. Bank reference letter

Once the application is ready we will submit it to the FSA for approval and pay the below application fees. The approval of the application takes around 3 months.

1. Securities Dealers License Application Fee: US$1,000
2. Securities Dealers Representative License Application Fee: US$250

Once the application is approved we will need to pay the following annual License fees:

1. Securities Dealers License Fee US$2,500
2. Securities Dealers Representative License Fee US$500

 Step 3 - Bank account

The company is required to open a bank account in Seychelles and to deposit the share capital of US$50,000. The US$50,000 can later be used to operate the day to day business activity of the company and does not need to be maintained at the bank as a deposit. The bank account will also be capable of accepting clients' monies. We prefer to open the account with MCB Bank (Mauritius Commercial Bank) in Seychelles. The account opening takes 4-5 weeks and requires us to have a few meetings at the bank and many back and forth emails. The fee for account opening is US$6,000.

Step 4 -  Administration

The company will need to meet the following requirements. We will handle all the below for you:

1. Office – Mandatory - Fully furnished office fit for FSA approval - as the FSA need to see that the company has an operating presence in the Seychelles, and will visit the office. The office includes the following services: Rent, electricity, water, active phone number, cleaning and basic internet. The monthly fee is $2,300 - $2,800
2. Compliance officer – Mandatory - Compliance correspondence with FSA and record keeping. The monthly fee is $1,800 - $2,300
3. Security Dealer License Representative – Mandatory - We will appoint the more qualified director as the Securities Dealers License Representative of the company.
3. Work permit - Two year work permit for the Securities Dealers License Representative . This is not mandatory but our suggestion is to issue it as it will show that the company has a real operating office in Seychelles. As previously mentioned, a real office in Seychelles is a requirement of the FSA. This way we can show that the company has at least two (2) employees in the office. We also recommend that the Representative comes to Seychelles at least once a year. We will arrange a meeting for him with the regulator. The fee for a 2 year work permit is US$3,500
4. Professional Indemnity Cover - Mandatory. You can either arrange it by yourself or we can arrange it for you through our insurance provider. The annual fee is US$3,500
5. Legal advisor - Mandatory. The annual fee is US$1,200
6. Preparation of Annual Financial Statements - Based on number and nature of transactions
7. Auditing services - Based on volume

* All monthly fees are paid upfront every 6 months

Our professional fee for the application and assistance with the initial set up and organization of the license and liaising with regulator and other service providers is US$15,000

Fee Summary

Total fees for the set up
Company formation: US$4,000
Bank account: US$6,500
Administration: US$12,450
Professional fee: US$15,000
 
Total fee for the set up: US$37,950

Monthly fees

Fully furnished office US$2,300 - US$2,800
Compliance officer US$1,800 - US$2,300
Total monthly fee: US$4,100 - US$5,100

Annual fees from the 2nd year

1. Annual maintenance of the company which includes registered office, corporate secretary filing annual return and filing tax return is US$3,500
2. Securities Dealers License Fee US$2,500
3. Securities Dealers Representative Fee US$500
4. Professional Indemnity Cover US$3,500
5. Legal advisor US$1,200
 Total fee from the 2nd year: US$11,200

Additional Services That May Interest You

We can also offer you the following services:

1. Bank accounts to receive payments from the PSP/Acquiring Bank
2. Worldwide wire solutions to receive wire transfers from clients
3. Merchant account to receive payments via credit and debit cards
4. Trading platforms

* All above additional services are available on request