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.
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. A CV (Curriculum Vitae)
4. Certified academic and professional certificates
5. Two professional reference letters
6. Bank reference letter
7. Employment Letter from current employer (if applicable)
8. Police Criminal Certificate (not older than 3 months)
9. Tax Compliance Certificate (recent)
10. Passport photos (two, certified at the back as "true likeness")
11. Proof of source of funds for the Shareholder (bank statement showing at least US$50,000 in deposit)
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
2. Securities Dealers Representative License Application Fee
Once the application is approved we will need to pay the following annual License fees:
1. Securities Dealers License Fee
2. Securities Dealers Representative License Fee
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 Barclays Bank Seychelles. The account opening takes 3-4 weeks.
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.
2. Compliance officer – Mandatory - Compliance correspondence with FSA and record keeping.
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.
4. Professional Indemnity Cover - Mandatory. You can either arrange it by yourself or we can arrange it for you through our insurance provider.
5. Legal advisor - Mandatory.
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
The all-inclusive Professional and Legal Fees for setting up the Seychelles Domestic Company, obtaining the Securities Dealer License and the Securities Representative License, appointing Secretary and organizing Registered Office, plus all the other pertinent fees for the 1st year are US$25,500. The Monthly Fees for Fully Serviced Office fit for FSA Approval are US$1,100 per month; the Monthly Fees for provision of Fit & Proper Compliance Officer are US$1,500.
Total fee from the 2nd year: US$11,200