Financial companies can be required to obtain financial services licenses in Seychelles. The obligation to have a license can also apply to non-banking financial companies and for those that are required to be licensed, this step will be completed during the process of company formation in Seychelles.
Our consultants in company incorporation in Seychelles can provide the necessary legal support during the registration of a financial or non-financial company and can also oversee the process of obtaining the appropriate licenses.
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What institution oversees the issuance of a financial services license?
The Financial Services Authority in Seychelles oversees the activities of certain institutions operating in the insular state under a set of laws and with several responsibilities among which licensing of non-bank institutions. It also enforces the law applicable to these companies and organizations, therefore those who want to open a company in Seychelles must observe the rules of this authority.
The institution overseas the activity of entities such as the ones mentioned below (all of which must be licensed in accordance with their field of activity):
- fiduciary, management and trust companies;
- insurance brokers, insurance agents, domestic and foreign insurers, re-insurance operators;
- collective investment schemes;
- virtual asset services providers.
Foreign businessmen who want to open a company in Seychelles as a banking institution, must address the Central Bank of Seychelles, which is responsible for the issuance of a banking license. The license is a mandatory document for those who want to activate in this field.
Our consultants can present the legal requirements investors must abide by. Please know that banking can be done as an onshore or offshore activity, therefore investors can also opt for Seychelles offshore banking.
Types of non-banking financial businesses in Seychelles
Seychelles is the proper destination for establishing both onshore and offshore companies, and several other entities to perform financial activities. One can establish non-banking institutions like:
- insurance firms;
- currency exchanges;
- brokerages;
- investment companies;
- saving and loans;
- credit unions.
Such financial entities can be established by foreigners in Seychelles under complete control of the Seychelles Financial Services Authority which issues the licenses for these types of activities.
In this sense, the owner of a non-bank financial business must provide information about the purpose of the company, the business address in Seychelles and information about the type of activities of such firm as soon as the firm was registered. The documents preparation in this case can be supervised by our specialists in company incorporation in Seychelles.
Requirements for non-financial companies in Seychelles
In order to obtain the financial services licenses in Seychelles, investors must abide by various rules and regulations in accordance with the specific type of activity they want to initiate. Earlier, we have p3resented 4 main categories of non-financial activities that require licenses. Each of these categories are further sub-categorized in different sub-sectors, and for each, there are different forms and basic requirements.
For instance, we present below some of the criteria investors should comply with:
- for forex activities, it is necessary to have a minimum authorized capital of $50,000 and abide by the rules of the Securities Act 2007;
- domestic and non-domestic insurers must respect the rules of the Insurance Act 2008 and pay an application fee of SCR 10,000 (domestic companies) and $2,000 (non-domestic);
- virtual asset services providers must comply with the rules of Virtual Asset Service Provider Act 2024 and pay a processing fee of SCR 75,000.
The activities of a non-bank financial institution in Seychelles
Financial institutions not related to the banks in Seychelles can facilitate the business climate by providing financial support for entrepreneurs. Moreover, they can borrow money from banks at proper interest rates and then can sustain small businesses in Seychelles whether local or from abroad.
Even though such institutions do not require the same financial support as banks, they represent a successful business form adopted by many foreigners who want to set up a company in Seychelles. Additionally, non-bank institutions can operate as multi-branches in the insular state and can serve in varied types of investments.
If you want to know more about the licensing for financial services in Seychelles, please do not hesitate to address our team of company formation specialists in Seychelles.
As this jurisdiction offers a multitude of opportunities for businesses and has a favorable tax regime, investors can easily set up a Seychelles offshore company (such as the Seychelles IBC), an area where our company formation agents in Seychelles can provide assistance.
We invite you to contact our team for further advice and assistance on the licensing of a financial and/or non-financial company. You can also rely on our team if you are interested in immigration to Seychelles on a long-term basis, for business purposes.