Seychelles Forex License | Definitions and application requirements
A great offshore forex license option, the Seychelles forex license established itself among one the best to have. With a medium sized capital requirement that can later be used for operations, a corporate bank account coming with the package (unlike registering a company in St Vincent and the Grenadines or Marshall islands), no restrictions in the number of clients you can accept, a good reputation in trader communities (compared to other offshore jurisdictions).
Firstly, to answer the most frequently asked questions we receive on a Seychelles Forex License:
- Local office with at least 1 employee is a requirement
- The capital requirements are $50,000 and can be used as operating capital
How does someone start the process to obtain a Seychelles Forex License?
Same as with most licenses, initially a Seychelles company will need to be incorporated followed by the process of collecting/submitting the necessary documents and finally evaluation and approval/rejection of the license by the regulator. Further questions, documents might be requested throughout the process but with the final approval of the license, the license fees are paid to the regulator and the steps for opening a corporate bank account to deposit the capital requirement can start.
If you have Institutional business as a network and operate through a forex IB or White Label program, jurisdictions like Seychelles are a great option to start your own brokerage, before moving forward into more complex and expensive alternatives. Unlike working unregulated, Seychelles will provide comfort to your clients who need a regulated broker to support their trading needs.
In this regard, the documents required are:
- Notarised copy of Passport
- Recent notarised government Utility Bill (water, electricity – no older than 3 months)
- Notarised reference letters for Shareholder(s) and Directors from a Bank and a CPA
- A certified copy of Academic qualifications (true copy stamp from the university/college is enough) for Shareholder(s) ad Directors
- Director(s) and Shareholder(s) CV
- Clean criminal record
Important note: The documents must be in the English language – if they can’t be provided in their original form in English, a notarised English translation must be sent as well.
Information on the corporate structure requirements of a Seychelles forex license
There will be a minimum of 2 Directors (that must be pre-approved by the Seychelles FSA) and appointed on the board. The 2 Directors must have proper backgrounds and experience and their approval is at the discretion of the regulator. A compliance office must be appointed that will submit the same documents mentioned above and it can be either a director or an externally appointed person. A local employee will be the point of contact with the regulator and maintain all records. The FSA will visit and make sure the offices are fit for approval. Same as with a Vanuatu forex license, a professional indemnity insurance is required as well as a legal advisor.
Although the application process is straight forward, high demand and increase in number of applications are making it impossible for the regulator to fast process everything. Therefore inevitable bureaucratic delays push the time frames a lot longer (we’ll avoid giving actual examples but in some cases it took an extremely long time), a fact that supports the resale of already approved licenses in hopes to speed up the process.
Time frames to get the Seychelles forex license:
People/offices will try to convince you that they can get your setup up and running within 6 months (or less) but we will refrain from making any promises since it’s in the discretion of the national regulator to approve, ask questions or even reject any application depending on its complexity and structure. Usually our initial internal assessments are enough to identify problems (if any) in the early stages, thus maintaining excellent time frames.
How allFX-Consult can step into this picture:
allFX-Consult is a boutique forex consulting agency, catering to quality rather than quantity. For over a decade, our Directors have been connecting with some of the best individuals/professionals, service providers and brokers the industry has to offer so that we can meet any forex corporate challenge.
Because of this, allFX-Consult always has a counterpart/partner for any corporate structure. Before we make any recommendations, we thoroughly examine all possibilities. We’re chosen for being discreet, detail oriented and deadline driven.
Contact us for a private conversation to discuss your case through the contact form or one of our emails at info@allfx–consult.com, partners@allfx-consult.com.
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