Seychelles Forex License
2.1 Definition of Securities Dealer
Per the Securities Act, 2007 a Securities Dealer means a person:
a) who carries on business of dealing in securities, or
b) who holds himself out as conducting such business described below:
- makes or offers to make an agreement with another person to enter into or offer to enter into an agreement, for or with a view to acquiring, disposing of, subscribing for or underwriting securities or in anyway effects or causes to effect a securities transaction
- causes any sale or disposition of or other dealing or any solicitation in respect of securities for valuable consideration, whether the terms of payment be on margin, instalment or otherwise or any attempt to do any of the foregoing
- participates as a securities dealer in any transaction in a security occurring upon a securities exchange
- receives as a securities dealer an order to buy or sell a security which is executed
- manages a portfolio of securities for another person on terms under which the first mentioned person may hold property of the other person
This definition also includes a person who holds a restricted securities dealer licence
If the person’s dealings fall within the points outlined in section 45(6) of the Act that person is not regarded as carrying on business dealing in securities
NOTE: The persons specified in Schedule 4 of the Act do not require a Securities Dealer’s Licence to deal in securities
SEYCHELLES FOREX LICENSE – SEYCHELLES FINANCIAL DEALERS LICENSE
| Company Formation. Corporate Key requirements for a Securities Dealers License in Seychelles | Request a Quotation |
| Type of entity need to be required to be eligible for Investment Dealer license | Domestic Company formation in Seychelles |
| The timeline for incorporating | The incorporation takes around 2 weeks. |
| Directors | Local Directors need to be appointed. Fit and proper directors from Seychelles |
| Compliance officer | Mandatory – Compliance correspondence with FSA and record keeping in Seychelles |
| Registered office | Mandatory – Fully furnished office fit for FSA approval. The office includes the following services: Rent, electricity, water, active phone number, cleaning and basic internet. (included in monthly fees) |
| Minimum capital | Domestic company in Seychelles with share capital of $50,000 |
| Local auditor | The licensee must appoint is Auditor within 30 days of becoming licensed under the Act, who is acceptable to the Securities Authority. |
| Professional Indemnity Cover | Mandatory. You can either arrange it by yourself or we can arrange it for you through our insurance provider |
| Legal advisor | Mandatory |
| Local bank account | The company is required to open a bank account in Seychelles and to deposit the share capital of $50,000 |
| Preparation of Annual Financial Statements | Based on number and nature of transactions |
| Requirements for audit | A licensed securities dealer must have its accounts audited annually according to the International Financial Reporting Standards |
| The main condition for obtaining a Seychelles Offshore Securities Dealers License (SDL) | Request a Quotation |
| Regulatory body. Who approves the license in Seychelles | The Seychelles Financial Services Authority (FSA) |
| Law governs forex trading for brokers licensed in Seychelles | The Securities Act of 2007 as well as the the Securities Regulations which were adopted in 2008 |
| Stock Listing | Trop-X, Mahe, Eden-Island, Seychelles |
| Class of license | Security Dealers License |
| Time Frame | Licensing process: usually 8-12 weeks |
| Capital requirements | Capital levels are currently fixed at $50,000 / no blocked capital |
| Physical office requirement | Physical local office is needed in Seychelles |
| Requirements of local employees | 2 Local Directors need to be appointed |
| Staff Qualification | At least two officials who must meet two requirements: have at least 4 years of relevant experience (skills) in this area and lack of criminal records |
| Requirements of business plan | Business plan required |
| Required deposit | Must hold assets of at least $50,000 / no blocked |
| Double Taxation Agreements | Yes |
| Taxation | A tax rate of 1.5% will be applicable on the assessable (gross) income of the licensee - can be reduced to almost 0%. |
| Tax on income or dividends | No withholding tax is payable on dividends and/or interest payable |
| Capital gains tax or inheritance tax | No capital gains tax or inheritance tax |
| 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 |
