Establishing, Maintaining and Creating substance for the Securities Dealer License in Seychelles (SSDL).
Establishing, Maintaining and Creating substance for the Securities Dealer License in Seychelles (SSDL)
The Securities Act 2007 provides the legal framework for the provision of Securities Dealer Services in Seychelles.
A Seychelles Securities Dealer License is a license which allows a company to trade in securities either as a principal (on its own account) or as an agent (on behalf of its clients).
The regulatory authority, which grants the authorization for such a firm, is the Financial Services Authority of Seychelles (FSA).
The Financial Services Authority of Seychelles grants the license, adding credibility and trustworthiness to licensed firms.
Obtaining the license provides access to the Seychelles securities market, enabling participation in local investment opportunities and economic growth.
Permitted Activities
Permitted Activities
a) Who carries on business of dealing in securities, or
b) Who holds himself out as conducting such business described below:
I. 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 any way effects or causes to effect a securities transaction.
II. 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, installment or otherwise or any attempt to do any of the foregoing.
III. Participates as a securities dealer in any transaction in a security occurring upon a securities exchange.
IV. Receives as a securities dealer an order to buy or sell a security which is executed.
V. Manages a portfolio of securities for another person on terms under which the first mentioned person may hold property of the other person.
Requirements
Requirements
Minimum Local Presence Requirements & Licensing Process
1. At least two natural persons Directors of any jurisdiction who will Satisfy the Securities Authority that they are fit and proper persons to be licensed as a dealer, with the relevant experience and business reputation. Hiring local directors will make the licensing process easier and increase credibility of the applicant;
2. At least two shareholders and corporate shareholding is allowed;
3. One fit and proper compliance and Money Laundering Reporting Officer (MLRO) that must be based in the operational office of the company in Seychelles;
4. Annual audit of company’s accounts is required. The applicant must put forward at the time of application, the designate auditor for approval by the authority;
5. An insurance cover for professional indemnity is required. An insurance quote must be submitted along with the application for approval by the authority. Upon licensing, such insurance cover must be procured within the period set in the license conditions and a copy of the policy submitted to the regulator.
Process of License Obtaining
Process of
License application
-
I
Phase I Collection of Information
-
The main aspects of this phase are:
1. Due diligence and KYC checks;
2. Structuring of company;
3. Name check at the Registrar of Companies /Review registration of domestic company information. -
II
Phase II Preparing Application Forms, Drafting and Compiling Documentation & Reviewing of Application
-
At this stage we will be:
1. Preparing the license application pack and liaising with client to complete relevant documents;
2. Incorporating the domestic company -
III
Phase III Filing Application with the FSA
-
Once the application is ready, the originals should be files (signed, need to courier) with the FSA together with the requisite fees.
-
IV
Phase IV Follow up and liaising with MWALI
-
Following up with FSA, attend to any queries until the outcome of the application is given by FSA.
- Updated Curriculum Vitae with the relevant experience in financial sector and corresponding education or training;
- Original Bank reference letter;
- Certified Passport Copy;
- Certified Recent Proof of address;
- Police Criminal Certificate;
- Certified Tax Compliance Certificate;
- Certified Passport photos;
- Certified Academic and Professional Certificates;
- Certified Bank Statements with sufficient balances (from the UBOs and shareholders only).
Once license is obtained the FSA issues a letter of conditions, which based on the assessment of the application pack, may require the directors to undertake such courses to enhance their understanding on the products and services to be provided.
Annual Renewal
Setup Fees
 Service
|
 Cost
|
|---|---|
Review of due diligence on directors/shareholders/beneficial owners |
Free of charge |
|
€ 12 ,500 |
Corporate secretary |
€ 3, 000 |
|
€ 3, 000 |
Government Fees – Set up of a Domestic Company |
€ 1 ,500 |
Government Fees – Application Fee
|
€ 3 ,750 |
Government Fees – License Fee
|
€ 3 ,750 |
Insurance (depending on the amount to be insured) estimation |
from € 4 ,000 |
Auditors in Seychelles charge equivalent EUR 500 to provide consent letter |
€ 500 |
| Total | € 28, 000 |
Annual Renewal
Monthly Fee
To be paid on a quarterly basis, prior to the upcoming quarter
|
Service
|
Monthly Fee
|
Quarterly fee
|
|---|---|---|
| Fully Serviced Office fit for FSA Approval | € 3,500 | € 14,000 |
| Compliance officer | € 3,000 | € 9,000 |
| Fit and proper nominee director (per person) | € 2,500 | € 7,500 |
| Accounting services (to be paid once the business is running) | from € 1, 500 | from € 4, 500 |
Annual Renewal
Additional Services
|
Service
|
Cost
|
|---|---|
Provision of nominee shareholder, per month |
€ 1, 500 |
Bank account opening assistance |
€ 2, 000 |
E-money account opening assistance |
€ 2, 000 |
Card payment solution opening assistance |
€ 1, 500 |
Legal opinion (depending on the complexity of the request) |
from € 3, 000 |
Additional consulting, partner, hourly rate |
€ 400 |
Additional consulting, associate or consultant, hourly rate |
€ 150 |
Additional consulting, associate or consultant, hourly rate |
Depending on actual operations |
Annual Renewal
Annual Renewal Fees (From Second Year Outwards)
|
Service
|
Cost
|
|---|---|
|
€ 6, 600 |
|
€ 3, 000 |
Preparation of Annual return and filing of Annual return/tax return and audited financials with the Registrar and FSA |
from € 5, 000 |
Total |
€ 14, 600 |
Insurance (depending on the amount to be insured) estimation |
from € 4, 000 |
Annual audit &Tax return preparation |
Depending on actual operations |
Preparation of financial statement and tax return |
Depending on actual operations |
Preparation and filing of VAT return if the turnover exceeds SCR 2 million (depends on client financial forecast/business making taxable supplies) |
Depending on actual operations |
Costs and Timelines
Timeline
Assuming client provides the Regulator with all the necessary information they require, such a license can be obtained within 6 weeks.
Gain a comprehensive understanding of costs and timelines by downloading our informative PDF.
Find all the essential details and empower yourself to make informed decisions.
Ready to establish your Securities Dealer License in Seychelles?
Begin your licensing process effortlessly with our user-friendly online application. Or schedule a call to speak directly with our experts to discuss your goals, requirements, and start your journey towards success.
