GSL / All offers / Incorporation of a company in Seychelles with a Securities Dealer License.

Incorporation of a company in Seychelles with a Securities Dealer License. Service offer

Seychelles Securities Dealer License is a license that allows a company to trade securities either as a principal (at its own expense) or as an agent (on behalf of its customers). The regulatory authority that issues the permit for such a company is the Financial Services Authority (FSA).

A Securities Dealer License (SDL) must be obtained in Seychelles if a person:

carries on business of dealing in securities, or

holds himself out as conducting such business described below:
  1. 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;
  2. 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;
  3. receives as a securities dealer an order to buy or sell a security which is executed;
  4. manages a portfolio of securities for another person on terms under which the first mentioned person may hold property of the other person.
According to the Seychelles Securities Act 2007, not only shares and bonds are considered securities but also derivatives such as forwards, futures, options and contracts for difference. Therefore forex brokers also must obtain this kind of license.

This license does not give the right to make spot forex transactions as they are subject to regulation by the Central Bank of Seychelles.

Licensing procedure

By default the licensing procedure implies the issue of two types of licenses:

principal license (Securities Dealer License) in the name of the company;

license in the name of the company’s representative (Securities Dealer Representative License).

A Representative may be the company’s director, shareholder or manager, including those not shown in its corporate documents. Normally the company’s director is appointed for this purpose. The company must have a person appointed to be responsible for the KYC and AML procedures.

A company applying for a license must meet the following requirements:

  1. the company must have at least 2 directors (only individuals having proper qualifications and experience in finance or investments);
  2. the company must have at least 2 shareholders (individuals or legal entities);
  3. the company must have a secretary;
  4. the company must have an office in Seychelles and local employees, including a person responsible for the AML/KYC procedures;
  5. the company’s minimum share capital must be 50,000 USD.

List of required documents:

Stage 1 - KYC and company incorporation

For each director and shareholder:

  • passport (original or notarized copy);
  • document confirming residential address (utility bill or bank statement, not older than 3 months);
  • resume;
  • documents confirming director’s qualifications (diplomas, certificates, etc.);
  • special Personal Questionnaire Form containing director’s/shareholder’s data.

For representative *additionally*:

  • passport copy must be notarized;
  • police certificate/no criminal record certificate.

Stage 2 - obtaining the license

After the company has been incorporated, the Financial Services Authority (FSA) is provided with copies of the company’s founding documents and:

  • Completed license application forms for the company and its representative;
  • Personal Questionnaire Form containing directors and shareholders’ data;
  • Copy of the applicant’s liability insurance policy*;
  • Letters from an auditor, law firm and bank confirming that they are ready to provide the applicant with their services after the issue of a license;
  • Information on the location of the applicant’s local office;
  • Proof of payment of the license application fee (the amount of the fee is 1,250 USD).

The FSA is also provided with documents confirming qualifications of the company’s directors and the fit and proper status in respect of each director and shareholder.

State duties and fees

The license application fee is

1,500 USD – Securities Dealer License; subsequently the license renewal fee will be 3, 000 USD per year

500 USD – Securities Dealer Representative License; subsequently the license renewal fee will be 750 USD per year

Subsequent work with a company

A company that has obtained a Securities Dealer License must annually prepare and file audited accounts with the FSA.

As a company with a license must have an office and employees in Seychelles, the tax status of such company should be considered separately. It may require advice of our specialists in international taxation.

Employees

The minimum salary in Seychelles is 5,250 SCR** per month (around 360 USD), and both the employer and the employee must monthly transfer 3% of the salary to the social security fund. The employer must also withhold and transfer to the budget the personal income tax on the salary at the following rates:

Salary
Personal income tax rate
Up to 8,555.50 SСR
0%
From 8,555.51 to 10,000 SCR
15% of amount exceeding 8,555.50 SCR
From 10,000.01 to 83,000 SCR
216.68 SСR + 20 % of amount exceeding 10,000 SCR
From 83,000 SCR
14,883.28 SCR + 30 % of amount exceeding 83,000 SCR

In order to pay fees and taxes, a tax number must be obtained for a Seychellois company. The cost of obtaining a tax number is 200 USD.

The cost of services for filing a statement in respect of payroll taxes and fees is 175 USD per month for 1 employee.

We can also provide services for finding an employee with certain qualifications.

The cost of services for staff recruitment and employment of a worker by a Seychellois company (searching for employee, providing resumes of candidates to choose from and holding 3 interviews at most, preparation of employment contract) is

  • for ordinary employees – one monthly salary;
  • ordinary employees – one monthly salary.

Individual telephone line in Seychelles

Telephone line services include:

  • installation of a telephone line with an individual telephone number - 550 USD;
  • annual payment – 1,500 USD;
  • paid separately: per minute billing, call forwarding to other countries (minute tariff, paid once a month). It is possible to make a payment for a quarter or a year by transferring a deposit payment - the minimum amount of such a payment is 250 USD.

Office rent

Our assistance for office selection services is from 2500 USD / month.

Renting a small office average is from 1000 to 1700 USD per month.

Seychelles – main services***

Services
Fees (USD)
Total cost of company incorporation, including compliance fee
from 2,500
License application fee:
Securities Dealer License
1,500
Securities Dealer Representative License
500
Payment of minimum share capital
50,000
Legal services for obtaining the license
23,000
Preparation of draft KYC/AML Manual (if necessary)
from 3,500
Preparation of business plan (if necessary)
from 3,500
Company renewal, starting from the second year after incorporation
1,110
License Renewal services (not including the government fee of the Regulator for the consideration of application):
Principal’s Licence
5,950
Representative’s Licence
4,950
License renewal government fees:
Security Dealers License
3,000
Securities Dealer Representative License
750
Professional liability insurance for 1 year
Quoted individually (depends on company specific)
Insurance company selection services and registration of insurance
from 1,200
Office lease obtaining (office search, preparation and signing of a lease agreement)
from 2,500
Office lease fee (depends on the room size, location, additional options)
from 1,000 per month
Compliance fee. Paid in case of: company’s renewal, company’s liquidation, transfer to another agent, issue of a power of attorney for a new attorney, change of director/shareholder/beneficiary, except for a change to a nominee director/shareholder)
150 (standard fee – includes check of 1 individual) + 50 for each additional individual (director, shareholder or beneficiary) or legal entity (director or shareholder) if legal entity is serviced by GSL Law&Consulting; + 100 for each additional legal entity (director or shareholder) if legal entity is not serviced by GSL Law&Consulting; 250 (check for High Risk companies, including check of 1 individual)

*The cost of obtaining an insurance policy needs to be additionally specified considering estimated annual turnover of the company.

**The average rate is 0.068 USD per 1 SCR.

***The cost of services is effective as of December 2021.

Are you interested in the offer?
23000 USD
Download offer in PDF
Share on social media:
RU EN