Forex License in Seychelles
In view of the latest trends and the course on the transparency of financial services in America and Europe, more and more requirements are imposed on corporations that are engaged in financial activities. However, not all novice brokers can afford an expensive license with an impressive annual subscription fee. Therefore, Seychelles forex license application is gaining more and more popularity among traders and financial service operators.
What is a forex license in Seychelles islands?
This is a special permit for the provision of services related to securities. The state regulator controls the activities of market operators based on the 2007 Securities Act. The peculiarity of the legislation provides that companies registered in the country must have a certificate. However, those organizations located on the territory of the skeletons, but the actual management is carried out from another jurisdiction, can easily do without a dealer’s permission. This clause also applies to those firms that do not work with residents of the islands.
Benefits of Forex License in Seychelles
The main forex license Seychelles benefits are low costs for company registration and office maintenance. Also, there is no need to wait a year or six months to receive the documents – the decision of the commission will be known 3 months after the application is submitted.
The authorized capital is also significantly lower than in other states. It is enough to have 50,000 US dollars in the company’s account. The state fee is not lofty, but it should be taken into account that the license will have to be renewed every year. But the procedure is not complicated, and the renewal amount is not high.
How www.fintecharbor.com can help?
The qualified team of our corporate lawyers has outstanding experience in obtaining various types of licenses and permits in many jurisdictions. As Seychelles forex trading license provider, we are happy to provide you with consulting support, answer your questions, and prepare the essential packet of papers. You will not need to visit the country in person to apply or acquire a permit. Furthermore, you will receive a parcel of documents by courier service right at your office and will be able to start legal international activities in the field of financial services as soon as possible.
Requirements for the Forex License in Seychelles
- Director’s Requirements – the licensee will need at least 2 (two) natural person Directors of any jurisdiction who will Satisfy the Securities Authority that they are fit and proper persons to be licensed as a dealer.
- Shareholder requirements – the licensee will need at least 2 shareholders and a corporate shareholding is allowed.
- Minimum Capital Requirement – the current prescribed minimum issued and paid up capital required is US$ 50,000
- Representative – the Securities Authority shall not grant a Securities Dealer’s License unless the applicant employs at least one individual who is licensed as a representative under section 52 of the Act. A Securities Dealer’s Representative means an individual in the employment of (including a Director of), or acting on behalf of or by arrangement with a securities dealer, who deals in securities on behalf of that securities dealer, whether he is paid salary, wages, commission or otherwise.
- Auditor: Securities Dealer is required to have its accounts audited annually by an auditor. The Auditor has to be a member and in good standing of an accountancy body in compliance with section 2(1)(a) of the Act or a member of any other accountancy body as approved by the Authority. The licensee must appoint is Auditor within 30 days of becoming licensed under the Act, who is acceptable to the Securities Authority. A Director, Officer, Employee, Shareholder or Partner of the licensee or a partner or employee of such a person shall not be eligible for appointment as an auditor.
- Annual Reporting: A licensed securities dealer must have its accounts audited annually according to the International Financial Reporting Standards. Both a licensed securities dealer and an exempt securities dealer must submit to the Authority its audited accounts within 4 months of the end of each financial year or within such extension period allowed by the Authority.
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How much does it cost to get a forex license in Seychelles?
The process to receive a forex license
For legal entities and individuals, there will be a different process for obtaining a permit. Usually, all the necessary documents can be prepared in one and a half months.
After that, the Seychelles forex license services will check the entire package of documents and, if everything is in order, issue a permit.
