Seychelles Forex Licence
Seychelles (SFSA)
The regulatory body responsible for the issuing of Seychelles forex licences and monitoring financial services activities is the Seychelles Financial Services Authority, also known as the SFSA. The Seychelles regulator was established to provide a regulatory framework for all financial companies including forex regulation from rule making and investigatory practices, to powers of enforcement and ensuring statutory conditions are met.
Financial Services Licence
Forex Broker Regulations
A forex broker is the equivalent of a “Securities Dealer Licence” under SFSA regulations. Specifically, a Registered Firm would receive authorization to carry on Dealing in Securities.
A Securities Dealer Licence, essentially a forex broker licence, would allow the forex broker to offer Contracts for Difference (CFDs) in forex, commodities, futures and shares to retail and wholesale clients.
Capital Requirements
The minimum capital requirement for a Securities Dealer Licence is about 50,000 USD.
Physical Presence
If engaging in a licensed financial services activity, you must have a physical presence in Seychelles. You must also designate a Seychelles-based Compliance Officer who must pass fit and proper tests and be an approved person by the regulator.
Approved Persons
The experience and qualifications of the personnel constitute one of the most important elements of a successful application. It is very important to be able to locate and select qualified individuals, who would constitute the minimum required key personnel of your firm. And, these individuals must be approved by the regulator.
We can handle all relevant subjects which include selection of the personnel, immigration and work permits, drafting employment contracts and, most importantly, check adequacy of the candidates against the key position in your firm.
Other Requirements
The regulator requires you to disclose most all aspects and details of your business. Our business is to ensure you meet the regulator's requirements, and we will review what you currently have or complete what is needed for you.
- Business and Financial Plan
- Supervisory and AML/CTF Manuals
- KYC of beneficial owners, directors, controllers and affiliates
- Proof of Professional Indemnity Insurance
Reporting and Auditing
- Capital adequacy requirements must be calculated regularly
- Annually, an audited financial statement
- As needed, any material changes to the firm, its operations or people
Banking
Seychelles has a number of options to choose from banks serving the financial services sector. We will facilitate bank introductions and account openings.
Institutional Relationships
Seychelles reputation as a sound jurisdiction is widespread and the country has close ties with Europe. Establishing institutional relationships with liquidity providers and prime brokers is not so difficult. We will help you establish the institutional relationships you need to build a successful business.
Our Scope of Service
When you engage with us, our scope of service covers all of the aspects you need in order to get your forex broker licence:
- Provision of regulatory guidance
- Company incorporation
- Approved Person’s fit and proper tests
- Employing local directors, officers and staff
- Establishing an office
- Facilitating bank accounts
- Introduction to accountant and auditor relationships
- Management and supervision of the application
- Preparation of all client-facing legal documents including client business terms and disclosures
- Completing the business plan, compliance manuals, employment and outsourcing agreements
Licencing Timeline
2 to 3 months.