Seychelles Securities Dealer License: Compliance Essentials

Such a permit allows companies to deal in securities as a principal or agent. Seychelles Financial Authority is the economic regulator of Seychelles under the Securities Act 2007. Thus, the relevant authority may provide a securities permit to dealers without restrictions and without business-activities limits abroad. An unrestricted permit means the licensed-permission has no restrictions on the number of clients, the types of customers, or the value of the client’s investment.

Our company consists of highly qualified lawyers who have extensive professional knowledge and experience. This guarantees effective and promising results for our clients. We know everything about the securities dealer license in Seychelles and other jurisdictions.

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In view of recent trends and policies towards transparency of financial services in America and Europe, more and more demands are being placed on corporations that engage in financial activities. However, not all beginning brokers can afford an expensive license with a hefty annual subscription fee. Therefore, Seychelles is gaining increasing popularity among traders and financial service operators.

The main advantages of such a local permit are the low costs of registering a company and maintaining an office. There isn’t need to wait a year or six months to receive documentation; the commission’s decision will be known 3 months after submitting the application. Regulatory body that authorizes such a company is FSA.

Our specialists provide fully-covering support in legal matters at every stage of getting a Seychelles securities dealer license, and also collect and prepare documentation for its submission to FSA.

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Ongoing compliance challenges might consist in correspondence with next-mentioned points.

Licensees need 2 individual directors from any jurisdiction who satisfy the FSA that they’ve sufficient expertise and competence to get a permit.

Licensees need at least 2 shareholders; enterprises and organizations are possible.

Financial compliance Seychelles is set on the point to possess current stated minimum capital of $50,000.

FSA won’t grant such a permit unless the applicant employs 1 individual licensed representative in accordance with section 52 of the Act. Representative means an individual employed or acting on behalf of, or under arrangement with, a securities dealer who deals in securities on behalf of that securities dealer, whether or not he receives a salary, interest, commission, etc.

Dealers need to submit their accounts to an auditor annually for review. Auditor should be a member and in good standing of an accounting body under section 2(1)(a) of the Act or a member of any other accounting body approved by the Government.

Licensee needs to appoint an Auditor within 30 days of getting the permit according to the Law acceptable to the Securities Authority. Directors, officers, employees, shareholders or partners of a licensee, or a partner or employee of such a person, aren’t eligible for appointment as an auditor.

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Licensed securities dealers need to audit their accounts annually according to Globally-Approved Standards. Dealers are needed to submit their audited accounts to the Authoritative body within 4 months of the end of each financial year or such extended period as permitted by the Authority.

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According to the securities industry regulations, license-getting procedure is as next-mentioned. Preparatory stage includes 5 phases.

1. Establishments of a firm. 2. Opening a banking account. 3. Preparation and collection of mandatory documentation by the company’s owners. 4. Completing the forms needed to submit an application to FSA. 5. Placement of the company’s minimum starting capital of $50,000 in a corporate banking account. Capital needs to be paid by the time the application is submitted.

License submission stage includes 2 phases.

1. Checking the forms, submitting and maintaining the application with FSA. This phase includes payment of state fees for reviewing a permit application of $1,000 (the paid state fee isn’t refundable if FSA refuses to satisfy application). 2. Providing supplementary data and/or documentation as required by FSA.

Consideration terms are 3 months from the date of submission of the entire package of documentation to FSA.

Our team offers services for getting such a permit in the Seychelles and other jurisdictions.

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Seychelles is considered to be one of best practices securities licensing because of next-mentioned privileges:

- possibilities to officially spread services on web-resources; - performing a transaction with a banking to create own products; - unlimited number of clients; - use of starting capital for your firm (structuring the organization, developing infrastructure, etc.).

To apply for a brokerage permit in the Seychelles, capital-holders need to provide the FSA with a full package of documentation, incl. next-mentioned:

- details of directors, beneficiaries and shareholders; - proof of absence of criminal record and bankruptcy; - a copy of the applicant’s passport, certified by an authorized notary; - recommendations from the banking establishment; - copies or originals of utility bills to confirm physical presence locally; - resumes describing practical expertise in this niche; - planned target audience and market coverage; - firm establishment agreement and articles of association; - registers of shares and directors; - a document confirming the firm possess ideal image in its industry (if the firm is more than a 1-year-old); - confirmation of the legality of the source of funds.

License acquisition requirements are as follows. Each certificate is needed to be issued no earlier than 90 days before submitting an application for licensing a brokerage firm in the Seychelles. Additionally, documentation must be translated and have an apostille.

Our professional experts are ready to guide you through all the steps of this difficult path. We work for you, constantly improving our knowledge and skills, striving to keep up with technological progress.