The Seychelles Financial Services Authority (“FSA”) is the regulator for non-bank financial services in the Seychelles. Established under the Financial Services Authority Act, 2013 (“FSA Act”), the FSA is responsible for the licensing, supervision of persons in and development of the non-bank financial services industry of the Seychelles.

The FSA is also responsible for the registration of International Business Companies, Foundations, Limited Partnerships, Trusts, Security Dealers, Investment Advisors, International Trade Zone Companies, Insurance Companies, Insurance Brokers, Insurance Agents, Casinos, Slot Machines and Hire Purchase and Credit Sales in the Seychelles.

All applicable fees are outlined in the Prescribed Fees.

A Politically Exposed Person (PEP) is an individual who is or has been, during the preceding 3 years, entrusted with a prominent public function in —

• Seychelles
• any other country or
• an international body or organisation

This also includes an immediate family member or a close associate of a person entrusted with a prominent public function.

Examples of PEPs include government ministers or equivalent politicians, senior government executives, high ranking judges, high-ranking military officers, or board members or executives of an international organization.

The Authority is obliged to recognize the need for transparency and fairness. In this regard, the Complaints Handling Guidelines document includes details on how to file complaints regarding the way in which the Authority carries out its functions.

For the purposes of this guidelines “complaint” means any expression of dissatisfaction about:

• the manner in which the Authority has carried out its functions;

• the conduct of the Authority’s management, employees or persons acting on its behalf in the purported exercise of such functions;

• complaints connected with the operations or management of licensees.

If an applicant is not a resident of Seychelles, the equivalent of the Tax Clearance Certificate must be submitted from the relevant country’s tax authority where the person resides. In order to facilitate this process, the FSA may issue a letter to the applicant (upon request by the applicant) which can be used to request this information from the relevant tax authority outside Seychelles. Duly note that the Tax Clearance Certificate should not be older than 3 months.

Enquiries on licensing related matters should be forwarded to the FSA:

By Post:      

Chief Executive Officer

Financial Services Authority

P.O. Box 991

Victoria

Mahé

Republic of Seychelles

By e-mail: 

 Chief Executive Officer : damien@fsaseychelles.sc

Deputy Chief Executive Officer :  zenabe.daman@fsaseychelles.sc

Fiduciary sector queries : fiduciary.supervision@fsaseychelles.sc

Insurance sector queries : igp.supervision@fsaseychelles.sc

Capital Market and Collective Investment Schemes queries : capitalmarkets.supervision@fsaseychelles.sc

Gambling sector queries : igp.supervision@fsaseychelles.sc

ITZ sector queries : ITZsection@fsaseychelles.sc

Registry queries : Registry@fsaseychelles.sc

Enquires on other matters under the ambit of FSA

Policy, Research and Statistics queries : policyunit@fsaseychelles.sc

AML / CFT queries : amlcft@fsaseychelles.sc

Legal queries : legalunit@fsaseychelles.sc  

Corporate Communication queries : comms@fsaseychelles.sc

Tel:              +248 4 380 800

Fax:             +248 4 380 888

Yes, a licence application may be submitted by a third person or by post. However, we encourage the applicant to submit the application personally. The FSA will first review the application to verify its completeness (i.e. all necessary documents have been submitted) and the necessary feedback will be provided to the applicant in the shortest possible time-period. This is to ensure that there is no delay in the processing of your application.

Applications submitted via proxy or through third parties, may experience delay due to chain of communication. Subsequently the Authority ultimately communicated to the “applicant” as provided on the application received, with the third party copied in.

The application forms and application guidelines for the different licences are available on the FSA’s website (www.fsaseychelles.sc).  

The applicant shall follow the instructions provided in the guidelines and application form to ensure that the application submitted has been completed in full. Failure to disclose and submit all necessary information a ground for the FSA rejecting the application.

All applications seeking the approval of the FSA for a licence must be addressed and either hand delivered or mailed to:

Chief Executive Officer

Financial Services Authority

P.O. Box 991

Victoria

Mahé

Republic of Seychelles

All applicants should become familiar with the FSA’s Codes and application procedures Guidelines. Applicants are advised that the relevant legislations, codes and guidelines, pertaining to the licence being applied for, are available on the FSA’s website (www.fsaseychelles.sc).

In relation to legislations, please note Disclaimer on some consolidated laws whereby the FSA notifies individuals that the consolidated laws are for references purposes and guidance.  The FSA does not accept any responsibility for its accuracy or entirety. For all purposes of interpreting and applying the law, the official version of the law published in the Official Gazette should be consulted.

The  FSA Service Standards Policy and Procedures  outlines the timeframe to respond to an application.

The application fee once paid to the FSA is nonrefundable.

The following licenses are issued under the ICSP Act:

• International Corporate Services Licence
• International Trustee Services Licence
• Foundation Services Licence

“International Corporate Services” is defined under the ICSP Act as the provision of any of the following services in or from within Seychelles:

• the formation (including continuation), management or administration of a specified entity
• serving as a registered agent, director or other officer of a specified entity
• the provision of a registered office, place of business or address for a specified entity
• serving as a nominee shareholder in a specified entity
• such other services as may be prescribed

A specified entity includes:

• an international business company
• a company issued with a special licence under the Companies (Special Licences) Act
• a protected cell company
• a limited partnership established under the Limited Partnerships Act
• such other body corporate as may be prescribed

“Trustee Services” is defined under the ICSP Act as the provision of any of the following services in or from within Seychelles:

• services connected with the formation, registration or administration of a trust
• serving as a resident trustee of a trust
• such other services as may be prescribed

“Foundation services” is defined under the ICSP Act as the provision of any of the following services in or from within Seychelles:

• services connected with the formation, registration (including continuation) or administration of a foundation
• serving as a registered agent, councilor of a foundation
• the provision of registered office of a foundation
• the provision of councilor or protector for Seychelles foundations
• such other services as may be prescribed

Depending on the month during which the application is approved by the FSA, the applicant shall be entitled to a reduced first annual fee which will be pro-rated on a quarterly basis.

Section 4(2) of the ICSP Act requires every licensee to pay the annual licence fee and lodge with the FSA’s Compliance Form as prescribed by the FSA in January of each year.

Should a licensee fail to lodge the Compliance Form together with the payment of the annual licence fee in full on or before 31st January in any year, a penalty equivalent to 50% of the annual licence fee will be applied on the licensee for each month or part thereof during which the annual licence fee remains unpaid. Duly note that that this may lead to a revocation of the license.

Section 8(2) of the ICSP Act provides that a licensee shall have and maintain an issued and fully paid up share capital as set out in Schedule 4 of the ICSP Act as follows:

• Not less than SCR150,000 where the licensee holds an international corporate services licence
• Not less than SCR200,000 where the licensee holds a foundation licence
• Not less than SCR250,000 where the licensee holds an international trustee services licence

Where a licensee holds more than one licence under the ICSP Act, the FSA will accept the minimum paid-up share capital to be the higher applicable amount of the licences being held.

Yes.

Protected Cell Companies (PCCs) may be set up in Seychelles under either the IBC Act, 2016 or the Companies Ordinance, 1972 in the following manner:

By lodging a PCC application under the Protected Cell Companies Act, 2003. The application guidelines for PCC provides for the application requirements and the relevant fees; or

By lodging a PCC application under the International Business Companies Act, 2016 (“IBC Act”). Section 221 and the Second Schedule (Part 1) of the IBC Act outlines the application requirements and the relevant fees respectively. The IBC guidelines provides additional information on the application procedures and requirements (http://www.fsaseychelles.sc/index.php/legal-framework/fiduciary).