General Questions

What is the role of the Financial Services Authority?

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.


How do I incorporate an IBC?

To register an IBC in Seychelles, the interested person must approach an International Corporate Service Provider (ICSP) licensed in Seychelles by the FSA who will in turn laisse with the FSA to register the company. Click here for the list of licensed CSP.


What are the types of licences issued under the ICSP Act?

The following licenses are issued under the ICSP Act:

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

Insurance Sector

For a general insurance plus a long term insurance licence, what should be the minimum paid up capital?

US$100,000 or its equivalent in a currency that is fully convertible to other internationally accepted currency.

Gambling Sector

Which sectors of the gambling industry does the FSA supervise?

The FSA is mandated to administer the Seychelles Gambling Act, 2014 (SGA), through which it licences, regulates and supervises casinos, slot machines and interactive gambling activities in the Seychelles. The other aspects of the gambling industry such as lottery and games of chance remain under the purview of the Seychelles Licensing Authority.

Capital Markets and Collective Investment Schemes Sector

Does the FSA issue spot forex?

The FSA does not supervise or regulate the foreign exchange market. This falls under the purview of the Central Bank of Seychelles.

International Trade Zone

What is an International Trade Zone?

The International Trade Zone is created by an Act of parliament namely, the international Trade Zone Act, 1995 designed to cater for the need of redistribution and exportation of goods and services and it is geared towards exportation, while encouraging the inflows of foreign direct investment.

The Act provides the FSA with the power to licence, regulate and supervise all operations of the designated Zones in Seychelles as mandated by the International Trade Zone Act. These zones, designated by the Minister, are considered as ex-territorial and as such, some specific laws do not apply. These laws are specified in the ITZ Act and Regulations.

Capital Markets and Collective Investment Schemes Sector

What is Hire Purchase and Credit Sales?

Hire purchase means a transaction where goods are purchased and sold on the terms that:

  • Payment will be made in installments,
  • The possession of the goods is given to the buyer immediately,
  • The property (ownership) in the goods remain with the vendor till the last installment is paid,
  • The seller can repossess the goods in case of default in payment of any installment,
  • Each installment is treated as hire charges till the last installment is paid.

Credit Sales refers to a transfer of ownership of goods and services to a customer in which the amount owed will be paid at a later date. In other words, credit sales are those purchases made by the customers who do not render payment in full at the time of purchase. In this instance the contract is not a conditional sale agreement, i.e. ownership passes to the buyer upon sale.

Listed Companies / Exemptions of listed companies

Who are exempted from the Beneficial Ownership Act 2020?

Pursuant to Section 2(2) of the Beneficial Ownership Act 2020 (hereinafter referred to as “the Act”), the Act shall not apply to –

  •  A listed company; 
  • A legal person which is formed, incorporated or established outside of Seychelles, excluding an overseas company registered under the Companies Act.


A trust which has been registered overseas is the only shareholder of a legal person listed under section 2 (1) (a) of the Act. The law which governs the overseas trust does not require for one of the parties listed under BO Regulation 3(6) to be considered as a beneficial owner of the trust. Who are considered as the beneficial owner(s) of the legal entity?

As per paragraph 7 (f) of the Beneficial Ownership Guidelines, where the ownership structure of a legal person includes a legal arrangement that is a trust, the beneficial owners of the legal person would be the settlor, protector, trustee, named beneficiaries and any individual that meets conditions set out in Tier 2 (control through other means). This would apply, irrespective of whether the trust is registered in Seychelles.


Can the name of a body corporate, serving as a nominee, be inserted on the ROBO or the Declaration of Beneficial Owners?

Yes, whether the nominee is a natural person or corporate body, details of the nominee should be entered into the ROBO, as per the registrable particulars of section 5 (1) of the Act. However, it is to be noted that the current provisions of section 5(1)(e)(i) of the Act does not appear to cater for details of corporate bodies at this point in time. In the event that a corporate body is serving as a nominee, the particulars to be entered would be:

  •  the name of the legal person/corporate body; 
  • registered address; 
  • service address; and 
  • incorporation number (as appropriate).

Determination of beneficial owners

Who are the beneficial owners of a shelf company?

A shelf company is by nature owned by its Registered Agent. Thenceforth, the natural person(s) who ultimately owns or controls the Registered Agent shall be considered as its Beneficial Owners.

Foundations and beneficial owners

The object of a Foundation includes a class of persons where the latter is yet to be identified. Whose information must be included in the ROBO?

Regardless of whether the foundation has identified any beneficiary, the ROBO of the foundation must kept. As per regulation 3 (4) of the Beneficial Ownership Regulations 2020, the beneficial owner in the case of a foundation shall be a natural person(s):

      (a) Who holds, whether directly or indirectly, absolute decision or veto rights in the conduct and management of the foundation;

      (b) Who holds the right, directly or indirectly to appoint or remove majority of the councilors of the Foundation;

      (c) Who is a beneficiary in whom an interest in vested;

      (d) Who is the default recipient of the assets of the foundation in the event of its termination; or

      (e) Any other person, who benefits from the foundation.

Nationality of beneficial owners

What is to be considered as the nationality of a beneficial owner?

The nationality of a beneficial owner would usually be what is written on the nationality section on the individual’s passport. In other circumstances, if the identification document does not feature the nationality, the country that issues the identification document shall be considered as the nationality of the individual.


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Victoria, Mahe, Seychelles

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