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Chinese Forex Licensing - Seychelles
About Seychelles
The Seychelles is well-known as an offshore financial centre and has become a popular location for forex (foreign exchange) trading. The Seychelles International Business Authority (SIBA) is the regulatory authority in charge of supervising financial services and licencing forex brokers in the country.
Seychelles is an archipelago in the Indian Ocean, between 480 to 1,600 kilometres off Africa’s east coast. Despite its distance from the continent’s core, the country is politically part of Africa.
According to Worldometer’s elaboration of the most recent United Nations data, the current population of Seychelles is 100,074 as of Sunday, May 7, 2023.
Seychellois Creole (Seselwa), derived from French, is spoken by 95% of the population.
The legal system of the country is founded on English common law, French civil law, and customary law. The National Assembly enacts basic legislation in Seychelles, and the court interprets and applies the law.
| Gov. Capital Req. | Timing | Tax Rate |
|---|---|---|
| $50,000 | 3 months | 0% |
1. Regulatory Setting
Seychelles has built a regulatory framework for forex trading, providing market players with confidence and security. The licencing process guarantees that licenced forex brokers follow specific standards and laws, such as anti-money laundering (AML) and know-your-customer (KYC) legislation.
2. Tax Regime That Is Favourable
Seychelles has a tax policy that is beneficial to businesses, with no capital gains tax, withholding tax, or foreign exchange regulations. This may result in tax benefits for FX firms operating in Seychelles.
3. Privacy and Discretion
Seychelles has a strong heritage of privacy and confidentiality, which forex traders may find appealing. The jurisdiction protects the privacy of individuals and corporations by respecting client confidentiality.
4. Cost-Effectiveness
Setting up and running a forex firm in Seychelles can be less expensive than in other jurisdictions. The licencing fees and continuing operational costs are reasonable, making it an appealing alternative for new and small forex brokers.
5. International Market Access
Seychelles is well-connected to global financial markets and provides forex brokers with options to reach worldwide markets. This can broaden the range of trading alternatives and attract clients from all around the world.
6. Corporate Structure Flexibility
Seychelles allows for corporate structural flexibility, allowing forex brokers to establish up organisations with different share classes, multiple shareholders, and corporate structures adapted to their specific needs.
7. Providers of Professional Services
Seychelles has a strong professional services sector, including law firms, accounting firms, and consulting organisations, which can help forex companies achieve regulatory and operational requirements.
| License: | Security Dealers License |
|---|---|
| Timeframe for Approval: | 3 to 6 months |
| Regulator: | Seychelles International Business Authority (SIBA) |
| Authorised Activities: | Forex, Tourism, Financial Services. Fisheries, Agriculture, Manufacturing, Information and Communication Technology (ICT), Construction and Real Estate, and Professional Services |
| Corporate Structure: |
Seychelles International Business Company (IBC) Special License Company (CSL) Limited Liability Company (LLC) Branch Office Partnerships Trusts |
| Corporate Tax Rate: | 1.5% on Offshore Profits |
| Currency: | Seychelles Rupees (SCR) |
| Capital Requirement: | Approx. $50,000 |
| Paid-up Capital: | US$100,000 |
| Economic Support: |
Investment Incentives Special Economic Zones (SEZs) Double Taxation Avoidance Agreements (DTAs) Access to Finance Business Support Services Sector-Specific Support Skills Development and Training |
| Local Director/s: | Minimum 2 resident directors (no nationality restrictions for physical shareholders) |
|---|---|
| Local Shareholder/s: | Minimum 2 shareholders (no nationality restrictions for physical shareholders) |
| Local Registered Officer: | Required |
| Local Staff: | Required |
| Compliance Officer: | Required |
| AML/KYC: | Required |
| Audit: | Required |
| Main Benefits: |
Exemption from stamp duties, registration fees, and other similar charges Royalties paid to non-residents are tax-free. There are no public records and there is strict confidentiality. In Seychelles, you can open a bank account. Not on any blacklists Low capital requirement. |
The following actions will be taken in order to receive a licence:
- Gathering of information
- Company formation
- Preparation of a Licence Application
- Application submission
- Office furniture procurement
- Obtaining a licence
- Following Licence Compliance
Some of the services commonly available in Seychelles include:
- Offshore Company Formation and Management
- Trust and Wealth Management
- Financial Services
- International Tax Planning
- Intellectual Property (IP) Services
- Business Consultancy and Advisory Services
- Tourism and Hospitality Services
- Legal and Accounting Services
Provide us with the following documents:
- Curriculum Vitae
- Recent Employment reference (Certified Copies can Suffice)
- Professionals referee details (2 per individual)
- Bank reference (Must be in Original)
- Passport Copy (Certified Copies can Suffice)
- Proof of address (Certified Copies can Suffice)
- Police Criminal Certificate (Certified Copies can Suffice)
- Tax Certificate (Certified Copies can Suffice)
- Academic and Professional Qualification Certificates (Certified Copies can Suffice)
In case the shareholder is a company, it is required to provide:
- Certified true copy certificate of registration
- List of shareholders
- Copy of the last annual/financial return
- Apostilled Certificate of Good Standing
- Additional Due diligence may be prescribed by Financial Services Commission
1. Establish international business corporation.
2. Preparation and drafting of shareholder and officer agreements.
3. Preparation and drafting of narrative business plan.
4. Preparation and drafting of current financial statements.
5. Preparation and drafting of 3 years financial projections.
6. Preparation and drafting of personal financial statements for owners.
7. Preparation and submission of application with appropriate regulatory authority
8. Preparation and drafting of responses to regulatory authority
9. Identification and engagement of auditor and forex prime broker.
10. Facilitate opening of bank accounts and payment processors.
11. Preparation and drafting of AML/KYC policies and procedures.
12. Preparation and drafting of client agreements and disclosures.