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|
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.
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.
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.
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.
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.
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.
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|
Seychelles International Business Company (IBC)
Special License Company (CSL)
Limited Liability Company (LLC)
|Corporate Tax Rate:||1.5% on Offshore Profits|
|Currency:||Seychelles Rupees (SCR)|
|Capital Requirement:||Approx. $50,000|
Special Economic Zones (SEZs)
Double Taxation Avoidance Agreements (DTAs)
Access to Finance
Business Support Services
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|
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:
Some of the services commonly available in Seychelles include:
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.