According to the Financial Institution Act of 2004, offshore banking business is a banking activity that is carried out exclusively with non-resident currency, not in Seychelles rupees.
The license is issued for an undefined period of time and can not be transferred. The license should indicate the activity permitted by the Central Bank of the Seychelles and the conditions for conducting it.
The license can only be issued to a local company registered under the Companies Act of 1972 or a foreign company (any foreign company that will be registered as a tax resident of the Seychelles) registered in accordance with Article 310 of the Companies Act of 1972.
purchasing financial instruments (including checks, bills of exchange, depositary certificates) for own needs and for customers' needs, futures and options related to debt securities or interest rates; instruments for currency exchange and interest rates, provision of money transfer services, purchase and sale of foreign currency, including futures contracts;
The name, nationality, residence, business or profession of each administrator. It is also necessary to provide a detailed description of the qualifications and professional experience of the administrator and at least 3 letters of recommendation. Provide Due Diligence documentation in accordance with international standards. (Footnote 1).
The name, nationality, residence, business or profession of each person, who has a significant interest in the authorized capital of the company. This person must provide at least two recommendations confirming financial solvency, as well as provide Due Diligence documentation in accordance with international standards (Footnote 1). If it is a legal entity, it is necessary to provide a copy of the audit reports for the last 3 years and a profit and loss account where necessary.
List of all shareholders and beneficial owners, indicating names, addresses and shares in the authorized capital and providing Due Diligence documentation in accordance with international standards (Footnote 1).
For administrators and shareholders, it is necessary to prepare an affidavit (a notarized declaration), stating that an individual has no criminal record, and that he is not bankrupt. In the case of a legal entity - that the company is not bankrupt and that no lawsuits have been filed against it in connection with bankruptcy.
In case the applicant is a foreign financial institution, it is necessary to provide an appointment certificate indicating the name, nationality, residence, business or profession of the managing agent that can be appointed as the director, manager or someone else to conduct business in the Seychelles.
Application from the Foreign Regulatory Authority, which regulates the activities of the Applicant in the country of registration, that it is notified that the Applicant is opening a branch in the Seychelles and confirming carrying out of proper control in this regard.
If it is a foreign bank that opens a branch in the Seychelles, it is necessary in addition to provide a written commitment that must be accompanied by written guarantees and a decision of the board of directors that the bank is ready to provide funds in such currency at the request of the Central Bank of the Seychelles, as indicated in the request, to cover the obligations that may arise in the course of conducting business by the bank.
The application and accompanying documents are submitted to the Central Bank. By law, the bank reviews the application within 30 days. After 30 days, the bank must notify the applicant whether his application is accepted for execution or not.
If it is accepted and there are additional requirements, the bank also makes additional requests. In practice, this can take up to 2-3 months.
After 90 days from the filing of the full application, the bank:
The reserve fund continues to be formed until the moment when its size is not equal to the amount of authorized paid-up capital. The Central bank may from time to time change the conditions for calculating the reserve fund. The reserve fund can not be reduced or used, except, if there is a corresponding permission of the Central Bank.
The bank must have liquid assets, the value of which should be not less than the percentage of total liability (in this case it is paid-up authorized capital), which is set by the Central Bank. The bank must have local assets paid in the Seychelles rupees and located in the Seychelles, in the minimum proportions of the deposit and similar obligations arising in the Seychelles, as may be established by the Central Bank.
The fee for processing the application is USD 2000.
Annual renewal with total assets value:
The cost of professional services for the registration of a company and obtaining a license depends on the complexity of the project and the number of hours spent on its implementation.
It is discussed separately in each specific case.
Obtaining banking licenses in the Seychelles is not an easy task, as it requires experience and knowledge. With our help, obtaining a banking license in the Seychelles will require minimal finance and time.
Obtaining financial licenses in different countries of the world is one of the main directions of our work.
For more detailed information - contact our lawyers, you can find the telephones for communication in the general section "Contacts".