финансовая лицензия на Сейшелах

Procedure for obtaining a banking license (the Seychelles)

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.

According to the Financial Institutions Act of 2004, banks can be engaged in the following activities:

  • acceptance of cash deposits (in the form of demand deposits, term deposits and others) or other financial resources to be payable;
  • granting of loans, including but not limited to consumer loans and collateral loans, factoring with or without right of recourse, forfeiting, financing of commercial transactions and issuance of credit cards;
  • financial leasing;
  • 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;
  • issuance and management of payment means (including payment cards, checks and drafts/bills of exchange)
  • brokerage;
  • storage and management of values, including securities;
  • portfolio management services;
  • providing services for preparing a credit report;
  • also the other actions that are associated with the performance of the above functions.

Submitting application for a license

The application must contain:

  1. Certified corporate documents of the company.
  2. Confirmation of the amount of the company's authorized and issued capital, including paid-in capital or appropriated/allocated capital, if it is a branch of a foreign financial institution.
  3. 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).
  4. 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.
  5. 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).
  6. 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.
  7. If this is a new company, then it is necessary to provide a financial project for 3 years.
  8. Expanded business plan.
  9. Contract with auditors, confirming the readiness of the auditors to provide services to the bank.
  10. List of companies (if any) in which the applicant is a shareholder, specifying the share in the authorized capital of these companies.
  11. Location of the head and other offices in the Seychelles and outside of the Seychelles, where activities will be conducted. It is also necessary to specify the location of mobile offices, if any.
  12. 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.
  13. 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.
  14. 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.
  15. Confirmation of payment of state fee for consideration of the application.
  16. Any other information requested by the Central Bank of the Seychelles.

*1. Due Diligence - the provision of certified documents: identity card (passport, driver's license or other document having a photo), confirmation of address, bank recommendation from a bank with a good reputation. These documents must be certified by a notary, bank or other government agency.

NB: All documents must be signed by the director or other authorized person. All documents must be in English, or with a translation, if the original documents in another language.

Criteria according to which the Central Bank processes the application

In considering the application, the Central Bank of the Seychelles is guided by the following criteria:

  1. Legal force and legality of documentation. Preferably, certifications and recommendations should be not older than 3 months according to international standards.
  2. Financial condition of the Applicant.
  3. The identities of owners and major shareholders.
  4. Correspondence and accuracy of the capital structure.
  5. Financial opportunities to bear and cover liability.
  6. Trustworthy nature of operations.
  7. Detailed business plan to the maximum extent close to reality.
  8. In the case of a foreign company, control by a regulatory body in the country of registration.
  9. The applicant's reputation with respect to integrity, competence and professional experience.
  10. Reliability in performance of obligations.
  11. Education and professional skills of the applicant, and his membership in professional organizations.
  12. Any information that the applicant was held liable as a result of unreliable actions and unprofessional attitude.
  13. Any other information that may become available to the Central Bank.

Terms

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:

  1. Issues the license after paying the annual fee for the year ahead.
  2. Notifies the applicant that his application was rejected. At the same time, the bank has the right not to explain the reasons for the refusal, if it is provided by law or the information, due to which the license was refused, was received from third parties applying the conditions of confidentiality.
  3. In case the license is issued, the Central Bank publishes an announcement in the Gazette.

Opening of representative offices and branches outside the Seychelles

It is possible to open representative offices and branches of the bank, the jurisdiction of registration of which is the Seychelles, outside of the Seychelles, provided that the written permission of the Central Bank is obtained.

Payment of share capital and other claims

The statutory paid-in capital of the company must be at least $ 2 million. The bank is obliged to pay the authorized capital at the time of approval of the license in full. Payment of the authorized capital is carried out through any financial institution at the discretion of the applicant, but provided that the Central Bank provides confirmation of the availability of funds and payment of capital.

Further, this capital may be used by the applicant for further investment at his discretion. The Bank does not have the right to change the authorized capital without the written permission of the Central Bank.

Each bank must at any time maintain the capital in the Seychelles, as the Central Bank may determine, at the amount of at least 12% or more of the total value of assets and it is calculated on the basis of possible risks. At the same time, not less than one half of this capital should form the main capital.

Each financial institution should hold a reserve fund, which is formed from net profit annually, before dividends are paid. Annual transfers to the reserve fund should be at least 20% of net profit.

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 cost of state fee

The fee for processing the application is USD 2000.

Annual renewal with total assets value:

  • less than SCR 300,000,000 - R 250,000;
  • SCR 300,000,000 or more, but less than SCR 1,000,000,000 - R500,000;
  • SCR 1,000,000,000 or more, but less than SCR 5, 000,000,000 - R750,000;
  • SCR 5, 000 000,000 or more - R1,000, 000.

Cost of professional services

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".

 

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