How to apply for a forex license in Seychelles

Thinking of opening a forex brokerage in Seychelles? If so, you will need a forex brokerage license. The process doesn’t have to be complicated. With the right partner, it can be a simple, straightforward application with lucrative results. Want to know more? Read on!

Find an excellent corporate service provider

First things first, to simplify the application process, you need to partner with an excellent corporate service provider. They should be someone with experience in forex, but also in Seychelles.

They will be responsible for setting up a Seychelles company, filing the application for the forex license, and taking care of other matters for you. They should offer a turnkey solution and a custom solution tailored to your needs. Avoid anyone that is not transparent with costs. They should also be responsive to your needs and quick to reply to communications.

Calculate costs

Setting up a forex company is not a cheap process. Therefore, you need to plan and budget accordingly. There are several fees associated with getting set up. These include company incorporation costs, including fees and capital, license application, corporate service provider fees and more. You should also factor in costs such as hiring an office, employing staff, your software platform, and other expenses related to running a business.

Don’t forget that your forex license will need renewal, and there are costs associated with annual statements and compliance. Your corporate service provider can assist you in making sure you take everything into account.

Collect all the information you need

The next step is collecting all the required documents. You will need the corporate documents, plus details on the shareholders and directors.

Seychelles law requires you to have a compliance officer and a security dealer license representative, as well as a fully furnished office in the country, fit for FSA approval. Your service provider should be able to assist with those requirements at an additional cost.

Other matters include the application form, due diligence information on all stakeholders, professional indemnity cover, and the name of a legal advisor.

Prepare the application

The next step is preparing the application. This will include submitting a file comprising police clearance certificates, passport copies, financial declarations, references, utility bills, CVs, and information on the target audience.

It is wise to progress to this step with the assistance of a corporate service provider, as there are various intricacies and procedures you should be aware of.

File the application

Partnering with a professional will facilitate a quicker and more efficient application and approval process. It will also significantly increase the chances of approval the first time around. This is because the provider knows the ins and outs of the process, and likely have a professional relationship with the authorities. They will have helped others like you, so they can iron out any issues before the application is submitted.

Follow up

After the application has been filed, your corporate service provider will liaise with the authorities to ensure everything is ok. They will advise if any other documents are requested or if additional steps are required.

Fast Offshore team of professionals can assist with every step of the process, from company incorporation to ongoing compliance. We will file the license application, structure your company efficiently, and ensure compliance with local laws.

Fast Offshore does all of this (and more) with a commitment to professionalism, transparency, and outstanding customer service. To start your forex brokerage in Seychelles, contact us today to find out more!