Seychelles VASP license

• For obtaining VASP license in Seychelles a company incorporated or registered under the Companies Act of 1972 or an international business company incorporated, continued, or converted under the International Business Companies Act of 2016 is necessary. 
• First, Tetra Consultants will assist you in selecting the appropriate business structure for your needs and strategic goals – either as an International Business Company (IBC) or a domestic company. We will then assist you in choosing a unique company name that meets Seychelles naming regulations. For full protection of your brand, we also offer international trademark registration services to protect your business name worldwide. 
• Subsequently, we will prepare all the necessary documents, such as the Memorandum and Articles of Association and identification documents for directors and shareholders. Once these are finalized, we will register the company with the Seychelles Financial Services Authority (FSA) by submitting the application along with the required documentation and paying the applicable registration fees. Following successful registration, we will receive the Certificate of Incorporation, thus confirming the company’s legal status for the subsequent steps in obtaining a Seychelles VASP license. 

• Furthermore, we will obtain all documents that appear in the checklist for application for a VASP from FSA in Seychelles. Among others, they are the following: 
  • Application fee: Payment of the application fee. 
  • Constitutional documents: Preparing and filing essential documents like Certificate of Incorporation, Memorandum and Articles of Association, and relevant partnership agreements. 
  • Financial statements: Provision of the last audited financial statements for controlling owners, if applicable, to demonstrate financial credibility. 
  • Proof of source of funds: Documentation of the origin of all funds or wealth relative to the application so as not to violate anti-money laundering requirements. 
  • Physical office proof: Submission of a Title Deed or Lease Agreement to prove that your business premises exist in Seychelles. 
  • Business plan: Developing a business plan that would outline your strategy, goals, and actions regarding virtual asset services. 
• We ensure the proper drafting of all required documents with expert legal knowledge in compliance with Seychelles’ strict regulations. Our team will ensure that your application is accurate, complete, and compliant to move you through this important stage of obtaining a VASP license. 

• Before submitting a VASP license application, Tetra Consultants will secure approval from the Central Bank of Seychelles. This step is crucial as it ensures that the entity meets preliminary regulatory requirements. 

• We will move further by completing the VASP License Application Form on your behalf accurately. Our staff ensures that all fields are completed in English using block letters, according to the explicit guidelines given by the Seychelles Financial Services Authority, FSA. 
• We carefully review the form to ensure no questions are left blank and use “Not Applicable” when appropriate. Further, if more space is needed to provide more details, we will attach supplementary pages to provide complete and detailed information. This approach guarantees that the application meets all relevant standards for regulation and the review process will be smooth. 

• Moving forward, we will continue to ensure that all relevant information regarding the key individuals involved in your application is properly documented and submitted. This includes: 
  • Directors: A comprehensive list of directors, including their names, addresses, and relevant background information, to demonstrate qualifications and suitability for the role. 
  • Compliance officers: Appointing compliance officers in accordance with the requirements of the Anti-Money Laundering and Countering the Financing of Terrorism Act so that your business will operate in line with regulatory standards. 
  • Shareholders and beneficial owners: All shareholders or beneficial owners must be detailed, including their names, percentages of ownership, and any other information about them to enhance transparency. 
  • Public officer: Appointment of public officer in Seychelles to be legally compliant with Seychelles laws. 
• This will help ensure compliance with the Seychelles’ regulatory framework and enable us to march forward in the licensing process without any conflict. 

• Moving forward, we will continue to ensure the development and submission of a detailed operational manual that mirrors your company’s policies and procedures. These manuals include: 
  • Internal procedures manual: This outlines the day-to-day operational processes to provide consistency and efficiency. 
  • Client service agreement: This shall detail the terms and conditions governing your relationship with the clients to ensure clarity and compliance. 
  • Compliance manual: This shall highlight the procedures and protocols your company adopts to ensure compliance with regulatory requirements. 
  • AML manual: Establishing strong measures to prevent money laundering and financing of terrorism, in accordance with relevant laws. 
  • Cyber security policy: Defining strategy and practices to protect your digital infrastructure and sensitive information. 
• Our team ensures that these documents are drafted according to your business model and meet the regulatory expectations of the Seychelles Financial Services Authority (FSA), facilitating a smooth licensing process. 

• Further, we will make all the documents that are sought to be certified and signed by an independent public notary or a barrier in compliance with Seychelles law. Such is the case with Personal Questionnaire Forms for the board of directors and key members and the certified true copy of qualification for the company’s auditor.  

• Once everything is aligned, we will then Submit the completed application form along with all supporting documents to the Seychelles Financial Services Authority.

• After submitting, Seychelles Financial Services Authority will scrutinize the application filed. We shall be ready and vigilant enough to provide them with any other information or documentation, if required, for the validation of your application. Notifying the Authority promptly of the changes in the submitted information is an important part of maintaining transparency during the review process and ensuring we comply with it. Our proactive approach ensures a smooth and efficient progression toward obtaining your VASP license. 

• Once the company is incorporated, we will then further proceed with corporate bank account opening for our clients. The bank account setup usually takes around 4 weeks after incorporation of a company and approval of VASP license in Seychelles.

• Once the VASP license is issued, we would also help ensure that your operations are compliant with all requirements set by the FSA of Seychelles. This would include having periodic audits to ensure financial and operational compliance, reporting accurately and timely, and strictly following the operational guidelines as defined in the manuals submitted at the time of application. With compliance maintenance, your business will maintain its regulatory standing and build trust with stakeholders. 

Documents required to obtain Seychelles VASP license 

• Valid IDs or copies of passports of directors and shareholders. 
• A comprehensive business plan outlining the company’s operations, target market, and financial projections. 
• Detailed policies and procedures for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF), including risk assessments and mitigation strategies. 
• Information about the company’s management team, including qualifications and experience of directors. 
• Audited financial statements demonstrating the company’s financial health. 
• Documentation proving that the company has a physical office in Seychelles, staffed with qualified personnel. 
• Evidence of sufficient paid-in capital, which varies based on the type of services offered. 
• Proof of insurance coverage for business operations. 
• Regular compliance reports and other documentation as requested by the Seychelles Financial Services Authority (FSA). 
• Submission of a completed application form along with the applicable fees. 

Regulatory requirements to obtain Seychelles VASP license 

To obtain any of these licenses, applicants must adhere to specific criteria set forth in the VASP Act, including: 

• At least one director must be a resident of Seychelles, and the board must consist of at least two directors who are individuals. To comply with residency requirements, we provide our clients with nominee director and shareholder services. 
• A Seychelles IBC can be formed with a minimum of one shareholder. This can be either an individual or a corporate entity without any residency requirements. 
• Capital requirements range from US$25,000 to US$100,000, depending on the specific services offered. 
• At least 1 public officer in Seychelles that can be hired by our team efficiently. 
• Directors and principal officers must demonstrate appropriate skills and integrity. 
• Applicants must maintain adequate financial reserves. 
• Robust cybersecurity protocols must be implemented to protect client data. 
• VASPs must have a fully staffed physical office in Seychelles. 
• Employ qualified or experienced personnel to manage the office. 
• Ensure that all records and documentation required by the Act and its regulations are readily available and accessible from the local office. 
• Hold a minimum of two board meetings annually in Seychelles. 
• Conduct at least four management meetings annually in Seychelles. 
• Licensed entities are required to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. 
• Implement and maintain effective cybersecurity measures and prepare a cybersecurity policy. 

What does VASP application form include? 

• The Virtual Asset Service Providers Act, 2024, governs the process of obtaining a VASP license in Seychelles, which is a detailed application procedure managed by the Financial Services Authority (FSA). The applicant must carefully complete the VASP license application form to ensure that all questions are answered in English, using block letters or typed responses. The form asks for comprehensive information regarding the applicant’s proposed activities, such as what specific virtual asset services they would provide, like wallet services, exchanges, or investment advisory. 
• Key sections of the application include information about the corporate structure of the applicant, share capital, compliance measures, and proposed personnel who will be in charge of various operational aspects, such as cybersecurity and anti-money laundering compliance. In addition, applicants are required to furnish supporting documentation, including proof of funds, business plans, and insurance quotations. It is very important that the application is submitted entirely with all documents to prevent delays or even rejection by the FSA. The application must be submitted at least one month prior to the intended start of operations for sufficient time for a review. 

Exemption application form under Seychelles insurance regulations 

• Exemptions under the Insurance (Restriction of Insurers) Regulations, 2012 are pertinent for Virtual Asset Service Providers (VASPs) in Seychelles, as they may need to secure insurance coverage that local insurers cannot adequately provide. The exemption application process allows VASPs to seek approval from the Financial Services Authority (FSA) to obtain insurance from foreign providers when local options are insufficient. 
• The Exemption Application Form from the Seychelles Insurance (Restriction of Insurers) Regulations, 2012 is a core document for entities seeking to be exempted from local requirements on insurance. This form shall be filled in with utmost carefulness, following guidelines and instructions that emphasize clarity and correctness. Applicants are expected to provide detailed information about insurance needs, including the type of coverage sought, the sum insured, and justifications for why local insurers could not meet these needs. 
• Key instructions are that all questions must be answered, in block letters, and supporting documents such as quotes from local insurers must be submitted. It is important to submit the application at least one month prior to the renewal date of any insurance policy. The FSA emphasizes that incomplete applications will be returned, which may delay the processing. Any material change in information must also be reported promptly. This form not only expresses an exemption request but also asserts an undertaking of the application, committing to transparency and to abiding by regulatory compliance to maintain integrity in business operation within the VASP platform for Seychelles. 

Comparison of Seychelles VASP License with Other Major VASP Licenses

Cost to obtaining Seychelles VASP license 

• Engaging with Tetra Consultants to obtain a Seychelles VASP license can be a cost-effective way for businesses to enter the virtual asset market. We offer full transparency in our pricing, detailing all costs involved throughout the licensing process. Our clear and structured approach ensures that clients are fully informed of the financial commitments at each stage, thereby eliminating any hidden fees or unexpected expenses. By partnering with us, you can ensure that your costs are controlled while getting professional guidance and support in managing a smooth and successful licensing process. 

Looking to obtain Seychelles VASP license 

• Obtaining Seychelles VASP with Tetra Consultants guarantees a seamless and smooth process from start to finish. Our team takes care of every aspect, including company registration, documentation preparation, regulatory compliance, and submission, leaving you time to focus on your business. We guide our clients expertly through legal and operational requirements in Seychelles, ensuring the business complies at every stage in the licensing process and subsequently. With our full support, you can confidently navigate the VASP licensing journey to ensure a successful and long-term presence in the Seychelles market. 
• Contact us to know more about Seychelles VASP license and our team will revert back in 24 hours. 

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