Seychelles Banking Licenses

The conduct of Offshore Banking business is governed by the Financial Institutions Act (FIA), 2004 and the financial Institutions (Non Domestic Banking Business) Regulation, 1996.

The license is issued for an undefined period and cannot be transferred. The license should indicate the activity permitted by the Central Bank of the Seychelles and the conditions for conducting it.

Applicant must be a locally incorporated company 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 under the local companies Act of 1972.

The applicant must satisfy the Central Bank of its international repute and good standing by showing that it has a proven record of accomplishment of growth and profitability of at least 5 years in the banking industry.

Requirements:

  • Must be physically presence in Seychelles and actually carry out real business
  • Operate as fully staffed banks
  • Applicant may be administered by another financial institution; in which case a copy of the administered Bank Agreement should be submitted with the application, together with a letter of comfort from the ultimate parent.
  • Offshore bank shall conduct banking business solely with non-residents in currencies other than the Seychelles Rupee.

According to the Financial Institution Act 2004, Banks may engage only in the following activities:

(a) receiving money deposits (in the form of demand deposits, time deposits or other forms of deposit)   or other repayable funds, bearing interest or not;

(b) Extending credits, including but not limited to consumer and mortgage credit; factoring, with or without recourse; forfeiting; financing of commercial transactions; and issuing credit cards;

(c) Financial leasing;

(d) buying and selling for its own account or for the account of customers (including underwriting) of money market instruments (including inter alia cheques, bills of exchange and certificates of deposit); futures and options relating to debt securities or interest rates; exchange and interest rate instruments; and debt securities;

(e) Providing money transmission services;

(f) Buying and selling foreign currencies, including contracts for the future sale of foreign currencies;

(g) issuing and administering means of payment (including payment cards, travellers’ cheques and bankers’ drafts);

(h) money broking;

(i) safekeeping and administration of valuables, including securities;

(j) providing services as a portfolio manager or adviser;

(k) providing credit reference services; and

(l) anything that shall be incidental to the foregoing.

The application must contain:

  • Certified Corporate documents of the company.
  • the amounts of the authorised and subscribed capital of the applicant, including the amounts that have been paidin, or the assigned capital in the case of a branch of a financial institution incorporated outside Seychelles;
  • the name, nationality, residence and business orprofession of every administrator, together with a
    statement detailing the qualifications and professional experience and at least three references;
  • the name, nationality, residence and business orprofession of every person holding a substantial interest,together with at least two references verifying goodfinancial standing, and, where the person holding asubstantial interest is a body corporate, copies of thelatest three audited annual balance sheets and profit andloss accounts where applicable;
  • a list of all shareholders and ultimate beneficial owners of shares stating the name, address and respectiveshareholding;
  • for each administrator and person holding a substantial interest an affidavit duly signed by the individual stating convictions for crimes, past or present involvement in amanagerial function in a body corporate or otherundertaking subject to insolvency proceedings orpersonal bankruptcy filings, if any;
  • copies of the latest three audited annual balance sheetsand profit and loss accounts of the applicant, and in the case of a newly formed company, financial projectionsfor the next 3 years;