Seychelles Investment Advisor License
approval of investment advisors and investment advisor representatives. It also contains compliance requirements for investment advisors and their representatives.
An Investment Advisor as per the definition of the Securities Act, 2007 is:
- A person who carries on business giving advice on securities, or
- Holds himself out as conducting, in Seychelles, such business described below:
- Advises other persons concerning investment in securities
- Issues, analyses or reports concerning specific securities or
- Manages a portfolio of securities for another person without holding property of the other person and on terms that preclude him from doing so.
Seychelles Investment Advisor License Corporate Details General Entity Requirements The entity making the application is a Seychelles Domestic company. Directors Requirements The licensee will need at least 2 (two) natural person Directors of any jurisdiction who will Satisfy the Authority that they are fit and proper persons to be licensed as a dealer. Shareholders Requirements The licensee will need at least 2 shareholders and corporate shareholding is allowed. Authorized Representative I. Every principal applicant (The designate Investment Advisor) must be accompanied by at least one authorized representative who must be an individual.
II. A director can apply to be an authorized representative as long as they meet the fit and proper criteria to act as an authorized representative.
Compliance officer I. The applicant must have before approval of license, appointed a fit and proper compliance officer
II. The compliance officer must be a resident in Seychelles
III. The appointed compliance officer may be a member of the board of directors.
Office Requirement The applicant must satisfy the authorities that they have procured and equipped a place of business in Seychelles from where the operations of the company shall be run. Accounts I. An Investment Advisor is required to have its accounts audited annually by an auditor.
II. The applicant must put forward at the time of application, the designate auditor for approval by the authority.
III. The auditor can be from any jurisdictions.
Insurance I. An Investment Advisor is required to have insurance cover for professional indemnity
II. An insurance quote must be submitted along with the application for approval by the authority.
III. Upon licensing, such insurance cover must be procured within the period set in the license conditions and a copy of the policy submitted to the regulator.
Tax 1.5% of gross income Capital Requirements An Investment Advisor must comply with the minimum capital requirements of USD25,000.