Seychelles Securities Dealer licence for forex brokers
The Seychelles Securities Dealer licence is the most searched offshore forex route, and the one most often misdescribed by intermediaries. It is a real licence issued by the Financial Services Authority under the Securities Act 2007, with a US$100,000 paid-up capital requirement, mandatory local substance, an appointed compliance officer and an annual audit. It is not a shelf company, and the figures quoted for it in the market are frequently out of date.
Seychelles Securities Dealer requirements
Every figure below is taken from the FSA's own published guidelines and the 2024 fee regulations rather than from commercial summaries. Several widely circulated figures for this licence are outdated by a factor of two.
Supervisory authority
Financial Services Authority (FSA), Seychelles — Capital Markets and Collective Investment Schemes Supervision.
Legal basis
Securities Act 2007 (as amended 2018, 2020, 2024), with fees under the Securities (Forms and Fees) Regulations 2008 as amended by S.I. 120 of 2024.
- Minimum paid-up capital
- US$100,000Frequently quoted in the market as US$50,000, which is out of date. Verify against the current FSA guidelines before budgeting.
- Application fee
- US$3,000 for the Securities Dealer licencePlus US$500 for each Securities Dealer Representative licence application.
- Annual licence fee
- US$6,000Plus US$750 per representative annually. An Exempt Securities Dealer pays US$500 to apply and US$1,000 annually.
- Directors
- At least two natural persons, each fit and properCorporate directors do not satisfy this requirement.
- Licensed representative
- At least one individual licensed under section 52The dealer must employ a licensed representative — the licence cannot operate without one.
- Compliance officer
- RequiredMay be a member of the board. A personal questionnaire form is filed for the proposed officer with the application.
- Insurance
- Required under section 73 of the Act
- Premises
- Specified premises under section 47(c), suitable for keeping records
- Substantial activity
- Core income generating activities must be performed in a physical office in SeychellesFront, middle and back office functions all carried on in Seychelles, with an adequate number of suitably qualified staff and adequate operating expenditure.
- Auditor
- Appointed within 30 days of licensing; accounts audited annuallyThe auditor must belong to an accountancy body recognised under section 2(1)(a) of the Act or approved by the Authority.
- Service standard
- 30 working days from a complete applicationThe FSA states this is only achievable where all required documents are lodged at the outset; it accepts no responsibility for delay caused by incomplete filings.
- Corporate form
- Company incorporated under the Companies Act or in a recognised jurisdiction
The 30 working day service standard is the regulator's processing target, not the time to launch. Company formation, capital transfer, hiring for the substance requirement and payment processing all run outside it and typically dominate the real timeline.
What the Securities Dealer licence covers
Under the Securities Act, a Securities Dealer is a person who carries on the business of dealing in securities, or who holds themselves out as doing so. In practice this is the licence Seychelles forex and CFD brokers hold.
- Dealing in securities as principal, which covers market making on FX and CFD products.
- Dealing as agent, executing client orders and routing them to liquidity providers.
- Employing licensed representatives who deal with clients on the firm's behalf.
- Operating a trading platform where the licensee is the counterparty of record.
- An Exempt Securities Dealer category exists at much lower fees, with a correspondingly narrower permitted scope.
The licence permits the business to operate from Seychelles. It does not authorise soliciting retail clients in jurisdictions that require local authorisation — the EEA, UK, US, Canada, Japan and Australia among them.
The Seychelles application process
The FSA's published guidance is explicit that an incomplete filing forfeits the 30 working day standard, so the preparation phase determines the timeline more than the review does.
Incorporate and appoint the board
2–4 weeksA company under the Seychelles Companies Act or a recognised jurisdiction, with at least two natural person directors who will each pass the fit and proper assessment.
Identify the representative and compliance officer
3–6 weeksAt least one individual to be licensed as a Securities Dealer Representative under section 52, and a proposed compliance officer who may sit on the board.
Fund the paid-up capital
2–4 weeksUS$100,000 fully paid up. The FSA verifies this as part of the application rather than accepting an undertaking to fund later.
Assemble the application pack
4–8 weeksCover letter, application form, fees, certified constitutional documents, personal questionnaire forms for each director, representative applicant, compliance officer and key individual, shareholder and beneficial owner questionnaires, certified passports, proof of address, and original bank references.
Filing: Securities Dealer licence application, US$3,000 fee
Arrange premises and substance
4–8 weeksSpecified premises suitable for record keeping, plus the staffing and operating expenditure needed to satisfy the substantial activity requirements — front, middle and back office in Seychelles.
FSA review
30 working daysThirty working days from a complete application. The Authority reverts with queries where documents are missing or the fit and proper position is unclear.
Post-licensing obligations
OngoingAppoint an auditor within 30 days of being licensed, maintain the insurance required by section 73, file audited accounts annually and pay the US$6,000 annual fee.
Payment processing is the usual critical path, not the licence. Card acquiring for a Seychelles-licensed brokerage should be scoped before the application, because pricing and availability may change the jurisdiction decision entirely.
What a Seychelles licence does and does not give you
Covered by this licence
- Dealing in securities as principal and as agent
- FX and CFD market making from Seychelles
- Accepting clients from markets that permit offshore-licensed brokers
- Employing licensed representatives
Not covered — separate licence required
- Soliciting retail clients in the EEA or UKRequires authorisation in those markets regardless of the Seychelles licence
- Retail forex brokerage in the United StatesNFA/CFTC registration required — effectively closed to new entrants
- Operating without local substanceSubstantial activity requirements mandate real activity in a physical Seychelles office
- Holding client fiat as e-money or providing payment servicesA separate authorisation entirely
- Any claim of EU or UK regulationSeychelles is outside both; describing the licence as EU-regulated is misleading
Ongoing obligations of a Seychelles Securities Dealer
Maintain the US$100,000 paid-up capital and comply with any financial resources regulations that apply.
Continue to perform core income generating activities in Seychelles with adequate qualified staff and operating expenditure. This is tested, not assumed.
Accounts audited annually by an auditor recognised under the Act or approved by the Authority, appointed within 30 days of licensing.
Maintain the appointed compliance officer and the AML/CFT framework required under Seychelles law.
Maintain the insurance cover required by section 73 of the Securities Act.
Keep at least one licensed representative in employment and pay the US$750 annual fee for each.
Pay the US$6,000 annual licence fee and comply with the Securities (Conduct of Business) and (Advertisements) Regulations.
What the Seychelles licence is not
Seychelles is a genuine licensing regime, which distinguishes it sharply from SVG or Costa Rica. It is still an offshore licence with the limits that implies.
- It confers no EU, UK or US market access, and no passporting of any kind.
- It does not override leverage caps or product intervention rules in the client's own jurisdiction.
- It does not remove the substantial activity requirements — a letterbox structure does not satisfy them and the exemption that once deferred them expired on 30 June 2021.
- It does not guarantee card acquiring or banking, which are negotiated separately and are the usual practical constraint.
- It is a securities dealing licence, not a payment or e-money permission.
When Seychelles is the right choice
Best for
- Brokerages wanting a recognised offshore licence with real regulatory standing rather than a company registration.
- Operators who can fund US$100,000 of paid-up capital and staff a genuine Seychelles office.
- Businesses whose target markets accept offshore-licensed brokers and whose payment providers accept Seychelles entities.
- Firms moving off an SVG or Costa Rica structure because acquiring and liquidity terms have become the bottleneck.
Not for
- Projects targeting EEA, UK, US, Canadian, Japanese or Australian retail clients.
- Operators looking for the cheapest possible route — Vanuatu and the paper jurisdictions are cheaper, with the trade-offs that implies.
- Businesses unwilling or unable to maintain real staff and operating expenditure in Seychelles.
- Founders who have not confirmed a payment processing path for a Seychelles-licensed entity.
Related routes
Comparing Seychelles against the other fifteen jurisdictions in the dataset.
A higher-reputation Indian Ocean alternative with a treaty network, at a higher capital requirement.
Full Service Dealer capital is MUR 1,000,000 with a heavier supervisory framework.
EEA market access with a passport.
Materially higher capital and a far longer authorisation process.
Spot conversion with delivery, which is a money services activity rather than securities dealing.
Seychelles forex licensing — frequently asked questions
US$100,000 in minimum paid-up capital, per the FSA's published Securities Dealer Application Guidelines. A figure of US$50,000 is still widely quoted by intermediaries and in comparison tables; it is out of date. Because the amount must be fully paid up and verified during the application, budgeting to the lower figure stalls the filing.
Under S.I. 120 of 2024, the application fee is US$3,000 for the Securities Dealer licence and US$500 for each representative, with annual fees of US$6,000 for the dealer and US$750 per representative. An Exempt Securities Dealer pays US$500 to apply and US$1,000 annually. These figures were revised upward in 2024, so older summaries understate them.
The FSA's published service standard is 30 working days from receipt of a complete application. The Authority states explicitly that this is only achievable if all required information is provided at lodgement and that it takes no responsibility for delays caused by incomplete filings. Realistic time to launch is longer, because incorporation, capital funding, staffing for the substance requirement and payment processing sit outside the regulator's clock.
Yes. The substantial activity requirements oblige the licensee to carry out its core income generating activities in a physical office in Seychelles, employing an adequate number of suitably qualified persons and incurring adequate operating expenditure. The FSA's guidance expects front, middle and back office functions to be performed in Seychelles. A transitional exemption expired on 30 June 2021.
Not retail clients. Providing investment services to retail clients in the EEA requires authorisation in an EEA member state, and the same applies in the UK, US, Canada, Japan and Australia. The Seychelles licence authorises the business where it is issued; it has no effect on the rules that apply where your clients live.
At least two natural persons appointed as fit and proper directors. Corporate directors do not satisfy the requirement. The company must also employ at least one individual licensed as a representative under section 52, and appoint a compliance officer, who may be a board member.
They are not comparable. Seychelles issues an actual licence with capital, substance, audit and conduct obligations, supervised by the FSA. Saint Vincent and the Grenadines does not licence or supervise forex brokerage at all, so an SVG entity holds only a company registration. That difference increasingly determines which payment providers and liquidity providers will work with you.
Figures on this page were verified on 24 July 2026 against the FSA Seychelles Securities Dealer Application Guidelines and S.I. 120 of 2024. Seychelles amended its securities legislation in 2018, 2020 and 2024, so confirm the current position with the FSA and Seychelles counsel before relying on it.