Forming a bank in Seychelles is a relatively quick process; approval can be granted hastily if the necessary requirements are met. The compliance of Offshore Banking business is governed by the Financial Institutions Act (FIA) of 2004 and the Financial Institutions (Non Domestic Banking Business) Regulation of 1996. Seychelles has Double Taxation Avoidance Agreements with several countries including China, Cyprus, South Africa and Monaco.
When applying for a banking license in Seychelles you will be required the following documents:
- A detailed business plan of the company
- Director’s CVs
- Business Reference for all parties involved
- Bank reference for all the beneficial owners
- Certified passport copies of all beneficial owners
- Proof of residential address not older than 3 months
- Business or legal reference for the beneficial owners
- Legal documents for the shareholding companies such as articles and certificate of incorporation
- Financial statements for all shareholding companies
- Criminal Records of involved persons
- Documents supporting the licensation process such as Rules of Procedure, Data Protection Policy, and Compliance Policy
Offshore Banks in Seychelles have to keep in an account opened with a financial institution that has been approved by the Central Bank of Seychelles, the minimum paid up capital of approximately 350,000 EUR or its equivalent in a different currency.
We are specialists in the banking licensing process, but more than this we have a vast experience in all elements of offshore businesses. For assistance regarding obtaining a banking license in Seychelles or if you have any questions relating to our services, please call us now!
The total time needed to get the licenses is between 4 and 6 months.