List of Brokers with FSA (Seychelles) Regulation

The Republic of Seychelles is a small archipelagic country located 1500 kilometers east of mainland Africa, in the Indian Ocean. This country consists of 115 islands and has the highest nominal per capita GDP when compared to any other African country. They are also the first country to surpass the Human Development Index score of 0.800. The World Bank put Seychelles on the list of countries with high-income economies.

Seychelles has been working to develop its financial services sector, particularly as an offshore financial center. The country has offered services like international banking, insurance, and offshore company registration, aiming to attract foreign investors and businesses.

The Financial Services Authority (FSA) of Seychelles has the power over financial institutions and forex brokerages in Seychelles. The institution has adopted the global standards of broker regulation when it comes to supervising financial firms in Seychelles. It requires its members to regularly submit audit reports, financial statements, statements of accounts, and other documents to help them monitor brokers' activities.

In doing so, FSA Seychelles has become a reputable and respected international financial services jurisdiction over the last 10 years, started by the establishment of the International Business Companies Act in 1994, the International Trust Act in 1994, the International Trade Zone Act in 1995, and recently, Seychelles Securities Act in 2007.

Seychelles Securities Act of 2007 gives a legal framework for the provision of Securities Dealer Services to trade in securities on its own account or on behalf of its clients.

For further information, you can visit "Discovering Seychelles Regulation for Forex Brokers".

Traders who open an account with FSA-regulated brokers mean they trade under the standards of a Seychelles financial regulator.

According to the rules, there would be no restrictions on bonus offers, contests, and other promotions. Furthermore, low operational costs and corporate taxes in Seychelles give many opportunities for forex brokers to provide competitive trading conditions for clients, so traders could trade with super low minimum trading commissions, higher leverage, and affordable deposits.

Registration in Seychelles forex brokers tends to be simple and easy as there's no strict requirement from the regulator to conduct AML and KYC procedures.

There are many regulatory agencies in forex trading, but the most popular names that come across many publications can be narrowed down into the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) of the United Kingdom, and the Australian Securities and Investments Commission (ASIC).

As such, let's compare FSA Seychelles with the 3 regulatory institutions above:

Usually, the Seychelles Offshore Securities Dealers License will be settled in 3 months after the applicants set up a domestic company in 24 hours and prepare the paperwork in 2 weeks. Keep in mind that the broker does not need to personally visit Seychelles to take care of the document because all forms of application including bank account forms are included in the mailing charges as a part of the pricing modules.

Here are the requirements to apply for Securities Dealers License in FSA Seychelles:

• Domestic company in Seychelles with a share capital of USD50,000. The funds do not need to stay there after the licensing process is done, as the company is free to use it at their disposal later on.
• Two people who act as the directors. Their CVs will be screened according to the FSA's standards.
• A fully furnished office in Seychelles. The FSA will visit the office and see if it has paid its rent, electricity, water, active phone number, cleaning services, and internet connection.
• A qualified compliance officer in Seychelles and a Securities Dealers Representative can be the company director themselves.

After fulfilling the requirements above, the head of the company will need to submit the following paperwork:

• Certified copy of passport
• Certified utility bills from last month
• Curriculum Vitae
• Academic and professional certificate
• Professional reference letters - two of them
• Bank reference letter
• Employment letter from current employer if there is one
• Police Criminal Certificate, issued within the last three months
• The most recent Tax Compliance Certificate
• Two passport photos
• A bank statement showing at least USD50,000. This fund needs to be in a Seychelles bank account later on.

After the license is issued and sent, the company can conduct several activities such as offering forex and CFD-related products, accepting their clients' deposits, as well as providing other forex-related services to anyone through its official website. There is also no limit on how many clients it can attract.