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What is a VASP?
A VASP, or Virtual Asset Service Provider, is any business that provides services related to virtual assets, including buying, selling, exchanging, or managing virtual assets.
What is the regulatory framework for VASPs in Seychelles?
The Seychelles’ Virtual Asset Service Providers Act of 2024 regulates virtual asset services. The Financial Services Authority Seychelles (FSA) is the regulatory body that oversees VASPs and the registration of initial coin offerings and non-fungible tokens.
What activities are VASPs allowed to perform in Seychelles?
VASPs in Seychelles can offer various services, including virtual asset wallet services, exchange services, broking, and investment management.
What are the requirements for obtaining a VASP license in Seychelles?
To obtain a VASP license, you must meet several requirements, including being a Seychelles-registered company, having at least two directors (one must be a Seychelles resident), and having a minimum of one shareholder. You must also have a compliance officer, a physical office in Seychelles, an auditor, and professional indemnity insurance.
What is the application process for a VASP license in Seychelles?
The application process includes collecting company information, forming the company, completing the license application, filing the application with the FSA, setting up an office, obtaining license approval, and fulfilling post-licensing conditions.
What are the ongoing obligations for a licensed VASP in Seychelles?
Ongoing obligations include maintaining the Seychelles office, complying with substance requirements, keeping a full-time compliance officer in Seychelles, having annual financials audited, maintaining adequate insurance cover, renewing licenses on time, and paying taxes.
What services does Chang-Sam Corporate Solutions provide?
Chang-Sam Corporate Solutions provides assistance with company formation, VASP license application preparation, annual company secretarial services, Seychelles bank account opening application, outsourced compliance officer services, and other related services.
What are the fees associated with obtaining and maintaining a VASP license in Seychelles?
Fees include an application fee, annual license fees, and miscellaneous fees.
Description | Approx. Fee (USD) |
Application fee for a VASP license | 5,400 |
Base annual fee | 5,400 |
Annual fee for Virtual Asset Wallet Provider | 21,500 |
Annual fee for Virtual Asset Exchange | 26,800 |
Annual fee for Virtual Asset Broking | 10,800 |
Annual fee for Virtual Asset Investment Provider | 5,400 |
Inspection of the register of licensees | 170 |
Obtaining a copy of a licensee’s current license | 110 |
Fit and Proper determination (other than at the time of application for a license) | 1,100 |
What are the capital requirements for a VASP in Seychelles?
The initial paid-up capital required varies depending on the type of VASP activity. For example:
- Virtual Asset Wallet Providers: $75,000
- Virtual Asset Exchange: $100,000
- Virtual Asset Broking: $50,000
- Virtual Asset Investment Providers: $25,000
The initial paid-up capital required varies depending on the type of VASP activity. For example, a Virtual Asset Wallet Provider needs to show USD 50,000 as paid-up capital at the time of license application, while a Virtual Asset Exchange needs to show USD 100,000. By the beginning of the third year of operation, all VASPs need to maintain a minimum capital of USD 75,000, or 2.5% of annual turnover.
What are the timeframes for company formation and license application processing?
Chang-Sam Corporate Solutions can complete company formation within 10 working days and license application preparation within 45 working days. The FSA’s processing time for a VASP license application can range from 3 months to 2 years.
What are the estimated monthly expenses for a VASP in Seychelles?
Estimated monthly expenses include:
Expense | Low Estimate (USD) | High Estimate (USD) |
Office Lease | 2,300 | 4,000 |
Office Utilities | 300 | 600 |
One Local Director Fee | 800 | 2,000 |
Outsourced Compliance | 3,500 | 5,000 |
Employee Salary (Post Secondary) | 1,000 | 1,500 |
Employee Salary (University Graduate) | 2,000 | 3,000 |
What are the benefits of setting up a VASP in Seychelles?
Benefits include a welcoming business environment, political and social stability, strategic location and favourable time zone to service the Europe, Africa, Middle East and Asia, no cap on leverage, a good mix of regulatory sophistication and business pragmatism, a preferential tax rate of 1.5% on gross assessable income, a hybrid legal system with a mix of common and civil law, excellent facilities and infrastructure, and good service providers.
What is a Securities Dealer?
A Securities Dealer is a person or company that trades in securities, either on their own account or on behalf of clients. This can include activities like buying, selling, subscribing for, or underwriting securities.
What is the regulatory framework for Securities Dealers in Seychelles?
The Securities Act of 2007 provides the legal framework for Securities Dealers in Seychelles. The Financial Services Authority Seychelles (FSA) is the regulatory body that oversees Securities Dealers.
What activities are Securities Dealers allowed to perform in Seychelles?
Securities Dealers in Seychelles can engage in a wide range of activities, including dealing in shares and units, instruments creating or acknowledging indebtedness, options, futures, and contracts for differences (CFDs).
What are the requirements for obtaining a Securities Dealer license in Seychelles?
To obtain a Securities Dealer license, you must meet several requirements, including being a Seychelles-registered company or a company registered under the laws of a recognized jurisdiction. You must also have at least two directors and two shareholders, as well as a Securities Dealer Representative and a Compliance Officer. A physical office in Seychelles, an auditor, and professional indemnity insurance are also required.
What is the application process for a Securities Dealer license in Seychelles?
The application process includes collecting company information, forming the company, completing the license application, filing the application with the FSA, setting up an office, obtaining license approval, and fulfilling post-licensing conditions.
What are the ongoing obligations for a licensed Securities Dealer in Seychelles?
Ongoing obligations include maintaining the Seychelles office, keeping a full-time Compliance Officer in Seychelles, having annual financials audited, maintaining required insurance cover, renewing licenses on time, and paying taxes.
What are the capital requirements for a Securities Dealer in Seychelles?
Securities Dealers must maintain a minimum issued and paid-up capital of USD 100,000.
What are the fees associated with a Securities Dealer license in Seychelles?
| Description | Fee (USD) |
| Securities Dealer Application Fee | 1,500 |
| Securities Dealer Representative Application Fee | 500 |
| Securities Dealer Annual Licensing Fee | 3,000 |
| Securities Dealer Representative Annual Licensing Fee | 750 |
What are the estimated monthly expenses for a Securities Dealer in Seychelles?
Expense | Low Estimate (USD) | High Estimate (USD) |
Office Lease | 2,000 | 3,000 |
Office Utilities | 150 | 150 |
One Local Director Fee | 500 | 1,000 |
Outsourced Compliance | 2,500 | 5,000 |
What services does Chang-Sam Corporate Solutions provide?
Chang-Sam Corporate Solutions provides assistance with company formation, Securities Dealer license application preparation, annual company secretarial services, Seychelles bank account opening application, outsourced compliance officer services, and other related services.
What are the timeframes for company formation and license application processing?
Chang-Sam Corporate Solutions can complete company formation within 10 working days and license application preparation within 4-6 weeks. The Registrar of Companies takes 14 days to register a domestic company, and the FSA takes 4-6 months for a licensing decision.
What are the benefits of setting up a Securities Dealer in Seychelles?
Chang-Sam Corporate Solutions can complete company formation within 10 working days and license application preparation within 4-6 weeks. The Registrar of Companies takes 14 days to register a domestic company, and the FSA takes 4-6 months for a licensing decision.