Services · Licences & special services

Seychelles securities dealer license for a forex broker

Updated 3 October 2026

$100,000 in the bank and two people on the islands. Since 2025 Seychelles has doubled the minimum capital, raised fees and demanded real presence, yet there is still no EU-style leverage cap.

More than 230 companies hold a securities dealer license on the Seychelles regulator's register, among them the local arms of eToro, Exness, XM and Tickmill. For a retail forex and CFD broker it is one of the most popular offshore licenses: the application costs $3,000 and the law asks for $100,000 of capital. A broker that trades against its clients in the EU needs $850,000.

The license is issued by the FSA (Financial Services Authority), the single supervisor for non-bank financial services in Seychelles, under the Securities Act 2007 (Chapter 208 of the Laws of Seychelles). Searchers call it the Seychelles forex license, the Seychelles broker license or the FSA license. It is all the same document: the Securities Dealer Licence.

It is no longer cheap or a formality. Since 1 January 2025 the Securities (Amendment) Act 2024 (Act 18 of 2024) and four new sets of regulations have been in force. They doubled the minimum capital, raised the fees, required two resident managers on the islands and made brokers report every country where they look for clients. Brokers licensed earlier had until 30 June 2026 to comply. That deadline has passed, so in 2026 the new rules apply to everyone.

Below: what the FSA charges, the capital and people the law requires, how long the review takes, the client and tax rules, how Seychelles compares with the BVI, Mauritius and Cyprus, and who should look elsewhere.

What does a Seychelles securities dealer license allow

It allows a company to run a securities and derivatives brokerage from Seychelles: receive and execute client orders, trade with clients as principal and manage portfolios that hold client assets. Operating without a license is a criminal offence. According to the FSA's 2026 guidelines for applicants, an individual faces a fine of $100,000, two years in prison or both, and a company a fine of $200,000.

For a forex broker the key text is Schedule 1 of the Act. It treats as securities CFDs (contracts for difference, where the client gains or loses on a price move without owning the underlying asset) and any contract designed to profit from fluctuations in the price of property of any description or an index. The 2024 regulations expressly place rolling spot forex (a margined currency contract rolled over from day to day) in the same bucket. Retail forex and CFDs on shares, indices, commodities and crypto all fit under this license.

The license lists the permitted activities (section 46 of the Act). If it sets no limit on the type of securities, the dealer may deal in any. The FSA may also grant a restricted licence: capped by number of clients, limited to named clients or setting a minimum investment per client.

The applicant must be a company incorporated under the Seychelles Companies Act 1972 or a company from a jurisdiction whose securities regulator is an ordinary member of IOSCO (International Organization of Securities Commissions). A Seychelles IBC (International Business Company) is formed under a different law of 2016, so the corporate structure is settled before incorporation. More on the options: company registration in Seychelles.

How much does a Seychelles forex license cost: FSA fees in 2026

Official payments to the regulator in year one run from about $5,200 to $10,250 with one representative, depending on the quarter in which the license is granted. The fees are set in US dollars by S.I. 120 of 2024 (S.I. stands for statutory instrument, the numbering used for secondary legislation), the Securities (Forms and Fees) (Amendment of Second Schedule) Regulations 2024, in force since 1 January 2025.

The first annual fee is prorated by the quarter of grant. FSA Circular No. 1 of 13 January 2025 sets out the table: a license granted in January to March pays $6,000 for the first year, April to June $4,500, July to September $3,000 and October to December $1,500. For a representative the figures are $750, $562.50, $375 and $187.50.

Worked example. A broker is licensed in May with one representative. Its FSA bill for year one: $3,000 for the company application, $500 for the representative application, $4,500 of dealer annual fee and $562.50 for the representative. Total: $8,562.50. From year two it pays $6,750 a year, and every extra domain adds another $1,000.

Fees are the smallest line in the budget. The bigger costs are capital, salaries of resident staff, office rent on Mahé (the main island), audit, professional indemnity insurance and preparing the dossier. Our own fees are in the price table on this page.

What is the minimum capital for a Seychelles broker license

At least $100,000 of paid-up share capital. Until 2025, $50,000 was enough: S.I. 117 of 2024, the Securities (Financial Statements) (Amendment) Regulations 2024, doubled it. The same rule sets $200,000 for a securities exchange and $150,000 for a clearing agency, and those figures do not apply to a dealer's capital.

Where the money sits matters more than the amount. Since 2025 the capital has to be kept at all times in a bank account with a bank licensed in Seychelles under the Financial Institutions Act 2004 or in a jurisdiction the FSA recognizes and approves. The requirement runs for as long as the license does, not just on filing day: in effect it is a minimum balance.

Capital is not an expense, but it is not free cash either. The FSA checks where the founders' money comes from: the application needs proof of source of funds and source of wealth. We cover how to build that file in our article on proof of source of funds. The Act also requires the dealer to meet any financial resources rules and to carry professional indemnity insurance on terms the FSA approves (sections 46 and 73).

What staff does a Seychelles securities dealer need

The legal minimum is two people on the islands. Since 2025, section 46 of the Act requires at least two directors who are natural persons, one of them a Seychelles resident employed full time. A new paragraph (n) of section 64 adds that at least two resident individuals who pass the fit and proper test (reputation, qualifications and financial soundness) must be in Seychelles at all times. They can be directors, compliance officers or managers of the licensee.

The law treats as resident someone who lives and is domiciled in Seychelles, or who spends 183 days or more there in any 12 months. A nominee director who only appears on paper does not meet the rule: the law asks for full-time employment and real presence. A foreign hire needs a Gainful Occupation Permit (the Seychelles work permit, issued by the immigration service after approval from the employment ministry).

The FSA vets every director, representative, compliance officer and owner by name. The personal questionnaire comes with a certified passport, a police certificate no older than three months, a bank reference, diplomas, a job description and a tax clearance certificate from the country of residence. Replacing any key person after licensing needs prior FSA approval, and making the change without it carries a penalty of $5,000 for each day the breach continues.

Does a Seychelles broker need a physical office

Yes, and the FSA checks it against a list. The applicant guidelines ask for a lease or title deed for premises on the islands. The office must be fully furnished, with a local phone line, stable internet, at least one computer, space for business records, a staff bathroom and a fire extinguisher. A registered agent's address will not pass.

Trade records, client statements, recordings of client communications and outsourcing contracts must be kept for at least seven years at the principal place of business, on paper or digitally (regulation 25 as amended in 2024). The FSA may inspect them at any time.

How to get a Seychelles securities dealer license: documents, steps and timeline

The FSA's service standard is 30 working days from the moment it accepts a complete file. In practice, Murblz specialists budget three to six months for the whole route: preparing documents, incorporating the company, answering the regulator and opening the capital account.

Step 1. Company and structure. We incorporate the company, settle the business model and the list of permitted activities. Everything else, from the business plan to the insurance, follows from the model.

Step 2. The dossier. The FSA guidelines list 22 items: questionnaires for all key people and owners, proof of source of funds, the office lease, an insurance quote, a detailed business plan, an internal operations manual, client terms of business, a conflicts of interest policy, a compliance manual, an AML (anti-money laundering) manual, a complaints handling manual and a business continuity plan. The FSA may pre-approve a provider's standard manuals, in which case the application flags what was changed.

Step 3. Filing and review. The FSA acknowledges receipt, checks completeness and either starts the review or returns the file with a list of gaps. The applicant then has three months to resubmit. Miss that window and the application is void, so a new one with a fresh $3,000 fee is needed. Knowingly supplying false information is an offence with a $25,000 fine.

Step 4. The license. Once approved, the FSA issues the license on payment of the annual fee and enters the company on the public register. An auditor must be appointed within 30 days.

What rules apply to clients: leverage, CFDs and crypto

The headline change for retail brokers in 2025: negative balance protection is now law. The amended Conduct of Business Regulations (S.I. 119 of 2024) cap a retail client's loss on leveraged CFDs and forex at the funds in that client's trading account. A broker cannot pursue a client for a debit beyond the deposit.

These products are called restricted speculative investments: leveraged CFDs, rolling spot forex, options on them and similar leveraged instruments. Four rules govern them.

Client classification. Before providing any service, the broker classifies each client as retail or professional. An individual qualifies as professional only with net assets of at least $1 million, excluding the home the client lives in and cash holdings, plus the broker's assessment of experience and market knowledge. A company qualifies if it meets two of three tests: a balance sheet of $20 million, turnover of $40 million or own funds of $2 million.

Appropriateness test. Leveraged products may be offered to a retail client only after an assessment of whether the client has the knowledge and experience to understand the risks, or the ability to absorb significant losses caused by leverage.

Cash margin only. A position may be opened only when the margin is posted in money to a trading account.

Risk warnings. Standard risk warnings are mandatory (section 64 as amended in 2024), and records of client assessments are kept for seven years.

The 2024 amendments set no hard leverage cap of the kind the EU applies, where retail clients get no more than 30:1 on major currency pairs. That is why high-leverage brokers still choose Seychelles, now with mandatory negative balance protection.

The FSA allows crypto CFDs under the same license. Its Circular No. 3 of 2025 states that CFDs on virtual assets are not a virtual asset service under the VASP Act but an instrument under the Securities Act. A broker that wants to sell, hold or exchange the crypto itself needs a separate license under the Virtual Asset Service Providers Act 2024 (the VASP Act). For comparison, the BVI regime is covered on our page on the BVI VASP license.

Another new rule concerns geography. Regulation 34 requires the broker to tell the FSA which countries it serves, to declare through its board that it complies with their laws, and, at the application stage or later on the FSA's demand, to show written evidence that residents of those countries are allowed to trade with it. A Seychelles license gives no right to solicit clients where forex needs a local license: the EU, the UK, the US or Russia, where the Bank of Russia licenses forex dealers.

How are Seychelles securities dealers taxed

A licensed dealer can pay 1.5% of gross income instead of ordinary business tax, with a zero withholding tax rate on dividends and interest it pays. The concession sits in Schedule 3 of the Securities Act, and under section 128 it applies only if the company meets the substantial activity requirements.

According to the FSA guidelines, the test is met when the middle office and back office operate in Seychelles: compliance, risk management, accounting, IT and HR. The front office, meaning client contact and sales, may sit abroad. The company needs an adequate number of qualified staff and adequate operating spending on the islands.

Without the concession the company pays ordinary business tax. According to the Seychelles Revenue Commission, companies pay 15% on the first $70,000 of taxable income and 25% above that.

Worked example. A broker with $3 million of gross income that meets the substance test pays $45,000 of tax (1.5%). How that compares with the ordinary regime depends on margins: for a profitable broker the concession usually wins, while for a loss-making one ordinary business tax may come out lower, because 1.5% is charged on revenue, not profit.

Owners' taxes are a separate matter. If a founder is tax resident in a country with controlled foreign company rules, the Seychelles broker's profit may be taxed at home. How these rules work is covered on our page on CFC notices and reporting.

Seychelles, BVI, Mauritius or Cyprus: where should a broker get licensed

On entry costs Seychelles loses to the BVI, on its standing with the FATF (Financial Action Task Force, the global anti-money laundering standard setter) and the EU it beats them. No offshore center competes with Cyprus on market access: only a Cypriot license opens the EU to a broker.

The FATF keeps a grey list of countries with weak anti-money laundering regimes. Seychelles is not on it. The EU story is worth knowing too: in October 2023 the Council of the EU put Seychelles on its tax blacklist over exchange of information, removed it on 20 February 2024, and on 17 February 2026 took it off the watch list (Annex II) as well. For banks and payment partners that is an argument for Seychelles over the BVI.

Mauritius is cheaper on capital but requires two resident directors for a GBC (Global Business Company). Cyprus plays in a different league: more capital and a team in the country, but clients across the EU and the EEA (European Economic Area: the EU plus Norway, Iceland and Liechtenstein). More detail: BVI forex license, our review of the BVI forex license in 2026, company registration in Mauritius and company registration in Cyprus.

What are the pitfalls of a Seychelles securities dealer license

Presence costs more than the fees. Two residents, an office on Mahé, an audit under IFRS (International Financial Reporting Standards) and insurance are running costs the FSA tests in the business plan's financial forecast. Brokers licensed before 2025 had a transition period until 30 June 2026. It is over, and a license with nobody on the islands is now a breach.

Bank and payment partners. A license does not open an account by itself. The capital must sit with a Seychelles bank or a bank in a jurisdiction the FSA has approved, and taking client deposits needs separate card acquiring or an EMI (electronic money institution). These are worked on in parallel with the dossier: business accounts in Seychelles and payment system and EMI accounts.

Every brand and domain goes through the FSA. Since 2025 trade names and website domains are submitted for approval with the application; the FSA lists them on the license and on its own website, and the broker must display them on its site. Each additional domain or brand costs $500 to apply and $1,000 a year. For a business with a dozen mirror and marketing sites, that adds up.

Outsourcing is limited. Core functions may be outsourced only to an affiliated group company and only with FSA approval sought 30 days in advance. Support functions may go to an outside provider after 14 days' written notice with the contract attached. A white label model, where the broker owns the brand and a third party does the core work, sits badly with these rules.

Selling or restructuring a broker takes time. Any issue, transfer or disposal of the licensee's shares, including beneficial interests, needs FSA approval (section 60). Changing a director or compliance officer without approval costs $5,000 a day in penalties.

Deadlines and late fees. The annual fee and compliance certificate are due by 31 January, and late payment adds one twelfth of the annual fee for each month. Audited accounts are due within four months of the financial year end.

The regulator decides. The FSA grants licenses at its discretion. It may restrict a license by number of clients or type of securities, bar the holding of client assets and add conditions after grant.

Who is a Seychelles securities dealer license for, and who should skip it

It suits a retail forex and CFD broker whose clients live in countries that do not require a local license, and who is ready to keep two people on the islands and $100,000 in the bank. An international arm of a group with a European or UK license that wants a separate company for clients in the rest of the world. A broker offering crypto CFDs that does not need spot crypto trading.

It does not suit anyone targeting retail clients in the EU: that takes a CIF license in Cyprus or another EU country. Projects without experienced directors: money alone will not pass the fit and proper test. Anyone looking for a license with no presence: since 2025 Seychelles no longer offers one, and the BVI is simpler on that front. Crypto exchanges and custodians: they need the VASP regime. And a start-up without the budget to run an office and staff for two or three years before turning a profit.

How we help with a Seychelles securities dealer license

We handle the whole route: incorporating the company, drafting the business plan, the KYC/AML manual (client due diligence and anti-money laundering rules) and the rest of the package, paying the FSA fees, filing the application and answering the regulator's questions with you. We also arrange representative licenses, professional indemnity insurance and a tax number, find an office and set up the local phone line the FSA requires.

The FSA decides on the license at its discretion, so before we start we assess the project and name the weak spots plainly: directors' experience, source of capital, client countries and order handling model. After licensing, the broker can add accounting and audit for a Seychelles company. Country background is on our Seychelles page, a comparison of business jurisdictions is in where to set up a company in 2026, and all licensing services are collected under licenses and special services. Our fees are in the price table below.

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