Seychelles forex license (FSA Securities Dealer)

What the Seychelles Securities Dealer licence covers

The licence allows a company to deal in securities as a business. Under Schedule 1 of the Securities Act, contracts for differences are securities, and the Securities (Conduct of Business) (Amendment) Regulations 2024 add definitions of rolling spot forex and of leveraged “restricted speculative investments”. That is why the Securities Dealer licence is the forex and CFD broker licence in Seychelles.

Each dealer also needs at least one licensed Securities Dealer’s Representative. The FSA can grant a restricted licence where appropriate.

One point that confuses people: the FSA’s FAQ says it does not supervise the foreign exchange market, which falls under the Central Bank of Seychelles. That refers to currency exchange itself, not to leveraged CFD and rolling spot products, which the securities regulations cover.

The 2025 reforms: what changed for brokers

The Securities (Amendment) Act 2024 (Act 18 of 2024) and four amendment regulations came into force on 1 January 2025. The main changes:

• Resident people: one of at least two directors must be a full-time Seychelles resident, and at least two resident fit-and-proper individuals must be in place at all times.
• Higher capital, held in an FSA-approved bank account.
• Perpetual licences with an annual fee and compliance certificate due by 31 January.
• Trade names and domains must be approved by the FSA and appear on the public register.
• Retail protections: client classification, appropriateness tests, cash margin, negative balance protection and fixed risk warnings on every webpage.
• Prior approval for changes of key persons and share transfers.

Firms licensed before 2025 had until 30 June 2026 to comply.

Substance: who must be in Seychelles

A “resident person” means someone domiciled in Seychelles or present there for at least 183 days in twelve months. In practice a licensed broker needs:

• a full-time resident director;
• a second resident fit-and-proper person, for example a resident compliance officer or manager;
• a compliance officer and an AML compliance officer (MLRO), with an alternate;
• at least one licensed representative;
• a furnished office with a local phone line, internet, a computer and space for records;
• a resident person to handle complaints.

Since 17 May 2023 these must already be in place when you file. The FSA returns incomplete applications.

Tax for Seychelles securities dealers

The Securities Act provides a tax concession for licensees: business tax at 1.5% of assessable income and nil withholding tax, provided the licensee meets substantial activity requirements, meaning its core income-generating activity takes place in Seychelles (middle and back office there is enough according to the FSA guidelines). Without the concession, standard company rates apply. Confirm how the Seychelles Revenue Commission applies it to your structure.

Recognition: where Seychelles sits

Seychelles is a recognised offshore licence: liquidity providers, platform vendors and many payment providers know it well, and the 2025 reforms strengthened its standing. It is not a tier-1 licence and carries no passporting. The FSA is an IOSCO associate member working towards the IOSCO Multilateral MoU.

When you onboard clients, you must declare your target countries and evidence that you may serve them. Countries with their own licensing rules still apply them to you.