Registry Seychelles Business License Application and Permit Services

Seychelles in 2008 passed cutting edge, new (very market friendly) Fund Laws designed to encourage a significant number of Funds and Fund Managers to register in the jurisdiction.

The Seychelles Mutual Fund Act itself is very favorable in that:

• Investors are well protected (eg the Authority can take action to protect investors’ interests as required)
• It’s an easy Act to understand
• Seychelles is a well regulated well respected jurisdiction
• The new Act is an enabling law- it is designed to ATTRACT new Funds, not to tighten the regulation of existing funds
• A lot depends on negotiation with the Regulator – there’s not many places where your Seychelles agent can literally knock on the office door of the Head of the Mutual Fund Regulator and ask for a personal meeting
• Seychelles is based in a very favorable timezone at +4GMT which gives Seychelles overlapping contact with the business days of Australia, Asia, UK and Europe
• Privacy is guaranteed by law – the Mutual Fund Authority in Seychelles is prohibited by law from disclosing anything to do with its activities to 3rd parties.
• Seychelles has excellent facilities in terms of Service Providers, Communications, Hotels, Service Businesses etc
• Much depends on the quality of the application, the applicants and the professional reputation of the local service provider representing the applicant (in your case any such application would be presented by a firm owned and managed by an International Lawyer, which can only be to your benefit)
• The Regulator has true flexibility in determining whether to grant a license or not to a particular applicant, meaning that each application will be treated individually on its own particular merits.

Type of Fund in Seychelles

There are three kinds of Licensed Fund that one can set up in Seychelles, a Public Fund, a Professional Fund and a Private Fund. The essential differences and distinctions are as follows:

Private Fund

Private Fund is a kind of a Mutual Fund, which is not open for subscription for everybody. The number of investors is restricted and does not require the details to be made public.

Key Features:

• No more than 50 investors
• Private business connection
• Aimed at the professional adviser looking to gather together a consortium of investors
• Prohibits any invitation to the public to subscribe for shares
• No minimum or maximum investment required

Public Fund

Public Fund is a mutual fund other than a Private Fund or a Professional Fund. The Fund is designed to be mass marketed and needs to provide the detailed information to public in the offering document

Key Features:

• A Mutual Fund that is not a Private Mutual Fund or a Professional Fund
• Designed to be mass marketed
• Applicant needs to furnish a detailed offering document
• The authority will need to be satisfied that all risks and plans of the fund are disclosed upfront to the investors

Professional Fund

Professional Fund is a mutual fund the shares in which are only made available to professional investors or high net worth investors, with the initial minimum investment per investor being USD 100,000. Recognized Banks, Mutual Funds, Insurance Companies, Securities dealers, etc., are considered as professional investors.

Key Features:

• Aimed for Professionals or high net worth investors with the initial minimum investment per investor being US $ 100,000
• Recognized Banks, Mutual Funds, Insurance Companies, Securities dealers, etc. are considered professional investors

How to Register Seychelles Licensed Fund

The process for applying for registration as a Fund in Seychelles is quite simple and streamlined. Any proposed application, would likely not be subject to delays as may otherwise be the case in a jurisdiction other than the Seychelles.

One IBC® Corp Seychelles Licensed Fund Establishment Services

Should you be interested in going down the path of registering a Licensed Managed Fund we can assist with all or any of the following:

• Providing detailed advice on the application process and legal requirements
• Drafting and/or Settling of Fund License Application, Offering document/s, etc
• Creation/Incorporation of the Fund Entity
• Incorporation of a Trading Company entity
• Incorporation of an Investment Manager

Service fee: 8,900 US$

Application requirements

Covering Letter signed by the proposed fund administrator

• A completed Application Form
• The relevant application fee
  • Private Fund : US$500
  • Professional Fund : US$750
  • Public Fund : US$1,000
• The current or latest draft offering document and any other marketing material of the applicant
• Certified true copies of the constitutional documents of the applicant
• Personal Questionnaire Form completed by each director, general partner or trustee, of the applicant (whichever is applicable)
• A written consent by the proposed administrator
• A written consent by the proposed auditor.
• Three year financial forecast or cash flow statements.
• Certified true copies of the Auditor’s certificate of membership and certificate of Good Standing.