How long does it take for Seychelles to obtain a permit?

Choose an offshore jurisdiction if you want to get a work permit quickly. Seychelles crypto license is a legislative document that allows firms to engage in activities related to virtual currency. This paper is issued by the FSA, shaping the structure and activities of companies for transparent and secure business conduct.

Features of company registration

This registration process includes registering the firm with the FSA. The state offers attractive tax policies and flexible regulatory demands for offshore firms. Next, we’ll look at what it takes to receive permission to engage in crypto activities.

Choose a local agent

To begin the registration process, you must select an agent who will act as a liaison between the regulatory authorities and your firm. The agent must be a resident of Seychelles or a firm registered in this jurisdiction.

Collect constituent documents

The next step is to collect a package of documents, having previously reserved a unique name for the organisation. Records for the Registrar will include the articles of association and memorandum, which must reflect the company structure, management policies and internal requirements. Your company will be issued a certificate if all papers are in order.

Apply for a permit

Next, an application for permission for crypto activities is submitted to the FSA. It must include :

• business plan;
• documents for hardware and software;
• financial reports;
• insurance document.

It would be best to document adherence to AML/FT policies and compliance with regulatory and operational rules. Sometimes, the FSA may request additional data for a review, which may take 1 to 2 months.

Get a crypto permit

After you pay the fee, the Regulator will issue your firm a permit for crypto activities. The permit is valid for one year and must be renewed every year to comply with the current demands set by the FSA.

Therefore, if the package of papers provided to the FSA is complete and the verified data is reliable, within 1 – 2 months, your firm will be licensed for cryptocurrency activities when you submit the application.

What demands must the organisation meet?

Permitting for cryptocurrency activities is subject to compliance with specific demands established by the Regulator. Let’s look at the basic requirements.

Organisational structure

The firm must appoint at least 2 directors and register an office in Seychelles. Also, during the registration process, a representative is required to accompany the entire firm registration and permitting process.

AML/FT compliance

If a firm plans to engage in cryptocurrency activities, it must strictly comply with all demands of the AML and AT financing program. The company’s management must document all these measures, including monitoring completed transactions and customer verification.

Compliance with technical and operational regulations

The regulator ensures that companies applying for permitt ing comply with established technical and operational standards. The firm’s activities must include measures to ensure the safety of funds and confidential information of its clients. Moreover, the company must have software disaster recovery measures to maintain smooth operation.

Confirmation of financial stability

A firm must guarantee financial stability if it plans to engage in transactions with digital assets. For this purpose, there are demands for the minimum amount of authorised capital – 50,000 USD. The firm must also have several liability insurances.

Compliance with professionalism

The company’s management and senior managers must have relevant experience in crypto activities and demonstrate integrity and competence. Also, personnel will be checked for compliance with the personal data provided before a license is issued.

Conclusion

Seychelles is a promising jurisdiction for cryptocurrency activities. Tax policy allows organisations to reduce costs, and developed infrastructure will enable them to do business comfortably. If all the demands of the Regulator are fully met, then in a month (maximum two), the firm will receive permission for crypto activities. It is a reasonably short permitting period compared to other jurisdictions, where registration can take three to six months.