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Obtaining a Payment Institution license in the Seychelles

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Obtaining a PI license in the Seychelles in 2020

The main benefits of obtaining a PI license in the Seychelles are:

  • Stable economic and political situation;
  • Developed financial system;
  • High level of security in the banking sector; 
  • Favorable business environment; 
  • One of the popular jurisdictions.
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We all know that Seychelles is characterized by a developed financial system, and in case of registering a company for financial activities (any), you will be required to obtain an appropriate license. Accordingly, if you intend to provide some types of financial services, it will be necessary to order a payment service provider license in the Seychelles.

Further, in this article we will consider the process of establishing a payment system in Seychelles and the issue of licensing business for the provision of electronic payment services.

The provision of payment services

The provision of online payment services is a very popular business field, as the vast majority of modern companies strive to use these services.

After registering a Seychelles company, the next step is to apply for obtaining a license for E-payment services (PSP or also called PI license).

Filling an application for a PI license in Seychelles

You can order a payment system license in Seychelles by applying to the CBS. The application must be filled out by a representative of a company, and includes the following:

  • Company's name;
  • Information on the company's share capital;
  • Full list of company's data;
  • Information on company's founders, shareholders and other officials;
  • An explanation of why the Seychelles islands was chosen for conducting such an activity.

It must be emphasized that the preparation of the documentation for ordering a Seychelles PI license is a far complicated process. Therefore, it will better to entrust the solving of this issue to experienced specialists.

Read also:
Requirements for obtaining a Seychelles PI license

As we have already mentioned, the process of ordering a Seychelles PSP license involves registering a business in Seychelles. As for the legal forms, the applicant can choose any from existing options. At the same time, you must understand that an offshore business is not appropriate for obtaining a Seychelles license for payment services.

In order to obtain a required license, you need to receive a permit from the CBS. Please, consider the following requirements for an applicant:

  • The person must have sufficient capital for providing payment services in Seychelles;
  • It is necessary to register a Seychelles company under the local laws (Companies Act);
  • There should be management procedures associated with the system of payments, clearing and settlements;
  • The presence of rules and procedures for identification and risk management;
  • The presence of mechanisms of procedures that guarantee the safety and overall survivability of the system;
  • Availability of procedures in case of system failures;
  • The presence of internal control mechanisms that provide an accurate picture of the company;
  • The presence of responsible officials;
  • Availability of equipment and software necessary for the operation, which must comply with the requirements of the CBS.

Separately, it is necessary to emphasize the importance of an impeccable reputation of the company's management, as well as its specialized education and experience.

Application fees for obtaining a Seychelles PI license

There are two types of application fees for obtaining a payment license depending on the specific services provided by the company:

  1. One-time fee: from 20,000 to 25,000 SCR (from about 1,300 to 1,700 EUR);
  2. Annual fee: from 40,000 to 100,000 SCR (from about 2,600 to 6,700 EUR).
IQD Consulting services

It is important to understand that this article has been prepared and presented for informative purposes, and cannot be taken as legal advice, and used as an instruction for certain actions. If the reader has any difficulties directly related to obtaining a PI license, it is better to analyze these issues by receiving individual advice on the licensing of payment systems.

Please, note that IQD Consulting specialists can provide you with comprehensive advices on the issues of obtaining PI licenses, are ready to assist you at all stages of licensing, and offer you the following services:

  • Legal aid in preparing required documentation;
  • Legal assistance in registering a firm in the Seychelles;
  • Assistance in corporate account opening for a Seychelles company, as well as other services.

You can obtain detailed information about the range of our services by filling out a feedback form, or by calling us directly using the contacts specified below.

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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