Seychelles PSP License

The financial industry is very prolific in Seychelles and those who want to open companies here have several options when it comes to the subsectors they can operate in. No matter the choice, it is mandatory to obtain the necessary licenses in accordance with the activities they want to complete through these companies.

The payment service provider (PSP) license is one of the most sought types of business permits for financial companies in Seychelles and obtaining it is not very complicated. Below, our company formation agents in Seychelles explain the requirements one needs to meet in order to obtain a PSP license. We also invite you to get in touch with us if you are interested in setting up an offshore company in Seychelles and in obtaining a PSP license.

Payment service providers in Seychelles

There are various types of services a financial company in Seychelles can offer. Among these, offering merchant and online payment solutions is one of the most sought as many businesses seek to integrate such services in their activities. In order to become a payment service provider in Seychelles, one must first register a company in this country. Then, the company must apply for a PSP license which enables it to process payments.

It is good to know that foreign investors who want to apply for PSP licenses in Seychelles have several choices when it comes to the types of structures they can use for registering the company. It should be noted that they cannot use a Seychelles offshore company for obtaining a PSP license.

Our company registration advisors in Seychelles can help you choose a business structure under which a PSP license can be obtained.

Company registration requirements for obtaining a Seychelles PSP license

As mentioned above, a local or foreign entrepreneur must first register a company with the Companies Register in Seychelles before applying for a PSP license. The payment service provider permit will be issued by the Central Bank of Seychelles based on several criteria that have to be met by the company. Among these:

1. the company must be registered under the provisions of the Seychelles Companies Law;
2. the company must be financially sound and have a share capital which enables it to offer such services;
3. the company has specific governance rules related to the payment, clearing and settlement system;
4. the company has appointed officers who have clear responsibilities in relation the decisions to be made;
5. the company has specific procedures which helps it identify, manage, monitor and report the risks the business might be subject to;
6. the company has strict internal risk control and audit mechanisms which provide for an accurate picture of its activities;
7. the company uses a banking software which complies with the requirements imposed by the Central Bank.

Apart from these, the managers or directors of the institutions must be of good character and have clear criminal records.

With respect to the registration of a company seeking to obtain a PSP license, our Seychelles company formation specialists can help you.

How to apply for a PSP license in Seychelles

In order to obtain the Seychelles PSP license, the company must submit an application with the Central Bank. The application consists in a form which must be completed by the representative of the company and which must contain specific information, such as:

• - the name of the company applying for the license and information about the directors;
• - complete information about the company (including on foreign companies applying for the license);
• - information about the share capital of company (authorized, issued and paid-up capital);
• - a list of all the shareholders, directors and auditors in the company;
• - information on why the applicant chose Seychelles as a place of business.

A questionnaire must also be answered and submitted upon applying for the Seychelles PSP license.

We are also at the disposal of foreign investors who want to set up offshore companies in Seychelles.

Fees for obtaining a PSP license in Seychelles

No matter the type of financial license a company wants to obtain, the Central Bank imposes specific fees. In the case of PSP licenses, the following need to be considered:

• - for a money remittance license the application fee is 20,000 SCR, while the annual fee is 40,000 SCR;
• - for other payment services the application fee is 25,000 SCR, while the annual fee is 50,000 SCR;
• - for an operator of a payment, clearing or settlement license the application fee is 50,000 SCR;
• - the annual fee of the operator of a payment, clearing or settlement license is 100,000 SCR.

The Central Bank answers all PSP license applications within 21 days from the submission of the documents.

For assistance in obtaining a PSP license in Seychelles, please contact our specialists.