Seychelles VASP Crypto License

Full-scope type of VASP license.
The requirements from the regulator are clear due to publishing the requirements on the official website.
Possible to appoint foreign staff but local staff is compulsory.

Structured Requirements

Have at least one Seychellois resident person as director on its board of directors employ qualified or experienced staff to manage the office specified above annually, hold at least 2 meetings of its board of directors in Seychelles annually, hold at least 4 management meetings in Seychelles appointment of a compliance officer and money laundering reporting officer residing in Seychelles, with relevant qualifications and experience and approved by the FSA UBO can be a foreigner.

Tax Rate

Seychelles operates a territorial tax system whereby income from foreign-sources (i.e. income arising from activities taking place outside of Seychelles, or from assets situated outside of Seychelles) is unilaterally exempt from taxation. That being said, companies that are part of a multinational group only are subject to certain requirements to avail of a tax exemption on foreign-source income. A “multinational group” means any group that: includes two or more enterprises, the tax residence of such enterprises or enterprises are in different jurisdictions, or includes an enterprise resident for tax purposes in one jurisdiction and is subject to tax with respect to the business carried out through a permanent establishment in another jurisdiction. Then such requirements for companies that are part of a multinational group include – foreign-sourced active income (e.g. commercial income) is exempted in Seychelles only if it arises from a registered permanent establishment overseas (e.g. branch office), meaning that income is subject to taxes overseas income arising from IP assets is subject to taxes in Seychelles, regardless of the source, except for the income from research and development activities in Seychelles passive income (dividends, interest, capital gains) would be exempt from taxation as long as the company has economic substance in Seychelles Please note that Seychelles IBCs that are not part of a multinational group are unilaterally exempt from taxes on any foreign-source income, and are exempt from submitting tax and financial reports (as long as no locally-sourced income is generated).

Minimum Share Capital

The minimum share capital for a Virtual Asset Service Provider (VASP) in Seychelles depends on the specific license type and ranges from USD 25,000 to USD 100,000 for new entities. Specifically, a Virtual Asset Investment Provider requires USD 25,000, a Virtual Asset Broking entity needs USD 50,000, a Virtual Asset Exchange requires USD 100,000, and a Virtual Asset Wallet Provider requires USD 75,000. For existing entities, the requirement is adjusted based on annual turnover, with the VASP Wallet Provider requirement set at 2.5% of annual turnover.