Seychelles Payment Service Provider License

Introduction

National Payment System (Licensing and Authorisation) regulations of 2014 provides the legal framework for the provision of the Payment Services provision in Seychelles. Payment Service Provider License allows a company to accept online payments and act as a gateway between a merchant and a bank, as process transactions from a merchant to a bank or payment network. The regulatory authority responsible for granting authorization for Payment Service Providers is the Central Bank of Seychelles (CBS)

Permitted Activities

As per the National Payment System (Licensing and Authorisation) regulations of 2014, a Payment Service Provider engages in the following activities:

• Services enabling cash deposits and withdrawals
• Execution of payment transactions;
• Issuing and/or acquisition of payment instruments;
• Money remittance
• Any other services functional to the transfer of money. This shall also include the issuance of electronic money and electronic money instruments.

Legal Requirements

The licensee will need at least 2 (two) natural person Directors on any jurisdiction who will satisfy the CBS that they are fit and proper persons to be licensed as a payment service provider.

sr No	Element	Requirement(s)
1	Entity Requirements)	The entity making the application is a Seychelles Domestic company under the companies’ ordinance 1972 or its successor.
2	Director’s Requirements
3	Shareholder requirements	The licensee will need at least 2 shareholders and a corporate shareholding is allowed.
4	Compliance Officer	The applicant must have before approval of license, appointed a fit and proper compliance and Money Laundering Reporting Officer. Such an officer can be from any jurisdiction but must be based in the Seychelles operations office at all times
5	Seychelles Office	The applicant must satisfy the authorities that they have procured and equipped a place of business in Seychelles from where the operations of the company shall be run.
6	Auditor	• A Payment Service Provider is required to have its accounts audited annually by an auditor. • The applicant must put forward at the time of application, the designate auditor for approval by the authority.
7	Minimum Capital requirements	SCR 1,000,000

Ongoing Obligations

A Payment Service Provider must meet the following ongoing obligations at all times to remain compliance with the Act:

• Maintain all the conditions set in the license approval letter at all times
• Maintain a Seychelles office on a full-time basis and have officers accessible in such an office on a full-time basis during its official working hours.
• Maintain a compliance officer in its Seychelles office on a full-time basis and have such approved compliance officer accessible in such an office on a full-time basis during its official working hours.
• Have its accounts audited by the approved auditor annually and file the audited annual financial statements to the auditor as per the Act’s requirements.

Tax Obligations

The tax payable by the licensee is a Corporate Tax at the rate of 25% of the Net Profit.