The Insurance Act, 2008 governs the conduct of insurance related business activities in Seychelles.

Key Features

An insurance representative shall

  1. Keep such records, and
  2. Furnish to the Authority such statements and returns relating to the insurance representative’s business in such form and at such intervals, as may be prescribed
  3. Not collect and keep premiums on behalf of an insurer.

Legal Requirements

Requirements

Description

General

  • Corporate  vehicle permitted

Individual/Company

  • License application fee
  • Annual license fee
  • Local physical office required

No

Share capital or equivalent

  • Minimum paid up capital

None

Directors

  • Minimum number

No

  • Corporate directorship allowed

No

  • Local director required

No

Shareholders

  • Minimum number

No

  • Corporate shareholder allowed

No

  • Local shareholder required

No

Service Providers Required

  • Company secretary

No

  • Auditor

No

  • Legal adviser

No

 Tax Treatment

The Business Tax Act does not apply to a licensed Principal Insurance Representative.

Duration to Set Up

About 3 months

Distinctive Benefits of Licence

  • Ease and speed of establishment
  • Favourable compliance restrictions
  • Friendly regulatory environment

The Valsen Advantage

  • End to end comprehensive service
  • Speedy and efficient service
  • Expert advice on structuring options
  • Dedicated ongoing compliance support
  • Extensive network pool of service providers