Valsen Corporate

Seychelles Fund Administrator License

  • The Mutual Fund and Hedge Fund Act, 2008 sets out the guidelines pertaining to the application and licensing of mutual funds and other collective investment entities.

    Key Features

    Any one of the following activities undertaken in relation to a mutual fund amounts to mutual fund administration:

    1. Managing including controlling all or substantially all of the assets of the mutual fund or
    2. Administering a mutual fund or
    3. Providing a principal office to a mutual fund within Seychelles or
    4. Providing an operator (director, trustee or general partner) to a mutual fund.

    A mutual fund administrator’s licenced company must be incorporated under the Companies Ordinance, 1972, or a company which is not incorporated in Seychelles (in which case, the company is required to have an agent for service in Seychelles). There are various types of Seychelles Fund Administrator Licences:
    Seychelles Fund Administrator’s Licence – allows its holder to administer an unlimited number of mutual funds.
    Restricted Seychelles Fund Administrator’s Licence – permits its holder to administer only the mutual funds specified in its licence.
    Approved Foreign Administrator – An applicant incorporated overseas and holding a current licence or other authorisation from a regulatory body in a recognised jurisdiction may be exempted from the licensing requirement. This allows such persons to administer outside Seychelles, a Seychelles’ licensed fund without having to be licensed by the Authority.

    Legal Requirements

    Requirements

    Description

    General
    • Corporate  vehicle permitted

    Seychelles Domestic Company
    • License application fee

    Unrestricted License

    Restricted License
    • Annual license fee

    Unrestricted License

    Restricted License
    • Local physical office required

    Yes

    Share capital or equivalent
    • Minimum paid up capital

    None

    Directors
    • Minimum number

    2
    • Corporate directorship allowed

    No
    • Local director required

    No

    Shareholders
    • Minimum number

    2
    • Corporate shareholder allowed

    Yes
    • Local shareholder required

    No

    Service Providers Required
    • Company secretary

    Yes
    • Auditor

    Yes
    • Legal adviser

    Yes

     Tax Treatment Business tax payable by a fund administrator is the aggregate of the following amounts paid by it or another party, in respect of a fund administered by the licensee:
    10% of fees in respect of new mutual fund licences;
    5% of fees in respect of annual renewal of mutual fund licences; and
    5% of all other fees under the Act.
    Duration to Set Up Around 3 months

    Distinctive Benefits of Licence
    Ease and speed of establishment
    Flexible structuring of the entity
    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