.png){kind=small}
MIRR ASIA · Seychelles IBC & FSA VASP License
Seychelles Company Formation & VASP License Guide
Mirr Asia provides the services necessary for Seychelles company formation and various licensing advisory, tax, management, and corporate operations — including standard incorporation and FSA Virtual Asset Service Provider (VASP) licensing for virtual asset, fintech gaming, and P2E businesses.
Overview · 01
Overview & Establishment Requirements
This guide covers two paths: (1) standard Seychelles company (IBC) formation, and (2) FSA Virtual Asset Service Provider (VASP) licensing for businesses handling virtual assets.
Requirements for establishment
- There must be at least one shareholder and director. One person may concurrently serve as a shareholder and a director.
- No restrictions on the nationality of shareholders or directors at the time of establishment.
Documents · 02
Required Documents (Individual Shareholder/Director)
- 1. Passport copyA copy of the shareholder/director's passport.
- 2. Passport authenticationOriginal fact authentication for the passport copy of the shareholder/director.
- 3. Proof of address (two documents, within 3 months)Two types of documents for the most recent (within 3 months) address in English for shareholders/directors (the address must be the same).
- 4. Expert recommendationConfirmation of customer relationship for more than 2 years from an expert (accountant/lawyer/tax accountant, etc.).
- 5. Incorporation application formFill out the application for incorporation.
Procedure · 03
Incorporation Procedure & Lead Time
- 1Submit the required documents for the shareholder/director to be registered
- 2Payment of establishment cost
- 3Confirmation after confirming whether the name of the corporation is possible
- 4Sign the incorporation document provided by our company and send it by international mail
- 5Proceed with establishment after receiving documents
- 6Incorporation completion
Estimated lead time: 10-15 days
Costs · 04
Incorporation Costs
Establishment cost and inclusion details
| Item | Amount | Notes |
|---|---|---|
| Company incorporation (fewer than 5 shareholders / capital less than USD 1,000,000) | US$2,850 | Includes Certificate of Incumbency |
| Annual license renewal fee | US$1,550 |
Document notarization fees for Seychelles corporation
| Item | Amount |
|---|---|
| Certificate of Incumbency | USD 260 |
| Certificate of Good Standing | HKD 260 |
| Other documents notarization fee | USD 200 / per set |
** If you are requesting to establish a Seychelles corporation and open an account together, please notify us separately at the time of application. (After KYC confirmation, open availability and cost estimate are presented.)
** In the case of cryptocurrency-related businesses, it may be difficult to proceed according to the recently revised legislation, so please inquire in advance.
See the Quick Quote tab above for a consolidated cost reference, including these IBC figures alongside the FSA VASP estimator below.
FSA VASP License · 05
Permitted Activities
| Type | Key Functions |
|---|---|
| Virtual Asset Wallet Provider | Transfer, custody, and administration of virtual assets, ICOs, and NFTs for/on behalf of clients. |
| Virtual Asset Exchange | Exchange, transfer, custody/administration between virtual assets ↔ fiat, and virtual assets ↔ virtual assets. |
| Virtual Asset Brokerage | Intermediation/facilitation services such as exchange and custody via exchanges/wallets. |
| Virtual Asset Investment Provider | Provision of portfolio management and investment advisory. |
Definitions and advertising considerations relating to ICO/token sales are governed by separate rules.
FSA VASP License · 06
Economic Substance (Local Presence) Requirements
- At least one Seychelles resident director on the board.
- Operate a fixed place of business in Seychelles and hire staff with appropriate qualifications and experience.
- Maintain records/documents so they are available for inspection at the local office, and perform local complaint handling.
- Hold two board meetings per year and four management meetings per year in Seychelles (minutes retained).
Board & management meetings
Board meetings should address strategy, risk, and compliance; management meetings are recommended to review operations, internal controls, complaints, and incident response.
FSA VASP License · 07
AML/CFT and Travel Rule (Key Points)
- Adopt and operate a compliance and AML/CTF manual and maintain internal controls.
- Appoint a Seychelles resident Compliance Officer / MLRO (FSA approval required).
- Implement and maintain Travel Rule policies, operate transaction monitoring and FIU reporting processes.
- Perform CDD/EDD — simplified due diligence is not permitted.
FSA VASP License · 08
Capital · Insurance · Accounting
Capital & client asset protection
- Minimum paid-up capital at application — Broker USD 50,000, Investment Provider USD 25,000, Exchange USD 100,000, Wallet Provider USD 75,000.
- Full segregation of client assets and company assets; no pledge/lien/set-off rights granted (limited exceptions).
- Fiat reserves must be segregated with a licensed bank (meeting international standards); virtual asset/fiat accounts and wallets must be physically/logically segregated.
From year 3 of operations, maintain at least 2.5% of revenue as liquid capital.
Insurance & accounting
- Professional indemnity insurance commensurate with business risks and scale; alternative arrangements may be proposed/approved where necessary.
- Accounting records, books, and ledgers must be kept in Seychelles and be available for FSA inspection.
- Appoint an approved auditor and prepare/submit audited financial statements.
FSA VASP License · 09
Advertising Rules (Summary)
Principles & must include
- Fair, clear, complete, and concise; misleading/deceptive conduct prohibited.
- Present benefits and risks in balance, using plain language.
- No targeting minors; no promotion of illegal/fake projects.
- Must include: entity/trade name, license number, registered office, and contact details.
- Must include: key terms such as deposit/withdrawal conditions/timeframes and fees.
- Must include: last updated date; sources and verification for external materials.
Caution / prohibitions
- No unsupported future return projections; cite sources when comparing.
- No wording that could mislead users into thinking the regulator endorses/approves products.
- Advertising records must be retained for at least 7 years.
FSA VASP License · 10
Cybersecurity
- Adopt and implement a data protection policy.
- Adopt a cybersecurity program/IT security policy and prepare a cybersecurity report.
- Establish a BCP (Business Continuity Plan).
- Appoint a cybersecurity officer / data protection officer.
FSA VASP License · 11
Application Process & Required Documents (Key)
- 1Pre-scoping
- 2Application & FSA Q&A
- 3Approval & commencement
Required documents
- Cover letter & application form, constitutional documents, personal questionnaire (directors, compliance officer, key persons, shareholders/beneficial owners).
- Audited financial statements (last 2 years) or financial projections, source of funds/wealth evidence.
- Evidence of a local physical office (lease/sublease consent, etc.).
- Insurance quotation or alternative arrangement, proposed auditor credentials, SLA (cloud/platform).
- Internal procedures: customer service, conflicts of interest, compliance/AML, complaints, BCP, risk assessment, CDD/monitoring/sanctions, asset segregation, record-keeping, cybersecurity policies.
FSA VASP License · 12
Government Fees (Summary)
| Item | Amount (SCR) |
|---|---|
| Application fee | SCR 75,000 |
| Annual base fee | SCR 75,000 |
| Annual fee by activity — Wallet | SCR 300,000 |
| Annual fee by activity — Exchange | SCR 375,000 |
| Annual fee by activity — Brokerage | SCR 150,000 |
| Annual fee by activity — Investment Provider | SCR 75,000 |
Interactive cost calculator
Use the Quick Quote tab above to select your license activities and MIRR ASIA services and compute the SCR-to-USD estimate live, using an adjustable exchange rate.
Services · 13
MIRR ASIA Services & Costs (Summary)
Incorporation / Application Package (Example)
- Application drafting, FSA Q&A, submission support, advisory: USD 12,000
- Business plan review: USD 3,200
- Compliance & AML/CTF manual: USD 4,200
- AML policy bundle: USD 2,200
- Cover letter: USD 800
- Application ghostwriting: USD 2,000
- Advertising check (up to 5 items): USD 800
- Internal procedures manual: USD 2,200
- Customer service agreement: USD 7,000
- Complaints manual: USD 800
- BCP: USD 800
- Risk assessment: USD 1,500
- Record-keeping: USD 800
- Asset segregation: USD 1,200
Operational Options (Example)
- Local director: USD 3,000-9,500 per month
- Seychelles office lease support: USD 600 (one-off)
- Resident compliance officer: from USD 3,000 per month
- Work permit processing for foreigners: USD 2,200 per person
- Annual additional compliance & record-management fee: USD 14,500
* Figures are indicative examples; final scope and pricing are confirmed after reviewing your business model.
Next Steps · 14
Get in Touch
Free consultation
If you need detailed scoping and a tailored document checklist, please contact MIRR ASIA for a free consultation.
Contact a MIRR ASIA representative
Reference · 15
Reference
Seychelles company formation (MIRR ASIA)
* Before commencing work, reconfirm the latest FSA regulations and government fee schedule. Service items and pricing may change depending on the client's business model, activities, and scope of services.