The Seychelles are not just a paradise for its beautiful beaches and sweet fruits. A long-standing heaven for offshore companies, thanks to the popular Seychelles IBC, the gorgeous exotic country is becoming a major financial services destination. Not long after enabling multiple entrepreneurs with the Forex License in the Seychelles, the African insular jurisdiction is now sailing to innovative grounds: virtual assets.
How do you get a crypto license in the Seychelles?
Introduce the crypto license in Seychelles, an immediate favorite of entrepreneurs and SMBs of the FinTech space. And as a digital asset regulation with reasonable cost and attractive business conditions, a fast-growing crowd is wondering how to get the Seychelles VASP license. As a leading law firm, working with awarded and fast-growing virtual asset service providers, LegalBison’s experts have composed the guide below to provide you with the necessary pointers to get started.
Step 1: Composing a business plan
Crypto entrepreneurs can save a lot of money on their Seychelles crypto license, provided that they have a clear understanding of the applicable regulations for their exact virtual asset services. This is why detailing the business plan on paper, with thought through schemes of every aspect, is key to streamlining the process. This means for example drawing the flows of funds, depicting the custodial model for the tokens, properly describing the tokenomics if relevant, painting a 360° picture of the crypto exchange‘s processes, etc.
For free, LegalBison’s legal specialists provide consultations to entrepreneurs willing to assess the possible regulation applicable to their crypto business activity in the Seychelles. Our consultants can further advise on the steps to take. Our specialists will provide you a personalized answer to important questions such as: can you conduct an ICO in the Seychelles? Can you run a DEX, or an OTC exchange?
Step 2: Registering a company in the Seychelles
Naturally, it is both attractive and logical to set up a company in the Seychelles in order to form a crypto licensed company there. In addition to the numerous tax and business benefits of a company in the Seychelles, it is also the necessary demonstration of seriousness and trustworthiness to show to the Seychelles’ authorities, such as the Seychelles FSA.
The process of company formation in the Seychelles is very simple and the cost is very low. LegalBison assisted numerous projects with incorporation in the Seychelles, enabling them to start their business and flourish immediately. Properly incorporating a company in the Seychelles is an important step, and such a legal entity is undeniably an asset in the belt of the FinTech entrepreneur.
Step 3: Applying for the proper VASP license in the Seychelles
As the company is formed and the business plan has properly described the activities to be undertaken by the Seychelles crypto licensed company, serious business can begin.
There are different possible VASP licensing setups in the Seychelles, which LegalBison’s experts are familiar with. These alternatives are the core reason why an initial assessment in the form of a detailed business plan is so critical: a properly adjusted model could save you a lot of time and money on the administrative side. Such an assessment can also be conducted by our FinTech lawyers directly, as part of our numerous legal services, which assist an ever-increasing number of crypto-entrepreneurs in strategic decision making and in legal protection.
The application part of the process is simpler for you. LegalBison manages the entirety of the process on your behalf, with the assistance of a dedicated project manager.
Step 4: Opening a bank account
As your crypto licensed company in the Seychelles is now up and running, it is fairly common to finalize the set up process by opening a bank account.
Since the Seychelles are considered offshore and as crypto businesses qualify as high risk businesses, negotiating with the banks can be tricky. This is why our services also include taking care of bringing your crypto project’s details to our network of trusted crypto-friendly banks, in order to negotiate an opening with the best cost on your behalf.
A bank account is especially important for crypto businesses necessitating on and off ramping services provision.
Fast-tracking your Seychelles crypto company with LegalBison
In the ever accelerating digital world, entrepreneurs do not have time to wait for half a year that regulators look into their project bit by bit before giving their seal of approval. This is why LegalBison’s team in the Seychelles is working hard to provide the fastest services with the best cost.
One popular solution to accelerate your crypto licensing process is to purchase an existing licensed company. LegalBison holds a rolling stock of such companies in the Seychelles and in other jurisdictions, whose availability is highly volatile due to high demand. We encourage you to leave a detailed request if you are interested in this solution, so our consulting team can provide you with an offer specifically designed for your needs and your budget.
Insights and concluding thoughts
As the Financial Services Authority in the Seychelles is making progress on its cryptocurrency licensing framework, our services are evolving as well. Web3 entrepreneurs should rightfully be excited about the opportunity that a crypto license in the Seychelles offer to them. The offshore paradise islands have proven more than once that they were working hard for enabling innovative and fruitful businesses. LegalBison provides full assistance to its clients willing to expand their operations in the Seychelles, with proper legal supervision and service.
Do you have a crypto project in mind and do not know where to start? Send us a message, our consulting team will gladly explain the process and requirements for setting up a crypto company in the Seychelles. If you are afraid of the cost or duration of the process, worry not: we certainly have alternative solutions that would allow you to make your business idea come to life.
