Regulatory Alerts2023-01-01
Non-Applicability of the Licenses Act to ITZ Licensees
The Financial Services Authority clarifies that the Licenses Act does not apply to International Trade Zone licensees, meaning they do not require a separate licence from the Seychelles Licensing Authority to operate. Operators holding only a Licenses Act licence are prohibited from conducting business within an ITZ unless they obtain an ITZ-specific licence. Companies currently holding both licences must coordinate with the licensing authority to regularize their operational status under the ITZ Act.
Circular No. 10 of 2023 Date: 29th November, 2023 Non-applicability of Licences Act to ITZ Licensees The Financial Services Authority (FSA) would like to draw the attention of all its licensees under the International Trade Zone Act, 1995 (ITZ Act”), in regards to the non-applicability of the “Licenses Act” to ITZ Licensees. The FSA would like to clarify to all ITZ licensees that as per Section 3(2) of the Act which reads as per below; “Subject to this Act, the laws specified in the Schedule shall not apply to the extent specified in the Schedule to a zone” Read with Paragraph 7 of the Schedule of the ITZ Act, which state that the “Licenses Act” shall not apply to an ITZ Licensee, it is therefore interpreted that ITZ operators do not require a licence from the “Licenses Act” issued by the Seychelles Licensing Authority (SLA) to operate in a zone. Secondly, given that the “Licenses Act” shall not apply to a zone, operators with a licence issued under the “Licenses Act” are not permitted to be operating and conducting business in an ITZ. Lastly, it is noted that any company licensed under the ITZ Act that has been issued with a licence under the “Licenses Act” who already have an ITZ licence, is required to liaise with SLA so that the needful can be undertaken. FINANCIAL SERVICES AUTHORITY