LogoRegulatory Alerts
2012-11-21

Financial Institutions (Bank Licence Fees) Regulations, 2010

The Central Bank of Seychelles, in consultation with the Minister of Finance, has established fixed processing and annual fees for banking and offshore banking licence applicants under the Financial Institutions Act. Applicants must pay a R20,000 processing fee for standard banking licences and $2,000 or equivalent for offshore licences upon submission, alongside annual fees ranging from R250,000 to R1,000,000 based on total assets. These obligations apply before business commencement and continue annually, with the regulations formally taking effect on 1 January 2010.

Central Bank of Seychelles logo

Seychelles

Central Bank of Seychelles

Click to view thumbnail

[1st March fOl0] Supplewe,,:t to Official Gazette - 49 S.I. 21 of2010 FINANCIAL INSTITUTIONS ACT, 2004 (Act 14 of2004) Financial Institutions (Bank Licence Fees) Regulations, 2010 . . In exercise of the powers conferred by sections 5 and 10 of the Financial Institutions Act, 2004, the Central Bank of Seychelles, in consultation with the Minister of Finance, makes the following Regulations ~

  1. These Regulations may be cited as the Financial Institutions(BankLicenceFees)Regulations,2010.
  2. These Regulations shall be deemed to have come into . operation on 1st January, 2010.
  3. An applicant shall, upon submission of an application for a banking licence or offshore banking licence, pay the application processing fee as specified in Schedule I to these Regulations.
  4. An applicant shall, upon the grant of abanking licence or offshore banking licence, before commencement of business and thenceforth annually, pay the annual fee specified in Schedule II to these Regulations. SCHEDULE I (Regulation 3) PROCESSING FEES Banking licence R20,000 Offshore banking licence $2,000 or equivalent in freely convertible currency Citation Commencement Processing fee Annual fee

.' , 50 Supplement to Official Gazette [1st March 2010] SCHEDULE II (Regulation 4) ANNUAL FEES Total assets Less than R300,000,000 , , . R300,000,000 or more, but less than R1;000,000,000 R1,000,OOO,OOO or more, but less than R5,OOO,00O,OOO R5,OOO,OOO,OOOor more Annual Fees , R250,000 R50O,000 R750,000 R1,000,OOO MADE this 19th day of February, 2010. PIERRE LAPORTE GOVERNOR CENTRAL BANK OF SEYCHELLES '-----

Share