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Banking in Seychelles

The Republic of Seychelles is a group of 155 islands in the Indian ocean, at the North-East of Madagascar and 1,500Km east of the African continent coast. Seychelles manages one of the fastest-growing International Business Companies (IBC) registers in the world and is governed and protected under the enactment of the Financial Service Authority Act 2013. The descendant of Seychelles International business authority (SIBA), the financial service authority, is responsible for regulating non-bank financial service sector.

Central bank of Seychelles, established in 1983, exerts the power over regulating and supervising the banking system. Seychelles is one of the first countries in the region adopting Anti-Money Laundering Act in 1996.

The banking sector in Seychelles operates under the single regime licensing in which banks are allowed to conduct both domestic and international (offshore) banking business without separate licenses. As of the end of 2018, there are 8 licensed commercial banks in Seychelles, of which twos are fully and majority-owned by the government, namely Seychelles Commercial Banks and Nuovobanq bank, the rest are subsidiaries of foreign banks.

Opening bank accounts in Seychelles gives many advantages. Beside extensive banking facilities offered i.e. multi-currency accounts, internet banking…, most banks have reasonable account deposits. Moreover, opening accounts without signatory travel would add a plus for banking in Seychelles.

Banking Options for Seychelles Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
UAERAK BankUSD 10,000

Required documents

Though banks will have different requirements on documents needed to open bank account with them, some of common ones can be named and listed below for your review. We strongly recommend you to contact us to get free consulting for your case.

  • Account application forms
  • Bank statements
  • Bank reference letter
  • Certified copies of personal identity documents including valid passports and residency proofs within 3 months for all directors/ shareholders/ account signatories
  • Business plan
  • Copies of Seychelles company documents
  • Certificate of Incumbency