Seychelles Fund Administrator’s License is granted by the Financial Services Authority under the Mutual Fund and Hedge Fund Act, 2008. The act sets out the guidelines pertaining to the application and licensing of mutual funds and other collective investment schemes.
a) License Scope
• to manage (Including controlling all or substantially all of the assets of the mutual fund)
i. Preparation of fund accounts
ii. Period valuation of fund assets
iii. Periodic preparation of relevant stakeholders’ reports
or
• to administer the mutual fund, or to provide the principal office of the mutual fund in Seychelles or to provide an operator to the mutual fund,
i. control of assets of mutual funds or hedge funds
ii. calculation of risks & reserves
iii. periodic preparation of relevant stakeholders’ reports
b) Minimum Licensing Requirements
• Minimum of two Fit and proper natural directors
• In case of Seychelles fund administrator’s licence, the applicant must have either its registered office or a principal place of business in Seychelles
• adequate expertise, resources and facilities necessary to properly administer mutual funds.
• No minimum capital requirements
• Compliance officer and alternate compliance officer
• Obtain a professional indemnity cover appropriate for the nature and size of the business
