Reason for this visit

Seychelles, which is an archipelago country in the central and western Indian Ocean, has a looser attitude towards foreign exchange. Seychelles has been a popular offshore jurisdiction for brokers and other international business companies in the industry for many years, providing light regulation, business flexibility and high leverage, while also simplifying the company registration process. The regulator responsible for granting broker licenses is the Seychelles Financial Services Authority (FSA). Licensed brokers are required by FSA to have a physical office location as well as resident employees. In addition, the licensees must employ at least 2 natural persons as directors and at least 1 licensed securities advisor or 1 licensed investment advisor. Moreover, all licensees must have professional liability insurance, and each company executive must meet the appropriate person principle requirements. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Seychelles, the survey team is going to the country for on-site visits.

On-site visit

This time the survey team went to Seychelles to visit the foreign exchange dealer Fivehills as planned. The survey address is 1st Floor, Dekk House, Zippora Street, Providence Industrial Estate, Mahe, Seychelles.

The survey personnel came to the destination of the current survey according to the above address. The destination is located in the eastern archipelago of South Africa, the largest island in the Seychelles - Mahe. The capital Victoria is located on the island and is a tourist attraction. The company is located in Dekk House, a two-story building on Zippora Street. There was no reception desk or water sign in the ground floor lobby. The investigators could freely enter and exit the building.

The investigators found that only the door of Room 7 had the company name "FIVEBATS SECURITIES LIMITED" posted, but this was not the office of the trader Fivehills. The investigators thus confirmed that the dealer's office does not exist here.

Conclusion

The investigators went to Seychelles to visit the foreign exchange dealer Fivehills as planned, but did not find the dealer's office at its publicly displayed business address. The dealer may have just registered a company at this address without a real business venue. Please choose this dealer carefully.

Disclaimer

The content is for informational purpose only, and shall not be taken as final order for making choice.