For a decade, the Seychelles securities dealer licence was the default answer to 'cheapest real forex licence'. The 2024 amendments to the Securities Act changed that: paid-up capital rose from USD 50,000 to USD 100,000, the annual fee doubled to USD 6,000, and licensees had to meet the new threshold by 30 June 2026. A Code of Corporate Governance applies to Securities Act licensees from 1 January 2026, alongside tighter advertising disclosures, mandatory risk warnings and a requirement to hold the capital in an approved bank account.
·What changed for new applicants
- USD 100,000 paid-up capital, held in an approved bank — not a balance-sheet figure
- Corporate governance code: board composition, compliance function and reporting expectations that look more like a mid-tier regulator
- Marketing: mandatory risk warnings and disclosure standards on websites and promotions
- Substance: local directors, office and compliance officer expectations continue to tighten
·Is Seychelles still worth it?
Yes — for the right founder. With roughly 190 licensed dealers the regulator is credible with liquidity providers and many payment providers, and USD 100,000 of capital is still far below Cyprus or Mauritius full-service tiers once substance is included. It is no longer the right first step for a founder with a sub-$60,000 total budget. For them, the incorporation-first route is the honest answer.
·Mauritius: the credibility option
The Mauritius FSC Investment Dealer licence (full service, excluding underwriting) remains the offshore licence with the strongest banking story. Core capital for the common tier sits around MUR 1,000,000, but real cost is in substance: local directors, office, compliance and audit. Expect a longer timeline and a higher running cost than Seychelles — in exchange for easier conversations with tier-one LPs and banks.
·Incorporation-first: SVG and Saint Lucia
Saint Lucia and St. Vincent & the Grenadines have no forex-specific licensing regime for international business companies, which keeps setup fast and inexpensive. Saint Lucia incorporation starts from USD 6,500 in our scope. The trade-off is fewer doors with tier-one providers — a sequencing decision, not a dead end. Many of our clients launch on an IBC and add a licence from revenue.
·Watch list for the second half of 2026
- Nigeria: the SEC's proposed forex rules signal licensing pressure for firms targeting Africa's largest retail FX market
- EU: the ESMA-coordinated sweep on CFD conflicts of interest keeps Cyprus and other EU hubs under scrutiny
- United States: prop-firm and intermediary classification questions continue to spill into how brokers market to US residents
·Pick the right licence for your budget
In the $250 Founder Strategy Call we map your target markets and budget against the post-2026 Seychelles rules and the alternatives — and give you the all-in cost in writing. The $250 is credited toward your engagement if you proceed.