FiveComply NAYIA XIARI Global Head of Licensing at FiveComply
Go Offshore; Why FiveComply decided to expand in Seychelles It is always very challenging for an investor to prudently evaluate his options prior setting up his forex brokerage; there are lots of different criteria and strategic decisions that need to be taken into consideration, in order to choose the right jurisdiction in terms of cost and time efficiency. This is where FiveComply’s expertise in the financial sector becomes crucial, in assisting investors to properly assess their options for the establishment of their brokerage and also to achieve compliance with regulatory obligations. FiveComply, as a global consultancy firm that acquired licenses for investors in more than 15 jurisdictions, has strategically decided to expand and enhance its Seychelles team to be able to assist its clients with A-to-Z solutions. In this interview, given by the Global Head of Licensing and Compliance Support, Nayia Xiari, we are able to get a closer look on why getting a Seychelles forex license is considered one of the best offshore options right now, for setting up, but also operating your license. Q Why FiveComply decided to expand to Seychelles? Let me mention that, FiveComply specialises in the Seychelles jurisdiction for over 5 years now. Our CEO Gabriel Styllas, has been a specialist in the licensing and regulatory compliance sector for over 20 years and has built a brilliant team of experts that are able to offer tailored made solutions based on each client’s needs. In the last three years, FiveComply has acquired a vast number of licenses in Seychelles, with investors being more and more interested in the Securities Dealer License regulated by the Financial Serviced Authority (FSA) of Seychelles. Our primary aim, is to constantly develop and enhance our operations in order to provide to our clients’ multiple options and the best results possible. Thus, while observing the Seychelles market during this period of years, we understood that, more professionals were needed, especially in terms of compliance support. Thus, we have composed our own team of compliance support experts focused on the Seychelles legislative and regulatory scheme. In addition, we have a local office operated by Mrs. Chantal Senterre who is FiveComply’s Seychelles Office Manager and an FSA Approved Outsourced Compliance Officer.
GAME CHANGERS Issue #40
Q What can the FiveComply Seychelles team offer to its clients? Let’s break FiveComply’s services in four main parts; pre-application stage, post-application stage, license activation stage and post-license ongoing compliance and legal support stage. Pre-application stage: Firstly, FiveComply assists clients in acquiring their Securities Dealer License. Our team reviews and advises on the corporate structure, the proposed directors and shareholders CVs and KYC/DD documentation and also prepares all the manuals and the Company’s Business Plan according to each client’s business model. The clients have also the option to appoint our FiveComply compliance officers to whom they can outsource the compliance function of the company. Post-application stage: Once the application is submitted to the FSA for examination, FiveComply responds to all the queries raised with the FSA and follows-up on a constant basis with the FSA responsible officers to ensure a smooth and prompt coordination in regards to each application. We consider it of paramount importance to build and maintain a relationship of trust with each and every regulator, this is why Gabriel our CEO along with myself and other key members of FiveComply, travel on an ongoing basis to Seychelles and arrange face-to-face meetings with the FSA. In this way, we utilise the feedback we get to upgrade our applications and be proactive according to the FSA’s updated internal policies. License activation stage: Once the license is acquired, FiveComply offers ongoing compliance support to its clients to help clients activate their license; this entails assistance with opening of a bank / EMI account, detailed plan in regards to the activation process and actions needed, assistance in obtaining a professional indemnity policy and constant support in regards to regulatory obligations imposed under the FSA regulatory scheme. Post-license ongoing compliance and legal support stage: After activation of the Securities Dealer License, the FiveComply team, assists clients on a constant
