Not every regulated business belongs in a single jurisdiction. Brokers, dealers and asset managers often license offshore or in a second onshore market — for the clients they serve, the products they run, or the structure their group needs. The question is rarely “which is cheapest”; it is which regime genuinely fits the activity and stands up with banks, counterparties and clients.
RETU runs applications across the offshore and onshore regimes institutions actually use. Each has its own regulator, licence and expectations. Below is how the main ones compare, at a level useful for choosing where to look first.
The offshore securities regimes
The established offshore centres each license securities dealing and investment business under their own securities legislation.
- Seychelles — a Securities Dealer Licence (SDL) from the Financial Services Authority (FSA), under the Securities Act.
- Mauritius — an Investment Dealer licence from the Financial Services Commission (FSC), under the Securities Act 2005.
- BVI — an Investment Business licence from the Financial Services Commission (FSC), under the Securities and Investment Business Act (SIBA).
- Cayman Islands — Securities Investment Business registration/licensing from the Cayman Islands Monetary Authority (CIMA).
The onshore markets: Australia and the UK
Where a firm needs a recognised onshore licence, Australia and the United Kingdom are the common choices.
- Australia — an Australian Financial Services Licence (AFSL) from ASIC, to provide financial-product advice and dealing.
- United Kingdom — authorisation from the Financial Conduct Authority (FCA).
- South Africa — a Financial Service Provider (FSP) licence from the FSCA under the FAIS Act.
How to choose
The right jurisdiction follows the business, not the other way around. The factors that decide it are your target clients and where they are, the products and activities you will run, the substance you can put in place, how the licence is regarded by the banks and counterparties you need, and the ongoing compliance and reporting you are prepared to carry. An offshore SDL and an onshore AFSL are not substitutes — they answer different needs.
Substance and ongoing obligations
Every one of these regimes now expects genuine substance — real directors, real controls, real oversight — and carries ongoing AML, reporting and capital obligations. A licence is the start of a relationship with a regulator, not a certificate on a wall. Planning the operating model and the ongoing compliance up front is what makes the licence usable and durable.
What we do on international licensing.
- Match the jurisdiction and licence to your clients, products and structure.
- Run the application end-to-end — Seychelles, Mauritius, BVI, Cayman, ASIC, FCA or FSCA.
- Design the substance and operating model each regulator now expects.
- Stand up the ongoing AML, reporting and compliance the licence requires.
- Coordinate a Hong Kong SFC licence alongside an offshore or onshore one where a group needs both.
Frequently asked
Which offshore securities licence is easiest to get?
The wrong question to lead with. Each regime has a different regulator, cost, timeline and standing with banks and counterparties. The one that fits your clients and products — and that your banking partners respect — matters far more than a marginal difference in effort.
Is an offshore licence a substitute for an SFC licence?
No. To carry on regulated activity in Hong Kong you need SFC licensing. An offshore licence covers activity under that jurisdiction’s regime. Groups often hold both, for different parts of the business.
Do offshore licences still require real substance?
Yes. The offshore centres have moved firmly toward genuine substance and economic-presence expectations — real directors, controls and oversight — plus ongoing AML and reporting. A shell arrangement is neither compliant nor bankable.
Can RETU handle applications in more than one jurisdiction at once?
Yes. RETU manages applications across Hong Kong and the offshore and onshore regimes, and coordinates a multi-jurisdiction structure where a group needs licences in several places.
RETU Consulting Limited is a financial-services consultancy and is not itself an SFC-licensed corporation. Where an engagement involves a regulated activity, that activity is carried out by the appropriately licensed entity.