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+1 (888) 647 05 40To Forex brokers contemplating expansion in Europe but unwilling to bear the hefty cost of maintaining a Cypriot or Maltese licensed company, we strongly advise considering Forex broker in Bulgaria license.
Broker in Bulgaria is formally categorized as investment enterprise and operate under an Investment Services License (ISL), which outlines the allowable array of services and financial instruments it can provide. In accordance with Bulgarian legislation, participating in forex trading is regarded as an funding endeavor that mandates a license from the Financial Supervision Commission. Consequently, acquiring a license is an obligatory prerequisite for conducting funding brokerage operations in the forex market. Local Forex market is extensively developed and on par with analogous markets in other nations.
The company must be overseen by at least two directors who must be residents of the European Union (EU). The managing directors should possess substantial knowledge and experience in the financial sector, which must be supported by relevant documentation such as educational certificates and employment records. Additionally, the company is required to hire an accountant and submit financial reports. Furthermore, the license-holding company must undergo annual audits. A local head office must be situated inside of the territory.
Investment company adheres to the general European standards outlined in MiFID 2004/39/EC (and in MFIA), the requirements for authorized capital are identical to those in Cyprus and Malta:
The total authorized capital will be deposited into the applicant’s account at a Bulgarian bank and remain frozen for the license’s duration.
The noteworthy advantage and distinction from Cyprus lie in the fact that, when submitting the application to the commission, the applicant is only required to pay 25% of the total authorized capital. The remaining 75% is payable into the account solely upon the commission’s approval to issue the brokerage license.
Both Bulgaria and Cyprus operate an Investment Compensation Fund. In Bulgaria, the amount is relatively small and contingent upon the license type (€2,000-5,000).
The commission pays close attention to the origin and transparency of shareholder funds. All funds, including those utilized to replenish the authorized capital, must be acquired by the shareholder through legal means.
The overall process typically spans 5-7 months from the submission date of the required documents to the commission.
In conclusion, for Forex brokers seeking to establish their presence in Europe without incurring the high costs associated with maintaining a Cypriot or Maltese licensed company, Bulgaria presents an appealing alternative. With a well-developed forex market and a regulatory framework aligned with other European Union countries, obtaining a forex license in Bulgaria offers numerous advantages.
These benefits encompass lower corporate tax rates, more affordable state fees, and cost-effective legal services when compared to Cyprus. Furthermore, Bulgaria’s multilingual population, stable relationships with neighboring countries, and strong trade partnerships within the European Union contribute to a favorable business environment.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.