Over past few years, Cayman Islands maintained status as one of most popular offshore spaces in terms of a reliable basis for running financial structures. This is reason why Forex broker license in Cayman Islands is an opportunity to declare oneself as a profitable structure and take advantage of all the privileges that a recognized world authority gives.
For brokers, magnificent landscapes and the ocean that beckons with clear waters are not the main advantages of the Caymans forex broker jurisdiction, but the favorable commercial climate and loyal regulation for such companies attract Forex investors. As the conditions for operating FX project in Europe and Australia are changing rapidly, offshore licensed permissions are increasingly attracting the attention of both beginners and experienced brokers.
How to get Forex Broker license in Cayman Islands?
- First stage is preparatory: firm needs to decide on goals, specify its own requirements in relation to the future Forex structure, outline commercial plans, and so on.
- All information about the directors and shareholders of the company is collected and systematized, marketing developments and a business plan are added.
- The company must create a unique name and register in Cayman Islands as legal union.
- After completing registration procedure, application for permit may be submitted.
- Jurisdiction regulatory body reviews application. Additional information may need to be sent to the regulator.
- Making a decision regarding the issuance of a permit. If yes, you must open an account with a Cayman banking institution.
Few Important Nuances Regarding Licensing for FX brokers in Caymans
- Capital payable initially is 100 thousand in local currency (125 thousand in USD).
- Leverage is not framed.
- All commercial deals must be performed in local currency only.
- An activity permit can be obtained in about six months (maximum 8 months).
Forex broker CIMA – the regulatory representative of the Islands – fully controls all operations of Forex brokers in Cayman Islands, ensuring legality of the activities of these structures.
Way of registration of forex broker in Caymans and license issuance begins from the moment the controlling representative office has accepted the documents from the applicant. Approximate approval times listed above vary depending on the nature of forex broker business in Cayman Islands, reputation and commercial experience of the executives, the correctness of the documentation collected, and others.
If you want to start your business without time and money wasting, consider licenses for sale and ready-made companies. Eternity Law specialists will support and advice you taking into account all your wishes. We are experienced team guiaded by perfect professional knowledge and desire to help every client.
Please, contact our specialists for detailed information.