Forex broker license in Cyprus. Cyprus financial market offers many advantages:
One of the main financial areas in Cyprus is the forex. If you plan to obtain a brokerage license, you should consider Cyprus as a potential market for business registration.
There is a specific body that controls the market and licenses obtaining – the Cyprus Securities and Exchange Commission (CySEC). It was established 8 years ago and provided significant changes in the countries economy. Due to it, Cyprus was always among the pioneers to introduce new financial options, including the binary options.
Forex legislation includes 2 main acts:
Before submitting documents you need to make sure that all of the requirements are met. Otherwise, you will lose the chance to receive a license. Here is a short check-list:
Licenses are obtained only by those companies that have established a transparent reporting process and who have the technical and legal capabilities to store customer data. So be prepared to provide information on these items.
After receiving your documents the CySEC takes 6 months for its consideration. All the documents are carefully checked. But usually the decision appears earlier – in 4-5 months after submission.
The cost of the license depends on the number of services you plan to provide.
First of all, you need to register a company in Cyprus. The certificates of registration are also provided by the CySec.
Before company registration, you need to familiarize yourself with the Investment Services and Activities Law and the Regulated Markets Act of 2007. According to this document, brokerage activity is considered as an investment activity.
The next stage is the opening of the bank account. On this account, you must put the share capital and freeze it until the decision on the license.
Depending on the number and specificity of services, the size of the authorized capital varies from 80 thousand euros to 1 million euros.
After you transfer the capital to the account, ask the bank to give you a written confirmation of the availability of funds. Without this document the positive decision on the license is impossible.
Eternity Law international will gladly help you with forex broker license, and our specialists will answer all your questions. Take advantage of our many years of practical experience – save your time and your money.
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