FX space in Brazil is as accessible to businesspersons as possible. Despite the fact that until 2005 this sphere did not have a development, now, the government has changed its opinion and Forex trade contributes in every possible way. In order to conduct officially allowed and regulated deals here, organizations need Forex broker license in Brazil. We will consider the nuances and subtleties of getting permission, as well as requirements for licenses.
Regulative basis for Brazil Forex Trading Brokers
Now, there aren’t plenty of separate BX brokers in Brazil – more often these are branches of transborder brokerage companies, additionally expanding their services to jurisdiction market. If foreign brokerage organizations proffer their services in Brazil, they should be ready to accept deposits in local currency. Web resources of brokerage firms, as a rule, have versions in Brazilian and English.
Brazil Forex license is released by National Bank – main regulatory body of jurisdiction. Capital markets are controlled by Exchanges and Securities Commission, which was formed in 1976 and today is an independent body under the control of the Ministry of Economics.
Traders should also follow several more rules. Among others, special attention is paid to the fact that each operation carried out by company needs to be stored in general information system of Brazilian Bank. This body is not located on a general brokers’ list who have received a license, however, interested parties can directly send a request there regarding whether this or that broker is regulated. Surely, the presence of official permits gives certain guarantees of security and, accordingly, increases the level of trust and confidence of customers.
Requirements to be met in order to get permission
The Brazilian regulations set out the following requirements for firms that wish to obtain permission to operate as a Forex broker. In particular, the following:
- the minimum starting capital should be 245 thousand euros;
- the company must prove to the regulator that the start-up capital was obtained legally;
- the head of the firm must be a resident of the jurisdiction or, in the absence of residence, have a special permit to work within the country;
- the firm must provide the Central Bank with data by which the founders can be identified, as well as documents confirming that these persons have sufficient professional knowledge in the market sector in which the institution will operate;
- the company must register with O Sistema de Informações Banco Central (Sisbacen) – the very system that the National Bank oversees;
- a detailed description of the future business activity should be provided, which will reflect the financial and economic prospects of the project, the goals to be realized, as well as the physical and organizational structure of the company.
FX market in Brazil – direction is quite dynamic and filled with capabilities. If you intend to open just such a business, we’ll support you in getting Forex broker licenses in Brazil. Contact us – our experts are ready to advise you and accompany you until the complete completion of the transaction. We offer many ready-made companies for sale by making a choice in favor of which you can significantly save your own funds and temporary resources. We are always at your service.
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