In comparison with other offshores, Bahamas have a fixed, step-by-step procedure of getting activities permission. FX firms who want to work in stable and reliable environment often choose this particular state. Forex license in Bahamas is a permit giving an entrepreneur access to a stable market, the privileges and possibilities of which we will list below.
How to get Bahamas Securities Dealer license?
For licensing, it is necessary to pass a firm official establishment – collect a package of documents confirming the identity of persons holding senior positions, directors and shareholders, develop commercial plans and approve internal mechanisms. When package of documentation is collected, you need to send an application for licensing to SCB. At the same time, according to the laws of Bahamas, it’s significant the company has a real physical address in state, as well as resident directors.
Points connected with financial activities in this state:
- executive directors need to be residents;
- it’s possible to work in accordance with non-agency commercial spheme, but then capital will be higher;
- possessing Bahamas Forex license, firms have rights to trade shares and options dealing with others similar;
- licensing procedure takes up to six months.
Requirements for FX brokers activities
Registered organization needs to have sufficient financial resources to carry out its own business responsibilities, be able to withstand the risks that arise in the course of work, and comply with all existing rules.
- A registered firm authorized to conduct any transactions with securities needs to have a starting capital of 300 thousand US dollars.
- For organizations with rights to conduct consultations on securities, amount of start-up means is from 25 thousand dollars.
What is included in the initial capital:
- money and their equivalents;
- money market funds in Bahamian or US dollars accounts in Bahamas;
- market price of securities of Government of islands less than 10%;
- market price of securities listed on a securities exchange approved with law or on securities exchanges of another country authorized by Bahamian Commission, excluding a percentage determined by Commission from time to time.
Firms with Bahamas Forex broker license need to have certificated auditor. Auditors annually check financial recordings according to all standards and create an audit report. In addition, organizations with FX in Bahamas need to keep books of financial transactions.
Islands offer favorable conditions for the launch and development of FX projects. Our specialists provide complete support in obtaining Forex licenses in Bahamas and proffer a plenty of variants for ready-made companies for sale. We’ve extensive experience in accompanying clients in the purchase of businesses and licensing. Contact us now and we will become your reliable partners along the way.
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