Obtaining an offshore forex license is your easy decision to make a profit in the financial industry quickly and easy.
Now you can get a brokerage license forex or a license to exchange foreign currency and conduct a very profitable business in foreign exchange trading.
At the moment, more than a trillion US dollars is in the daily turnover of traders of foreign currencies. On the foreign exchange market, currencies jump every day, currencies are exchanged for others. Fluctuations in the value of one currency can be a profitable business for a lucky or calculating trader.
Eternity Law International offers the following jurisdictions for obtaining a forex broker license:
The most profitable way in this industry is the availability of an offshore Forex license. Although the money is earned on the very platform of Forex – the one who earns on an ongoing basis is a forex broker. At the time when traders are trying to make money at a currency jump, forex brokers only have to wait for traders to earn money to get their commission.
With an offshore Forex license, you or your company can collect commissions and fees from traders on the market that trade for amounts up to $ 4 trillion a day.
The main idea is that you can carry out activities legally. Here, where an offshore company with a forex broker license will help you. We can help you to get your license. Moreover, we recommend that you work legally and responsibly. Carry out thorough consultations with lawyers about the activities you are planning.
Times are changing. Many jurisdictions have stopped issuing licenses for forex activities. Most recently, the Internet was crowded with companies that sold artificial forex licenses.
Even now, some suppliers are trying to sell so-called licenses in jurisdictions such as St. Vincent and Dominica, although these activities are not regulated there at all.
By protecting your FX trade license through offshore companies, you can be sure that you have the appropriate company and the documentation is genuine and that everything is legal and correct.
Due to the fact that we have our employees in offshore jurisdictions, we can help to issue your license with the least fund and costs, and also with the least difficulties.
Moreover, we can obtain a license within a relatively short period.
With the presence of a license, you can absolutely legally offer services to forex traders. Thanks to the forex license you can conduct business all over the world via the Internet. Also, you can open representative offices around the world.
Having opened the second company serving a forex broker, you can supplement your list of services offered, open accounts in respectable European banks, open merchant accounts at acceptable rates, minimize expenses and taxation. Also, we can offer virtual office services for an offshore company in European jurisdiction, which will allow you to stand out before other offshore brokers.
Obtaining a forex license usually takes about 2-4 weeks, depending on the processing time of state documents submitted documents, the speed of the provision of all notarized documents, as well as due diligence procedure.
Further you can get to know the researches on the given subjects which will give you the information on the further choice of the suitable license. What is the best jurisdiction for obtaining a forex license? Where to register it?
We will provide you with a list of five categories of forex licenses in jurisdictions, from the most expensive and respectable, to the most affordable and fastest to receive. The criteria for the cost of a license, the complexity of obtaining a license and jurisdiction are determined.
Also, consideration was given to the need for presence, availability of staff, reporting requirements, and the reputation of the jurisdiction.
Before making a choice, you need to put questions that a wise forex broker should ask before establishing a company.
Most clients work with online brokers. Thus, you can live in the EU, USA, Canada, Australia, and conduct activities, for example, in Vanuatu. The implementation of activities without a license in some countries can lead to fines, and even to the closure of business.
Having answered the answers to the questions posed above, we will be able to help you to make choice of the jurisdiction.
Many countries have enacted regulations, governmental and private organizations, in order to help protect the public from fraud in the Forex industry. In the US, there are CFTC and NFA. In Japan, there is FSC Japan. These jurisdictions we call the jurisdictions of the first level of forex brokers.
The United States and Japan fell into this category. In order to obtain a license in these jurisdictions, you need to prove that you have $ 20 million of freely available fund, not counting customer funds.
Very stringent reporting requirements are present, as well as the large impact of customer complaints to regulators, which can lead to a strong reaction from regulators. In 2015, banks were fined almost $ 6 billion due to forex brokers.
In these jurisdictions, the United Kingdom (regulated by the FCA) and Australia (regulated by ASIC) fell. Jurisdictions have less stringent reporting requirements and lower requirements for running the enterprise.
Obtaining a license can cost about $ 35,000 – $ 50,000. A physical presence is required. You need $ 100,000 of capital from customers’ deposits. If forex deals are made “in-house”, and not offered to third parties, at least $ 1 million in cash is required. If a third party is used for transactions, only $ 100,000 of capital is needed.
These countries have regulators that offer a good level of protection to Forex broker clients. Jurisdictions include Cyprus (regulated by CySEC), Malta (regulated by MFSA) and New Zealand (regulated by FSP).
A local office is required. Low level of reporting and taxes. Initially, you need $ 30,000, the cost varies depending on the type of license. The cost and time for obtaining a license is about the same as in the second-level jurisdictions.
The cost is about $ 35,000 – 50,000 and takes about six months after the documentation is provided to the appropriate authority.
When registering in these countries and working with clients from the EU, opening a bank account with European banks is much easier than in some of the jurisdictions below.
These jurisdictions include Vanuatu, Cape Verde, Belize and BVI. Between these jurisdictions, Vanuatu was the most favorable – a mandatory deposit, which can be used after obtaining a license, is only $ 1,850.
Belize was very popular until the requirements of the share capital were raised to $ 500,000. These countries have such licensing requirements for obtaining a license to show potential customers a sufficient level of comfort and reliability of the companies.
The speed of registration is a big advantage. The process of incorporation of the company takes only a few days, the licensing process takes from one month for Vanuatu or Cape Verde, and from 3 to 4 months in Belize and BVI on average, after providing all the necessary documentation.
Licensing costs are generally less than $ 30,000. You also need to deposit at least $ 1,850 for Vanuatu, $ 125,000 for BVI, $ 150,000 for Cape Verde and Belize for $ 500,000. This amount is not blocked; You have full access to money.
The huge advantage is that once you have a license even on BVI or Belize, it is much easier to open an account for a corporate bank account for your Forex broker. We know only a few banks that can open a corporate account of a forex company without a license.
The good news is that there are a few more banks that open accounts for forex companies without a license, especially if the company carries out other activities than just forex trading.
It is not recommended to declare Forex activity or have the word “Forex” in the name of the company, if you do not plan to receive a license. While still using full disclosure, emphasizing other business goals for your company, such as “international diversification,” etc.
With our experience, we were able to help our customers to open bank accounts for their offshore brokerage business successfully.
In this category we put Latvia, and also to a lesser extent Estonia and Lithuania. The process of company registration takes from two to three months. Opening a bank account is quite simple, and may not require your visit to the region.
Since Latvia is part of the European Union, jurisdiction has a greater degree of confidence than many other jurisdictions. Latvian registrations are common among new brokers, because it is easier to attract customers from Europe and the CIS.
After we register your offshore company for you, we will help you with opening a bank account, as well as connecting payment systems for accepting payments from cards.
The vast majority of Forex companies start their business without a license, registering companies on Saint Vincent, Nevis, the Seychelles, Dominica, the Caribbean.
These jurisdictions do not have the regulation of forex activity, which can proved by the obtained legal conclusion (on request). Registration of companies in such jurisdictions will cost you 5-10 times cheaper than in the jurisdictions of the first three levels.
Jurisdictions of level 1-3 require the presence of a local office and payment of local taxes.
In jurisdictions 1-4 levels, the period for obtaining a license is approximately 6 months.
In order to enjoy the trust of your customers, ypu should get a license.
If you do not have the resources to obtain a license, please contact us – we’ll show you how you can start a business without it. Taking into account the investment requirements for jurisdictions 5-6 for forex activity – at the moment it is one of the most profitable businesses.
As Forex companies are growing now, they work without a license, then they receive a 4-5 level license to get more trust, and therefore, customer funds.
In conclusion, we want to inform you that we really help our clients to implement a full range of services for its work with a forex broker:
Please, contact us to learn more about licensing options, to receive an individual offer based on your requirements and detailed calculation to obtain a license for your future or existing business.