Forex broker license in Cape Verde

Cape Verde – Republic of Cape Verde – a state in Western Africa.

Population 520,502

  • Income level – below average

Capital – Praia
Below is detailed information on what steps to take to register a business and obtain a Forex broker license in Cape Verde. The information includes the procedures, timing and cost of starting a business and obtaining a license for a commercial enterprise.

  • Legal form: Sociedade por Quotas de Responsabilidade Limitada (LDA)
  • Paid minimum share capital: 1 CVE
  • City: Praia

Procedure: Verification and Reservation of Company Name – Cape Verde Forex Broker License

Agency: Commercial Trade Department (Casa Do cidadão)

Investors provide a proposed company name and activities. The research is carried out by the Department of Trade Registry (Casa Do cidadão), which approves or rejects the names. The registry is computerized, so the verification process is very fast.

Process – 1 day

Company Registration – Cape Verde Forex Broker License

Agency: Commercial Trade Department (Casa Do cidadão)

After the authorized person goes to the Commercial Department of Trade (Casa Do cidadão), the company is registered through the internal online registration form. The company incorporation notice is published on the Casa do Cidadão website. A company tax number is assigned automatically and free of charge.

Process – 1 day

Registration fees – about 200 USD

Making a deposit of the authorized capital to the bank – Forex broker license in Cape Verde

Agency: Commercial Bank of Cape Verde

In practice, Casa Do cidadão requires founders to make a deposit within two days of registration.

For companies that are not registered using the “Empresa no Dia” fast registration method, the minimum amount of the authorized capital is deposited with the bank prior to registration.

Process – 1 day

Obtaining a Municipal License – Cape Verde Forex Broker License

Agency: Municipality

There are two types of licenses in Cape Verde: a municipal license and an operating license. A municipal license is compulsory for all businesses operating in Praia. An inspection is usually carried out before the granting of a municipal license.

However, since the adoption of the Decreto-Lei on 30/2009, the inspection of the municipality can be carried out “posteriori” and the enterprise can start operating before receiving the municipal license.

The license can be checked online through the following web portal:

Obtaining a license – 8 days

Official duty – about 400 USD

An activity license, as its name implies, is obtained for the activity that the company is going to carry out. This license is optional for all companies. For example, if a commercial company does not carry out activities for the export-import of goods, it does not need to obtain such a license.

If a company applies for two licenses at once, then the inspection of the Municipality is carried out simultaneously by two inspectors.

Registration of employees at the Office of Social Security (Instituto Nacional de Previdência Social)

Agency: Social Protection Agency (Instituto Nacional de Previdência)

Term – 1 day

Employee Registration for Accident Insurance – Cape Verde Forex Broker License

Agency: Insurance company

The founders must insure workers against accidents with any insurance company.

Term – 1 day

Labor Inspection Workers Registration – Cape Verde Forex Broker License

Agency: Labor Inspection Agency

This procedure is mandatory if the company hires employees under an employment contract.

Term – 1 day

Obtaining and registration of company books – Forex broker license in Cape Verde

Agency: National Press Agency (Imprensa Nacional)

These books can be purchased from Imprensa Nacional. All pages must be signed by an authorized person.

The last three points are carried out simultaneously with obtaining a license.

Currency Regime in Cape Verde – Cape Verde Forex Broker License

– The Foreign Currency Regulation (“Forex”) rules apply to all transactions between Forex residents and non-residents Forex, regardless of their nature (personal or business transactions).

– Foreign exchange transfers between a resident and non-resident company are subject to a Forex license, which varies depending on the types of transactions.

– Forex transactions must be carried out through local banks or financial institutions duly authorized to carry out such transactions.

Forex Residents – Cape Verde Forex Broker License

– Persons who are residents (more than one year) in Cape Verde

– Companies headquartered in Cape Verde

– Branches, agencies or any other form of representation in Cape Verde for companies headquartered abroad

Forex non-residents:

– Persons permanently residing abroad

– Companies with head offices abroad without a form of corporate representation.

Forex operations:

– Opening offshore bank accounts for residents – Preliminary approval

– Payment for goods, current transactions and invisible elements of trading operations – Free

– Capital transactions – Pre-approval

– Other operations – Pre-approval

The Cape Verdean jurisdiction has only recently begun to enjoy popularity for many licensed activities, including forex activities.

Companies engaged in the provision of forex, payment systems, cryptocurrencies, financial services and gambling services can benefit from obtaining a license to set up a business in a given jurisdiction.

Ready-made companies with licenses are available. Make a request.

Please contact us to learn more about licensing options, receive an individual offer based on your requirements and a detailed calculation for obtaining a license for your future or existing business

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