Forex License in Belize
Forex License in Belize
Jurisdiction format selection for the registration procedure to get the license for the right to hold Forex transactions is a search of a state with the stable and well-formed political and economic system supported with the excellent entrepreneurship by the government. Belize is such a country and is one of the most open and attractive economic zones for a variety of international transactions. Entrepreneurs who intend to get a Forex license consider Belize as one of the most appropriate and applicable solutions.
This country is also perfect as a platform for entrepreneurship held by investment companies. Applicable and affordable tax legislation based on the British legal frame is reasonably considered one of the most loyal worldwide. There is the special regulator, the International Financial Commission in Belize that is responsible to issue licenses with concurrent regulation of the services market in this spectrum. On whole, it creates the favorable environment to attract foreign businessmen who seek to hold the legitimate but cost-effective financial activity.
Forex Business in Belize And its Benefits
Prior to get a forex license in Belize from the regulatory body, a company should be registered to make any efforts within Belize at ease; the local law strongly commits to it. Offshore registration offers a range of advantages, among which the following need special attention:
- Offshore companies are not subject to taxation;
- Privacy is kept to the highest possible extent;
- Registration process takes little time;
- Requirements regarding the binding residency of the company founders and shareholders are not there in full;
- Transfer of rights to assign to the Director and shareholder as a single person;
- Possibility of holding joint meetings of shareholders and the Directorate outside the country;
- No control on foreign currency transactions.
To make the best use of benefits in Belize the following rules should be strictly observed:
- Companies have no right to hold commercial transactions with individuals and legal entities acting as residents of the country;
- Ownership of property within the state is absent;
- Operations in trust, brokerage, banking and insurance markets require prior license granting the rights of the controller in Belize;
- It is forbidden to transfer their own legal address to use in other companies with foreign participation.
Company Formation in Belize
According to rules of applicable legislation, a simple and highly operational procedure is allowed to enter a company with a single Registry.
Registration steps are as follow:
- Preparation of the required package of documentation relevant to shareholders and Board of Directors, as well as directly related to the company;
- Correct selection of the name of the company – duplication of names earlier registered within the state is prohibited;
- Payments due for registration of deductions and charges;
- Filing of the company with the Registry.
The procedure requires the following:
- Memorandum of association;
- Minutes of the first meeting;
- Certificate confirming the appointment of the first Director;
- Information on Directors and shareholders;
- In case of nominee Director/shareholders, the Declaration of trust and power of attorney on the right to hold activities should be submitted.
The procedure of company incorporation in Belize takes minimum time; in practice, it takes no longer than 14 days, on whole.
In compliance with the legal framework, the State Commission of Belize on financial services (BFSC) is allowed to function. Thanks to its own financial regulator, the business reputation of a Forex company licensed in the same country can be significantly strengthen.
The BFSC jurisdiction applies to activities of those companies that do their business in the following areas:
- Brokerage operations;
- Operations with securities;
- Asset management of enterprise and protection thereof;
- Loan granting;
- Services based on power of attorney and so on.
BFSC license to run the Forex activities is a comprehensive document giving the right to perform a wide range of operations in the brokerage industry while maintaining assets of third parties. It may be obtained for the company only that is registered directly under this jurisdiction. At the same time, it is strictly controlled and required to submit the required reporting on its functioning to the Securities Commission.
BFSC – financial monitoring and control body acknowledged worldwide. A company that is licensed to trade in foreign exchange (Forex) is obliged to comply with all of the following requirements in its activities:
- Have the share capital of not less than $500,000 US dollars;
- Pay fees in the amount of about $ 25,000 once a year;
- Have their own virtual office;
- Avoid operations with legal entities and individuals acting as residents of Belize;
- Have a staff Director who is a resident of the state;
- Harmonize the regulatory and supervisory structures of all changes in the company and its activities;
- Avoid transactions using the national currency of Belize;
- Submit reports about their activity to supervisory bodies.
When filing an application for a Forex license with the BFSC, payment of the fee at $ 1,000 is binding. As a rule, the license shall be issued within 1 to 3 months.
Filing of Documentation to Get Forex License in Belize
BFSC sets strict requirements for companies that seek for a Forex license. At that, one of key points for the positive decision to grant the right to run Forex trading is complete and timely submission of the entire package of required documents.
The list of documents required for submission to the BFSC is as follows:
- Correctly executed, signed and notarized application;
- Biographical information on shareholders and Directors with official evidence of data provided;
- Notarized copies of passports, bank statements and countries of residence, confirming documents individually for each Director and shareholder;
- CV for each Director and shareholder;
- Justified business plan.
Licensing of Forex activities in Belize and benefits of the procedure.
The unique legislative base of the country offers unlimited advantages to companies operating on its territory.
Forex trading licensing within this jurisdiction has undeniable benefits for some of reasons:
- Minimal period to issue a license, especially when compared to the length of similar procedures in other countries where it may take up to 3 months, on whole;
- Practice to license the Forex business;
- Minimal monitoring regarding activities of companies permitted to hold operations on the brokerage market;
- Transparent list of documents required to be submitted to the regulatory structure;
- Fixed volume of the authorized fund of the company.
Forex Licensing by Private Financial Services
Private Financial Services Will Assist You to:
• Prepare all required KYC documents;
• Company formation;
• Bank account opening;
• Application preparation and submission;
• State fees payment;
• Business plan preparation;