Licensing

Looking to establish a Licensed Forex Brokerage? We got it all covered for you.

Labuan Forex License (LFSA)

Overview

Labuan is a low-tax international business and finance centre in Malaysia. If you wish to obtain a Labuan Forex License, you must get in touch with the Financial Services Authority arm of the Labuan IBFC.

Process

  • Certified passport copy
  • Last 3 months utility bill
  • Director/Shareholder’s Bank reference letter
  • Reference letter from CA or CPA
  • Lawyer’s reference letter
  • Copy of educational degree certificate (Should be in English)
  • Director/Shareholder’s CV
TYPE OF SERVICE
COST
ANNUAL AUDIT $3 000 – $5 000
1ST EMPLOYEE – ACCOUNTING, COMPLIANCE $1 000 – $1 200
2ND EMPLOYEE – ADMIN $600 – $900
FURNISHED OFFICE $600 – $800
TOTAL MONTHLY FEE $3000
MINIMUM PAID UP CAPITAL RM 500 000

Time Frame:

A Labuan Forex License ( LFSA) can be obtained in approximately 3-4 months.

South Africa License (FSCA)

The Financial Services Board of South Africa (FSB) is the supervising body for the industry in South Africa since the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). Any company that intends to conduct a Foreign Exchange business (forex) on a discretionary basis must obtain a Category II Discretionary FSP license with the FSB. The FSB requires a company to maintain current assets which are sufficient to meet current liabilities. It must submit an annual audited financial statement. A local office is not required but a registered office is. As a Key Individual, there must be a local employee operative with regulatory examinations.

Process

  • A notarized color copy of a valid passport (one copy for each Shareholder, Director, Beneficial Owner, or Authorized Signatory)
  • A Notarized 2ndform of ID (one copy for each Shareholder, Director, Beneficial Owner, or Authorized Signatory)
  • A proof of residential address dated within the last 3 months (for example: a utility bill: one copy for each Shareholder, Director, Beneficial Owner, or Authorized Signatory)
  • A notarized copy of a Bank reference (for each Shareholder, Director, Beneficial Owner, Authorized Signatory)
  • A detailed signed and dated Curriculum Vitae (CV) (for each Director and Shareholder)
  • 2 Character Reference Letters issued by professionals (for each Director and Shareholder)
  • Certified Diplomas of Higher Education (for each Director and Shareholder)
  • A Notarized Criminal Record (for each Director and Shareholder)
  • A Detailed business plan
  • If Shareholders and/or directors are legal entities, it is required to submit a full set of certified company documents. If the company has been operating over a year, a certificate of Good Standing must be submitted.
  • You must submit three different company names in order of preference

Time Frame: Obtaining a Forex license in South Africa typically takes 6-8 months.

MonteNegro

Montenegro is a Balkan country with rugged mountains, medieval villages and a narrow strip of beaches along its Adriatic coastline. The Bay of Kotor, resembling a fjord, is dotted with coastal churches and fortified towns such as Kotor and Herceg Novi. Durmitor National Park, home to bears and wolves, encompasses limestone peaks, glacial lakes and 1,300m-deep Tara River Canyon

Requirements

  • Required Capital in Cash for Brokerage (RTO + Execution) License with custody services 125,000 EUR
  • Required Capital in Cash for Dealing on Own Account License with custody services 730,000 EUR
  • CFDs are defined in the law a financial instruments and as such are regulated
  • Working Capital = Company can use its capital as part of operating expenses

Features

  • Third-Country Clients – There is no restriction for onboarding on third-country clients.
  • Speed of Application – This application is expected to process quickly
  • Operating Expenses – Low operating expenses (includes salaries, BOD compensation, auditors, compliance, rent etc.) are not expected to exceed 6k a month
  • EU Pass-porting – Not available as of now, it will be available automatically as soon as Montenegro joints EU. However, you can accept EU clients that came to you on their own initiative (reverse solicitation).
  • Legal Tender – EURO is the legal tender. You will not have any exchange issues. No capital control or similar issues.
  • Bank Account – With licensing you get a bank account with the local bank in Montenegro.
  • Reporting – Audited annual statement are mandatory. The new law mandates the filling of the quarterly (non-audited) accounts

Common Reporting Standards not applicable as of now.

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