An offshore forex license is necessary for investors who want to initiate the procedure of offshore company formation in various offshore jurisdictions. The license is required for those who will develop forex-related activities (brokerage, securities, etc.).
The licensing requirements can vary from one country to another, but the advantage provided by offshore jurisdictions is that, in general, licensing procedures are more simplified compared to onshore countries.
Therefore, if you want to invest in this industry, we invite you to learn more about the process from our consultants, who can also help you during the steps of setting up an offshore bank account.
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What are the highlights of the forex industry?
The forex industry is the largest industry at a global level, when measuring the daily trading volume. It defines the industry in which different players, such as banking institutions, public companies, investment funds and other parties, buy and sell currencies.
In the list below, we invite you to discover some of the main aspects concerning the forex industry and the issuance of the license:
- the forex market operates 24 hours a day for 5.5 days of the week (it opens on Sunday at 5 PM and it closes Friday at 4 PM);
- it can have a total value of $7,5 trillion per day (according to the data for 2022);
- those who want to obtain a forex license offshore must pay, depending on the country of choice, a registration fee varying from $10,000 to $500,000;
- the offshore forex license can be issued in a period of 1 to 3 months.
What are the advantages of forex activities in offshore countries?
In general, offshore jurisdictions offer a variety of advantages regardless of the economic field in which the foreign businessman will invest. These advantages can refer to numerous tax exemptions, a fast offshore company formation process, lower company fees, fewer immigration formalities and many others.
It also provides benefits to those who want to open an offshore bank account, as the procedure can be completed in a shorter amount of time compared to onshore countries, and offshore banks also offer more flexible policies.
With regards to forex trading, we mention that the licensing process is completed following a simpler approach (less paperwork), which also implies that the investors can obtain the license in a shorter amount of time. An important advantage is the cost of the offshore forex license.
As we mentioned above, the license can cost even $10,000, a cost usually associated with offshore jurisdictions, while the higher end of the fee interval ($500,000) can be usually found in top financial centers such as London, Singapore, Japan.
How can our consultants help you acquire a forex license offshore?
Although our team usually handles matters concerning banking procedures, such as opening an overseas bank account or the setup of an offshore merchant account, we can also help foreign investors with company formation services and licensing formalities.
If you want to obtain an offshore forex license, please know that we can offer the following services:
- the background check of the company;
- the preparation of the paperwork required for the registration;
- obtaining governmental documents (for instance, in Belize, a popular offshore jurisdiction, the license is issued by the Financial Services Commission) and addressing a local public notary for certification and authentication of documents;
- completing the formalities for the payment of fees;
- obtaining the license and completing any other corporate services that your business may require.
Please contact us if you need details on a specific offshore jurisdiction where you want to set up a forex business. We can help you in any legal matter concerning company registration, visas for investors, licensing and employment procedures.