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Financial Licensing

One-to-One advisory session with a specialist consultant for your Forex Brokerage, Binary Options and Investment Firm Licensing requirements.

Initial Consultation

3 hrs

TOTAL: $900

EVERYTHING YOU NEED TO KNOW

Starting Business is one of the few international consultancy firms that offers a complete range of advisory services and practical solutions related to the formation, licensing and on-going support for Forex and Binary Option firms, as well as financial institutions in general.

We guide our clients every step of the way starting from the selection of the right jurisdiction to supporting the licensed institution during it life cycle by offering the following services:

  • Advice and guidance on the selection of a jurisdiction for your prospective financial institution.
  • Due diligence procedures in respect to the beneficial owners and prospective directors.
  • Incorporation of a legal entity and provision of domiciliary services.
  • Setting up a corporate bank account for further placement of required statutory capital.
  • Locating corporate officers and qualified personnel to meet, where mandatory, the minimum staff requirements.
  • Assistance with completing your license application and supporting documentation such as the business plan, internal policies and procedures, including your company’s operations manual, compliance arrangements, risk management and anti-money laundering policies and procedures etc.
  • Submitting the application to the license issuing authority, liaising with the regulator and all associated parties until your license application is finalized.

Once license is obtained, there will be certain requirements for a licensee in order to maintain it. STARTING BUSINESS will be happy to provide post-licensing support to ensure that license holders meet statutory regulatory requirements. To this end, we offer:

  • Legal support and administration.
  • Bookkeeping, accounting and financial audit.
  • Regulatory compliance and reporting.
  • Internal audit
  • Capital adequacy reports (where applicable)
  • EMIR (European Market Infrastructure Regulation) (where applicable)

We can also assist with:

  • Personnel training (in selected jurisdictions).
  • Selection of trading software and technology solutions.
  • Establishing a bridge with liquidity providers such as prime-brokers, banks and Electronic Communication networks (ECN’s)
  • Payment processing solutions
  • Banking solutions and merchant accounts

STARTING BUSINESS currently offers licensing solutions in the following countries:

  • Belize
  • British Virgin Islands
  • Cayman Islands
  • Cyprus
  • Gibraltar
  • Hong Kong
  • Ireland
  • Labuan
  • Latvia
  • Malta
  • Mauritius
  • Panama
  • Singapore
  • United Kingdom
  • Vanuatu

Each of the above jurisdictions has different procedures and requirements for obtaining the license. These various standards will most likely affect the degree of difficulty and financial expense involved in acquiring the license, so we are here for you to make sure you pick up the place that best fits the scope of your prospective activities and meets your budget.

Documents and information required to support your license application will depend on the jurisdiction and type or license chosen. However, in general you should be prepared to produce the following:

A. License Application Form, duly completed and signed

B. Business Plan supported by 3 to 5 years financial projections

C. Your company operations manual and internal policies and procedures including risk management and anti-money laundering policies and procedures, corporate governance arrangements etc.

D. Confirmation of payment of the minimum statutory capital

E. A set of corporate documents for the applicant company, including Certificate of Incorporation, Memorandum and Articles of Association, Registers of Directors, Shareholders and Officers or equivalent documents. Where the applicant company is more than 12 (in certain cases 6) months old, a Certificate of Good Standing shall also be enclosed.

IMPORTANT PLEASE NOTE

  • - Documents in a language other than English should be supported by a certified English translation (in the case of Latvia – certified translation into Latvian)
  • - Where documents are in copies, these should be certified as true copy by Notary Public and legalized via Apostille (where appropriate)
  • - Directors of the applicant company must only be physical persons.

F. All directors, managers, officers, shareholders/beneficial owners of the applicant company shall produce as a minimum:

  • a completed Personal Questionnaire in the prescribed form; CV;
  • a copy of a valid passport certified by Notary Public;
  • confirmation of residential address (PO Box not accepted) in the form of a recent utility bill or bank account statement or credit card statement;
  • a bank reference letter issued by a bank in which said individuals hold their personal account (the reference should state as a minimum that the bank has known an individual for at least 2 years and that the client-bank relationship has been maintained to the bank’s satisfaction);
  • a professional reference letter issued by a professional organization, such as a law office, an audit firm, certified public accountants etc., stating as a minimum that the organization in question has known an individual for at least 2 years and that the business affairs have been conducted satisfactorily;
  • a clean criminal record certificate issued by the local police.

IMPORTANT PLEASE NOTE

  • Documents referred to in points 4, 5, 6 and 7 should be less than 3 months old at the date of submission to the regulator.
  • Documents in a language other than English should be supported by a certified English translation (in the case of Latvia – certified translation into Latvian).
  • If a shareholder or an officer of the applicant company is a body corporate, then such body corporate shall provide the same documents as stated in section E, whereas each director, officer and shareholder/beneficial owner of the said body corporate shall provide the documents numbered from 1 to 7 in Section F.
  • Please note that your license issuing authority may require any other additional information or documentation it may consider necessary.