Belize ForEx License
ForEx Licensed Company
Belize ForEx Licensed Company
Special License financial services can be carried out by a Belize company. Belize ForEx License is required for the following types of activities:
- Trading in Foreign Exchange (Forex/FX)
- Trading in financial commodity-based derivative instruments and other securities (futures, options, interest rates, shares, stock, contracts for differences etc.)
- Money transmission services
- Payment processing services
- Money brokering
- Brokerage, consultancy and advisory services in any financial services
- Safe custody services
- International asset protection and management
ForEx License – Key Benefits
- Tax exemption: There is no tax payable on any income or capital gains of a company incorporated in Belize as well as on all the payments that such company makes to persons who are not residents in Belize, like, dividends, interests, royalties, compensations or any other distributions. There is also no stamp duty payable on any transfer of property, any transaction regarding shares or other securities of the company or any other instruments or activities of the company.
- Advantages over competitors: Previously described point of tax exemption gives the company registered in Belize various advantages comparing with competitor companies registered in high-tax jurisdictions: faster growing: the company can reinvest all the money that it would pay in tax in a high-tax jurisdiction and this way it can grow faster; competitiveness: not paying any taxes, the company will have lower expenses, this way it can reduce the prices of the products or services that it offers making them more affordable and gaining more customers.
- Simple licensing requirements: Although obtaining a Special License is not as simple and straightforward process as registering a regular IBC, it is much faster, simpler and requires less paperwork than obtaining licenses in most high-tax jurisdictions. There are only few requirements that the company willing to carry out financial services will have to comply with, especially the requirement of minimum paid-up capital and proper qualifications of the managing team of the company.
- Light Touch Regulation: Low level of regulations and simple documentary requirements are important not only at the moment of licensing, but also further on during the operation of the company. They permit high level of flexibility and faster operation. Furthermore, there is also no obligation of financial reporting which allows the company to avoid complicated and expensive accountancy organization. All financial information is to be kept as detailed as the owner of the company considers necessary and that is sufficient to determine the current financial situation of the company at any moment. The only exception is the obligation to keep the minimum capital paid and unimpaired at all times.
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Belize ForEx Licensed Company – Information Requirement
A full and comprehensive business plan is the most import factor for assessing an application. The applicant should already be active in the sector (preferably regulated) and have a competent management team.
- The management team (directors, shareholders and other officers of the company) must have proper knowledge and expertise in the business that the company is planning to carry on. This will be one of the main points that IFSC will evaluate when deciding whether to grant the license to the applicant or not.
- The applicant will have to prepare a detailed biographical Affidavit about each person involved in the company management giving details about their education, previous working experience and any other qualifications that may be relevant capital Requirements
- The IFSC Licensing Regulations also state specific capital requirements that the company will have to comply with.
Belize ForEx Licensed Company – Capital Requirement
- Each business activity mentioned above has its own requirements of minimum paid-up capital which range from USD 25,000 for brokerage, accounting, safe custody and asset protection services to USD 100,000 for trading in Foreign Exchange (Forex) and other financial instruments like derivatives, futures, options, shares, stocks etc.
- The capital will have to be deposited in a bank in Belize and maintained unimpaired at all times during the operation of the company.
- The minimum paid-up capital requirements for the other financial services are as follows:
- Trading in Foreign Exchange (Forex, FX) and other financial instruments (futures, options, interest rates, shares, stock, contracts for differences etc.) 100,000 USD
- Money exchange 75,000 USD
- Money transmission and payment processing services, money brokering, money lending and pawning 50,000 USD
- Brokerage, consultancy and advisory services, safe custody services, accounting services, international asset protection and management 25,000 USD
BelizeForEx License – Fees
- Government license application fee: 1,000 USD
- Government license fee: 25,000 USD
- Our fees: will be quoted for upon review
Belize ForEx Licensing Procedure
If you are considering starting a Forex trading, payment processing or any other financial service company, you will have to go through two steps:
- Company registration. This is a simple and straightforward procedure. However, several things will have to be kept in mind: elaboration of special Memorandum and Articles, special Government registration fee taking into account the minimum required capital, mandatory bank account opening in Belize and some others. Other optional additional services, like nominee directors and shareholders, business address and document administration etc. are available at your choice.
- Application for the license. In this step the applicant will have to complete and submit to the International Financial Services Commission the application of the company for the license, biographical affidavit of each person involved in the management of the company, evidence of capital requirements and any other documents that the IFSC may request which most often include business plan, financial projections etc.
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