Our local team provides complete services to international customers interested in setting up forex & brokerage companies in various jurisdictions around the world. We present below a table of the most important destinations where such activities can be conducted, considering the key requirements, along with additional relevant notes. We are at your disposal with tailored assistance and consulting services.
| COUNTRY | COSTS | REQUIREMENTS | OTHER NOTES |
|---|---|---|---|
| Seychelles | – USD 50,000 Minimum share capital – USD 1,500 – 2,000 – Application fee – USD 3,750 Annual renewal fee |
– Approvals from the Financial Services Authority of Seychelles (FSA). – The company must have a registered office in Seychelles. – At least 1 director with Seychelles residency is required, plus a compliance officer. – A local bank account is needed to deposit USD 50,000. A Seychelles brokerage license agent, a legal advisor and a regulatory compliance officer are needed. |
– Around 90 days to get the Seychelles Securities Dealer License. – It is recommended to work with a professional in the field to manage the documentation. |
| Cayman | – USD 125,000 – minimum share capital – USD 9,750 license fee & annual renewal fee. – USD 1,372 as governmental fee |
– Approvals from the Cayman Islands Monetary Authority (CIMA). – Opening a bank account linked to the company to deposit the required minimum share capital. – Implementing Anti-Money Laundering & Countering the Financing of Terrorism policies. – Must have a physical business address in the Cayman Islands & a representative agent. – At least 3 managers are required and to be registered for a forex & brokerage company in the Cayman Islands. |
– It takes around 6-8 months to get the forex license in the Cayman Islands. – Forex trading in the Cayman Islands is overseen by the Securities Investment Business Law. |
| Belize | – USD 500,000 minimum paid-up capital – USD 1,000 application fee – USD 25,000 annual renewal fee – USD 2,000 and 3,000 company formation in Belize – USD 15,000 – USD 60,000 operational expenses |
– Forming & registering a company/offshore business with a local office in Belize. – At least one compliance or resident director is needed. – Opening a local bank account in Belize. – Implementing Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. – A detailed business plan & risk management are mandatory. – Must prove qualifications & clear criminal records of management. |
– Approvals are issued by the International Financial Services Commission (IFSC). – Monthly statements & reports are mandatory. – Advisory support is highly recommended. |
| UAE | – USD 500,000 – USD 2 million as minimum share capital, depending on the free zone where the license is issued – USD 5,000 – USD 15,000 as an application license fee – USD 1 million as total startup costs |
– Opening a company in the UAE, with a local bank account and a registered business address. – Having qualified staff for forex & brokerage activities, plus a detailed business plan. – Complying with the Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. – Appointing a representative agent in the UAE. – Implementing operational procedures & risk management systems. |
– It takes around 6-12 months to get the forex license. – Dubai Financial Services Authority (DFSA) is the regulatory body for forex trading activities. – Dubai International Financial Center (DIFC) and Dubai Multi Commodities Center (DMCC) are the proper options for forex & brokerage companies in the UAE. – 0% personal income tax. – 100% foreign ownership in the UAE’s free zones. |
| Panama | – USD 150,000 as minimum paid-up capital – USD 5,000 as the government registration fee – USD 2,000 as a background investigation fee – USD 2,500 – USD 5,000 as company formation costs – Starting from USD 5,000/year as a supervision fee |
– Must have a registered business address & office in Panama. – At least 3 directors and one principal executive are needed, with qualifications in the financial sector. – Opening a bank account and having a representative agent in Panama are mandatory. – Must implement the Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. – A detailed business plan is needed for a forex & brokerage company in Panama. – Clear criminal records & CVs of directors are needed. – The application is done with the Superintendencia del Mercado de Valores (SMV). |
– The National Securities Commission in Panama issues the forex license. – 100% foreign ownership is permitted. – No corporate income tax or residency imposed. – It takes around 3 months to get the forex trading license in Panama. |
| BVI | – USD 50,000 – USD 1 million as minimum paid-up capital, depending on the license category – USD 1,200 as a license application fee – USD 6,000 as an annual renewal fee – USD 30,000 – USD 300,000 as total startup costs |
– Must have a registered office & a bank account in BVI. – Complete business & security plans are solicited when opening a BVI forex & brokerage company. – Implementing the Anti-Money Laundering (AML) and Know Your Customer (KYC) policies is mandatory. – A company representative agent is needed. – All documents must be submitted to the Financial Services Commission (FSC). |
– The Financial Services Commission (FSC) is the main forex trading regulator body in the BVI. – The BVI forex license can be issued in about 7-10 months. – Must provide financial transparency and periodical audits. |
| Cyprus | – EUR 125,000 – EUR 750,000 as minimum share capital, depending on the type of license. – EUR 3,000 as an application fee. – Extra EUR 25,000 to get the license in a maximum of 4 months, faster than the normal timeframe. – EUR 10,000 – EUR 50,000: the estimated costs for office setup & business registration. – Up to EUR 100,000 for annual audits, risk management functions & compliance. |
– Registering a Cyprus Investment Firm (CIF) with the Cyprus Securities and Exchange Commission (CySEC) is mandatory for forex & brokerage-related activities. – Must have a registered business address in Cyprus and a bank account. – A 3-year business plan is compulsory. – Having a qualified staff with experience in the financial sector is mandatory. – Must implement the Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. – Clear criminal records & CVs of company staff are solicited. |
– It takes around 6-7 months to get a forex license in Cyprus. However, a faster route is available – Advisory services are recommended to prepare the documentation & deal with local authorities. – Audits & reporting must be done periodically. |
| UK | – GBP 75,000- 750,000 as minimum capital requirement, depending on the type of license – GBP 270 – GBP 11,000 as license application fee – GBP 15,000 – GBP 60,000/month for operational costs |
-The forex & brokerage company in the UK must have a registered business address. – Company personnel must have experience in the financial sector. – A detailed multi-year business plan is required, alongside a compliance officer & qualified directors. – An IT infrastructure system & information are required. – The forex & brokerage firm must be incorporated with the UK’s Companies House (Trade Register). – Implementation of Anti-Money Laundering (AML) and Know Your Customer (KYC) policies is mandatory. |
– The Financial Conduct Authority (FCA) regulates the forex & brokerage activities in the UK. – FCA issues approvals & licenses in about 6-12 months. – Periodically audits & reporting are mandatory. |
| Singapore | – S$1 million minimum share capital required – S$1,000 application fee – S$10,000 – S$50,000 costs of trading platform – S$3,000 – S$9,000 annual renewal fee – About S$100,000 monthly operational costs |
– License application is done with the Monetary Authority of Singapore (MAS). – Company registration is required, alongside opening a corporate bank account. – A registered business address in Singapore is mandatory. – The company must have a representative agent in Singapore, of at least 21 years old. – At least 2 directors are required, among whom at least one with Singapore residency. – Having a detailed business plan and implementing Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies. |
– The forex license in Singapore is issued in about 6 months – Consultancy & advisory services are highly recommended for opening a forex & brokerage company in Singapore. – Must provide a transparent pricing structure and no hidden costs. |
| Mauritius | – USD 22,000-25,000 minimum capital requirement – Around USD 15,000 license fee (FX/CFD) & company registration costs – Around USD 30,000 annual operational costs – Around USD 75,000 as startup costs |
– A registered business address is needed in Mauritius for a forex company. – At least 2 directors & employee with residency in Mauritius & experience in the financial sector are required. – A compliance officer is mandatory, alongside an investment dealer team. – A detailed business plan of the forex & brokerage company in Mauritius, plus a 3-year financial forecasts, are also required. – Proof of funds for minimum capital is solicited. – A local bank account is also needed. – Must implement Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies. |
– It takes around 5-6 months to obtain the forex license in Mauritius. – Annual audits of a forex & brokerage company in Mauritius are mandatory. – A Forex license in Mauritius is known as an Investment Dealer Licence. |
| Hong Kong | – HK$30,000,000 (approx. USD 3.8 million) minimum share capital required – HK$15,000,000 (approx. USD 1.9 million) minimum liquid capital maintained during the company’s operations – HK$129,730 (approx. USD 16,600) license application fee – HK$5,000 to HK$15,000 company formation & government fees – HK$129,730 annual renewal fee |
– Must open a Hong Kong Private Limited Company and have a registered business address. – The Forex license application is done with the Securities and Futures Commission (SFC) in Hong Kong. – Having a company secretary and appointing directors are mandatory conditions. – Presenting a detailed business plan is required. – Must appoint at least one responsible officer (RO) with qualifications in the financial sector. – Due diligence & background checks are done by the SFC in Hong Kong. – The forex & brokerage company must have a bank account. |
– Must comply with the local employment legislation. – It is highly recommended to work with professionals in the field, such as our advisors in Hong Kong. – 100% ownership is permitted. – No capital gains & withholding taxes imposed. |
| Malta | – EUR 125,000 minimum startup capital – Around EUR 300,000 as minimum budget for: office rent, staff, accounting services, etc. – EUR 750,000 as maintained capital – EUR 1,500 – UR 3,000 – license application fee – EUR 4,000 annual renewal fee |
– Must register a company in Malta (LTD) with a local business address. – Must appoint at least 3 directors, among whom 2 of them with executive roles. – A management team with experience i the financial sector is required. – Must open a bank account in Malta. – Implementation of Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies is mandatory. – Presenting a solid business plan and financial forecast is mandatory. – Must open a bank account in Malta and also develop the trading platform. |
– It takes around 9 to 12 months to get the forex trading license in Malta. – Malta Financial Services Authority (MFSA) approves the documents and issues the forex license. – Licensed forex brokers in Malta are established under European institutional laws. |
| Vanuatu | – USD 50,000 minimum paid-up capital – USD 2,000 application fee – USD 5,000 annual renewal fee |
– The forex & brokerage company must have at least one director. – Having a registered business address in Vanuatu is mandatory. – Clear criminal records & CVs of shareholders and managers are required. – Proof of funds is also solicited. – Implementing the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies is also important. – A compliance officer is mandatory for a forex license application in Vanuatu. – A comprehensive business plan and financial forecasts are solicited. – Key staff must fulfill a personal questionnaire form. |
– Vanuatu Financial Services Commission (VFSC) oversees the forex trading activities of companies established here. – Applicants can choose from 3 types of license categories. – Complete company formation services & license application can be provided by our team of specialists in Vanuatu. |
| South Africa | – Around USD 155 as license application fee – Around USD 350,000 as total company setup costs (office, directors, rent, accounting, etc.) |
– Must have a registered business address in South Africa. – Must appoint at least one director with suitable experience & qualifications in the financial sector. – Must have a company representative and a compliance officer. – The forex & brokerage company in South Africa must have a local bank account. – Having a proper business plan that also includes financial projections is important. – Payment gateway & trading platforms are mandatory. – Must implement the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies. |
– Financial Sector Conduct Authority (FSCA) is the regulatory body of financial activities in South Africa, including forex trading. – Audits & ongoing reporting obligations are compulsory in a forex company in South Africa. – 27% is the corporate income tax in South Africa. |
| Australia | – USD 1 million as minimum operating capital – USD 10,000 – USD 60,000 license application fee – Around USD 5,000 – USD 25,000 to develop the trading platform – Around USD 35,000 for legal & advisory services |
– The company registration is done with the Australian Securities and Investments Commission (ASIC). – A local bank account and a registered business office are required in Australia. – The company must have qualified personnel with experience in forex & brokerage activities. – Developing a trading platform is also required.-Implementing the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies is important. |
– The Australian Financial Services (AFS) approves the forex license applications. – It typically takes between 6 and 12 months to obtain a forex license in Australia. – An accredited audit firm is required for the financial reporting of a forex company in Australia. – It is also recommended to benefit from consulting & advisory services to get the forex license in Australia. |
| Saint Vincent and the Grenadines | – Around USD 3,000 as a forex license fee – Around USD 2,650 as company setup costs – Around USD 1,000 for annual company expenses – No minimum capital requirements |
– An International Business Company (IBC) or a Limited Liability Company (LLC) is suitable for forex trading activities in St. Vincent & the Grenadines. – No registered business address required. – Must appoint a registered agent in charge of company formation & license application. – Implementation of Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies is an essential condition. – Must develop a trading platform and payment gateway. |
– There are no mandatory audits & financial reports imposed for a forex & brokerage company in St. Vincent & the Grenadines. – A business-friendly jurisdiction with a wide range of tax benefits. – 0% tax rate for companies with no revenue from within St. Vincent & the Grenadines. |
| New Zealand | – Around USD 35,000 as a license fee – From USD 30,000 to USD 1 million as initial company capital – Starting from USD 10,000 for developing the trading platform |
– The company registration is done with the Companies Office in New Zealand. – Must prepare a solid business plan comprising financial projections, detailed services, target market, etc. – A corporate bank account in New Zealand is required. – Implementation of Anti-Money Laundering (AML) and Know Your Customer (KYC) policies is mandatory. – The company must be registered as a Financial Services Provider with the Financial Markets Authority (FMA) in New Zealand. – The company staff must be qualified and experienced in the financial sector. |
– It might take at least 6 months to get the forex license in New Zealand. – The forex & brokerage company i New Zealand can access a large international client base. – It is recommended to contract advisory services to open a forex & brokerage company in New Zealand. |
| Comoros | – USD 250,000 as minimum capital requirements – Around USD 30,000 for business registration, license fee, administration, and legal costs |
– An International Business Company (IBC) is suitable for forex & brokerage activities in Comoros. – There is no obligation to register a business address in Comoros. – A detailed business plan is solicited at the time of the forex company formation in Comoros. – Having a registered agent to deal with the company/license application formalities in Comoros is required. – Must open a corporate bank account in Comoros. – Must implement the Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. |
– Mwali International Services Authority (MISA) – Usually, it takes around 6-8 months to get the forex license in Comoros. – MISA undergoes a fit & proper test before final approvals. |
| Labuan | – RM 500,000 as minimum capital – RM 5,000 – RM 7,500 as a license fee, depending on the category – RM 20,000 for annual renewal license fee – At least RM 100,0000 for annual operational expenses |
– Labuan Financial Services Authority (FSA) issues the forex license. – Labuan Business Company (LBC) is the proper option for a forex & brokerage company. – Must have a local registered business address in Labuan and a company representative. – The forex & brokerage company in Labuan must have at least 2 local employees and 2 directors. – Can be established by at least one shareholder with specific qualifications. – A 3-year detailed business plan with financial projections is solicited. – Complying with Anti-Money Laundering (AML) and Know Your Customer (KYC) policies is compulsory. |
– Must file annual accounts. – Can offer cryptocurrency-related services in Labuan with a forex license. – The forex broker license in Labuan is limited to specific financial services. – It takes around 6 months to get the forex license in Labuan. |
| USA | – USD 20 million – minimum capital requirement – From USD 125,000 as a membership fee/year – From USD 30,000 to USD 50,000 as an initial license fee. – Around USD 10,000 – USD 20,000 to implement the trading platform. |
– Must present a solid business plan for a US forex & brokerage company. – The company must be registered as a Futures Commission Merchant (FCM) or a Retail Foreign Exchange Dealer (RFED) to become a Forex Dealer Member (FDM). – Must implement the Anti-Money Laundering (AML), Know Your Customer (KYC), and various cybersecurity solutions. – Integration of the payment provider is mandatory for a forex & brokerage company in the USA. – A local bank account is needed, alongside a physical office location in one of the American states. – Licensing & supervision are done by the National Futures Association (NFA). |
– Delaware, Wyoming, Texas, and California are proper business jurisdictions in the US, due to an appealing tax system. – US forex broker activities are overseen by the Securities & Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), among other authorities. – Consulting and advisory services to get the forex license can be provided by our company formation firm in the USA. |