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Grentone Meta Solutions offer brokerage license solutions for both startups and for growing forex brokers. Improving your regulatory framework is crucial to building a strong market reputation. As your business expands, being prepared for higher compliance costs is essential. Here are some popular choices for jurisdictional Forex and CFD licenses that growth-stage brokers seek our expertise for:
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Conduct Authority (FCA) in the UK
- Australian Securities and Investments Commission (ASIC)
- Financial Services Commission (FSC) in Mauritius
- Seychelles Financial Services Authority (FSA)
Investing in a robust regulatory regime not only enhances credibility but also attracts more clients, fostering long-term success in the competitive broker dealer industry.
- LABUAN (Malaysia) Money Broker License
- Vanuatu Securities Dealer License
- Seychelles Investment Dealer License
- St Lucia Forex CFD Broker Company
- Company Buyout
Grentone Meta Solutions offers comprehensive support for financial licenses, simplifying the process of applying for a Labuan Forex Money Broking license. Here’s how we assist you:
Our Services
To proceed, you need to incorporate a Vanuatu International company which will be the Applicant.
Once the License is issued, you will need to incorporate a local company which will be wholly owned by the Licensee company for the purposes of applying for local physical presence, bank accounts for local expenses, to employ and submit application for a Foreign Directors etc, Work and Residency permits to manage the company’s business activities from Vanuatu etc.
Below are requirements for an international company and Financial Dealer License Application.
1) Incorporation of Company.
Please see requirements below for the company incorporation. For incorporated Vanuatu International Company you need to provide the following to the regulator:-
– Certificate of Incorporation,
– Constitution,
– Provision of Registered Agent and Register Office for 1 year to the next anniversary date of incorporation,
– Register of Director,
– Register of Shareholder,
– Share Certificate,
– Certificate of Incumbency,
– Common Seal.
To proceed, you need to provide the following for the Ultimate Beneficial Owner (UBO) of company.
1. Copy of a Notarised updated coloured Passport;
2. Notarised Police Clearance for not more than 6 months;
3. Documented proof of Residency Address (can be in the form of a Utility bill);
4. Source of funds (can be in the form of a recent personal bank statement of the principals); and
5. Records of convictions/charges against the Beneficial Owner(s) if any.
For Shareholders and Directors, if they are different, item 1 and 3 will suffice. Complete a KYC form we will attach to you, and return in email with the above.
The company can be incorporated within 10 days and finalised within two weeks after receipt of payment (typical timeline, however not guaranteed).
2) Application for Financial Dealer License
Once the company is incorporated, we will proceed with the Financial Dealers License application.
There are 4 classes of Licenses. Reach us for the information.
Our Fee is to assist you with the Application for One Class of License. For each additional class of License, there will be additional charges.
The following fees (not including secreterial agent fees) will apply for just one class of license:-
FDL Principal Licenses Application fees (as of 26th July 2024): US$ 500.00 (Paid to the Government)
FDL Representative License Application fee (as of 26th July 2024): US$ 500.00 (Paid to the Government)
FDL Principal Licenses Annual fees (as of 26th July 2024): US$1,000.00 (Paid to the Government)
FDL Representative License Annual fees (as of 26th July 2024): US$1,000.00. (Paid to the Government)
This US$3,000.00 fee is paid directly to the Regulator.
Our scope of work is to review all documentations to ensure they comply with the requirements as best as we can ascertain, to maximise our prospect of approval prior to submission of the application.
We will liaise with the Regulator during the Due Diligence process up until a final decision is made. This scope of work covers for the first 3 months from the date of submission of the application with the Regulator. No additional fees will be charged for our time during this 3 month period. After that should the application be still under process, we will charge our time spent in continuing to liaise with the Regulator until a final decision so made.
The time frame for the application to be processed will depend on how complete the application is. This can be anywhere from 6 months to 12 months and possibly longer.
Once the application is approved in principle, the applicant must sent a security deposit of VT5,000,000 to the Government prior to the release of the Licenses.
This VT5,000,000 deposit is equivalent roughly to US$48,000.00. We will inform you the correct amount and Regulator’s bank account details to send to upon the need to facilitate the information.
This Security Deposit is refundable when the company ceases business, subject to no claims from clients. As part of the application, you will need to establish a local office and staffed with a Resident Director or Manager. There are Guidance Notes issued by the Regulator to clarify. Vanuatu has no human resources qualified in this industry. You will need to send in a Resident Director with full executive powers to manage the business. Alternatively, you may employ someone fresh as the Resident Manager and submit a training plan for the next 3 years.
The intention of the licensed resident manager is to act and manage the business on behalf of a financial dealer in securities who for some valid reasons could not establish or meet a physical presence required under the act. To satisfy the requirements of the physical presence, the licensed resident manager must be able to show that he/she is vested with some executive powers to manage the day-to-day operations of the licensed financial dealer.
The hiring of a Resident Manager is meant to be a temporary solution, to fill in the gap until he/she is fully qualified to manage and carry on the activities of the licensee with full executive powers. Or to assist the company to a stage where it is financially viable to employ a fully qualified Resident Director to manage the company from Vanuatu.
For the Financial Dealer License application, we will send you a comprehensive Check List of documents to provide. This list is not exhaustive and the Regulator will request for additional information and documents during the Due Diligence process.
Our scope of work is to review all the documentations to ensure they comply with the requirements as best as we can ascertain of maximum prospect of approval prior to submission of the application. We will liaise with the Regulator during the Due Diligence process up until a final decision is made. No additional fees will be charged for the time during this application processing stage.
Reach Us to find out more.
Mauritius is becoming a major financial hub, thanks to the work of the Financial Services Commission (FSC). The FSC regulates non-bank financial services and global businesses, helping Mauritius build one of Africa’s most advanced financial systems.
This makes Mauritius an attractive spot for startups, financial groups, and firms wanting to expand their reach. In this guide, we’ll break down why setting up an Investment Dealer licensed entity in Mauritius is a smart move and what you need to know to get started.
1. Regulatory Framework
To run an Investment Dealer in Mauritius, you need to follow these rules set out in the Securities Act of 2005, along with additional FSC regulations. They cover:
- Standard set on Accounting and Auditing
- Annual Reporting, Financial statements, and other compliance related documents
- Details on offering and issuing securities and its requirements
- Application process and license renewals
- Criteria for granting licenses
- Determining Fit and Proper for a licensee
- Comply with AML and anti-terrorism laws, including the Financial Intelligence and Anti-Money Laundering Act (FIAMLA) of 2002, the Prevention of Corruption Act of 2002, and the Prevention of Terrorism Act of 2002.
2. License Types
Below are different types of Investment Dealer licenses, authorized activities and capital requirements are prescribed belows (as of July 2024):
License Type |
Activities |
Required Capital |
---|---|---|
Investment Dealer (Full Service incl. Underwriting) |
1. Intermediary in securities transactions 2. Trade securities as principal 3. Underwrite or distribute securities 4. Provide ancillary investment advice 5. Manage client portfolios |
MUR 10,000,000 (≈ USD 220,000) |
Investment Dealer (Full Service excl. Underwriting) | Same as above, except underwriting or distributing securities | MUR 1,000,000 (≈ USD 22,000) |
Investment Dealer (Broker) |
1. Execute orders for clients 2. Manage client portfolios 3. Advise on securities transactions |
MUR 700,000 (≈ USD 15,000) |
Investment Dealer (Discount Broker) | Execute orders for clients without giving advice | MUR 600,000 (≈ USD 13,000) |
The above reflect the type and description of services a licensee could offer. Minimum capital must be met in order to commence operations.
3. Information to Facilitate
- Detailed business plan
- Trading platform information
- Counterparty in details
- The market the broker is targeting
- Management and staff information
- AML/CFT regulations met
- All Policies and procedures in place
- An office in operations within Mauritius
4. How We Help
We work closely with you to gather necessary information, prepare documents, and submit a complete application according to regulatory guidelines. Subject to your approval, we will help manage your resources efficiently by putting together in-house staff, outsourced arrangements, and third-party providers.
For more details or to discuss about your FSC Mauritius licensing needs, get in touch with us. Our expert team is ready to assist you.
As of July 2024, to proceed to incorporate a CFD Forex International Business Company IBC in St. Lucia, the due diligence requirements are as follows for each director and shareholder that can be sent by email:
- Completed and Signed Application (we will attach for your completion)
- Notarized Copy of 2 IDs (i.e. passport, driver’s license
- Notarized Copy of Utility Bill
- References (professional or bank)
- Bank Statement or Investment Account Statement (i.e. Source of Funds)
Applicant would receive in return:
- Incorporation of the IBC
- Registered office one year
- Registered Agent Fee
- Certificate of Incorporation documents
- Legal Opinion Verification Forex Business License requirement
As of July 2024, the process to apply for a Forex Business in St Lucia is still very straightforward. Please also note that it is a matter of time where regulators will constantly tighten up, as we have seen from St Vincent and the Grenadines, where the people who continued to have the jurisdiction ownership are those IBCs who already had their business registered in the earlier stage, and have grown to a size where they had attained a forex license in another jurisdiction, thus helping them to continue maintaining their SVG forex IBCs.
Reach us as we walk you through this process to your startup.
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