The foreign exchange market is the largest and most liquid in the world, with a daily trading volume of over $6 trillion. Not only that, but more than 9.6 million people trade forex online regularly. These figures demonstrate clearly that forex is a great business to be in. That’s why we regularly get requests from entrepreneurs and established businesses to help them acquire a forex license in Belize.
Getting the licence requires going through an application process and meeting many requirements. Here’s how to get started and complete the process quickly and efficiently.
Pick a partner
When applying for a forex license in Belize, you must partner with a corporate service provider. They will help you compile your application, ensure all your documents are in order, and even file them for you, taking care of liaison with the authorities afterwards. There are many providers out there, but make sure you pick yours carefully. Some may try to overcharge, sell you things you don’t need, or slap on additional charges as you go along.
The best solution is either a provider offering a custom-made package with complete transparency or turnkey solutions. This way, you can budget effectively and stay on top of your outgoings. Customer service is also essential, so make sure your partner is responsive and professional from the first moment of contact.
Get the complete picture.
Once you have partnered with a corporate services provider, it is time to get an overview of the situation in Belize. As a jurisdiction, Belize offers a lot of benefits for those in the forex business. Firstly, companies incorporated in Belize do not pay tax on any profits made outside the country. This means if you have a forex license in Belize, but your clients are all elsewhere, you do not pay tax on the revenue generated in Belize. It also offers a high level of privacy for those based there, including protection from creditors and civil claims.
Regarding practical matters, getting a forex license in Belize is relatively quick and much less than in some other jurisdictions. Directors and shareholders are not required to be residents, and the same individual can have both roles. Furthermore, there is no exchange control making doing business easy.
Get up to speed on requirements
Once you have a clear idea of the benefits of acquiring a forex license in Belize, it is time to go over the requirements:
- A domestic Belize company
- Clear criminal record for all directors and shareholders
- Charter capital of $500,000
- Annual fees of $25,000
- An office in Belize
- A director represented by an agent authorised in Belize
- Annual reports and submissions
- A business plan
You will also need to assemble a variety of documents to support your application. These include due diligence on stakeholders, company charter, articles of association, ID, CVs, and proof of residence. Professional references will also be needed from a lawyer or accountant, along with a completed application form.
Once these documents are collected and all requirements satisfied, the application can be filed with the authorities. As mentioned, you should undertake this process with your corporate service provider to ensure it goes smoothly.
When working in a regulated sector such as forex, there are rules and regulations you must abide by. Acquiring a Belize forex license is no exception. You will have to follow the directions on onboarding customers, checking their identity, transactions, and payments. There are also various reports you may have to submit to the authorities and report potentially suspicious activity. Compliance is a complex legal environment, so it is wise to engage a professional to help you navigate it. They can assist with drafting policies, auditing, and staying up to date with evolving obligations.
Fast Offshore has worked with entrepreneurs for over 24 years, including those in forex. As your corporate service provider, we can take care of everything, from preparatory to ongoing maintenance. Furthermore, we do it with transparency, professionalism, and an ethos of putting customers first. Contact us today to find out more about getting a forex license!
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