In the past few years Australia has established itself as one of the main forex hubs in the world. This is most probably due to the favorable conditions for FX & CFD brokers there, and the flexible regulation, which allows brokerages to offer traders outstanding trading conditions. With more and more international brokers setting up offices Down Under, Australia's forex market growth keeps growing sustainably.
About Licensing Body Australia Forex License (ASIC)
ASIC is the regulatory body in Australia, responsible for the review and issuing of forex licenses. The ASIC licenses are issued to financial companies which intend to engage in forex activity provided they meet certain criteria as required by the ASIC, this many include capital adequacy and fit and proper tests.
The scope of the ASIC is to provide licensing to financial firms where their application has been approved. The ASIC is also responsible for monitoring and managing the financial firm’s activity, ensuring compliance with its rules. In addition, the scope of the ASIC extends to the remit of the following former bodies :
- Stock Exchange Commission
- Insurance Division of the Ministry of Economic Development,
- Financial Services and Corporate Affairs
Advantages of incorporating a Company in Australia
- Licence companies, as well as investment schemes
- Grant domestic credit licenses
- Register liquidators and financial auditors
- Keep registers available to the public about companies, financial services and credit licensed persons
- Keep market integrity
- Investigate in case or suspicion of illegal actions requiring companies to provide records and information
- Suspend persons from credit and financial services dealings
From the Client
- Details (e.g. name and ACN) of the applicant entity.
- Balance sheet and cash flow projection details for the business
- Full names, Dates of Birth and Place of Birth for the proposed Responsible Managers.
- Details of two (2) persons who can provide business references for each of the proposed RMs.
- Copies of all relevant qualifications for the RMs, such as a university degree or advanced diploma in economics, finance, commerce or business.
- RG146 qualifications held by the RMs for all advice authorizations.
- CVs or work history for the RMs.
- Completed police check form or copy of police check already completed.
Related to the process
- CySEC Application Form
- Bank Application Forms
- AML (Anti Money Laundering) Procedures
- Business Plan
- Financial projection of your business
- Balance sheet with forecast description
1.trademark applications, IP Agreements and Domain Name Registration;
2.website preparation as well as the preparation or review of any other marketing material.
3.assisting with the purchase and negotiations for an MT4 server or any other trading platform required
4.assessment, review or testing of the entity’s proposed trading platform;
5.assisting with the implementation of Know Your Customer (“KYC”) processes or other compliance procedures.