Over the years, Cayman Islands have established itself as one of the premier offshore jurisdictions for financial services. It offers one of the most inexpensive regulated brokerage options to the FX brokers residing there. International Financial Services Business is regulated in the Cayman Islands by the Cayman Island Monetary Authority (CIMA). Thus, to get your business up and running, you need to get a valid government FX broker license. Thus, obtaining an FX brokerage license from CIMA contains significant global prestige.
To get an FX brokerage license for your company, all you need to do is register your company. In turn, it will provide mediation services in the FX market. Some of the documents that you need to submit for getting a FX brokerage license include those of memorandum, articles of association, a detailed business plan, result of the professional suitability test as well as that of internal company instructions.
The brokerage agency that is having license must be managed by at least three directors. Shareholders and directors may not be residents of the Cayman Islands. FX brokerage state body gets their license from Cayman Island Monetary Authority.
The procedure for obtaining a FX brokerage license
- Incorporating a company.
- Opening a corporate bank account.
- Preparing and gathering all of the necessary documentations.
- Filling in the forms for applying for a license.
- Payment of the state fee for consideration of an application for a license.
- Placing minimal authorized capital on the corporate bank account in amount of $ 610.
- Payment of the state fee for obtaining license after the Commission decision about obtaining a license.
The cost of obtaining a FX brokerage license from Cayman Island Monetary Authority is around 27,000 dollars. It includes services like
- Incorporating a company
- Opening a local bank account
- preparation of due diligence on the director and the participants
- preparation, submission and maintenance of an application for a license
- consultation on application.
In one word, obtaining brokerage license in this country will keep your business safe and aid you to grow your FX brokerage business rapidly.