Forex offshore company URGENT questions

[Stressful]

Firstly, I have read the top post regarding the establishment of a mutual fund (a pooled investment).


I do not want to setup a mutual fund or a pooled investment.


What I would like to do is establish a Forex Brokerage.....simply offering clients FX prices and allowing them to trade straight through my brokerage into the banks.


A -- I thought I could easily offer this in New Zealand, although now I hear that I must have an onshore presence and staff -- I already have my own team of staff so that wont work....then I was told I would not need a license if my clients were outside of NZ -- is this true ?


B -- I have seen a lot of Seychelles FX brokerages on the internet, they are not mutual funds but are licensed....how to apply for this license and how much does it cost etc ?


C -- There are companies on the internet offering FX license applications for between 8-10.5k USD (including seychelles)......where would these be domiciled (there is no paid up capital)


Thanks !

 

[JohnLocke]

A -- I thought I could easily offer this in New Zealand, although now I hear that I must have an onshore presence and staff -- I already have my own team of staff so that wont work....then I was told I would not need a license if my clients were outside of NZ -- is this true ?
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Depends on where you want to offer your services and if you will depend on international banking.

B -- I have seen a lot of Seychelles FX brokerages on the internet, they are not mutual funds but are licensed....how to apply for this license and how much does it cost etc ?
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I'm almost 99% sure that they are not licensed, unfortunately we have seen lot's and lot's of companies offering such services (also with Seychelles companies) but they never had a license for it. Obtaining a license costs a lot of money in the majority of offshore jurisdictions so in the Seychelles and Cyprus, exceptions may be NZ and Costa Rica and as well Panama, I don't know about the last 3 offshore jurisdictions so correct me if I'm wrong.

C -- There are companies on the internet offering FX license applications for between 8-10.5k USD (including seychelles)......where would these be domiciled (there is no paid up capital)
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Be aware of that there are SO MANY fake companies that will rip you off for the money you pay them, some will either provide you with fake and false licenses, be careful using such. I would recommend you to personally visit the company you want the help from to obtain a financial license. Be cautious!


We have actually published some information about the Financial license in Cyprus and the Seychelles at the link below:


Offshore Company Forum - Forex Fund Management Company in the Seychelles or Cyprus, please read!


You need a lot of capital to get this established.

Last edited: May 29, 2016
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[Stressful]

Thanks for the reply, we would be offering these services in Asia and would need international banking hence the requirement for a license which is paramount....


If there is a license for establishing an FX brokerage it surely wouldn't come under a Mutual fund -- that would solely be used for trading on behalf of clients.....wheres we would have clients trading themselves with us being neutral....

 

[JohnLocke]

If there is a license for establishing an FX brokerage it surely wouldn't come under a Mutual fund -- that would solely be used for trading on behalf of clients.....wheres we would have clients trading themselves with us being neutral....
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Please elaborate! Do you mean that you won't accept 3rd party funds?

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[Stressful]

Mutual funds are pooled investments -- it's a FUND.....there would be a trading team who trades on behalf of the clients.


A brokerage would simply allow clients to open separate accounts (not pooled) and then place trades with the brokerage....who would send the trades through to a liquidity provider (eg banks).


Having a mutual fund license in any country would be different to having a brokerage license.


EDIT -- The brokerage simply takes a price from an institution, offers a platform for the client to trade -- client trades and the trade passes through the brokerage to the bank -- the brokerage makes a small commission.


Mutual fund is a pooled investment where clients do not trade themselves, the trades are executed by traders working for the fund.

Last edited by a moderator: Sep 10, 2012

 

[JohnLocke]

Thank you for clarification... so to understand it.. where does your clients pay the money to that they will be trading for?

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[Stressful]

It's probably easier if I message you -- can you PM me and I can email the details more specifically ?

 

[JohnLocke]

Well, this is a discussion forum to discuss such matters. We have professionals available in our company who will know all about CIF Licensing, FX trading platforms and FX trading companies and their applicable regulations. However, they are not belonging to this forum we are 2 different entities if you want so. If you request a service specific you may approach the different services available on Google and are also welcome to contact our office directly for a personal meeting; Select a department - Offshore Company Formation -

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[Stressful]

Thanks for that, I contacted the offices about 5 times no and still no-one called me back or emailed so I resorted in logging into this forum...


Essentially a mutual fund is for trading client accounts -- FX brokerage license is for allowing clients to trade with you....


Hope that clarifys things -- FYI mutual fund wouldnt cover an FX Brokerage....killer 🙁

 

[JohnLocke]

Thanks for that, I contacted the offices about 5 times no and still no-one called me back or emailed so I resorted in logging into this forum...
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If that is true you may have a wrong number to call and maybe also the wrong e-mail contact, you may as already mentioned submit your ticket here:


Select a department - Offshore Company Formation -


So I will guarantee you that you will get a response within 24 hours!

Essentially a mutual fund is for trading client accounts -- FX brokerage license is for allowing clients to trade with you....
Hope that clarifys things -- FYI mutual fund wouldnt cover an FX Brokerage....killer 🙁
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Well you don't answer my question so it may be difficult for anyone to help you.

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[clemens]

I believe this guy isn't here to get help but rather show that he can prove something that he won't be able to do:ban:


How I read you, stressful ist hat you are very well ware of what it is you are looking for and that you know exactly where you can get it, the questions is, why are you try to fool all of us? Why don't you just pick the offshore jurisdiction of which you know where you can conduct your FX Trading Platform business and form a offshore company there. You don't need a license for what you are looking for to provide, you don't even need to ask anyone to regulate your business, just go ahead.


A Forum is here to offer help to those who don't know where to get the help or for those who are interested to help others not to attack them or play a funny game.


Finally to get answers you may answer the questions asked. Admin asked you twice for information you don't provide!


Go to the BVI and get your company incorporated there and rest in peace my friend, my the luck be with you:bt:

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[Joe]

I agree with Jpay it seems you have a bright knowledge and are here to only tell about what you want to achieve.

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Years teach us more than books 🙂

 

[Stressful]

jpay said:
I believe this guy isn't here to get help but rather show that he can prove something that he won't be able to do:ban:
How I read you, stressful ist hat you are very well ware of what it is you are looking for and that you know exactly where you can get it, the questions is, why are you try to fool all of us? Why don't you just pick the offshore jurisdiction of which you know where you can conduct your FX Trading Platform business and form a offshore company there. You don't need a license for what you are looking for to provide, you don't even need to ask anyone to regulate your business, just go ahead.


A Forum is here to offer help to those who don't know where to get the help or for those who are interested to help others not to attack them or play a funny game.


Finally to get answers you may answer the questions asked. Admin asked you twice for information you don't provide!


Go to the BVI and get your company incorporated there and rest in peace my friend, my the luck be with you:bt:
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No way would I look at BVI -- too many dodgy companies there...


What I'm trying to ascertain is whether there is an FX license in Seychelles as there seems to be a fair few brokerages with this license -- this is NOT a mutual fund license.....the only companies I can see who offer this license are, shall we say a bit bizarre over email and do not pick up the phone.


So, the question is, where do these FX brokerages in Seychelles get the license and is this a simple matter of applying for a special license or has this regulation now been stopped ?


I think it's a bit weird to say that I know what I want and how to get it -- I know what I want but dont know how to get it -- hence the name stressful !

 

[Stressful]

I'm not sure what the question is ? I need a Fx brokerage license in Seychelles mate but this would not fall into the Mutual Fund realm.


It's been over 24 hours since I went onto online chat and sent tickets through etc etc but nothing -- if you have an email for someone in another dept that would be great, but I guess I'll try chat again!

 

[Stressful]

Joe said:
I agree with Jpay it seems you have a bright knowledge and are here to only tell about what you want to achieve.
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I havent had an answer to my questions.....

 

[JohnLocke]

What I'm trying to ascertain is whether there is an FX license in Seychelles as there seems to be a fair few brokerages with this license -- this is NOT a mutual fund license.....the only companies I can see who offer this license are, shall we say a bit bizarre over email and do not pick up the phone.
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Please elaborate? Who is this dodgy company? and who are these dodgy companies in the BVI?

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[clemens]

According to SIBA which isn't dodgy there is only the Mutual Fund and CSL company in the seychelles that may conduct financial service business, here is the link Seychelles International Business Authority: Securities Industries


Rather than accusing and attacking people you may stick to the topic and come to a point, you are posting 99% nonsense which don't help anyone, I don't understand why you didn't got banned already.


To stick to the topic and to help other users that may looking for a constructive help about this topic then a Seychelles CSL or Mutual Fund is so far the only entity that can carry out financial service in the Seychelles.

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[Stressful]

Admin said:
Please elaborate? Who is this dodgy company? and who are these dodgy companies in the BVI?
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There are plenty of SCAM managed account FX vehicles in the BVI -- lots of good ones too but the image isnt ideal at the moment and we wouldnt want to have to start with a negative impression.


A SCAM vehicle would mark up a trading spread and just trade the hell out of client accounts -- thus earning high commissions while the clients lose everything....


I've seen alot of these in BVI -- other places too but this seems like a haven for a fair few firms like this....


Obviously I'm not going to name names but I imagine a google search or 2 would find a few....

 

[Stressful]

Who've I accused or attacked ? That's not my intention....


I'm not sure what nonsense I have posted -- I have asked questions in the 1st post which havent been answered by anyone -- ADMIN gave a good example with the mutual fund but in fact it would be a separate license as I hope I've explained.....


Thanks for the link -- I checked it out only just yesterday and sent a mail to them (no reply as yet) -- the weird thing is that the Seychelles CSL is not able to offer FX in any form.....however some offshore setup firms claim it is simply a tickbox away from doing so....which sounds suspicios.


The fact is that there IS a Seychelles license OR there was one until around a year ago.....


I'm not sure why I should be banned for asking questions which no-one (including youself) knows the answer to. It seems fairly logical to post what I intend and want to do in order to obtain advice from someone with experience of doing the same thing as me...


I'm not quite sure what you're adding to this thread to be fair as it doesnt seem like you've answered any of the questions I posted in the OP (even highlighting that i have read the thread about mutual funds and then subsequently explaining why its not relevant).


Anyway, I hope someone who reads this forum could advise on this matter -- I did get onto chat but seems like only cyprus is an option which is now full of brokers and I'd rather something with minimal initial capital so I can spend the cash on other areas....


I'll keep digging and see what the score is so at least others will know from my experience of this.

 

[clemens]

If you find a Financial license that can be obtained for a few dollars in the Seychelles let us all know, I guarantee you that what you are looking for does not exists in the Seychelles. At least not any longer.

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