Need to know how if I can incorporate a regular IBC in Cyprus or Seychelles or any other place without the need of a license? I want to start a Forex biz!
IBC for Forex Trading anyone knows how to go about it ?
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We do not know how it is in other offshore jurisdictions, but for the Seychelles the following applies:
Unless the company owner intends to trade 3rd party funds (in which case a Mutual Fund license will be needed) a Seychelles IBC does not need any license to trade forex it can do it as of right.
If the you want to act as a broker it’s a different story a separate license will be needed pursuant to the Securites Act )see copy of the Legislation attached.
Unless the company owner intends to trade 3rd party funds (in which case a Mutual Fund license will be needed) a Seychelles IBC does not need any license to trade forex it can do it as of right.
If the you want to act as a broker it’s a different story a separate license will be needed pursuant to the Securites Act )see copy of the Legislation attached.
We only offer our services in the Seychelles and Cyprus!
It depends very much on your goals you want to achieve, the major difference is that you don't need to pay in the Share Capital for Seychelles Mutual Funds / Financial license.
It depends very much on your goals you want to achieve, the major difference is that you don't need to pay in the Share Capital for Seychelles Mutual Funds / Financial license.
So the Seychelles is the best as I understand from your replies. Does it makes any difference if I will handle 3rd party funds will that require the license I mean?
Sorry for all my questions do we also need a fund manager if it went out we have to go this route?
Sorry for all my questions do we also need a fund manager if it went out we have to go this route?
EVERY fund jurisdiction requires the fund to appoint a licensed Fund Manager… ie someone licensed as a Fund Manager (a) in the jurisdiction where the Fund is to be registered or (b) in some other “recognized” jurisdiction.
In the Seychelles context a company which “collects and pools investor funds for collective investment purposes” must obtain a Fund license.︀
According to the Act a Mutual Fund:
(a) Means a company unit trust or partnership︁ that collects and pools investor funds for collective investment purposes including hedge fund purposes or︂ with the aim of spreading investment risks, and issues equity interests enabling investors in the︃ mutual fund to receive or have the right to receive a portion of profits or︄ gains derived from the investments, and
(b) Includes – (i) an umbrella fund whose equity︅ interests are split or segregated into different funds or sub funds;
(ii) a hedge fund︆
The act later goes on to make it an offence for a Seychelles entity to︇ carry out such activity without a Mutual Fund license.
I believe what you have described︈ probably fits within the definition of Mutual Fund. What do you think?
Alternatively you may︉ be able to proceed instead as a Collective IBC without having to apply for a︊ Fund license provided the investors cannot compel the company to redeem their shares. If the︋ investors are to be afforded the right to redeem shares then the collective IBC will︌ be licensable as a Fund.
In the Seychelles context a company which “collects and pools investor funds for collective investment purposes” must obtain a Fund license.︀
According to the Act a Mutual Fund:
(a) Means a company unit trust or partnership︁ that collects and pools investor funds for collective investment purposes including hedge fund purposes or︂ with the aim of spreading investment risks, and issues equity interests enabling investors in the︃ mutual fund to receive or have the right to receive a portion of profits or︄ gains derived from the investments, and
(b) Includes – (i) an umbrella fund whose equity︅ interests are split or segregated into different funds or sub funds;
(ii) a hedge fund︆
The act later goes on to make it an offence for a Seychelles entity to︇ carry out such activity without a Mutual Fund license.
I believe what you have described︈ probably fits within the definition of Mutual Fund. What do you think?
Alternatively you may︉ be able to proceed instead as a Collective IBC without having to apply for a︊ Fund license provided the investors cannot compel the company to redeem their shares. If the︋ investors are to be afforded the right to redeem shares then the collective IBC will︌ be licensable as a Fund.
Why not New Zealand, Panama and BVI ? I heard there it is way a lot easier to get a license for FX trading compared to Cyprus and Seychelles! I even read that some countries don't need a fx license at all and still able to open a bank account for the business what I don't know is which bank is willing to accet unlicensed fx business.
Question... so you guys are saying that if I am looking to start a company that acts as a trading advisory... basically placing trades in client accounts through POA or LPOA, I am in the same category as a mutual fund, which "pools client funds for collective investments"?
Even though I am not pooling client funds?
Ideally we are looking to set up an entity that will manage client accounts, through PAMM, MAM and Multi-terminal software. At no time will we have access to client funds, but in some cases the broker will automatically deduct our commission for us and deposit it into our account.︀
In others we will rely on the investors to pay the appropriate commission via check︁ or WT.
If it is the case that we require a license, what is the︂ average cost of licensing in the seychelles? and is it hard to acquire as a︃ self-made successful trader?... and since we will then fall under the qualifications of a CSL...︄ will we then be allowed to operate and conduct our business from within the Seychelles?︅
Appreciate the insights gents... nice to find some people who have gone through this process︆ before... Have been speaking to lawyer after lawyer and sifting through regulation after regulation.... It︇ seems the BVI is not as easy as it sounded initially... and the caymans has︈ a great tick the box licensing program if your clients are "sophisticated" (over 100k invested)︉ or "HNWI" with NW over 1m.
Any and all insights greatly appreciated... we are basically︊ looking for a bottom line number that it is going to cost to get this︋ going comfortably... and what it looks like to obtain a license as a self-made trader....︌
Even though I am not pooling client funds?
Ideally we are looking to set up an entity that will manage client accounts, through PAMM, MAM and Multi-terminal software. At no time will we have access to client funds, but in some cases the broker will automatically deduct our commission for us and deposit it into our account.︀
In others we will rely on the investors to pay the appropriate commission via check︁ or WT.
If it is the case that we require a license, what is the︂ average cost of licensing in the seychelles? and is it hard to acquire as a︃ self-made successful trader?... and since we will then fall under the qualifications of a CSL...︄ will we then be allowed to operate and conduct our business from within the Seychelles?︅
Appreciate the insights gents... nice to find some people who have gone through this process︆ before... Have been speaking to lawyer after lawyer and sifting through regulation after regulation.... It︇ seems the BVI is not as easy as it sounded initially... and the caymans has︈ a great tick the box licensing program if your clients are "sophisticated" (over 100k invested)︉ or "HNWI" with NW over 1m.
Any and all insights greatly appreciated... we are basically︊ looking for a bottom line number that it is going to cost to get this︋ going comfortably... and what it looks like to obtain a license as a self-made trader....︌
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