SVG IBC (FOREX/BO brokerage) needs a bank account

[George Kim]

I got the point. Thank you very much. Since SVG company︅ isn't regulated, that would be certainly an option to be considered truly.

SVG company is in progress, but︇ still have a chance to access a Cook Island bank if they accept us.

 

[Willblack]

If I may ask since I'm in a similar business niche⁤ (although on the crypto side), did you end up going with a white label platform⁣ or did you code your own and did you have any troubles with opening accounts⁢ with liquidity providers for the SVG company?

 

[George Kim]

Honestly, for SVG Company, we're not in⁤ the stage to negotiate the platforms with LPs so far. Only FSC firm is under⁣ a contract with LP at the moment.

 

[tevalerie]

Ok cool that works then and its crypto friendly

 

[DGTLOTC]

You are trying to obtain banking for probably the hardest to bank sector at the‌ moment - not to be pessimistic but it’s a fact

 

[Steve Smith]

Very interesting topic! Ive often wondered how EU based brokers get︅ around the headache of banking/receiving client funds when going for licenses off shore (SvG/Marshall Islands︆ etc). Even the major and regulated brokers tend to run off shore/unregulated brokerages as part︇ of their "group" if you look hard enough. Especially after the introduction of Mifid in︈ the EU where I'd bet the majority of their business is going through their off︉ shore entities under the guise of them being part of a regulated group. Yet the︊ topic is shrouded in secrecy.

In terms of the OPs original question are you saying︋ for arguments sake the set up could be :

Company A - registered in the︌ EU (cyprus/england/germany). This company could provide "support services" (amongst others) etc and obtains IBAN via︍ Bunq thus allowing it to receive funds from clients (Via WT), and or PSPs through︎ e merch.
Company B - SvG licensed IBC

The EU company A will then invoice️ company B for X amount (monthly/yearly etc) depending on agreements signed for the support..?

This all sounds well and good but I still don't understand how the broker, who owns‌ both companies, is able to get the "profits" out of the EU company. Surely you‍ can only invoice a certain amount per month/year before the Eu registered company starts being⁠ investigated? If you have a difference with the invoice amount and what is sitting on⁤ the EU company balances?

Hurts my head just thinking about it!

 

[Willblack]

The EU︊ company functions like....a normal company. It generates a small profit as per the payment services︋ contract signed between it and the SvG company. The rest gets transferred to the SvG︌ entity. And yes, you will eventually get investigated which is part of the game in︍ this business.

 

[George Kim]

Honestly, I am︄ thinking exactly as same as you do. Maybe I don't understand the point.
However, since︅ the holding company owns subsidiaires including SVG, so that don't want the company be investigated︆ may cause to be hurted by any financial issues.

By the way, I have heared︇ there're several PSPs or EMIs can help to open a bank account in SVG as︈ well.
- KuaPay
- HighRisk Gateways

Even don't know they are faithful but at least︉ I will try with them be possible.