Want to become introducing broker of Interactive Brokers...

[Flatworld]

We want to become introducing broker of Interactive Brokers...

but the Interactive Brokers require us to have broker license in other counties...

We heard from other people that Vanuatu Dealer License is no longer accepted by interactive brokers...

So I want to ask if someone in this forum know some Alternatives to Vanuatu Dealer License that we can use to fulfill the interactive brokers' requirement...

 

[Rafael Osechas]

There is a licence for financial advisor only? How long will take?

 

[onemansomewhere]

You do not need a broker license. You need a license of financial advisor. It‌ takes 2-3 months to obtain.

 

[Rafael Osechas]

Sounds interesting but what about this license
Needs office, staff an capital ?
Thanks

 

[onemansomewhere]

Conditions are different in each country.. For example: In Slovakia:‍
Office not needed - just any virtual address in case if any official institution needs⁠ to send you anything - it has to be a local address.
Staff not needed⁤ - but you need someone to make accounting, file tax returns, Keep all paperwork required⁣ by the law done..
Capital - minimum capital required by the law is 5000 Eur.⁢ But you do not need to have it in a real. Just declaration of having︀ it is just OK.
There are only 2 problems which you have to solve:

1. Have a university diploma from economy and management + your CV has to show at︁ least 5 years of practise in financial sector or a secondary school diploma from economic︂ school + CV showing a 7 yers of practise in financial sector
2. You must︃ pass exam asout financial market - in local language or in English..

There are companies︄ who can provide a prsoon who has everything required by the law, but it costs︅ some money..

If you want to go around but you are willing to pay some︆ higher fees, there is a possibility to obtain a general financial license in Kazakhstan.. They︇ just require their fee and having a local company there and having a CV with︈ at least some practise in financial sector..

 

[Flatworld]

financial advisor can't charge extra‍ commission like introducing broker...= =

 

[Flatworld]

I heard about the "license" in Kazakhstan...I think︈ it's not a license, but is a Registration~similar to Money Services Business (MSB) Registration in︉ USA~

 

[onemansomewhere]

Some country calls it registration, some permition, some license.. but it is most just about fulfilling‍ some conditions, provide some documents and pay som fees..

 

[Flatworld]

the registration ones are usually very simple & cheap, these service providers hope everyone thinks⁠ those are the same thing~to sell their service at very high price...just Information asymmetry~

“Registration as a financial service provider is not an official approval of an individual, business or⁤ organisation. It doesn't indicate that you're licensed or regulated in New Zealand or any other⁣ country.”

 

[onemansomewhere]

IN the most european country, you have to show⁣ your education background, experience in financial industry, sometimes pass some exam and pay a fees.⁢