Kenya
Online Foreign Exchange Broker License
FOREX license in Kenya is divided into three types:
"Money manager" management of the online foreign exchange portfolio of an individual or entity;
"Dealing online foreign exchange broker" license to operate an online foreign exchange trading business as a principal and market maker.
"Non-dealing online foreign exchange broker" license to operate as a link between the foreign exchange market and the client; this type of license does not give the opportunity to participate in market activities.
1 - The "Money manager" category allows the following:
- To be the Financial Manager of the client;
- Intelligently select and manage investments for clients;
- Develop a suitable investment strategy;
- Take a position in the market to achieve the client's investment objectives;
- Conduct financial analysis and oversee foreign currency portfolio investments on behalf of the client.
2 - The Non-dealing online foreign exchange broker category allows the following:
- Open trading accounts for clients;
- Provide a trading platform;
- Provide access to market information that clients can use when formulating strategies;
- Monitor traders’ positions.
FOREX broker can not offer for trading currency pair, related to the Kenya shilling and work with binary options.
3 - The category "Dealing online foreign exchange broker" allows:
- The license allows you to work as a principal and Market Maker.
FOREX broker can not offer for trading currency pair, related to the Kenyan Shilling and work with binary options.
Requirements for the license applicant:
- Presence of a local LLC type company.
- Availability of a local office, equipment, and personnel.
The company should hire the following specialists:
- A CFO who is a member of ICPAK (Institute of Chartered Accountants of Kenya);
- An experienced dealer (when applying for Dealing online foreign exchange broker license);
- Accredited Compliance officer;
- Internal auditor, who is a member of ICPAK;
- Registered outside legal counsel.
Requirements for company directors:
- The company director must have at least five years of experience in buying, selling, managing, or dealing in foreign exchange and be a member of the company's top management.
Requirements for the board of directors:
- Minimum of 3 directors;
- Minimum of 1 non-executive director;
- At least 1 non-executive director (cannot be a CFO);
- At least 2 other executive directors.
Company shareholder requirements:
- Minimum of 4 shareholders.
Minimum authorized capital requirements:
- Money manager 92,000 USD;
- Dealing online foreign exchange broker 455,000 USD;
- Non-dealing online foreign exchange broker 270 000 USD.
Capital requirements and liquidity:
- FOREX broker - 270 000 USD.
- Financial manager - 45 000 USD.
Or 8% of the total liabilities.
Allowed asset classes to work with:
FOREX, securities, indices, interest or other rates, currencies, futures, commodities, stocks, CFD.
FOREX broker is forbidden to trade: currency pairs, including the Kenyan shilling and binary option.
Taxation:
A non-resident company with a permanent establishment in Kenya is taxed at 37.5%. The tax is calculated on the basis of the company's income less expenses incurred as a whole and exclusively in earning the income.
Ready-made companies with bank accounts
Or you've already got own business and there is a need to expand the scope of activities. To avoid the loss of time and effort to register juridical individuals, you can arrange a ready-made company. You will have a fully prepared company with a package of documents, which is mandatory for conducting a full-fledged activity.
Companies with licenses
Buying a ready-made company is the best option for operational business development in a new industry, as well as the need to expand the scope of the existing organization increase its scale. Acquisition of a company with mandatory permits and license means the ability to enter a new market in a short period of time.
Banks
Acquisition of a ready-made bank allows you to save time, as well as quickly carry out all reissuing operations. On average, the procedure takes about one day. As a result, the client becomes the head of the bank, which already has a client base, as well as status in the market and ready staff. Our company conducts all operations in accordance with existing legislation.
Funds
Investment fund is a modern investment tool designed for all types of assets. The purpose — managing of assets as well as solving number of tasks in a way that works best for individuals. There is no open subscription, meaning that a private investment fund has a closed structure. This is the most optimal solution for distributing capital through broad instruments.
SEMI for sale
When conducting business related to foreign exchange transactions, electronic money and cryptocurrencies, it may be necessary to open a financial company with a SEMI license. This type of license covers the production of debit cards and cryptocurrencies, the acceptance and sending of payments, the execution of transfers from third parties, and the opening of merchant accounts.
Crypto Offshore
When working with cryptocurrency it is important to choose the right country, where it is most profitable to open a company. Each country has a different attitude towards this type of currency. A country that has a loyal or positive attitude towards cryptocurrency can be called a crypto-offshore.
