How to get financial license in Switzerland in 2019
Swiss banks have a positive reputation all over the world due to the provision of quality services. Earlier in the jurisdiction there was no mandatory requirement for obtaining a Forex license, there was no such regulation of Forex brokers as it is now.
Now, to fully carry out activities related to banking, you need to get a license. The laws of different states regulate the procedure for obtaining a financial license in different ways. Of particular interest when choosing jurisdictions are those where this procedure is transparent - for example, in Switzerland.
Features of financial licenses
Banking activity refers to the type of licensed activities. Its maintenance may be available only with the appropriate permission. There are several types of permits - international, non-specialized, etc.
Dealers for conducting business must obtain a special permit from FINMA. Dealers are legal entities and individuals who are engaged in professional trading in securities, buy and sell them in the secondary market, create their own production tools.
There are several categories of such persons:
• Dealers of clients who are engaged in professional trading in securities on their own behalf for a client's account;
• Dealers doing work at their own expense on a short-term basis, and reach a gross turnover of over 4 billion euros;
• Market - makers;
• Production companies;
• Issuing organizations.
Dealers to get started, you must first obtain a license for Forex in Switzerland. Permitted to conduct activities only with all relevant permits.
Forex license requirements
In order for the recipient to issue a license, it must meet a number of requirements. It is necessary to have a minimum capital of more than 1 million euros, as well as an appropriate business plan, which confirms that all the rules are observed, possible risks and a plan to eliminate them are taken into account.
Qualified members of management must ensure legal conduct of business. The Charter, agreements and regulations should be accurately and in detail described how the activity will be conducted, what securities will be sold. The business must be financially compatible. The organization is managed in Switzerland, all internal functions must be clearly separated.
Registration is required, all risks should be limited. The internal control system should work effectively, proper functioning of the audit is necessary. An audit firm is appointed to supervise.
Only with the fulfillment of all conditions and compliance with the laws can one obtain a license. To consult on obtaining financial authorization, contact our IT-OFFSHORE specialists. We will answer all your questions.
The time of obtaining the license is about six months. The final term depends on the quality of the application, if it is filed by foreign nationals, the period may be longer, as it takes time to obtain permission from the competent authorities.