Forex licenсes Vanuatu, Mauritius, Labuan: what to choose
In order to fully operate in the financial services market, it will be necessary to register a Forex licence in 2020. Professionals in the Forex or binary options industry may apply in jurisdictions such as Vanuatu, Labuan or Mauritius. Having a work permit allows you to confirm the high level of the vendor and its reliability.
Features of a Vanuatu licence
The operation of companies in Vanuatu is governed by the Companies Act. The VFSC regulates and supervises financial institutions. To register a company and obtain a Vanuatu Forex licence in 2020, please contact our specialists at IT-OFFSHORE.
What types of work can be approved:
- Asset Management;
- Finance Consultancy;
- Trading in the Forex market.
There are several steps to obtaining a Vanuatu Forex licence. It is necessary to register a company in advance. There is a requirement that you must have at least one director and a secretary. After that, an application is submitted to the Financial Services Commission and fees are paid. If the application is approved, it is possible to successfully obtain a business licence.
The processing time is on average 8-12 weeks. To register a licenced company, it is important that the director has the experience that is supported by documents. It is also necessary to have a local office.
Registration of a licence in Mauritius in 2020
Forex licence in Mauritius is required to fully manage assets, to advise clients on financial issues and investment, and to perform forex market transactions related to investment.
The requirements for staff to obtain a licence are stricter than for Vanuatu - at least two directors who are residents of the Republic and a secretary are required. It is impossible to obtain a licence without having a local registered office.
To obtain a document, you must apply to the Financial Services Commission. It is obligatory to submit the following documents:
- Constituent agreement and charter;
- Business plan;
- The results of analyses on the professional suitability of the organization.
If the application is approved, the company obtains a licence. The registration takes on average up to 3 months. To register the licence, most directors must be residents of the Republic and have sufficient qualifications in finance.
Obtaining a licence in Labuan
Forex licence in Labuan provides the opportunity to provide financial services. To register a company, you will need at least one shareholder and director. There are no conditions for a secretary, but an office is required. Obtaining a licence to work with cryptocurrencies and finances is possible only if approved by the regulator.
The licence registration takes up to 4 months and is longer than in Vanuatu and Mauritius. Unlike in Mauritius, however, there are no conditions regarding residency. The company registration also requires financial expertise from a director. The availability of qualification must be documented.
Which licence should I choose?
The easiest way is to obtain a licence in Vanuatu. There are few requirements for companies compared to Mauritius and Labuan. There are no conditions regarding the residency of the director, but at least one director is required. The time required to obtain documentation is relatively short.
The longest time to obtain documentation is in Labuan, but the requirements for employees are relatively low - a shareholder and a director may have any residency, and it is allowed that the position is held by both individuals and legal entities.