Forex broker without a license, in which countries such activities are allowed
Forex brokers are specialized companies that provide services to intermediaries in the international foreign exchange market. Forex brokers without a license are usually less competitive than those who have received special permission to work, and not all countries allow them to work without a license. However, there are countries where such activities are not prohibited.
The nuances of working without a license
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In some countries, it is possible to start activities related to the financial markets without a special additional permit. It usually takes about 3 months to obtain the document and the cost may be around €10,000. Such conditions are often disadvantageous for a beginning broker.
Saint Vincent and the Grenadines
In the territory, subject to a number of conditions forex, activity without a license is not prohibited. The company does not have to keep accounting and pay taxes. There are no requirements regarding the security deposit.
There are no requirements for the minimum registered capital and filing of accounting documents. More than two dozens of forex companies were established in the jurisdiction, which are functioning now.
Under a number of requirements it is possible to operate in the financial market without obtaining a special permit. Setting up a company is relatively inexpensive, the cost is much less than when creating a firm in St. Vincent.
To fully conduct the work, connect the payment systems and open bank accounts, you must have a positive reputation and experience. In this regard, the registration of a license in the future may be necessary.