Forex Broker License in Cyprus
Forex-trading is making money on currency exchanging deals. Forex-market exists globally and its turnover exceeds millions of dollars. Cyprus is one of the first countries to legalize Forex trading and has gone to great lengths to keep traders safe by offering them quality, greatly-full and strict regulation. However, despite the severity of certain points of regulative framework, Forex-regulation in Cyprus is quite loyal to the representatives of such a niche.
Our firm is experts in the field of companies’ licensing and formation in hundreds of jurisdictions around the world. We will become your secure allies in getting license to operate in any of your chosen spaces, in particular, in getting Forex broker license in Belize, Spain, Malta and others. With us, you do not have to cope with all difficulties and nuances that may arise on your own – we’ll take care of this completely.
Cyprus forex license: main requirements
Regulatory body controlling activities of Forex-brokers and directly issues permits to be evolved in this direction is Cyprus Securities and Exchange Commission – CySEC. Commercial structures that are interested in the official approval of their activities need to meet a number of normative points put forward by the regulator.
The presence of registered office-premises in the jurisdiction.
The presence in firm of a director with a higher financial education and sufficient experience in such field.
The presence of a well-written concise description of future activities.
Absolute and unconditional compliance with the conditions that are associated with the initial capital. Its size is at least 125 thousand euros if we are talking about the STP license, and 730 thousand euros if we are talking about the Market Making license.
As already mentioned, Cyprus is included in the list of the first jurisdictions where the Forex markets first began to form and develop. The infrastructure for the relevant firms in this country is developed in the best possible way, therefore brokers are primarily interested in a brokerage license in Cyprus. Cyprus is often seen as a competitor to the BVI and Mauritius. The last of the mentioned jurisdictions is quite popular due to the special loyalty and profitability of the local FSC regulator. It is important to note that having obtained a Forex license in Cyprus, the licensee must properly prepare and submit financial statements.
As for the package of documents required to get Cyprus Forex license, it consists of a list of the following papers that are mandatory for all beneficiaries, directors and shareholders as a minimum set:
copies of internal and foreign passports;
documentary evidence of residential addresses;
letters of recommendation from a reliable banking institution to confirm financial status;
professional resume;
statements from a banking institution, which will indicate the presence of a sufficient amount of funds in the account.
In addition to the above, additional documents may also be requested by the regulator. Our experts will help you prepare and collect everything you need