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Belize – FOREX Licensed Company

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FOREX business activities are highly regulated. A company offering FOREX services to its clients must have a licence unless it trade own funds.

International banks do not accept applications from unlicensed companies.

For practicing a legal FOREX actiivities a Belize company must acquire a license for trading in financial and commodity based derivatives according to the International Financial Services (Licensing) Regulation 2007, which makes reference to the procedures and disbursements to the IFSC for securing a License in Trading in financial and commodity based derivative.

The Directors and Shareholders of the company will need to be available for visits with the Director General for interviews on the matter upon the request of IFCS. Prior the incorporation an approval from IFCS Director- General must be obtained.

 

USD 5,000.00 Annual License at IFSC

USD 5,000.00 - Professional retaining Fee to assist in obtaining license

USD 1,000.00 - Application fee to the IFCS

 

Cost of incorporation of the company will be higher than a normal Belize company because the company will need to have a special memorandum and articles of association and a paid up capital of 100,000 USD which will generate additional government fees. A bank account for depositing of initial capital must have to be opened in Belize.

 

Foreign Income Taxation – EXEMPTED   Public Register of Shareholders – NO
Min Share Capital to be Paid Up – NIL   Beneficial Owner Records – Kept with Registered Agent
Tax Treaties – No access   Bearer Shares Holder Records – n/a
Delivery Time Frame – 10 working days            
  Disclosure of Beneficial Owners – Court Decision
Min № of Directors – 1   Beneficial Owner Declaration – Required
Local Director – Not required   Documents Kept at Business Address – No special requirements
Local Secretary – Not required   Annual Filing of Accounts Requirement – NO
Corporate Directors – Allowed   Preparing of Accounts Requirement – NO
Corporate Shareholders – Allowed   Annual Audited Accounts Requirement – NO
Bearer Share – NO   Due Diligence Requirements: visit  RESOURCES
Min № of Shareholders – 1   FATF Black List - Not Listed

INITIAL SET

INITIAL SET

- Company Formation Services

     - Apostilled Documentation Basic

     – Opening of bank account in Belize

First Year: USD 2,600.00

Second and Subsequent Years: 1.900.00 (which are due in January of each year)

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SAVA Management Ltd

 

Application for License in Trading in financial and commodity based derivative and Due Diligence:

1. Originally completed License Application Forms signed in presence of a notary public or justice of the peace

2. Original Biographical Affidavit of each director and shareholder

3. Payment of the full US$500.00 application fee to the IFSC will be required to be paid upon submission of the application and this fee is non-refundable;

4. Notarized passports, notarized recent utility bill, recent (original) Bank reference of each director, shareholder and beneficial owner of proposed Trading in financial and commodity based derivative Company

5. Notarized Curriculum Vitae of each director, shareholder and beneficial owner of proposed Trading in financial and commodity based derivative Company

6. Business Plan of the Proposed Trading in financial and commodity based derivative Company

7. In cases where the director or shareholder will be a company the following needs to be supplied for each director, shareholder and beneficial owner:

8. Notarized Certificate of Good Standing

9. Notarized Memorandum and Articles of Association, By-Laws, or whichever charter constitutes the company

10. Notarized or original Certificate of Incumbency (stating the directors, shareholders of the company)

11. Notarized passports, notarized recent utility bill, recent (original) Bank reference of each director, shareholder and beneficial owner of the company

12. Original Biographical Affidavit of each director shareholder and beneficial owner of the company, signed in presence of a notary public or justice of the peace

13. Notarized passports, notarized recent utility bill, recent (original) Bank reference of each director, shareholder and beneficial Owner of the company

 

The above measures still does not determine the approval for incorporation and grant of the said license; it is solely up to the Director General’s discretion, of which in this case, retainer and incorporation costs are not refundable.

 

Bank Accounts and Requirements:

 

For the License the bank account has to be established with a Bank in Belize. Every bank has different requirements however all of them will require the following documents for each authorized signatory, beneficial owner, director and Shareholder of the company: (if the intended director/shareholder will be a company, then proper due diligence will need to be conducted thereon- as advised above)

1. Notarized copies of passport

2. Two original bank reference letters (or) 1 original bank reference letter and 1 original character reference letter (attorney or accountant) not older than 3 months.

3. An Original utility bill confirming place of residence not older than 3 months

4. Original Bank Application Forms

5. Certified Corporate Documents (of Proposed Company)

6. Upon approval the company will be asked to deposit it’s full capitalization of US$100,000.00 in a local bank account during the course of the application process;

 

Should the above documents not be in English, Certified English translation by professional translator shall be required.

In Belize it takes approximately two to three weeks to establish a bank account once all the documents are in compliance with the bank’s requirements.

Please be reminded that the banker has the right to reject any application if the KYC process is not satisfied.

 

SAVA Management Ltd

 

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