Setting up a business can look like an extremely complicated process from the outside. For this reason most people choose to stick to their day job, taking orders and getting paid ridiculous low wages for their efforts. Luckily, you have chosen to embark on a journey that will not only change your life, allowing you to be more flexible, but also earn a lot more money.
If you try to setup a Forex Trading Company on your own, without any external help, let me tell you now you will have problems. You’ll spend so much time, money and effort, that you’ll probably end up giving up before you even start. There are a lot of company formation businesses that are on hand to help you out, and my advice to you would be to use them.
They specialize in company formation, so they have done this type of thing hundreds of time over. Whilst on the outset it might look like their services are expensive, the chances are that they will actually end up saving you money. You want to specialize in Forex Trading, so don’t try and specialize in company formation as well as it simply won’t work!
What I can tell you are some of the basics that a company formation business will take care of for you. Of course I’ll make this simple but the whole process is a lot more complicated than it sounds.
To start with, you company will have to be registered as a Forex Trading Company. From there a licence needs to be obtained which will be issued by the CYSEC. Don’t think that this is cheap, it actually costs EUR 27,000 and that’s without any other expenses. Fees for the CYSEC can range from anywhere between EUR 5000 right through to EUR 10,000.
From there, the preparation of documentation needs to begin. A company formation expert will prepare all the legal documents, as well as a detailed business plan to ensure everything is legitimate. These will then be compiled ready to be submitted to the necessary authorities and the CYSEC. This process can take quite a while, but the authorities will always keep you updated.
This is where things can get extremely complicated. The company’s share capital will need to be paid up in full. Of course, if the company will be offering services that are limited to reception and transmission of orders, or just investment advice, then this changes. For a full blown Forex Trading Company, expect the share capital to be EUR 200,000, where as if you are offering minor services, the share capital will be just EUR 80,000. Of course, this represents quite a difference, so it might be worth consulting an expert to ensure that you are making the right decision.
The documentation and the submission of the documentation is probably the most complicated part of setting up a Forex Trading Company. Of course, this can be handled by an expert, which means you don’t need to have any involvement. If you choose to do all this by yourself, then the chances are the process will cost a lot more and take a lot more time!
Register a Forex Trading company in Cyprus now.
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