This is the most frequently asked question from people looking to register a Forex Trading Company. Of course, there are a range of answers, as it all depends in which area of Forex your business operates. The Forex industry is literally made of money, so if you only have EUR 5,000 to spare, then don’t expect that to be getting you very far.
All individuals that are looking to register a Forex Trading Company need to ensure that they obtain the correct licensing. The licence that is needed is one that is issued by the CYSEC. Of course, this isn’t free and in fact, is far from that. The CYSEC will charge any company looking for a licence an upfront fee of EUR 27,000. This is expensive as it is, but there are also other fees attached to the licence that can tally anywhere from EUR 5,000 right up to EUR 10,000 depending on the arrangement.
From this point onwards you will need to correctly file all the legal documents. There are literally hundreds of different documents that need to be filed along side a detailed business plan that suggests exactly what you will do after you register a Forex Trading Company. All of these documents, alongside the business plan need to be submitted to both the CYSEC and authorities where they will be assessed in detail.
Every part of the process above is extremely complicated. You need to know what forms to get and where to get them from. You need to understand what to fill in and what to include in your business plan. Even if you manage to do all of the above you need to understand exactly who and where to send all this documentation to. Because the process is so complicated, I usually suggest speaking to a company that specialises in company formation. These companies have done what you are trying to do literally hundreds of time. They can save you time and in some cases, even save you money! Of course, some people try and do all of the above themselves, which ends up costing them an arm and a leg!
Right; back to the finances. If you are looking to offer advice only, then you’ll need an upfront share capital of EUR 80,000. If you are looking to offer additional services then the share capital needs to be or exceed EUR 200,000. There are some cases where the share capital needs to be a huge EUR 1,000,000. This is only if you are dealing on your own account, underwriting or using multilateral trading facilities. If you are not using any of the above you will not need EUR 1,000,000!
Making the decision to register a Forex Trading Company is a good one. The markets are open 24 hours a day which offer great potential for profitability. If you try and register a Forex Trading company alone, then be sure to expect some complications. Always employ a company formation specialist to complete the process as it will be a lot easier and quicker!
Register a Forex Trading company in Cyprus now.
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