A financially and economically stabilized nation, Belize has turned out to be a growing offshore destination that has been grabbing the attention of the international investors at a rapid speed. It is one of the ideal places for investors to come forward and invest in Forex business as it holds a well-developed legal framework. Bordered by Mexico and Guatemala, the nation has a strong position among the popular offshore destinations to deal with.
This guide highlights the essentials that need to be taken to deal with offshore forex company in Belize. If you are looking to invest in an offshore business in Belize, you can count on it!
Belize Forex Business
As there have been certain developments in Europe and Australia, there has been a positive inclination for the forex brokers to invest in Belize. With the high leverage option of tax exemption and company setup benefits, Belize has been turning out to be one of the highest offshore jurisdictions in demand. Now, there is a set process that needs to be followed when it comes to obtaining a Forex license.
Key Parameters Before Obtaining a Forex License in Belize
When it comes to obtaining a Forex license in Belize, an offshore company needs to be incorporated. However, specific parameters are to be followed, which includes:
- The owners need to maintain a physical office with local directors
- The first task is to set up an International Business Company (IBC)
- Once the license gets obtained, an offshore bank account needs to be opened with a reputed bank in the jurisdiction
Types of Forex License in Belize
Now, when it comes to obtaining a forex license in Belize, the business investors have got the flexibility to grab any one of them:
- Trading in Foreign Exchange (Forex, FX)
- Trading in Financial Commodity-Based Derivative Instruments and Other Securities (Futures, Options, Stock, Contracts etc.)
However, the licenses can be obtained if one is engaged in:
- International Asset Protection and Management
- Money Transmission Activities
- Payment Processing Services
- Money Exchange, Brokering, Laundering and Pawning
- Custody Services
Documents to be Submitted to Obtain a Belize Forex License
To get the Belize Offshore Forex License, one has to present the following documents:
- Duly filled and notarized application form
- The complete details of the shareholders and directors involved in the process
- Notarized copies of bank account and relevant bank statements (at least past six months)
- A blueprint of the business plans
How to Get a Forex License in Belize?
The forex license in Belize obtainment process involves the following steps:
- Set up an IBC: An International Business Company (IBC) is one of the most preferred legal business entities preferred in an offshore business jurisdiction. Starting an IBC involves numerous steps that need to be cleared, preferably with the help of a certified business expert as they are well-versed with the legal proceedings. To know more about it, have a look at our latest guide on Belize Offshore IBC Guide, which will give you complete detail on the establishment process.
- Submission of the License to Belize IFSC: Once the incorporation process gets completed, the incorporation documents are to be submitted to Belize IFSC, the financial authority that takes care of the financial proceedings. The submitted papers will undergo the inspection process, and upon completion of the same, the forex license will be issued accordingly.
- Open an offshore bank account: An offshore bank account is an essential part that can’t be denied. After the business setup in the tax-haven jurisdiction, the bank account needs to be opened to carry out the financial transactions at ease. By opening an offshore bank account, you will be getting access to the international investment route, which will help you deal in the global market. To know more, have a look at the advantages of offshore banking, which will give a complete idea of the benefits that you can grab.
- Include additional services (Optional): Apart from the above tasks mentioned above, most business owners prefer to proceed with other services like nominee director services. Availing this service helps the business investor to add an extra layer of protection to the business activities, as the nominee directors hide the identity of the actual beneficiaries.
By now, you have seen the complete process that needs to be followed when it comes to obtaining an offshore forex license. There are multiple benefits like holding a multi-currency account an international investment that can be availed by proceeding with one.
However, it becomes extremely tough for a foreign investor to obtain one if he/ she is not well-versed with the IBC set up process, or even to clear the procedure for obtaining a forex license. Business Setup Worldwide has been standing as one of the top ten business setup consultants who has been helping numerous business investors to take a step forward and convert their dream business into reality. Our business advisors are well-versed with the overall business setup process and can guide you at every step by providing tailored solutions. To know more on the benefits, have a look at our latest guide, Core Reasons to Hire an Offshore Business Consultant.
If you are looking forward to obtaining an offshore forex license in Belize, feel free to have a word with our business experts. Contact us today-we’d be glad to assist!