Guide to Start Forex-Money Broking Business with Labuan Company
It is easy to start to own your own Forex or Money Broking Business with Labuan Company! The Money broking business simply defined as the business of arranging transactions between buyers and sellers in the money or foreign exchange markets with brokers acting as an intermediary for consideration of brokerage fees paid. The license, however does not include the buying or selling of foreign currencies by the broker as principal in such markets.
You are qualify to register the Forex-Money Broking Business if you have anyone of following minimum eligibility:
1. A Labuan company incorporated under the Labuan Companies Act 1990 (with money broking expertise)
2. Local Malaysian Company with money broking license with Malaysia Central Bank
3. Any licensed institutions under the Banking and Financial Institutions Act 1989 with approval from Malaysia Central Bank
For No 2 and 3 categories- after approved, you are required to register a Labuan Company.
Important Documents to Submit for Application:
1. 3 years’ Business Plan with Financial Forecast and Marketing Strategies
2. 3 years’ Track Record of the good track record of financial performances
3. Profile of the Directors and Shareholders and Qualifications
4. Audited Account for past 2 years (if applicable)
5. Operation Manual
Regulatory and Operation Requirements for Labuan Money Broker-Forex License, after approval is as follows:
1. Minimum Paid Up Capital of RM300,000 (USD100,000) of impaired by losses
2. Must maintain a physical presence in Labuan and all transactions must done thru the registered office
3. All transactions in foreign currencies, not Malaysia Ringgit
4. No transactions to be done with Malaysian Residents, other than authorised dealers approved by Malaysian Exchange Control
5. The company must appoint an auditor and have account to be audited yearly
6.The company must notify Labuan FSA of any amendments or alteration to any information in its constituent documents, in its shareholding structure and/or any erosion of paid up capital and directors
7. Yearly license fee payable to Labuan FSA is RM 5,000 (USD 1,500)
CP Trust Money Broking-Forex License Application Services:
Our one-stop license application service level for Labuan Money Broker-Forex License include as follows:
* Consultation of your eligibility and procedures based on your profile
* Profiling, due diligence and guidance documentation preparation
* Preparation of Business Plan, Financial Forecast and Operation Manuals
* Submission and supervision of applicant process approval
* Act as your liaison and contact point with Labuan FSA for all correspondence and arrange interview (if any)
To meet your objectives starting a Labuan Money Broking-Forex business, we urge you to provide us as much information as possible to better advise you for evaluating your profile to ascertain the success of obtaining the license. All information given to us are kept confidential.
Feel free to speak to us via tel +603-2161 0354 or email firstname.lastname@example.org if you like to start a Forex-Money Broking Business today!
We “simplify the complexities” of your Money Broking-Forex start up and License application.