Forex broker license in Labuan
More entrepreneurs today are trying to enter the Asian market. For this, it is more convenient to register and conduct business directly in one of the Asian countries, as you will be closer to the scene, be able to keep abreast, quickly respond to market changes and engage in dialogue with partners.
If you are thinking about opening a business or a branch of a business in Asia, we recommend paying attention to the Labuan region.
It is a separate region in Malaysia. Labuan is also known as an offshore banking center. Among all the advantages of the Labuan we should highlight:
- low taxes: only 3% for income;
- suitable location: it is situated near Hong Kong and Singapore – the biggest financial centers of Asia;
- low costs for license and quick registration.
However, you must understand that there are a few restrictions on doing forex business in Labuan:
- you are not allowed to provide services to residents, except the registered dealers;
- you can use any currency except the Malaysian Ringgit;
- you can not deal with your account. This point does not apply to buy or selling of the foreign currency.
If you plan to register a company in Labuan, you should meet several requirements.
- Both physical and legal persons can register a forex company. If we are talking about a physical person, then this is a dealer with a local license. If we are talking about a legal entity, a resident company is register in accordance with the local requirements. That means that partners or special agents can register your business.
- You need to have a registered office and employees in Labuan.
- The main business activity should be on Labuan.
- You need to prove your previous forex experience.
It is worth noting that the last point is very important. You need to prove that you have already worked in the forex market and your experience over the past 3 years has been successful. Due to these documents or audit results, the procedure can speed up.
What documents do you need?
- personal data of all business owners;
- corporate rules of the company; a signed declaration on confidentiality;
- description of your business and plan for at least 3 years;
- information of your previous forex experience;
- documents that confirm the presence of the office in Labuan;
- financial reporting of the head office (for 2 years), if you plan to open an Asian branch.
Term and Cost
The registration procedure takes about 2 months. The cost depends on the size of your company and the size of your share capital.
Eternity Law International will gladly help you with forex broker license in Labuan, and our specialists will answer all your questions. Take advantage of our many years of practical experience – save your time and your money.
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