Forex Dealer License in Solomon Islands

Published:
February 26, 2024
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In a rapidly-evolving financial environment, forex-markets are a rather complex and dynamic space. For those seeking to launch a brokerage firm in this country, getting foreign exchange dealer license is mandatory in accordance with local national laws.

Forex trading legal in Solomon Islands: preparation for operation

Getting money changer license starts directly with officially-approved registration and launching of a firm. This initial phase contains several processes.

  1. Preparation of documentation: careful preparation and compilation of a complete list of constituent documentation.
  2. Formation of capital: contribution of starting capital; min amount is 25 thousand EUR; it’s mandatory financial basis.
  3. Establishment of directors’ board: local jurisdictional law-basis requires a directors’ board to consist of 3 persons and a firm representative to be appointed.

Preparation of documentation to get foreign exchange money transfer permit

After launching a firm, it’s mandatory for Forex brokers on Solomon Island to pay special attention to preparation, execution and collection of a package of documentation. It contains:

  • documentation defining organization-related structural mechanisms and strategic direction of the firm;
  • presentation of company’s financial conditions through balance papers, profits and losses statements, and annually-formed reports if firm is already functioning;
  • formation and design of a business-plan for at least 3 years, describing strategic trajectories and goals of the firm;
  • receipt for payment of state fees of 1,300 EUR.

Starting capital norms for licensing Solomon Islands Forex brokers vary based on services’ category the firm provides.

  1. If a firm is engaged in securities-trading and carries out custodial operations for clients, initial capital of 50,000 EUR is obligatory.
  2. For enterprises involved in issuing and creating portfolios of securities, it’s mandatory to possess an initial capital of at least 125 thousand EUR.
  3. For underwriting-operations, custodial services of securities, proprietary trading, etc., businessmen need to possess min of 730 thousand EUR in their accounts.
  4. Nevertheless, organizations supporting multilateral trading-systems and investment advisers might get by with a lower capital of €2,000.

Professional help

Upon receipt of permit, ideal and least resource-intensive option would be to resort to professional support from professionals.

  1. Formation of a completely-corresponding set of documentation: we prepare mandatory documentation, policies and processes for successful completion of license-getting process.
  2. Development of KYC-materials: we create detailed materials and forms for key participants.
  3. Submitting a formal application to DFSA: we ensure next-mentioned: mandatory documentation is submitted on time accomplishing with formal application.
  4. Liaison with Regulative Authorities: we provide fully-covering support throughout applications reviewing, incl. follow-up one and re-reviewing two weeks after submission.
  5. Advice and support at all phases: our team provides detailed consultancy and support, including participation in interviews with official representatives.
  6. Ready-made Forex-licenses for sale worldwide.
  7. Help with basic rules and parameters: we help with creating a legal structure, getting banking accounts and contributing capital.
  8. Support after getting permission: we provide consultancy on all aspects of business-activities for successful functioning after getting a permit for financially-related services.
  9. Individual approaches: recommendations and strategies are developed bearing in mind unique characteristics of each business-project.
  10. Expertise in global market-spaces: our team possesses deep knowledge and expertise in international trends, and will therefore provide important insights for successful progress of organizations.

Getting a Forex-license in Solomons is a comprehensively-hard process requiring careful preparation, significant financial investments and strict correspondence with administrative points and standards. Nevertheless, with correctly-organized guidance and thorough understanding of mandatory steps, those seeking to succeed in Forex-industry might find a path to successfully entering this lucrative space.

We possess plenty of years of expertise in licensing field and built excellent image getting satisfied clients. Our professionals guarantee maximum efficiency, bearing in mind your needs and goals. Contact us today to initiate licensing process and gain opportunities to conduct your business-activi in most promising jurisdictions worldwide.

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