Obtaining a licence “F–Trading In Securities Services” (for Forex operations) in Belize. Service offer

The key issue is finding the candidates to act as director and shareholder of the company. There must be at least two approved officers to apply for a licence: director and shareholder.

The legislation that regulates investment business licences in Belize does not set any special requirements for a shareholder or director of the company that applies for a licence (the Applicant), other than those described below.

The authority in charge of approval of the director and shareholder is the International Financial Services Commission (the IFSC); the decision is made after assessing a special affidavit which provides the information on the director/shareholder.

The director/ shareholder will need to meet the following criteria:

• have no criminal record;
• have not been previously refused the grant of a similar licence or had not such a licence revoked/suspended;
• have not been declared bankrupt.

In practice, the IFSC also pays attention to the work experience and education of the director/shareholder: an economic education and professional experience in investment or banking are preferable.

The Applicant must have at least one local director physically located in Belize. This would normally be a local nominee director whose services are engaged as part of a “registration package.”

As one can see, the requirements for the director and shareholder are quite flexible, nevertheless the candidates and their qualifications need to be selected responsibly, aiming to satisfy as best as possible both the formal criteria and the “discretion” of the Regulator.

According to the Standard Conditions for Trading in Securities Licence the Applicant, once granted the licence, is required:

• to provide all of its customers with monthly statements of the amount due, with a confirmation that such funds are payable by the Applicant on demand of the customer;
• segregate customer funds from own funds;
• before effecting a margin trade on behalf of any customer, to be in possession of a Margin Agreement signed by the benefiting customer and obtain from the customer a minimum margin deposit of USD 500;
• to report to the IFSC monthly (by the 10th of each following month) the Applicant’s share capital, all trades executed in the reporting month, and any other information if required by the IFSC;
• to meet with the IFSC once a year to review the Applicant’s performance in the preceding year and prospects for the ensuing year.

The Applicant cannot carry on business in a foreign country unless the Applicant is exempt from licensing or is licensed in that country.

The Applicant is not (currently) obliged to appoint an auditor, but is encouraged by the IFSC to have one.

The Applicant must have an office in Belize and at least one local director.

The cost of forming a company and obtaining a licence consists of the following positions:

*The final cost of these positions is determined after the specific responsibilities of the director and details of the virtual office have been agreed.