In the world of money broking, it is indeed a considerable choice to start your forex business in Labuan. Given the ascending rate of success in business in that region, all you need to establish your company is a Labuan forex license.
The best part about starting a trading business in Labuan is that the local jurisdiction allows investors 100% foreign ownership. The latest guidelines on forex business in Labuan also indicates minimum constraints regarding ownership.
What is Forex business?
In an exchange or transaction between a buyer and a seller, comes the broker as the middleman and charges a considerable brokerage fee. This process is known as forex business. However in Labuan, the forex license doesn’t include the buying or selling of foreign currency by the broker as the principal in the trade market.
Criteria for applying for forex license
Individuals or registered institutes with considerable business knowledge and experience on money broking alongside a good track record of successful run in forex business
Authorized broker who offers such services and operates in other jurisdictions alongside a letter of consent and approval from home country.
Step by step procedure on Labuan money broking license
1. Proffer a name for your Labuan forex company
2. Give in your money broker license application to Labuan Financial Services Act
3. The processing time for approval takes about 30 to 60 days approximately
4. Once you sought the approval, form your company and meet all your requirements in line with every conditional approval.
5. Finally, you get your Labuan forex license issued.
As we have said, starting your Labuan forex company consists of the above simple steps. However, it is no cakewalk without proper research and analysis. If you are looking to know more information about Labuan forex license and money broking, our experts at Launch FXM are here to guide you through the process. Talk to us and take a wise decision.