To open a Forex organization operating within the law and inspire customer confidence, you must do so with a Forex license. As a rule, time in such cases is crucial because the timing of the company’s entry into the market, the ability to compete with other companies, and much more depend on it. We have prepared 5 tips that will tell you how to get a license quickly.
1) Pay more attention to choosing the jurisdiction
Each jurisdiction sets its terms for obtaining a permit. In some countries, such as the US or the UK, the work permit process takes more than 6 months. Of course, these very respectable jurisdictions open up many opportunities for Forex companies. Still, if you want to get a work permit as quickly as possible, which is of great importance to your organization, you should pay attention to offshore jurisdictions. As a rule, they set more lenient requirements for companies and make it possible to obtain a work permit much faster. Among the most profitable are:
- Mauritius – about 3 months;
- Seychelles – 2 – 3 months;
- SVG – 3 weeks;
- Vanuatu – 2 – 3 months;
- Comoros – 3 – 4 weeks.
The choice of jurisdiction is of great importance because it will depend not only on the speed of obtaining a work permit but also on the requirements for your organization, the amount of taxes you have to pay, and the level of trust from investors and clients. That is why we advise you to pay attention to the terms of licensing and other factors.
2) Find out the requirements in advance and build your company’s work taking them into account
Forex enthusiasts often strive to build the company of their dreams, and then it turns out that this needs to meet the requirements of any jurisdiction. This results in many company structure, software, and paper changes during the licensing process, which takes a lot of time. However, you know the legal aspects of your organization’s work in advance and build the company’s work considering all requirements. In that case, you can significantly speed up obtaining a license.
3) Find employees for critical positions in advance
Most jurisdictions require vital positions filled by professionals with an impeccable reputation, relevant work experience, and education. No person with a criminal record must be involved in money laundering or fraud in critical positions in your company. Particular attention should be paid to the selection of an AML officer. This person’s duties will include monitoring your company’s activities and compiling reports for regulatory authorities. The specialist must have at least 3 years of experience in the relevant position and an excellent reputation. Finding such highly qualified specialists can be extremely difficult, so it’s worth starting the search for employees in advance.
4) Prepare all documents
Quite often, the collection of documents takes a lot of time. Even in the most developed countries, there is an extra bureaucracy, which significantly complicates collecting the necessary documents. To save precious time, we advise you to find out in advance what documents you need to order (the list depends on the chosen jurisdiction) and start collecting them as far as possible.
You do not have to go to all instances to collect documents independently; you can delegate part of your responsibilities to lawyers or authorized representatives (for example, shareholders or employees of your company). It will allow you to devote more time to critical aspects, such as finding investors.
5) Cooperate with lawyers
Even if you have a law degree, you will need help understanding the intricacies of the law, so you should contact specialized lawyers. The legislation on this issue often changes, so tracking all the features can take a lot of work.
Gofaizen&Sherle specialists have extensive experience in assisting with Forex licensing of companies, and they will tell you how you can speed up the process of obtaining a work permit, taking into account the specifics of your company. The sooner your organization start working with lawyers, the easier it will be for you to meet the requirements of the chosen jurisdiction.
In the end
If your company knows an organization that can compete with you is entering the market shortly, you should look for an opportunity to get a license as soon as possible. However, in the pursuit of speed, remember quality. Choice of Jurisdiction is fundamental to the operation of a company, so there are a considerable number of factors to consider, not just the speed of licensing.
