Global low cost FX brokerage companies

Global low cost FX brokerage companies

JurisdictionMauritiusBVIBahamasBelizeSeychellesJerseyLuxembourg
RECCOMENDATION IN ORDER OF PREFERANCE1234567
Summary at a glance
Total year 1 engagement set up costs?US$37,675US$28,900US$33,700U$32,900US$32,150U$33,900U$42,900
Total year 2 costs (excluding. audit and tax)?US$21,250US$21,600US$21,500US$26,650US$15,500US$23,650US$26,650
Forex license required?YesYesYesYesNoneYesYes
Paid-up capital required for licensing?US$30,000US$200,000US$80,000US$100,000None£100,000€50,000
Our Client must travel during the engagement?NoNoNoNoNoNoNo
Time required to complete the engagement?3 months3 months3 months3 months1 month3 months5 months
Number of resident directors required?2100201
Relevant experience required of directors?YesYesYesYesNoYesYes
Corporate tax rate payable?3%0%0%0%2%10%21%
Incorporation requirements
Type of business entity most commonly used?GBC1IBCIBCIBCCSLLLCSARL (LLC)
How long to set the company up?2 weeks1 week2 weeks1 week1 week3 weeks3 weeks
Minimum number of shareholders?1121121
Individual and corporate shareholders allowed?YesYesYesYesYesYesYes
Minimum number of directors?2211212
Corporate directors allowed?NoYesYesYesYesNoYes
Public register of shareholders & directors?NoNoYesNoNoNoYes
Forex licensing considerations
License application submitted to whom?Bank of MauritiusBVI FSCSecurities CommissionBelize FSCNo license requiredJFSCCSSF
Licensing fees payable to the licensing authority?US$10,000US$10,000US$250US$5,000N/A£1,000€10,000
Minimum amount paid-up capital for the license?US$30,000US$200,000US$80,000US$100,000N/A£100,000€50,000
Minimum amount of cash assets & equivalent?10% of liabilitiesNoneNoneNoneNoneNone100%
Office premises required?YesNoNoNoNoNoAdministrative office
Do I need to appoint a resident AML/CFT officer?YesYesYesYesNoYesYes
Can the company issue derivatives?NoNoNoNoNoNoNo
Other financial instruments allowed?NoNoNoNoNoNoNo
Experience requirements for directors?YesYesYesNoNoYesYes
Average time required to obtain the license?2.5 months3 months2.5 months3 monthsN/A2.5 months4.5 months
Tax and accounting considerations
Corporate tax rate payable?3%0%0%0%2%10%21%
Capital gains tax payable?NoneNoneNoneNoneNone0%None
Withholding tax rate on dividends paid overseas?NoneNoneNone15%None0%15%
Withholding tax rate on interest paid overseas?15%0%No15%No0%0%
Annual financial statements required?YesYesNoNoYesYesYes
Statutory independent annual audit required?YesYesNoNoNoNoYes
Mandatory GST/VAT registration?NoNoNoNoNoNoYes
Tax incentives available?NoNoNoNoNoNoYes
Access to double tax agreements?YesNoNoNoYesNoYes
Bank account considerations
Healy Consultants’ preferred bank?MPCBFCI BankScotiabankBelize BankBarclaysHSBCCitibank
How long to open corporate bank account?3 weeks3 weeks4 weeks3 weeks4 weeks3 weeks4 weeks
Do I travel to open the bank account?NoNoNoNoNoNoNo
Multi-currency corporate bank account?YesNoNoNoYesNoYes
Multi-currency corporate visa debit cards?YesNoNoNoYesNoYes
Corporate ATM card available?YesYesYesYesYesYesYes
Bank rating by World Economic Forum?15thNAN/ANA87thN/A16th
Ease of getting credit by WEF?31stNAN/ANA50thN/A10th

Contact us

For additional information on our incorporation services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Seth Ochieng, directly:
client relationship officer - Seth