Global low cost FX brokerage companies in 2024

Jurisdiction BVI Bahamas Belize Seychelles Jersey Luxembourg
Summary at a glance
Total year 1 engagement set up costs? US$28,900 US$33,700 U$32,900 US$32,150 U$33,900 U$42,900
Total year 2 costs (excluding. audit and tax)? US$21,600 US$21,500 US$26,650 US$15,500 US$23,650 US$26,650
Forex license required? Yes Yes Yes None Yes Yes
Paid-up capital required for licensing? US$200,000 US$80,000 US$100,000 None £100,000 €50,000
Our Client must travel during the engagement? No No No No No No
Time required to complete the engagement? 3 months 3 months 3 months 1 month 3 months 5 months
Number of resident directors required? 1 0 0 2 0 1
Relevant experience required of directors? Yes Yes Yes No Yes Yes
Corporate tax rate payable? 0% 0% 0% 2% 10% 21%
Incorporation requirements
Type of business entity most commonly used? IBC IBC IBC CSL LLC SARL (LLC)
How long to set the company up? 1 week 2 weeks 1 week 1 week 3 weeks 3 weeks
Minimum number of shareholders? 1 2 1 1 2 1
Individual and corporate shareholders allowed? Yes Yes Yes Yes Yes Yes
Minimum number of directors? 2 1 1 2 1 2
Corporate directors allowed? Yes Yes Yes Yes No Yes
Public register of shareholders & directors? No Yes No No No Yes
Forex licensing considerations
License application submitted to whom? BVI FSC Securities Commission Belize FSC No license required JFSC CSSF
Licensing fees payable to the licensing authority? US$10,000 US$250 US$5,000 N/A £1,000 €10,000
Minimum amount paid-up capital for the license? US$200,000 US$80,000 US$100,000 N/A £100,000 €50,000
Minimum amount of cash assets & equivalent? None None None None None 100%
Office premises required? No No No No No Administrative office
Do I need to appoint a resident AML/CFT officer? Yes Yes Yes No Yes Yes
Can the company issue derivatives? No No No No No No
Other financial instruments allowed? No No No No No No
Experience requirements for directors? Yes Yes No No Yes Yes
Average time required to obtain the license? 3 months 2.5 months 3 months N/A 2.5 months 4.5 months
Tax and accounting considerations
Corporate tax rate payable? 0% 0% 0% 2% 10% 21%
Capital gains tax payable? None None None None 0% None
Withholding tax rate on dividends paid overseas? None None 15% None 0% 15%
Withholding tax rate on interest paid overseas? 0% No 15% No 0% 0%
Annual financial statements required? Yes No No Yes Yes Yes
Statutory independent annual audit required? Yes No No No No Yes
Mandatory GST/VAT registration? No No No No No Yes
Tax incentives available? No No No No No Yes
Access to double tax agreements? No No No Yes No Yes
Bank account considerations
Healy Consultants’ preferred bank? FCI Bank Scotiabank Belize Bank Barclays HSBC Citibank
How long to open corporate bank account? 3 weeks 4 weeks 3 weeks 4 weeks 3 weeks 4 weeks
Do I travel to open the bank account? No No No No No No
Multi-currency corporate bank account? No No No Yes No Yes
Multi-currency corporate visa debit cards? No No No Yes No Yes
Corporate ATM card available? Yes Yes Yes Yes Yes Yes
Bank rating by World Economic Forum? NA N/A NA 87th N/A 16th
Ease of getting credit by WEF? NA N/A NA 50th N/A 10th

Contact us

For additional information on our incorporation services, please contact our in-house country expert, Mr. Seth Ochieng, directly:
Director of Client Engagements - Seth
  • Mr. Seth Ochieng
  • Director of Client Engagements
  • Contact me!