Global low cost FX brokerage companies in 2023

Summary at a glance
Total year 1 engagement set up costs?US$28,900US$33,700U$32,900US$32,150U$33,900U$42,900
Total year 2 costs (excluding. audit and tax)?US$21,600US$21,500US$26,650US$15,500US$23,650US$26,650
Forex license required?YesYesYesNoneYesYes
Paid-up capital required for licensing?US$200,000US$80,000US$100,000None£100,000€50,000
Our Client must travel during the engagement?NoNoNoNoNoNo
Time required to complete the engagement?3 months3 months3 months1 month3 months5 months
Number of resident directors required?100201
Relevant experience required of directors?YesYesYesNoYesYes
Corporate tax rate payable?0%0%0%2%10%21%
Incorporation requirements
Type of business entity most commonly used?IBCIBCIBCCSLLLCSARL (LLC)
How long to set the company up?1 week2 weeks1 week1 week3 weeks3 weeks
Minimum number of shareholders?121121
Individual and corporate shareholders allowed?YesYesYesYesYesYes
Minimum number of directors?211212
Corporate directors allowed?YesYesYesYesNoYes
Public register of shareholders & directors?NoYesNoNoNoYes
Forex licensing considerations
License application submitted to whom?BVI FSCSecurities CommissionBelize FSCNo license requiredJFSCCSSF
Licensing fees payable to the licensing authority?US$10,000US$250US$5,000N/A£1,000€10,000
Minimum amount paid-up capital for the license?US$200,000US$80,000US$100,000N/A£100,000€50,000
Minimum amount of cash assets & equivalent?NoneNoneNoneNoneNone100%
Office premises required?NoNoNoNoNoAdministrative office
Do I need to appoint a resident AML/CFT officer?YesYesYesNoYesYes
Can the company issue derivatives?NoNoNoNoNoNo
Other financial instruments allowed?NoNoNoNoNoNo
Experience requirements for directors?YesYesNoNoYesYes
Average time required to obtain the license?3 months2.5 months3 monthsN/A2.5 months4.5 months
Tax and accounting considerations
Corporate tax rate payable?0%0%0%2%10%21%
Capital gains tax payable?NoneNoneNoneNone0%None
Withholding tax rate on dividends paid overseas?NoneNone15%None0%15%
Withholding tax rate on interest paid overseas?0%No15%No0%0%
Annual financial statements required?YesNoNoYesYesYes
Statutory independent annual audit required?YesNoNoNoNoYes
Mandatory GST/VAT registration?NoNoNoNoNoYes
Tax incentives available?NoNoNoNoNoYes
Access to double tax agreements?NoNoNoYesNoYes
Bank account considerations
Healy Consultants’ preferred bank?FCI BankScotiabankBelize BankBarclaysHSBCCitibank
How long to open corporate bank account?3 weeks4 weeks3 weeks4 weeks3 weeks4 weeks
Do I travel to open the bank account?NoNoNoNoNoNo
Multi-currency corporate bank account?NoNoNoYesNoYes
Multi-currency corporate visa debit cards?NoNoNoYesNoYes
Corporate ATM card available?YesYesYesYesYesYes
Bank rating by World Economic Forum?NAN/ANA87thN/A16th
Ease of getting credit by WEF?NAN/ANA50thN/A10th

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!