International financial services business is regulated in Belize by the International Financial Services Commission (IFSC). Different kinds of financial services, including trading in foreign exchange / ForEx, in securities and financial instruments as well as brokerage, consultancy and advisory services for these can be carried out by an International Business Company (IBC) registered in Belize, provided it holds a respective license.
Types of Licenses
The following types of licenses can be of particular interest to forex brokers and traders:
- Trading in Foreign Exchange (Forex, FX)
- Trading in Financial Commodity-Based Derivative Instruments and Other Securities (futures, options, interest rates, shares, stock, contracts for differences etc.)
- Brokerage, Consultancy and Advisory Services in any financial services
If you are engaged in:
- International Asset Protection and Management
- Money Transmission Services
- Payment Processing Services
- Money Brokering
- Money Lending and Pawning
- Money Exchange
- Safe Custody Services
then a respective license for any of the said activities can also be applied for.
Requirements and Procedures
Any Belize IBC can apply for a financial license mentioned in Section 1 to carry out the respective activities. However, the applicant company is expected to meet certain requirements, prescribed by the IFSC. In particular:
- Directors of the company should have proper knowledge and expertise in the business that the company is planning to carry on.
- Shareholders of the company must ensure proper capitalization of the company. The minimum paid- up capital requirements can be found in Section 3 of this document. The capital has to be fully paid- up and deposited in a bank account opened in Belize remaining there unimpaired for as long as the License is valid.
- The application should be supported by certain information, including: (i) the business plan, projected financial forecasts for the first five years, Anti-Money Laundering and Customer Acceptance Policies, all documents having been prepared in accordance with regulatory requirements.
- bank confirmation that the statutory capital has been paid; payment of the government application and license fees as detailed in Section 3.
The Company is not required to have an operational office or hire staff in Belize.
Statutory Capital and Government Fees (in US$)
|No.||Type of License||Registrar of Companies Fee||IFSC Application Fee||IFSC Annual License Fee||Paid-Up Capital|
|1.||Trading in Forex Exchange||1,000||500||5,000||100,000|
|2.||Trading in Financial Commodity-Based Derivative Instruments and Other Securities||1,000||500||5,000||100,000|
|3.||International Asset Protection and Management||100||500||2,500||25,000|
|4.||Money Transmission Services||100||500||2,500||50,000|
|5.||Payment Processing Services||100||500||2,500||50,000|
|7.||Money Lending and Pawning||100||500||2,500||50,000|
|9.||Safe Custody Services||100||500||2,500||25,000|
|10.||Brokerage, Consultancy & Advisory Services in any of the above||100||500||2,500||25,000|
Where the authorized share capital of the company is in excess of US$50,000, then the fee payable to the Registrar of Companies is US$1,000.
Our Professional Fees
Our professional fee for processing an application for any of the above mentioned licenses is US$28,600. The fee includes:
attending to due diligence procedures in respect of the beneficial owners and prospective directors;
- formation of a Belize International Business Company;
- first year company registered agent and registered address;
- one set of original corporate documents and rubber seal;
setting up a bank account for the IBC in Belize and assistance with obtaining share capital deposit confirmation from the bank;
- compiling a due diligence file for directors and shareholders of the company;
- completing a license application;
collecting supporting license application documents from the client and forming an application file;
- submitting the application to the IFSC and following it up until finalized and is exclusive of any government fees. After the license is granted, we charge an annual fee of US$5,500 for basic compliance monitoring services.
Complete license applications are normally reviewed by the IFSC within 50 days from the application submission date.
The above fees and timeframes are believed to be accurate at the time of publication but may vary with the passage of time.
For more information, please call the number above.