All about Marker Maker License in Bahamas
The regulatory body responsible for issuing licences and monitoring financial services activities is the Securities Commission of The Bahamas, also known as the SCB.
- Market Making or having the option to run a B-Book as the client’s counterparty.
The minimum capital requirement for Market Maker is USD 300,000. If Dealing as Agent (Broker) only, then the capital requirement is USD 120,000.
Physical Presence Requirements
If engaging in the business of dealing or arranging deals, you must have a physical presence in The Bahamas. You must also designate a Compliance Officer and a Chief Executive Officer who must be located in The Bahamas. Each must pass fit and proper tests and be approved persons by the regulator.
For a successful application, the experience and qualifications of the personnel is of paramount importance. These individuals must be approved by the regulator.
The regulator requires disclosure of all aspects and details of your business. AGP & Co’s business is to ensure you meet the regulator's requirements; In doing so we will review what you currently have or complete what is needed for you, including:
- Business and Financial Plan
- Supervisory and AML/CTF Manuals
- KYC of beneficial owners, directors, controllers and affiliates
- Proof of Professional Indemnity Insurance
Reporting and Auditing Requirements
- Annually, an audited financial statement
- Quarterly, interim financial statements prepared in accordance with generally accepted accounting principles
- As needed, any material changes to the firm, its operations or people.
- 2 to 4 months from submission.
Can operate with local or international banks.
When you engage with us, our scope of service covers all of the aspects you need in order to get your forex broker licence:
- Provision of Regulatory Guidance
- Company incorporation
- Approved Person’s fit and proper tests
- Employing local directors, officers and staff
- Establishing an office
- Facilitating bank accounts opening
- Introduction to accountant and auditor services
- Management and supervision of the application
- Preparation of all legal documents including client business terms, compliance manuals, employment and outsourcing agreements.