Vanuatu Forex Broker Licence | Securities Dealer, FX broker license at minimum cost
What is the regulatory body that is responsible for the licensing and the supervision of Forex and Binary Options brokerages in Vanuatu?
The Vanuatu Financial Services Commission is the responsible regulatory body for the licensing and the regulation of the brokers according to the Prevention of Fraud (Investment) Cap. 70, the main objective of which is: “to make provision for regulating the business of dealing in securities, the protection of the public by creating penalties for fraudulently inducing persons to invest money and other matters incidental thereto”.
What are the benefits of applying for a licence in Vanuatu?
- Low Capital Requirements (minimum capital can be as low as 2000USD);
- No local office in Vanuatu is required;
- No local staff in Vanuatu is required;
- Fast registration (provided that all requirements are met, it is possible to obtain a licence within 3 months);
- Tax benefits (no income tax, no capital gains tax or inheritance tax) Provided that the company does not carry out business activities in Vanuatu;
- No exchange controls;
- Common Law Jurisdiction.
What requirements should be met in order to obtain a licence in Vanuatu?
Generally speaking the procedure can be divided in three main parts:
- Registration of a Vanuatu Company;
- Bank Account Opening;
- Registration with the VFSC and the Financial Intelligence Unit.
Furthermore, please note the following:
- Directors and shareholders must be approved by the VFSC;
- The director of the applicant (or another officer) must be appointed as the Representative of the applicant. The Representative must have a license issued by the VFSC.
- The Company must be registered with the Financial Intelligence Unit (FIU), the authority that is entrusted with ensuring compliance with Anti Money Laundering regulations.
Furthermore the following documents (among others) are expected to be provided:
- Application form of VFSC;
- Statutory Declarations;
- Bank Application Forms;
- AML Procedures;
- Business Plan;
- 3-year Financial Forecast;
- Balance Sheet with Forecast description;
- AML/CFT Declaration;
- Full KYC package for the main stakeholders.
The aforementioned information is provided as a general guideline only and is not exhaustive. Therefore, it cannot be considered as legal advice. In case you are interested in obtaining a licence in Vanuatu, you can get in touch with the AGP FS Advisory Team.