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Nigeria’s Crypto regulation as a solution for financial services
... institutions have higher compliance requirements, but regulatory have not provided enough guidance on digital assets in the past and this unclear regulatory landscape has made it riskier for larger institutions. A lack of many of the traditional financial services that are often taken for granted in other more developed countries are lacking in Nigeria. One of the reasons for this is because f...
Path: BlogJapanese financial services Agency is discussing to impose stricter Crypto Laws
**The aim is to begin the use of new rules by mid-2022.** financial services Agency (FSA) of Japan has begun taking steps towards strengthening cryptocurrency regulation, aiming to provide better protection to the local investors. Due to local media outlet ‘Jiji Press’ report, debates on the new crypto laws are already initiated by Japanese authorities. It is planned to develop risky digi...
Path: BlogJapan's financial services Agency is ready to approve crypto exchange-traded funds (ETFs)
At the moment the financial services Agency (FSA) of Japan is estimating the industry’s interest in ETFs (exchange-traded funds) tracking cryptocurrencies. Liberal Democratic Party, **Japan’s main ruling party, is planning to submit a draft law by March 2019, that, among other things, can potentially include changes to existing financial rules regarding cryptocurrency**. The above-mention...
Path: BlogMauritius is set to rise as one of the best jurisdictions for global financial services once again
...e assessment by the FATF and in case they will agree with outputs financial watchdogs have made, Mauritius will be removed from EU Black List as well. This is clearly a great outcome for the small country, as they will be able to rise as a global financial services industry leading jurisdiction once over. Mauritius ranks 1st amongst the African countries, 13th globally in the World Bank's Ease ...
Path: BlogFresh breath of air for innovative financial services in Labuan
**Labuan financial services Authority (LFSA) supports innovative financial services (IFS)** such as fintech and assists Labuan entities in case of providing related to fintech activities. LFSA expressed its interest in attracting “Innovative financial services” to the region including businesses involved in distributed ledger technology and cryptocurrencies as it stated in “Circular on ...
Path: BlogBarclays Bank Account Opening
Barclays is a British multinational banking and financial services company headquartered in London. It is a universal bank with operations in retail, wholesale and investment banking, as well as wealth management, mortgage lending and credit cards. It has operations in over 50 countries and territories and has around 48 million customers.Account opening: 7-14 working days Overview: ...
Path: BanksDeltec Bank Account Opening
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet their clients’ unique needs.Account opening: 7-14 working days Overview: The Bahamas has been an independent nation since 1973 and is one of the oldest, most stable democracies in the Western Hemisphere, with more than 280 years of uninterrupted p...
Path: BanksBarclays Bank Account Opening
Barclays is a British multinational banking and financial services company headquartered in London. It is a universal bank with operations in retail, wholesale and investment banking, as well as wealth management, mortgage lending and credit cards. It has operations in over 50 countries and territories and has around 48 million customers.Account opening: 7-14 working days Overview: ...
Path: BanksPublic Bank Berhad Account Opening
Public Bank Berhad is a bank based in Kuala Lumpur, Malaysia offering financial services in Malaysia as well as the Asia-Pacific region.Account opening: 7-14 working days Overview: Public Bank Berhad provides various commercial banking and related financial services to individual and business customers in Malaysia and internationally. It offers savings, current, fixed depo...
Path: BanksPublic Bank Berhad Account Opening
Public Bank Berhad is a bank based in Kuala Lumpur, Malaysia offering financial services in Malaysia as well as the Asia-Pacific region.Account opening: 7-14 working days Overview: Public Bank Berhad provides various commercial banking and related financial services to individual and business customers in Malaysia and internationally. It offers savings, current, fixed depo...
Path: BanksChinese financial services opening up to foreigners
The President of the People’s Republic of China and the People's Bank of China announced their intentions to open up China’s financial markets to promote foreign competition. For now, foreign ownership is limited for banks and asset management companies. Within a few months **the foreign ownership cap will be removed**. These changes will open the market to foreign investors and banks, givin...
Path: BlogDeltec Bank Account Opening
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet their clients’ unique needs.Account opening: 7-14 working days Overview: The Bahamas has been an independent nation since 1973 and is one of the oldest, most stable democracies in the Western Hemisphere, with more than 280 years of uninterrupted p...
Path: BanksCyprus Forex License
Cyprus offers a very well established environment for a Forex broker firm. It is a well-known and is one of the top choices in the EU for acquiring of a financial license. It follows very strict rules and regulations as implemented by the financial services authority of Cyprus (CySEC – The Cyprus Securities and Exchange Commission).Incorporation & obtaining license: from 5 to 9 months ...
Path: LicensingSeychelles - Mauritius potential financial services partnership
Recently, the official delegation of **Seychelles** visited Mauritius to discuss matters of becoming partners. The current plans include working in financial sector to develop international business potential of both countries. Presently, **Mauritius is a popular African territory for starting international business**. It is a competitive economy according to different factors. One of them is...
Path: BlogNew Zealand Asset Management License
New Zealand has become a preferred destination for foreign investors searching for a well-reputed onshore jurisdiction with a favorable environment for establishing an entity allowed to provide a wide range of financial services.Timeframe: within 3 months Minimum capital requirements: is set on case-by-case basis Overview A company applying for a New Zealand Financial Service Pr...
Path: LicensingJapan Virtual Currency Exchange Provider’s License
As of April 1, 2017, the amended Payment Services Act came into effect and as of that moment operators of Virtual Currency exchange business are required to be registered with the Japanese financial services Agency.Timeframe: Company formation - within 8 weeks License application - within 6 months Minimum capital requirement: 10 000 000 JPY (approx. EUR 75 000) + Registrat...
Path: LicensingSeychelles Securities Dealer License
Dealers in Securities license allows the company to trade in securities as a principal or as an agent. Seychelles financial services Authority is the body that regulates the licensing in Seychelles under the Securities Act 2007 and its Regulations. Therefore, the relevant Authority is able to issue the Dealers in Securities license either Unrestricted, Restricted and Exempt Overseas.Timeframe: wi...
Path: LicensingAustralia Crypto License
An Australian financial services (AFS) licence allows holders to: Offer financial product advice Deal in financial products Operate financial markets and schemes Provide custodial, depository, trustee, crowd-funding, claims handling, and superannuation trustee services ASIC evaluates AFS licence applications by assessing the applicant's competence, financial resources, and ability ...
Path: LicensingDubai is set to regulate investment tokens
...d by the DFSA applies to persons and/or legal entities interested in marketing, issuing, trading or holding investment tokens in and/or from the Dubai International Financial Centre (DIFC). It applies as well to authorized firms wishing to undertake financial services relating to investment tokens, such as dealing in, advising on, or arranging transactions relating to, investment tokens, or managi...
Path: BlogVanuatu is Willing to Move Its Financial Dealers Onshore
- The Vanuatu financial services Commission has beefed up the requirements for FDL holders. - “Vanuatu wants to bring about a sea change in the way it does business," St-Hilaire, chairman of VFMA, says. Times, when offshore companies were operating remotely under Vanuatu’s Financial Dealer License (FDL), are a-changing. By the end of 2022, all Vanuatu security broker will be obliged to m...
Path: BlogJapan to Tighten Crypto Rules for Preventing Sanctions Evasion
...ussia due to the war in Ukraine. Actually, the country issued an act early this month to ask almost 30 crypto exchanges to ban transactions from sanctioned countries. It has been stated in a joint announcement of Japan’s Ministry of Finance and financial services Agency that both authorities are planning to penalize cryptocurrency exchanges that are violating economic sanctions imposed agains...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
...ssets; • Initial Coin Offerings (ICO), Security Token Offerings (STO), Initial Exchange Offerings (IEO), Initial Dex Offerings (IDO); • All initial offerings, offerings and/or sale of crypto assets; • Participation and/or provision of financial services related to the distribution, offering and/or sale of crypto assets. Such financial services cover: -Reception and transmission o...
Path: BlogSeychelles FSA Introduces Updated Beneficial Ownership Guidelines
The Seychelles financial services Authority (FSA) has issued new guidelines on beneficial ownership to enhance transparency and compliance in its financial sector. These guidelines are designed to help financial institutions and other entities identify and report the individuals who ultimately own or control a business. This move is part of Seychelles' ongoing efforts to combat money laundering a...
Path: BlogComprehensive Guide to Opening an Offshore Company in Seychelles
...privacy of company stakeholders. This confidentiality is a crucial advantage for businesses looking to operate discreetly. 3. Ease of Incorporation The process of Seychelles company registration is straightforward and efficient. The Seychelles financial services Authority (FSA) facilitates quick incorporation, often within 24 hours. This efficiency allows businesses to start operations promp...
Path: BlogFive Fundamental Changes in FinTech from FCA
Many payments industry professionals have recently started complaining about the FCA becoming stricter. The FCA, the UK financial services watchdog, was established in 2013 and assumed the responsibility for the conduct and relevant prudential regulation from the financial services Authority, in his best interest to discover in time anyone who poses a financial threat to Great Britain. Because ...
Path: BlogOld ways won’t open the new doors
...in Forex license (Dealer’s in Securities license), however, due to the changes occurred in mid-June 2017, the bond deposit requirements increased from $2.000 USD to $50.000 USD, thus making the jurisdiction not as attractive anymore. Also, Vanuatu financial services Commission (VFSC) has requested all companies to pay renewal fees irrespectively of the incorporation date, meaning that companies ...
Path: BlogLabuan FSA Tightens Money Broking Rules Amid Growing Industry
As the money broking business continues to grow in Labuan IBFC, the Labuan financial services Authority (Labuan FSA) has stepped up with a revised set of guidelines to ensure the industry keeps pace with modern financial challenges. The new guidelines are designed to tighten regulations, promote better governance, and protect investors, especially with the increasing digitalisation of financial s...
Path: BlogAccount Opening in Bank of Cyprus
Bank of Cyprus is the leading banking and financial services group in Cyprus, with significant market shares across all businesses.Account opening: 7-14 working days Overview: The Bank provides a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, lif...
Path: BanksThe great step towards China
...ets and improve business credibility**. Highly professional assistance is provided until the license is granted and after, in order to assure the stability of your business. Our turn-key business solutions also include accounting, audit and other financial services that may be required for client to sustain the business and stay compliant with local and international laws. Year by year, Chin...
Path: BlogComert Bank Account Opening
At the moment Comertbank is a modern European bank, with management and high quality service that provides customers a secure financial support and complex. Comertbank offers a wide range of banking and financial services in Moldova, paying particular attention to advanced banking services.Account opening: 7-14 working days Overview: Special attention Comertbank dedicated ...
Path: BanksComert Bank Account Opening
At the moment Comertbank is a modern European bank, with management and high quality service that provides customers a secure financial support and complex. Comertbank offers a wide range of banking and financial services in Moldova, paying particular attention to advanced banking services.Account opening: 7-14 working days Overview: Special attention Comertbank dedicated ...
Path: BanksBank Account Opening in ING Bank
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance.Account opening: 7-14 working days Overview: ING is a global financial institution with a strong European base, offering banking servi...
Path: BanksAccount Opening in Bank of Cyprus
Bank of Cyprus is the leading banking and financial services group in Cyprus, with significant market shares across all businesses.Account opening: 7-14 working days Overview: The Bank provides a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, lif...
Path: BanksBank Account Opening in ING Bank
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance.Account opening: 7-14 working days Overview: ING is a global financial institution with a strong European base, offering banking servi...
Path: BanksFidelity Asia Bank Account Opening
Fidelity Asia Bank (FAB) is a wholly owned offshore banking subsidiary of the Fidelity Bank Group and is licensed by the Labuan Offshore financial services Authority of Malaysia.Account opening: 7-14 working days Overview: Fab Banking offers a lifelong partnership dedicated to giving banking solutions that will work in time to help your business succeed. FAB se...
Path: BanksFidelity Asia Bank Account Opening
Fidelity Asia Bank (FAB) is a wholly owned offshore banking subsidiary of the Fidelity Bank Group and is licensed by the Labuan Offshore financial services Authority of Malaysia.Account opening: 7-14 working days Overview: Fab Banking offers a lifelong partnership dedicated to giving banking solutions that will work in time to help your business succeed. FAB se...
Path: BanksEuro Pacific Bank Account Opening
Euro Pacific Bank is an international financial group in the banking, brokerage, mutual fund and financial services industries, headquartered in Puerto Rico.Account opening: 7-14 working days Overview: Euro Pacific Bank differentiates itself through a unique banking model. Many of the traditional banking services (mortgages, car loans, credit cards, trade finance etc.) are...
Path: BanksEuro Pacific Bank Account Opening
Euro Pacific Bank is an international financial group in the banking, brokerage, mutual fund and financial services industries, headquartered in Puerto Rico.Account opening: 7-14 working days Overview: Euro Pacific Bank differentiates itself through a unique banking model. Many of the traditional banking services (mortgages, car loans, credit cards, trade finance etc.) are...
Path: BanksSouth Africa Forex License
The financial services Board of South Africa (FSB) is a supervisory body of financial services industry in South Africa under the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). The company that intends to conduct Forex business on a discretionary basis must obtain a Category II Discretionary FSP license with FSB.Overview Annual levy paid by a licensed FSP is calculated...
Path: LicensingCayman Islands Securities Investment Business License
The Cayman Islands are located in western Caribbean, and are known as one of the major financial centers in the world. In contrast to classic offshore jurisdiction, Cayman financial services industry is well-regulated thus having very positive reputation among investors.Timeframe: around 6 months Minimum paid up capital: KYD 100,000 (>USD 121,000) Overview The ...
Path: LicensingSt. Vincent and Grenadines International Banking License
...ational Bank as well as provides great business advantages – Banks are exempt from any taxes. Registration of International banks is governed by the International Banks Act of 2004 and Regulations. Supervision body for International banks is the financial services Authority.Timeframe: between 4 and 8 months Minimum paid up capital: - Class A: 1,000,000 USD - C...
Path: LicensingCayman Islands Securities Investment Fund License
The Cayman Islands are located in western Caribbean, and are known as one of the major financial centers in the world. In contrast to classic offshore jurisdiction, Cayman financial services industry is well-regulated thus having very positive reputation among investors.Timeframe: Up to 4 months Minimum paid up capital: No minimum or maximum amount prescribed for authorised, issued o...
Path: LicensingIsle of Man Gambling License
...s of the UK. The Island is famous as a low tax economy with zero capital gains tax, wealth tax, stamp duty, or inheritance tax. Also, the island is extremely favorable for business as it has 0% Corporate Income Tax. It is considered as a banking and financial services hub with tourism also making a significant contribution to the economy.Incorporation & obtaining license: 3 months after applic...
Path: LicensingJapan and South Africa are to set new crypto regulations
...et new crypto regulations in the scope of recent activities and scandals within the cryptocurrency market.** **Japan works on both regulatory and diplomatic levels to introduce Crypto Regulations.** In terms of introducing crypto regulations, financial services Agency (FSA), Japan’s financial watchdog, has recently established a new overseeing unit for digital currency regulatory framewor...
Path: BlogHow to Obtain a Crypto License in Saint Vincent and the Grenadines
...ication for Crypto License (2 Months) Application Fee: Pay an application fee of 4,000 East Caribbean Dollars (approximately USD 1,500). Security Deposit: Place a security deposit of 100,000 East Caribbean Dollars (about USD 37,000) with the SVG financial services Authority (FSA). Detailed Application: Submit a detailed application including the business description, AML/KYC systems, and IT i...
Path: BlogLocal Swiss Authority Planning to Accept Taxes in Cryptocurrency
...s as a form of payment, it will receive the amount in fiat that way administration will protect the tax office against the digital currency’s market volatility. To implement this, the Zug Department of Finance is collaborating with local crypto financial services company Bitcoin Suisse. The company will be responsible for converting the cryptocurrencies into Swiss francs. Bitcoin Suisse found...
Path: BlogGaming Bill in Malta. One gaming law for all.
Maltese Parliamentary Secretary for financial services, Digital Economy, and Innovation, Silvio Schembri made an announcement that was of utmost importance for companies and individuals who participate in the **gaming industry of Malta**. Nowadays the regulatory situation of this industry is as follows: different laws, contradictory documents, guidelines and directives. What will change? The Par...
Path: BlogChoosing Business Structure for a Singapore Company
...se actions are valid for a limited liability partnership (LLP). LLP in Singapore is obliged to have at least one residing manager. Choose the most suitable legal form thoroughly and before starting a new legal entity choose a professional lawyer, financial services in Singapore, tax consultant and analyze other possibilities for your business. Singapore is a good jurisdiction to choose, but it ...
Path: BlogGovernmental digitalization in Malta
...e chain. Progressive states, such as Malta, are keeping up with the times and trying to integrate new technologies to simplify their functioning. There is a huge potential to use blockchain for different purposes, such as conclusion of contracts, financial services, settlement of financial trades, public administration etc. Establishment of the **Malta Digital Innovation Authority** (MDIA) i...
Path: BlogCayman acknowledged as a top offshore financial center
... moved 22 places up. **GFCI is a ranking that is very important** for offshore jurisdictions. It functions since 2007 and more than 15,000 professional respondents have taken part in the analysis. This is why participating in GFCI means a lot for financial services centers.
Path: BlogAbu Dhabi Sovereign Wealth Fund entering ADGM
... authority is performing investments on behalf of the emirate. Lately, Sheikh Hamed bin Zayed Al Nahyan, the Fund’s Managing Director, announced that the authority is going to enter the Abu Dhabi Global Market (ADGM). **The ADGM is the low-tax financial services hub in Abu Dhabi**. In the UAE this hub is the leading financial center and it creates and implements major financial trends for th...
Path: BlogNew beneficial owner policy in British Virgin Islands
**The British Virgin Islands are now discussing implementation of new rules for beneficial owners**. It is a problem of particular interest due to growing number of Asian beneficial owners of BVI companies. **BVI House Asia**, financial services promotion agency, organized a seminar in Hong Kong to discuss and inform Asian entrepreneurs about newest regulations. Above mentioned regulations ar...
Path: BlogUsage of artificial intelligence for financial institutions in Singapore
... collection, analytics and use guidance will be available too. Responsible and ethical use of artificial intelligence will be the key points of this document. It will also extend to every step of AI usage and will be useful for companies with any of financial services specializations. What other countries have also decided to adopt rules of AI usage? The Hong Kong Securities and Futures Commiss...
Path: BlogNew Legal Framework for Forex Brokers in Saint Vincent and the Grenadines
... SVG company is unregulated by the FSA and that clients should be aware of this and exercise caution when doing such business. Recently, FSA announced that it is planning on establishing its own financial license, which companies wanting to offer financial services from SVG will need to secure before starting their operations in the country. Therefore, with the introduction of the license, comp...
Path: BlogJersey initiates anti-money laundering review
Recently, Jersey started to implement **international anti-money laundering and counter-financing of the terrorism standards**. Due to this, the **Jersey financial services Commission** initiated the first stage of the review and assessment process. Risk assessment will be based on collection and analysis of data from the licensees. How are the collection and analysis conducted? First of a...
Path: BlogGibraltar and Hong Kong plan to work together on the fintech sectors development
...*Hong Kong** were the first ones to enter into an official agreement regarding the development of this sector, thus making this day especially remarkable for the whole Fintech community. Responsible regulators of both jurisdictions, The Gibraltar financial services Commission and the Hong Kong Insurance Authority, officially pledged to cooperate and share information, experience and developing ...
Path: BlogInvestments in cryptocurrency – is one of the main topics in the UK Financial Ombudsman Service’s Annual Review
...ategory** and noted the excessive volatility of cryptocurrency. Many activities relating to cryptocurrencies are not regulated. Investors in “Initial coin offerings” run the risk of losing all their financial assets without any recourse to the **financial services Compensation Scheme** (FSCS), warned Financial Conduct Authority (FCA) in September 2017. The report also refers to the reasons...
Path: BlogPost-Brexit UK markets access for Gibraltar
...he UK and Gibraltar after the **UK announced Brexit**. Lately, Gibraltar faced problems due to the EU plans on its territory and is still negotiating best terms for staying on the market. Today we brought good news for the companies that provide financial services and online gaming businesses. These companies are guaranteed will have full access to the UK markets until 2020. This resolution wa...
Path: BlogVirtual currency draft bill in Gibraltar
...e to the fact that dozens of businesses in their activities use virtual technologies and, as a result, virtual currencies. **Gibraltar** is the jurisdiction that, along with the others, starts adding DLT to its scope of regulation. The Gibraltar financial services Commission is the main governmental body that deals with the financial services regulation. Virtual currencies, including tokens an...
Path: BlogNovelties for the Blockchain Business and ICOs in Gibraltar
The New Year has already brought the new regulations and rules in the international business world. We decided to start from the new rules in **Gibraltar**. The main financial regulator of this country, Gibraltar financial services Commission, announced new obligation for the companies using distributed ledger technology for storing or transferring values that belong to others. Currently, **...
Path: BlogHow Brokers in China Feel After the Website Blocks
...y to access due to the Great Firewall of China. However, many residents were eager to use offshore services as well as FX and brokerage services had a place on the market. This place was not the dominant one, but at the same time, audience that used financial services from across the border was stable and solvent. Latest **changes to the Forex and CFDs market** are most likely due to changes in...
Path: BlogChina Bans Popular FX Broker Services
...nd other. The main aim of the government authorities is to keep the “Great Firewall” safe and minimize foreign influence on the country. “Internet service exchange finance” platforms are considered as risky for the stable system of **Chinese financial services**. What does this **ban** bring to the professional **brokerage services**? In China, there is a special profession as introduci...
Path: BlogGibraltar Goes Fintech: Next Destination - Hong Kong
...ector. Business in Gibraltar will be able to use a new distributed ledger technology. For an **offshore jurisdiction**, this ability opens many doors as it will create a new way to store or transfer values belonging to others. A representative of financial services promotion agency of Gibraltar, Albert Isola himself and other representatives of business and regulators have also performed a numb...
Path: BlogSaint Vincent and the Grenadines Deals with the False Accusations
...incomes? We are sure it is not. FBI started an investigation and St. Vincent had to justify itself. It is important to mention that this territory has such authorities as the National Anti-Money Laundering Committee, Finance Intelligence Unit and financial services Authority. They issued a joint statement with the official position that considers accusations as inaccurate and erroneous. They al...
Path: BlogStarting offshore business in Vanuatu
... as another common reason to enter Vanuatu offshore jurisdiction. Confidentiality policy in this country is very strict and this means that trading is secure there. Obtaining a license is also a simple process in Vanuatu: you need to apply to the financial services Commission which makes decision on issuing license. Operating without licensing is illegal so it is not a good idea to start tradin...
Path: BlogStarting your own business in Saint Vincent and the Grenadines
... for business it is important to analyze the whole sector of needed jurisdiction. In Saint Vincent and the Grenadines, a special regulatory body controls and examines all banks. When registering a company in St. Vincent you can feel safe because the financial services Authority guarantees there are no shell banks and the ones who conduct illegal activities. Opening a bank account is also a simple...
Path: BlogToo old for trading
...ng population is a critical problem for the government authorities and where financial culture is at a high level. We all have repeatedly faced different prohibitions and restrictions regarding the minimum age requirement to open an account with any financial services company, including a Forex brokerage, hardly anyone dares to discuss the upper age restriction when it comes to trading or investme...
Path: BlogAGREEMENTS AND LEGAL OPINIONS
...ry and agreement drafting services have been utilized in the following industries: mining, gas, investment banking (corporate finance, structured finance, derivatives, securitizations and structured financial products; development finance, corporate financial services, steel manufacturing, information technology, logistics, short-term insurance, the pension funds industry, engineering, etc. We hav...
Path: AdditionalDubai International Financial Center is planning to launch the world's first blockchain court
...rity level**. Originally developed for the digital currency, DLT technology is not restricted to it. Tech community is now finding out other potential uses for this technology. It has huge potential to be employed for a range of other purposes, from financial services – for instance, the settlement of financial transactions – to cross-border trades, public management, and even elections. Am...
Path: BlogSingapore clarified new requirements for digital advisors
...elop the government fintech industry**, with its latest move purposed at making life easier for digital investment consultants that operate as financial advisers. The MAS has made great progress in facilitating the use of modern technologies in the financial services area. The above-mentioned requirements apply to all financial organizations offering digital advisory services in Singapore. Dig...
Path: BlogMauritius has announced new regulatory framework for security token offering
**The Mauritius financial services Commission (Commission) has recently clarified the new rules relevant to projects planning security token offerings (STOs).** In its guidance published Monday, the Commission declared that security tokens are considered to be digitally represented securities, as defined in the Securities Act of 2005, hence if STOs are conducted in or from Mauritius, it will b...
Path: BlogAttention! As of January 2019, amendments to Vanuatu Financial Dealers Licensing Act came into force
Due to high risk of financial loss associated with financial dealing, **Vanuatu financial services Commission (VFSC) has announced amendments to the current Financial Dealers Act**, with increase of obligatory charges being among the major changes. Amended Bill for financial dealers came into force as of 8 January, 2019, and Existing companies must be in compliance with the new requirement by 7 J...
Path: BlogFATF is planning to release International Crypto Regulation by next summer
..., **the FATF said it will publish international rules for cryptocurrency regulation by next summer**. The possible regulations will put into effect licensing schemes for crypto exchanges and probably for digital wallet providers. Businesses offering financial services for initial coin offerings will also be involved, the report stated. The news was revealed after the FATF plenary meeting with ...
Path: BlogBermuda became the first government to accept digital currency payments
...stablish a network and standard for the adoption of fiat stablecoins. The government of Bermuda believes that such a solution will benefit the financial system as the use of digital technology can increase the accessibility and lower the cost of financial services. By building the technically advanced financial system, Bermuda attracts more and more financial services providers interested in l...
Path: BlogMauritius Global Business Category 1 (GBC1)
**Mauritius is one of the main International financial services Centre** which grants two most common forms of business to international clients, specifically the Category One Global Business companies and the Category Two Global Business companies. The choice among the above-mentioned companies will depend on a number of reasons, some of which being the planned activities and the location of op...
Path: BlogTwo of Malta's blockchain acts came into force
...t of public statements regarding the successfully obtained licenses. Dear readers, we hasten to inform you that they might be misleading. **Offshorelicense** as a reliable corporate service provider has obtained official clarification from the Malta financial services Authority (MFSA). In accordance with this clarification, the **MFSA has yet to issue any licenses under the laws since the requirem...
Path: BlogSouth Korea enforcing crypto rules
...o exchanges recognized as regulated financial business. The legal framework will require exchanges to enhance their security systems. Crypto exchanges and service providers to report and register with the South Korean financial regulator and the financial services Commission (FSC). The crypto trading platforms that are already operating will be obliged to the Financial Intelligence Unit (FIU)....
Path: BlogPandemic effect on Cryptocurrency markets
... spread of germs. This allows many Blockchain companies to continue contributing to the economy in a way that workers in other sectors cannot. Despite Coronavirus seemingly little physical effect on the sector, recently New York’s Department of financial services (NYDFS) required the state’s sanctioned cryptocurrency firms to provide detailed coronavirus preparedness plans. Plan must includ...
Path: BlogAttempts to Unify Cryptocurrency Regulation and Introduction of the Travel Rule
...he Swiss Financial Market Supervisory Authority pretty quickly implemented Travel Rule and lowered the transaction threshold for unidentified crypto exchanges from $5,000 (5,000 CHF) to $1,000 (1,000 CHF). Merging with FATF’s travel limit, the new financial services Act aims to address the “increased money-laundering risks” within the crypto market. On January 10th this year the EU’s Fi...
Path: BlogA new license assessment procedure will be adopted for certain AFS applicants
The Australian Securities & Investments Commission (ASIC) has recently adopted a new approach to its financial services licensing procedures (AFS) for certain applicants. ASIC has also released an actual guideline in this regard. Warren Day, ASIC Executive Director said the following: *"ASIC has reviewed the AFS license assessment processes and has streamlined its assessment processes in so...
Path: BlogSaint Vincent and the Grenadines requested FATCA and CRS reporting deadline extension
... on behalf of the financial institutions by 30 September 2018. However, the designated reporting platform became operational on 1 October 2018 and, as a result, Saint Vincent applied for a **60-day extension from the reporting deadlines**. Local financial services Authority stated that the reporting delay is due to logistical issues. Nevertheless, the **Authority says the online reporting syst...
Path: BlogThe Cook Islands first licensed online foreign exchange money changer
...ted in the South Pacific Ocean. It is in free association with New Zealand and consists of fifteenth separate islands. The Financial Supervisory Commission (FSC) is a local financial regulator which, as of July 2003, replaced the former Off-shore financial services Commission. It is worth pointing out that all money changer’s and remittance licenses are issued under the Money-changing and Rem...
Path: BlogMauritius is willing to adapt distributed ledger technology and acknowledge the cryptocurrency as digital asset
...er the Strategic Plan is the introduction of a robust regulatory framework for FinTech companies. To supply investors with a stable environment for the secure storage of digital assets and accredit the exchange of digital assets, the Mauritius’ financial services Commission (MFSC) will announce two new licensable activities, specifically: 1. **Custodian of Digital Assets License**; 2. ...
Path: BlogBitcoin and its possible impact on insurance
Many technological strides have been made over the last couple of decades. Advancement in technology is becoming faster and faster as each year passes by and many technologies to improve work efficiency, communication, and even financial services are being discovered and used every day. Technology has made the world smaller in a good way; we are now able to talk to family and friends from across ...
Path: BlogBahamas issued guidance related to financial crimes prevention
**The Bahamas has announced two newly drafted guidance documents for financial services companies regarding prevention of financial crimes.** The first of them – **“Guidance Note on Financial Crime Risk Management”** – is proposed at licensees in the banking and non-banking financial sectors and is aimed to deliver instruction on financial crime-related risk management at the business ...
Path: BlogLabuan Money Broking License
... Overview Labuan is an island and a Federal territory of Malaysia. It is located in the South China Sea at the northwest coast of Borneo, north of Brunei and south of Kota Kinabalu, the capital of the state of Sabah. For various financial services Labuan Malaysia offers one of the strongest regulatory frameworks and taxes in Labuan are comparatively low (3%). For star...
Path: LicensingGibraltar Accounting Services
... for various activities, one of the main sources of Economic growth and income in Gibraltar is considered e-gaming services.Description The main factors of economic growth in Gibraltar can be attributed to general trade, the provision of financial services and communications (including e-gaming), tourism and maritime activities.The companies of Gibraltar can also be thankful for the ea...
Path: AccountingVanuatu Audit Services
...nancial business hub. Therefore, the government is supporting the development of financial institutions in the country.Description In the Republic of Vanuatu, a company has the obligation to submit quarterly and annual reports to Vanuatu financial services Commission (VFSC), as well as audited financial statements by the end of relevant period. The deadline for all submission depends o...
Path: AccountingVanuatu Accounting Services
...your reporting requirements and that you are compliant with the local legislation. Other Accounting services provided by Offshorelicense Accounting team also include: Preparation of quarterly, monthly and annual reports for Vanuatu financial services Commission; Support of global audits; Virtual assistance with any questions regarding taxation in Vanuatu; Other Accounting s...
Path: AccountingLithuania Payment Institutions License
...: 6-9 months from the date when the application is lodged with the Bank of Lithuania Minimum paid capital: EUR 125,000.00 Three major advantages for the payment processing companies to be licensed in Lithuania in order to provide financial services in Europe (EU/EEA area are): Lithuanian regulatory approach is much more flexible and business-oriented comparing to other Eu...
Path: LicensingMauritius Global Business License (GBL), PIS
...e administrator of the proposed company will arrange for all payments and filings. In order to obtain a license, the following steps will be carried out: Application and reservation of company name Preparation and submission with the financial services Commission (FSC) for the application of a Global Business Company License Incorporation (inclusive of incorporation documentation...
Path: LicensingLabuan Accounting Services
... you meet your reporting requirements and that you are compliant with the local legislation. Other Accounting services provided by Offshorelicense Accounting team also include: Preparation of monthly, half-yearly reports for Labuan financial services Authority; Creation and submission of annual financial statements; Support of global audits; Virtual assistance with any ques...
Path: AccountingCyprus Investment Fund License
... a minimum of two executive Directors Taxation Cyprus tax laws are designed to support the development of the country as an international financial and business center, to promote international investment and to support the development of financial services 30% personal income tax 0% corporate tax as gains from trading in securities are tax exempt exemption from tax on dividend in...
Path: LicensingMauritius Audit Services
...rowth into the development of the country. With its attractive taxation system it has become one of the chosen destinations of an international business opportunities.Description Global Business entities in Mauritius are regulated by the financial services Commission of Mauritius (FSC). The main purpose of the FSC is to foster the economic development and to ensure fairness, stability ...
Path: AccountingMauritius Accounting Services
...rowth into the development of the country. With its attractive taxation system it has become one of the chosen destinations of an international business opportunities.Description Global Business entities in Mauritius are regulated by the financial services Commission of Mauritius (FSC). The main purpose of the FSC is to foster the economic development and to ensure fairness, stability ...
Path: AccountingLabuan Investment Banking License
...ing activities licensed by the regulatory authority in the country of origin A licensed bank or an established financial institution or financial service provider supervised by a competent regulatory authority Any institutions licensed under the financial services Act 2013 with prior approval from Bank Negara Malaysia; and Corporations with the necessary expertise and experience in the finan...
Path: LicensingLabuan Fund Management License
...njoys the advantages of tax haven since a company is subject only to 3% of profit tax on net audit profits, and full exemption from other local taxes, assuming that a company does not carry our business activity on the territory of Labuan. Labuan financial services Authority (LFSA) is local financial regulator which sets forth strict requirements in order to attract to Labuan only experienced, ...
Path: LicensingGeorgia Payment Service Provider Authorization (PSP)
...any, it is required to provide: Certified true copy certificate of incorporation Register of shareholders Copy of the last annual/financial return Apostilled Certificate of Good Standing Additional Due diligence may be prescribed by financial services Commission*: Original documents that prove the source of capital *All documentation shall be provided in Engl...
Path: LicensingGibraltar Crypto License
...er HM Government of Gibraltar.Timeframe: around 6 months Minimum paid up capital: No specific minimum share capital requirement is mandated for obtaining a Distributed Ledger Technology (DLT) license in Gibraltar. However, the Gibraltar financial services Commission (GFSC) expects companies to demonstrate financial stability and sufficient capital to cover their business operations an...
Path: LicensingBritish Virgin Islands Forex License
... Islands (BVI) is a self-governing British overseas territory and is located approximately sixty miles east of Puerto Rico and two miles from St. Thomas, U.S. Virgin Islands BVI offers a well established framework for companies willing to provide financial services. It is perceived as a member of the classical trio of Offshore Forex – Belize, Seychelles and BVI. The financial services are reg...
Path: LicensingBelize Money Transmission License
... Applicants shall have Please note that the applicants shall provide information about the following: Experience – shareholders and directors must fit such position (i.e. the individual must have background in providing intended financial services. This should be indicated in the CV and information should be provable. Company Website –must be equipped with all necessary an...
Path: LicensingBelize Forex License
...erview Belize is an independent country, located in Central America and it borders with Mexico, and Guatemala. In terms of time, Belize Forex License can be obtained comparatively quick. Moreover, Belize enjoys good reputation in the sphere of financial services and is widely known to international banks and payment providers. Belize has even implemented licensing legislation that is part...
Path: LicensingNew Zealand Forex License
...sident of any enforcement country, who is a director of a company registered in that enforcement country) Taxation 28% corporate income tax rate 15% Goods and Services Tax rate (GST, similar to VAT), not applied to residential rents and financial services Around 40 Double Taxation Avoidance (DTA) agreements signed Accounting & Audit Accounting year starts on the...
Path: LicensingVanuatu Dealer's in Securities License
...ss is comparatively fast. Vanuatu offers high level of confidentiality for beneficiary owners, shareholders and officers. Furthermore, the company is exempted from capital gains, tax on profits and stamp duty after incorporation for 20 years. financial services in Vanuatu are regulated by Vanuatu financial services Commission (VFSC). Vanuatu is a great location for forex brokers with limite...
Path: LicensingBulgaria Forex License
... of public record Directors' details – Part of public record Taxation Dividend tax - 5% VAT –0%. The EU internal deliveries and the export are free of VAT Personal income tax - 10% Bulgaria is a European Country so a Bulgarian financial services License or Forex License will allow you to operate in all EU Bulgaria has a 10% corporate income tax rates only Accounting r...
Path: LicensingSt.Lucia International Business Company Formation
...me for the courier Minimum paid up capital: No minimum capital requirement Overview Saint Lucia is an island jurisdiction in the Caribbean region off the South American shores and is one has one of the most prominent financial services centres in the world. It offers companies a host of offshore financial and banking services in a variety of sectors, the most popul...
Path: CompaniesSingapore Private Company Formation
...owing financial systems in the world. SG is known for its business-friendly regulatory environment, ease of doing business. The country is one of the key economic centres of Southeast Asia in such areas as shipping, trade, high-tech, and financial services. Singapore political stability, pro-business policy and extremely tax benefits are three key reasons why entrepreneurs from around ...
Path: CompaniesAfrAsia Bank Account Opening
...porate Bank in Mauritius. It is one of the commercial banks licensed by the Bank of Mauritius, the country's central bank and the nation's banking regulator.Account opening: 7-14 working days Overview: AfrAsia Bank is a large financial services provider in Mauritius and in the adjacent continental sub-regions of Southern, Central and Eastern Africa. As of June 2016, the tot...
Path: BanksBoslil Bank Account Opening
...he Caribbean's pristine offshore jurisdictions, Saint Lucia satisfies the requirements of reputable professional advisors, intermediaries and clients - a stable social, economic and political system, strong regulatory environment, a diverse range of financial services including the registration of international business companies (IBCs) and much more.Payment processing options MasterCard, Visa ...
Path: BanksBoslil Bank Account Opening
...he Caribbean's pristine offshore jurisdictions, Saint Lucia satisfies the requirements of reputable professional advisors, intermediaries and clients - a stable social, economic and political system, strong regulatory environment, a diverse range of financial services including the registration of international business companies (IBCs) and much more.Payment processing options MasterCard, Visa ...
Path: BanksNetherlands Limited Liability Company (LLC) Formation
...d is one of the richest nations in the world. Dutch prosperity has always been based on international trade and industry. The country also benefits from rich agricultural land; much of it reclaimed from the sea and significant natural gas resources. financial services, as well as the transportation and distribution sectors, are also particularly significant. Trade is critical to the Netherlands; b...
Path: CompaniesAuthorised Company in Mauritius
...on Treaties and are generally used for trading and investment purposes.Incorporation: up to 4 weeks + delivery time for the courier Minimum paid up capital: US$ 1 Overview As of 1st January 2019, the Mauritius financial services Commission (FSC) has introduced a new “Authorised Company Regime”, which replaced the Category 2 Global Business (GBC2) regime....
Path: CompaniesAfrAsia Bank Account Opening
...porate Bank in Mauritius. It is one of the commercial banks licensed by the Bank of Mauritius, the country's central bank and the nation's banking regulator.Account opening: 7-14 working days Overview: AfrAsia Bank is a large financial services provider in Mauritius and in the adjacent continental sub-regions of Southern, Central and Eastern Africa. As of June 2016, the tot...
Path: Banks