Search
CySEC Enhancement of Procedures Regarding Safeguarding of Client funds
Local Cyprus regulator Cyprus Securities and Exchange Commission (CySEC) on Monday May 4th, published Consultation Paper on enhancement of procedures regarding safeguard of client funds held by Cyprus Investment Firms (CIFs). The regulatory authority will accept responses to the consultation paper by May 18, 2020. CySEC intends to publish a circular that will further enhance the procedures tha...
Path: BlogCayman Investment funds
...ax residents. In this case Offshorelicense will become your reliable advisor and help to choose the most appropriate Cayman fund. What is an “Investment Fund”? **The principle legislation in the Cayman Islands concerning open-ended investment funds is the Mutual funds Law (MFL).** A mutual fund is any company, trust or partnership either incorporated or established in the Cayman Islands, or...
Path: BlogReview of the funds in Cayman Islands
Financial sector business in the **Cayman Islands** is regulated by the Cayman Islands Monetary Authority (CIMA). Also, after the Revision of the Mutual funds Law in 2015, the regulator on a yearly basis releases digests on the funds industry. The latest one was issued on December 29 revealing the data for 2016. This year has mostly showed a decrease in number of registered funds except for M...
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: BlogSFC Forewarns Retail FX Brokers To Stay Away From Doing Business In China
...statement warning brokers in relation to conducting business in mainland China. The SFC pointed out that the Chinese State Administration of Foreign Exchange (SAFE) not long ago has prohibited a Mainland's China entities to get traders to deposit funds with brokers located outside of the country. The Mainland regulator (SAFE) in its statement informed that due to the new requirements, it is...
Path: BlogNew financial crime combating plan was released in UK
...ountry’s financial regulator, will supervise the regulations, meaning it will introduce and maintain a sufficient AML regime for cryptocurrency companies. Further, an Asset Recovery Action Plan will help reclaim the proceeds of crime, including funds retained outside the U.K. According to the H.M. Treasury and the Home Office announcement, £1.6 billion was returned back from criminal element...
Path: BlogFrom now cryptocurrency will be under AML rules in Thailand
...this point, AMLO does not receive complaints with respect to money laundering involving cryptocurrencies, but Preecha said that the country must be ready for this, since criminal elements will increasingly use digital assets to conceal their illegal funds. In order to prepare for this, the secretary-general plans to amend local legislation and bring cryptos into the AML regime. The aforesaid proce...
Path: BlogCompliance deadline of January 2020: Crypto exchanges implement FATF anti-money laundering standards
... Earlier this year, the FATF announced a Recommendation 16 which introduced the so-called “travel rule” requiring verification and record keeping of the crypto exchanges customer’s identities and passing the identity information together with funds transferred from one crypto exchange to another as well as on request to appropriate authorities This is very similar to what banks are required...
Path: BlogSWIFT facilitates instant cross-border payments
...t fee and foreign exchange transparency for senders will be available globally. **Global payments initiative or gpi is a common standard designed to improve the handling of cross-border payments and operating efficiency. The standard allows the funds to be transferred quickly and with a decent level of security anywhere across the globe.** Since its launch in 2016, gpi involves more than 200 ...
Path: BlogHong Kong introduced new rules for Virtual Asset Fund Managers
...FC) have emerged in the light of increasing concerns about the risks associated with investing in crypto assets. Regulatory standards for virtual asset fund managers provide detailed guidance on risk management, segregation of assets, custodianship, funds structure, and other legal aspects. Virtual assets under the present Terms and Conditions are defined as digital representations of value inc...
Path: Blog“Sand Dollar” pilot testing in the Bahamas
...igital version “in every way equivalent to paper money”. The “Sand Dollar” is pegged 1:1 to the Bahamian Dollar (BSD), which is, in turn, pegged 1:1 with the United States dollar. Users will be able to use it to make payments and transfer funds using their smartphones. It will be possible to pay in retail outlets using QR code tied to the virtual wallet. It is expected that the newl...
Path: BlogThe UN warns on North Korean Crypto Conference
...ear test. Financial assets including cryptocurrency and banking transactions are also covered by sanctions. Moreover, last year the UN panel reported that North Korea is involved in sophisticated cyberattacks and generated about $2 billion by taking funds from crypto exchanges and financial institutions. The international community is concerned that North Korea might use blockchain technology for ...
Path: BlogWhat is the reason behind the suspension of ePayments operations?
...titution ePayments Systems has suspended all activity on its customer accounts following the UK’s financial watchdog order.** As a result, one million user accounts cannot be accessed and users are unable to transfer, deal, withdraw, deposit their funds, or use their ePayments cards. According to ePayments Systems, the operations had been suspended due to weaknesses in the company’s anti-m...
Path: BlogCrypto-Friendly bank ‘freeze’ bank account
For those companies or people dealing with crypto transactions on a daily basis, or those buying cryptocurrencies as an investment, finding a suitable bank and open an account that will hold their funds is essential. Cryptocurrencies banking is viewed as high risk by many banks. This however does not mean there are not options for you or your company, with a regulated banking provider who have t...
Path: BlogPros and cons of Central Bank Digital Currency in the view of the IMF
...ted downside is the disintermediation of commercial banks if customers move money from bank accounts into CBDC. This could lead to a situation where less bank credit extended at higher interest rates because banks raise deposit rates to attract more funds. There is a potential reputational risk as well. A CBDC can suffer cyber-attacks, different kinds of error and glitches that might adversely...
Path: BlogJapanese Officials Introduce New Amendments in Japan’s Crypto Laws
...ange-specific amendments add clarity to the market and introduce a number of important customer protections. According to new changes in regulation all exchanges must now keep in cold storage an amount equal or greater than the number of users’ funds held online. Regulation ensures that exchanges rely on cold storage whenever possible. Along the same line of thought, exchanges are no longer a...
Path: BlogWhy is Limited Liability Partnership a popular business structure?
...s two founders are equally able to perform management actions, and are responsible for decisions. At the same time their liability is limited to their personal investments in business and they are not responsible for company’s debts with their own funds. This feature is alike with limited company structure which is an excellent choice for international business. Considering tax matters, limit...
Path: BlogSouth Africa’s Introduction to Crypto Regulation
... a paper calling for the development of a clear cut regulatory framework for cryptocurrencies. New policy would implement strict domestic crypto control. Documentation stipulate specific cases of when and how cryptocurrency users could use their funds. For example, the policy paper calls for a prohibition against using crypto as a settlement tool within South Africa’s financial infrastructur...
Path: BlogCyprus passport - new regulations and more demanding requirements
... that came into force as of May 15, among others, include the following requirements: • Schengen visa issued by EEU Country; • Temporary residence permit in the Republic of Cyprus; • Due diligence of candidates and the origin of their funds, which they intend to invest in the Republic of Cyprus; • Payment of mandatory contributions in amount of 150,000 euros to the funds of res...
Path: BlogStarting offshore business in Vanuatu
...nfidentiality and support of international business initiatives. They make Vanuatu one of the most favorable offshore jurisdiction nowadays. Reporting requirements are really low, directors have a choice to hold meetings in any country, transferring funds is simple and you can exchange currencies on your account easily. If you are thinking to register a company in Vanuatu it is important to decid...
Path: BlogPotential PayPal Entry into Cryptocurrency Market
...yptocurrency market by offering its clients the ability to buy and sell cryptocurrencies.** PayPal plans to carry out direct sales of cryptocurrency to its 325 million users. At the moment, PayPal can be used as an alternative way for withdrawing funds from exchanges such as Coinbase, but this would be a first method of offering direct sales of crypto. PayPal are going to introduce some sort of...
Path: BlogFirst central bank issued digital coin in the euro zone
...llion users adopting the Libra cryptocurrency has led central banks to examine how they can issue their own forms of digital currency. CBDCs could change the role of commercial banks – which currently host all electronic accounts for the customers funds- when it comes to processing payments. It was announced by the Central Bank of Lithuania that at the moment, the only way to hold central ban...
Path: BlogCySEC Requires to Follow Recently Introduced FATF’s Policies
.... The COVID-19 pandemic has led to unpredictable and unprecedented challenges world- wide and economic disruption. It has also led to an increase in pandemic-related crimes, including fraud, cybercrime, misdirection or exploitation of government funds or international financial assistance, which is creating number of bad industry participants. Using information provided to the members of t...
Path: BlogGermany Introduces Draft Bill on Blockchain-Based Digital Securities
...r securities, according to German law, to be issued on Ethereum, currently the most popular platform to issue digital assets on. Aditionally, if the legal framework is established, the procedure would be eligible for digitizing stocks or investment funds. The intentions of institutions is clear - embrace and leverage blockchain technology. Germany is the major influential participant in the EU a...
Path: BlogFirst Digital Securities Exchange Approved by Financial Conduct Authority
...nvestors, rather than with a security’s initial issuer. These platforms are essential for the health of securities, as they provide investors with access to liquidity in their holdings. Digital securities take real assets, such as equity, debt or funds, and tokenise them using blockchain technology. This not only modernises and simplifies the capital raising process via disintermediation and re...
Path: BlogNew requirements for Lithuania and UK EMIs
...cryptocurrency exchanges which are currently under final review for the Estonian Financial Intelligence Unit (FIU), will be obligated to clarify that the exchanges are licensed and until the receipt of the final authorization, are not able to accept funds that are generated from un-regulated activities. EMIs will reconsider their financial risk standards and management in the EU until more cons...
Path: BlogCan Bitcoin Replace Gold As the Safe-Haven Asset?
...in decentralized finances, it is understandable to raise a question which of these values will be supreme against other. Taking into account that major economies are backing negative interest rates this leaves investors paying banks to keep their funds, and with central banks extending enormous easing programs, capital avoidance from bonds in search for the yield is likely to more advantageous ...
Path: BlogASIC’s strengthens consumer protections by reducing CFD leverage
...breaker to close-out one or more a retail client’s CFD positions before all or most of the client’s investment is lost. Also, new restrictions include protection against negative account balances by limiting a retail client’s CFD losses to the funds in their CFD trading account. These restrictions were introduced based on ASIC reviews in 2017, 2019 and 2020, which found that most retail c...
Path: BlogBrief description of the first day of Bitcoin usage in daily payment: technical problems and protests
...30 to each citizen opened a cryptocurrency wallet. One of the main governments arguments is the assumption that the use of cryptocurrency can save up to USD 400 million per year for country’s budget, due to loss of need to pay transaction fees for funds sent from abroad. Although the BBC’s estimates are less optimistic – the savings could be around USD 170 million a year. **"We need to...
Path: BlogCyprus Securities and Exchange Commission (CySEC) accepts new policy for Crypto-Asset providers
...saction. **Those businesses, which will be considered by CySEC as Crypto-Assets Service Providers, will face the necessity to comply with the following requirements for company registration and operation:** • Initial capital adequacy and own funds, which range from EUR 50,000 to EUR 150,000; • Competency of directors and shareholders: Ultimate Beneficial Owners, directors and persons ...
Path: BlogDubai is set to regulate investment tokens
... 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 managing discretionary portfolios or collective investment funds investing in investment tokens. Peter Smith, managing director, head of Strategy, Policy and Risk at the DFSA said: “Creating an ecosystem ...
Path: BlogCzech Republic small Electronic Money Institution License
...lectronic money and provide services associated with it, a legal entity must obtain a small Electronic Money License (the License), supervised by Czech National Bank (CNB). An authorized EMI exchanges virtual electronic money (issued by EMI) for the funds of customers in form of cash.Timeframe: 6-9 months since the company’s establishment, depending on the documents provided Minimum paid capi...
Path: LicensingMarshall Islands Announces Fund Development For Its Local Cryptocurrency
...d follow its goals. Once the SOV is established, the purpose is to transfer to an alternative governance model fully based on blockchain. With the intention to motivate the SOV Development Fund it will be supplied with 30% of the SOV’s initial funds. Read our blog to keep abreast of all actual crypto news.
Path: BlogCovid-19 Effect on Growing Number of Crypto Related Scams
...nd 2020 are showing exponential increase in thefts over 2018, when 1.7 billion USD was stolen through the year. CipherTrace’s Q2 report from 2019 shows that 4.26 billion USD had been taken in the first six months of the year and most of the stolen funds in 2019 were taken in connection with China based Ponzi scheme called PlusToken that made off with some 3 billion USD in crypto coins. Crimin...
Path: BlogPakistan is planning to regulate crypto business
...e country. **Companies registering as EMIs will be required to follow a range of compliance measures.** Among other things, they will have to comply with capital requirements, endure the examination of executives, undertake protection of users’ funds and implement customer due diligence, including storing personal details in particular name, ID card number, address and phone number. The Fi...
Path: BlogWhy cryptocurrency is the future of electronic cash systems
...ose that must shop across borders, having to exchange various national currencies leads to higher fees on payment processing. In contrast, **cryptocurrencies can be used globally by online retailers without having to pay fees on sending/receiving funds** simply because the other person lives in another country. The future of electronic cash will almost certainly be borderless. **Fewer Pendin...
Path: Blog6 ways to save your assets in case of business problems
...buting of your assets after entering the liquidation procedure will be more complicated and will result in more expensive way that paying straight to creditors. 5. Plan your short-term expenses and avoid borrowing money from your company internal funds. Some owners think that they can cut insurance expenses or lend money from pension plan. Short-term planning will help you avoid spending your a...
Path: BlogMauritius has announced new regulatory framework for security token offering
...o the regulator, there will be no STO in Mauritius without prior approval. It is worth to note that there are several exceptions for when a token issuer needs authorization. If the issue is targeting “sophisticated” or “expert” investors and funds, or professional investment schemes, prior approval is not necessary. Carrying out financial services without a license is a criminal offense. ...
Path: BlogGod Save the Queen. Paradise Papers Revelation
...ividuals and companies. Now is the time for the **Paradise Papers** and we are on it to analyze deeper. Leaked documents were published on November 5, and the International Consortium of Investigative Journalists reported its contents. **Offshore funds investment is not an illegal action** and it does not mean that the investor had done anything wrong. Unfortunately, some businessmen prefer law...
Path: BlogHow to Offshore: Useful Tips and Tricks from Leaked Apple Inc. Papers
...drawing corporations to your country is an improper action for the Union member. Apple, as the company with the far-reaching plans, chose to move subsidiary companies away to Jersey, exactly right after Ireland became not a reliable place to keep funds. The leaked documents revealed the process of moving offshore companies that belong to Apple. The first step was to recruit a Bermudian compa...
Path: BlogVirtual currency draft bill in Gibraltar
..., sale, distribution and promotion of any kinds of tokens and coins which use blockchain technology will be subjected to the regulation. Consequently, new acts will contain rules about investments, secondary market activities and probably investment funds holding digital assets. Narrowing this information, legal regulation will consist of: 1. * -Information disclosure about purchasing tokens...
Path: BlogNew tax relief measures in Hong Kong budget
...um HKD30,000 (USD3,830) tax for 2017-2018. This will work for salaries tax, profit tax and tax under the personal assessment. More than 2 million taxpayers might have their tax reduced by 75 percent for the year of assessment 2017-2018. • Tax refunds will also take place this year. If you overpaid taxes due to the legislation delay, you can expect a refund. This will not concern the property ...
Path: BlogAbu Dhabi Sovereign Wealth Fund entering ADGM
...ation with the ADGM, the Abu Dhabi Sovereign Wealth Fund will invest in building and development of the platform. Also, Ahmed Al Sayegh, Chairman of the ADGM confirmed that the hub looks forward to collaborating with both local and global investment funds, companies and authorities.
Path: BlogNew securities policies from Bahamas Regulator
...d above policies establishes a new approach of the Commission to the due diligence procedures. This policy is applicable to persons licensed or registered pursuant to any of the Bahamas administered Acts (Securities Industry Act 2011, the Investment funds Act 2003, and the Financial and Corporate Service Providers Act 2000). The policy states that those registered entities and licensees that were ...
Path: BlogSetting up an Online Gaming Business
...uirements and knowing what you, as a customer, need is a must; • Software company should provide you with a built-in payment module; • Insurance and service support for post-purchase administration of the game process; • Withdrawal of funds. Also, do not forget to check whether software development company knows the field you want to work with. Understanding client’s needs shou...
Path: BlogChoosing Business Structure for a Singapore Company
...e usual available to the general public and the number of shareholders is at a minimum of 50 people. Given that these types of companies involve the general public, there are more rules and regulations that prevent operation and the misuse of public funds. • Public Company Limited by Guarantee: Contrary to a Public Limited Company and a Private Limited Company, this type of company is set up ...
Path: BlogSwitzerland is going to amend anti-money laundering law
...aundering law** and, once these changes come into force, the financial intermediary will be required to verify information on beneficial owners. The national authorities of Switzerland have been taking various measures in combating the illegitimate funds, amid intense global pressure from various countries and actively discussed the proposed amendments to the **Anti-Money Laundering Act**. The...
Path: BlogHedge fund billionaire joined crypto market
...ent projects, which had received investments from the above-mentioned firm, it can be determined that **the main focus of this firm are next generation startups, including crypto branch projects**. **During this year cryptocurrency-focused hedge funds have rapidly grown in numbers**, as entrepreneurs are trying their best to satisfy the increasing demand from traditional investors. Simpson sug...
Path: BlogNew hype or a real irreplaceable instrument. Contracts of digital age.
...etwork of computers and cryptographical algorithms to track transfer of assets and secure the ledger from tampering. For usual cryptocurrency, that gives two parties, who don’t know each other, an ironclad guarantee that an agreed upon transfer of funds will happen as expected and nobody will be able to cheat. Smart contracts - that's interesting. **With the help of a smart contract, two peop...
Path: BlogAGREEMENTS AND LEGAL OPINIONS
...king (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 have provided advice on inter alia private equity deals, listed deals, short-term insurance, corporate law, trust...
Path: AdditionalSwiss regulator launches proceedings against ICO issuer
...s focus in particular on possible breaches of banking law, as a result of the potentially unauthorized acceptance of public deposits in connection with the ICO. Investigations executed by FINMA state that, in terms of the ICO, envion AG received funds amounting to approximately one hundred million francs from more than 30,000 investors in return for issuing EVN tokens in a bond-like form. FINM...
Path: BlogNew crypto regulation from Switzerland
...ecember, 2018 the regulator stated that the new regulation will grant recognized “innovative financial companies” the ability to accept public deposits of up to 100 million Swiss francs (or just over $100 million), under the condition that these funds are not investments and the companies does not pay interest on them. This development is a consequence of a recent revision to the country’s B...
Path: BlogHow blockchain will combat bias in news reporting
...ly evident that fake news is a problem. However, there are far more insidious forces at work within the news media. These forces are not just at work online, and they affect even the most reputable outlets and publications. The advertising dollar funds most of the news media. Consequently, it has a scary level of influence over the news we see. Thankfully, blockchain solutions are emerging that...
Path: BlogOmega Dark, the first regulated dark pool in digital assets is launched
...quidity, and connect the broad array of fragmented exchanges and OTC desks across the globe into a single hub. In turn, Omega Dark allows participants to cheaply and discreetly balance liquidity against each other and against market makers and hedge funds, creating a win-win for everyone."* **Omega Dark was developed to create a fair marketplace for all members by the means of offering transpar...
Path: BlogAustralian commision requires each and every piece of information about its brokers
...th all types of information, including client numbers, for the period of time since December 2017 till March 2019. Among other things, the report also needs to divide clients by type, place of residence, as well as indication of amount of client’s funds held in each jurisdiction. **Additional attention to European clients** According to the data which the ASIC has requested from brokers an...
Path: BlogCanada is Planning to Restrict Cryptocurrency Short Selling
... follows the scandal and the death of chief executive officer of QuadrigaCX, Canada’s largest cryptocurrency exchange. Gerald Cotton, the deceased CEO, was supposedly the only one who had access to cold wallets which held $250 million of customers funds. The CSA and the IIROC have registered a joint consultation paper, called Proposed Framework for Crypto-Asset Trading Platforms last Thursday...
Path: BlogSEC representative "hopes" Bitcoin ETF will be approved
...ter the regulator said it would inspect the proposals. In July last year, the SEC for the second time has rejected brothers Winklevoss’ proposal to list a bitcoin ETF on the Bats BZX Exchange. The SEC’s decision, at the time, was based on the funds inability to prevent fraud and market manipulation. Analyzing this situation, Roll Call Jackson said that was an easy case but the risk of manip...
Path: BlogAustralia is planning to implement blockchain technology in order to automate transaction reporting
**The Australian Transaction Reports and Analysis Centre (AUSTRAC) currently is testing a blockchain prototype with a goal of funds transfer automation.** ZDNet reported this Sunday that the AUSTRAC has partnered with the Swinburne University of Technology in Melbourne for the purpose of building a model for testing. The aforementioned associates will particularly test how blockchain and rela...
Path: BlogChina's Central Bank is planning to ban crypto airdrops
...s that had moved their transactions overseas but were using China’s agents to invest on behalf of domestic investors in the country. It is worth noting that, according to the PBoC, some of the companies are not issuing tokens in public to raise funds instantly, but are giving away free tokens while at the same time reserving a part of the total supply, with a goal to rise prices by means of s...
Path: BlogICO vs IPO. Main differences
...attention of many, from brokers wishing to make some quick earnings, to high skilled professionals who have extended experience in the classical capital market. Therefore, it was rather expected when initial coin offerings (ICO’s) accumulated more funds in the first three months of 2018 than during the entire 2017. Nowadays we hear a lot of different information about ICO and IPO. Even despi...
Path: BlogNew legislation of Jersey will allow to form Limited Liability Company
... meet their cross-border requirements. We are focused on supporting their needs, having announced earlier this year our intention to open an office in the US in the near future. In the US, LLCs are a structure of choice for alternative investment funds, with US advisers and managers being familiar with LLC structures and aware of the benefits they can provide in terms of tax transparency. With ...
Path: BlogNew anti-money laundering rules for crypto exchanges in Norway
... of services offered to the clients), along with information about the company’s manager. In regard to compliance with the new AML rules - the customers will be obliged to provide information about the purpose of a transaction and/or the origin of funds. Service providers will have to report suspicious transactions to the FSA. It is worth noting that there are identical rules for digital curr...
Path: BlogLolli: how legit is the customer loyalty program that rewards users in bitcoin
...can now shop online and receive rewards via retailers worldwide without having to worry about rip-off exchange rates. And you don’t need a credit score or authority to approve you before getting access to this privilege. As long as you have enough funds, you’re good to go! **Lolli – A Smart Initiative** Such an initiative may be a sign of the growing adoption of cryptocurrencies. If lo...
Path: BlogPolymath CEO Trevor Koverko on smart investing, secret societies, and security tokens
...ever and they include IPwe, the world’s first blockchain-enabled patent registry, and BlockEstate, a tokenized US real estate fund. Trevor also made an announcement live at the conference to say that one of the first issuers is a filmmaker raising funds for his movie through an STO. The Atari movie features Nolan Bushnell, the founder of Atari and it’s going to be produced by Leonardo DiCap...
Path: BlogGeorgia Payment Service Provider Authorization (PSP)
...etailed specification on movement of information and money during the entire service process - from payment operation initiation till its completion. An authorized PSP may provide the following services: services that ensure the debiting of funds from the payer’s account services related to the crediting of funds to the payee’s account making payments through direct debits issui...
Path: LicensingHong Kong Type 9 (Asset Management) License
...ctivity will cover discretionary investment managers, whether managing a hedge fund, account or related fund. It is relevant to note that the Type 9 license not only covers portfolio management activities, but also permits incidental marketing of funds which are managed by the licensed corporation as well as incidental research and securities analysis. Consequently, such incidental activity all...
Path: LicensingBulgaria Portfolio Management License
...ore the final decision to apply for a particular license. Holder of portfolio management license is authorized to receipt and transmit orders on behalf of the clients, intermediate the conclusion of transactions, provide investment advice, manage funds of clients and holding client’s money and/or financial instruments. Officers of an applicant company must satisfy “fit & proper” re...
Path: LicensingLabuan Crypto License
...idential address (ex. utility bill that is not older than 3 months) 2 Professional letters from a notary, lawyer, auditor or similar A notarized copy of a University Diploma Bank reference For shareholder: 3 months bank statement with enough funds to cover the capital requirements N.B. If documents are not in English language or language of particular country, then they must be ...
Path: LicensingCayman Islands Securities Investment Business License
...ranted by Cayman Islands Monetary Authority (CIMA). Investment activities are regulated by the Securities Investment Business Law (SIBL) (latest amendment of 2015). Cayman Islands Securities Investment license allows to: Accept and transmit funds Execute orders on behalf of the clients Underwrite financial instruments Securities management Among other benefits, the applicant wi...
Path: LicensingSt. Vincent and Grenadines International Banking License
...d (stamped and/or signed) copy of proof of residential address (ex. utility bill that is not older than 3 months) in English or translated into English Certified bank statement One character reference and two bank references Proof of source of funds Notarized non-criminal records Signed and dated CV Notarized copies of Diplomas N.B. If documents are not in English language o...
Path: LicensingCzech Republic Electronic Money License
...nitial capital: EUR 125,000.00 To be able to issue electronic money and provide services associated with it, a legal entity must obtain an Electronic Money License. An authorized EMI exchanges virtual electronic money (issued by EMI) for the funds of customers in form of cash. For the purpose of obtaining Electronic Money license, a company is obliged to have a bank account for capital ...
Path: LicensingLithuania Payment Institutions License
... the operations required for operating a payment account; services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account; execution of payment transactions, including transfers of funds on a payment account with the payment service provider of the payment service user or with another payment service provider: execution of direct...
Path: LicensingLabuan Investment Banking License
...of of residential address (ex. utility bill that is not older than 3 months) 2 certified professional reference letters 2 certified Bank reference letters Notarized Copies of Diplomas of a Higher Education 3 months bank statement with enough funds to cover the capital requirements and support business for the first year N.B. If documents are not in English language, they must be...
Path: LicensingCayman Islands Securities Investment Fund License
... Initial minimum subscription : Not less than 100 000 USD (or its equivalent in another currency) per investor; or Equity interests must be listed on a stock exchange approved by CIMA Overview In Cayman Islands the Mutual funds Law does not impose any restrictions on investment objectives, risks, target rates of return, leveraging or other commercial matters, given the ...
Path: LicensingLuxembourg Investment Fund License
...ble and well-defined legislation, availability of multilingual staff and professional expertise.Timeframe: up to 4 months Minimum capital requirements: Management companies must have a minimum capital of EUR 1 250 000.00. plus additional own funds calculated as a percentage of the assets under management. Self-management companies have a minimum capital requirement of EUR 300,000.00. ...
Path: LicensingSwitzerland Crypto License
...irector) Bank statement (of each Shareholder and Director) Bank reference (of each Director) Signed and dated CV (of each Shareholder, Director and Employee) 2 Legal reference (of each Shareholder, Director and Employee) Proof of source of funds Notarized copies of Diplomas (of each Shareholder, Director and Employee) Notarized non-criminal record (of each Shareholder, Director and E...
Path: LicensingBelize Money Transmission License
... up capital requirements. This includes preparation and submission of all the bank forms, corporate documents and due diligence documents. Ad-hoc support and provision of minor documents required during the process. Assistance with Depositing of funds at a local Bank account in order to satisfy capital requirement for the IFSC. Submission of the letter from the local Bank to the IFSC that ca...
Path: LicensingComoros International Brokerage and Clearing House License
...n accordance with the legislation requirements • Incorporation of the company • License application with the Regulator • Copy and ID • Proof of address • Bank or Lawyer Reference Letter • Updated CV • Proof of funds (To be signed in the application form) If Holding Company (i.e. where shareholder is a company) • Certificate of Incorporation ...
Path: LicensingGeorgia Crypto License
... include: Company Charter and Articles of Association Proof of Identity and No Criminal Record for Directors and Shareholders Business Plan and Financial Statements AML/KYC Policies Proof of Local Office and Lease Agreement Source of funds Confirmation
Path: LicensingLabuan Money Broking License
...cense Conditional approval will be provided by LFSA so that you will have enough time (usually 3 months) to: Fulfil the capital requirements (500 000.00 RM) for the company. After the capital is deposited, you can utilize the funds for company's operator. find and set-up an office, apply for the phone number, find a local employee, Comply with other re...
Path: LicensingBritish Virgin Islands Forex License
...nancial Service Commission (BVI FSC). The key responsibilities of BVI FSC is to regulate, supervise and inspect all financial services in and from within the BVI. Such services include insurance, banking, trustee business, company management, mutual funds business as well as the registration of companies, limited partnerships, intellectual property and ships. The BVI FSC licenses and authorizes...
Path: LicensingDeltec Bank Account Opening
...rs Limited, Deltec Securities Ltd. and Long Cay Captive Management. Advantages of bank account opening: A tax neutral platform – with no income, estate, inheritance or capital gains tax, and no restrictions on the repatriation of funds No forced heirship laws for domiciled assets Highest ranking nation for civil liberties and political rights by the World Bank Home to app...
Path: BanksCosta Rica Gambling License
...der) A copy of proof of residential address (ex. utility bill that is not older than 3 months for each of Director and/or Shareholder) Bank reference (each of Director and/or Shareholder) Two professional reference Letters Proof of source of funds Notarized non-criminal records Signed and Dated CV Notarized copies of Diplomas For corporate shareholders need to provide the follow...
Path: LicensingFidelity Asia Bank Account Opening
...investments between the thriving and resource-hungry Asian economies and the resource-rich African continent. They aim to do this by forging trade links, building market liquidity, establishing banking services and providing financing and investment funds to targeted sectors of Africa, Asia and the Middle East. The bank offers Syndicated Loans, Term Debt, Working Capital Support, Multi...
Path: BanksHong Kong Limited Company Formation
...ss, which includes profits derived from activities outside of the country. Unlike other Asian countries such as Japan, Korea, Thailand, India and China; Hong Kong does not have any exchange or capital controls which therefore allow funds to flow freely in and out of the territory.General information Company structure Only one shareholder (can also be a legal person, no n...
Path: CompaniesCzech Republic Limited Liability Company Formation (s.r.o)
...he tax base is calculated from the accounting profit/loss shown on the relevant financial statements, prepared according to the Czech accounting legislation. A corporate income tax rate is 19%. A corporate income tax rate of 5% applies to investment funds, unit funds and pension funds. Czech legislation allows taxpayers to change their accounting period from calendar year to fiscal year, and vice ...
Path: CompaniesSeychelles International Business Company (IBC) Formation
..., Incorporated, Société Anonyme. A wide variety of other suffixes such as BV, GmbH, and SARL may also be used Names Requiring Consent or a Licence: Bank, Insurance, Assurance, Re-Insurance, Trusts, Trustee, Savings, Royal, Asset Management, funds, Foundation, Building Society, Municipal, Chartered, Finance, Healthcare, Pharmaceutical, Leasing, Lease, Forex, Broker, Brokerage, Gaming ...
Path: CompaniesAuthorised Company in Mauritius
...equired Registered Agent Required Registered office Required Company name Language: Any Letters: from Latin alphabet Names Requiring Consent or a Licence: Bank, buildings society, insurance, assurance, reinsurance, funds, trust, trustees, finance, savings, royal, asset management, foundation, municipal, chartered, healthcare, gaming, brokerage, broker, forex, lea...
Path: CompaniesLimited Liability Company in Lithuania
... and favorable legislation makes Lithuania one of the most attractive places to investment managers targeting single European financial market. Lithuania has benefited from EUR180 million per year of European Union (EU) assistance and development funds since joining the EU in 2004. This has helped modernize the country’s economy. Lithuania is a member of the EU’s Schengen Area. ...
Path: CompaniesPublic Bank Berhad Account Opening
...ition of assets and vehicles, as well as credit guarantee corporation and fund guaranteed financing schemes. The company also provides Islamic banking, share broking, trustee services, nominee services, sales and management of unit trust funds, bancassurance, and general insurance products. In addition, it offers credit cards, remittance services, deposit collection, and investment pro...
Path: BanksFidelity Asia Bank Account Opening
...investments between the thriving and resource-hungry Asian economies and the resource-rich African continent. They aim to do this by forging trade links, building market liquidity, establishing banking services and providing financing and investment funds to targeted sectors of Africa, Asia and the Middle East. The bank offers Syndicated Loans, Term Debt, Working Capital Support, Multi...
Path: BanksCIM Bank Account Opening
...s or commissions that may be required by bank are not part of our professional fees for assistance of opening a bank account. The bank offers range of services and products Personal and commercial account Investment execution: stock, bonds, funds, derivatives and forex Counselling on financial investment Asset Management Executing payment orders Multi-currency current accounts and...
Path: BanksBelize Forex License
... up capital requirements. This includes preparation and submission of all the bank forms, corporate documents and due diligence documents. Ad-hoc support and provision of minor documents required during the process. Assistance with Depositing of funds at a local Bank account in order to satisfy capital requirement for the IFSC. Submission of the letter from the local Bank to the IFSC that ca...
Path: LicensingCIM Bank Account Opening
...s or commissions that may be required by bank are not part of our professional fees for assistance of opening a bank account. The bank offers range of services and products Personal and commercial account Investment execution: stock, bonds, funds, derivatives and forex Counselling on financial investment Asset Management Executing payment orders Multi-currency current accounts and...
Path: BanksTengri Bank Account Opening
...any other additional fees, charges or commissions that may be required by bank are not part of our professional fees for assistance of opening a bank account. The bank offers range of services and products Deposits Trade financing Quick funds transfer locally and abroad Issuance of bank guarantees for contracts and its performance Opening of accounts Financial leasing Ex...
Path: BanksTengri Bank Account Opening
...any other additional fees, charges or commissions that may be required by bank are not part of our professional fees for assistance of opening a bank account. The bank offers range of services and products Deposits Trade financing Quick funds transfer locally and abroad Issuance of bank guarantees for contracts and its performance Opening of accounts Financial leasing Ex...
Path: BanksDeltec Bank Account Opening
...rs Limited, Deltec Securities Ltd. and Long Cay Captive Management. Advantages of bank account opening: A tax neutral platform – with no income, estate, inheritance or capital gains tax, and no restrictions on the repatriation of funds No forced heirship laws for domiciled assets Highest ranking nation for civil liberties and political rights by the World Bank Home to app...
Path: BanksCyprus Forex License
...rized copy of valid passport A copy of proof of residential address (ex. utility bill that is not older than 3 months) Professional letter/bank reference A notarized copy of a University Diploma For shareholder – bank statement with enough funds to cover the capital requirements. funds should be from the provable source. N.B. If documents are not in English language or languag...
Path: LicensingBulgaria Forex License
...rized copy of valid passport A copy of proof of residential address (ex. utility bill that is not older than 3 months) Professional letter/bank reference A notarized copy of a University Diploma For shareholder – bank statement with enough funds to cover the capital requirements. funds should be from the provable source. N.B. If documents are not in English language or language o...
Path: LicensingVanuatu Dealer's in Securities License
...n by the licensee; and The qualification, competence and integrity of the auditor A licensee shall submit to the Commissioner a quarterly and annual reports outlining updated details which must include: Number of investors and amount of funds invested Number of products offered to investors detailing the number of each product offered Details on what jurisdiction the product was o...
Path: LicensingPublic Bank Berhad Account Opening
...ition of assets and vehicles, as well as credit guarantee corporation and fund guaranteed financing schemes. The company also provides Islamic banking, share broking, trustee services, nominee services, sales and management of unit trust funds, bancassurance, and general insurance products. In addition, it offers credit cards, remittance services, deposit collection, and investment pro...
Path: Banks