Incorporate a Company and Run Forex Business

Can I incorporate a company in the UK and run a Forex business? If you want to set up a foreign exchange business in the UK, you'll need to start by incorporating a limited company as the legal basis to run it from. Here at Coddan, we can help you get your private company incorporated – a limited liability partnership (LLP) is one option - quickly and affordable.

You can simply use our on-line application form to give us all the details we'll need to incorporate your company, and once we have them, we'll start the process with Companies House, the UK registrar of firms. We have a number of pre-formation services, such as providing nominee personnel and a registered office address, that you may wish to use.

Once your company is registered, we'll provide you with legal documentation to prove its existence, including the memorandum and articles of association. You can then go ahead and take the next steps towards establishing your Forex business, and we can assist you along the way.

Before you can run your Forex operation, you'll need to register with HM Revenue & Customs, and they will conduct what's known as a fit and proper test on you to determine if you're eligible to run such an enterprise. This test is essentially to do with Money Laundering Regulations and is relatively straightforward - but if you have previously been declared bankrupt or committed various offences for which you were convicted, you won't pass.

Next, you'll need to get approval from the Financial Services Authority, and if you just register as a "small payment institution" it's fairly easy. Among the requirements for approval are that the firm is based in the UK and has been registered with HMRC for money laundering. The FSA will carry out a number of checks on you, including to determine if you've committed any offences, before granting approval.