Legal Requirements to Obtain a License for Your Forex Business

Legal requirements to obtain a license for your Forex business: if you are considering a new venture into Forex trading, a key consideration must be ensuring that the necessary criteria are met for a licence to be granted. Usually any business which acts as a Forex brokerage, rather than trading directly on the Forex market using their own monies, requires some form of licensing. Take a look at the key requirements which are almost invariably needed in order for a license to be obtained.

An incorporated company: before a limited company can start to trade, either as a brokerage or directly on the Forex market, it is essential that it is legally formed and incorporated. This involves the production of a memorandum and articles of association, as well as the appointment of individuals to fulfil key roles. .

A bank account: it's obviously impossible to trade on the Forex market without an appropriate bank account. Not only does the account need to be suitable for an international finance operation, it also has to be appropriate for the country where your company is incorporated and suitable for the nature of your activities. 

Transparency, accountability and administration: no matter where you apply for a license, it makes good business sense to ensure that you have robust financial systems in place and appropriate record keeping to chart transactions.