Eternity Law International — News — Forex Dealer License in Samoa

Forex Dealer License in Samoa

Published:
October 26, 2023

Legally-approved currency exchange providers are banking institutions, monetary means transferring firms and offices exchanging currencies being licensed by Central Bank to run this activity in this jurisdiction. Samoa foreign exchange dealer license gives official rights to provide these services to interested individual clients and commercial entities.

Is Forex trading legal in Samoa?

Forex trading in this country is only allowed with an appropriate permit. In accordance with received permission, currency dealers possess the right to provide the following:

  • transferring operations (receiving and conducting payments between the jurisdiction  and other countries in any currencies;
  • exchanging operations (purchase and sale) of globally-used currencies;
  • approval of applications for various operations with currencies, if needed and if the dealer has the authority to do so.

Legal standards

As already noted, Forex trading is legal in Samoa. In order to obtain the appropriate permit to conduct this type of activities, it’s mandatory to demonstrate correspondance with following normative points.

  1. Organizational nuances regarding business-structure. Firms applying for licensing need to be locally registered and possess a partner – any other enterprise.
  2. Firms need to have two reliable and professionally-qualified directors, who are individuals (one should be resident).
  3. Managers need to have qualifications and expertise in financial sector and adequate respect from workers to ensure that the company operates correctly.
  4. The company needs to have at least 1 holder of shares. Samoa allows full foreignly-registered as well as corporate share ownership.
  5. Local office-premises are required.
  6. Licensees who meet all criteria must employ a professionally-qualified auditor to oversee financial recordings.
  7. It is also necessary for companies to be properly insured.

Current responsibilities

  1. Firms wanting to get a Samoa foreign exchange dealer must employ and always hire on position a professionally-qualified auditor to audit financial recordings. Such employees must be confirmed by regulatory authorities.
  2. Licensee must provide full identification for clients’ assets, properly segregate them and account for, and provide the best secure mechanisms for those funds.
  3. A licensed company needs to continually maintain its operations and be sound through its assets and responsibilities.
  4. The licensee ensures the firm’s capital is always fully-maintained as required.

Our team

Our firm’s specialists are experienced, licensed lawyers, economists and auditors who provide a wide variety of services to individuals and businesses in Samoa and other jurisdictions.

  1. Opening of enterprises and administration.
  2. Opening accounts in any global banks.
  3. Setting up and administering collective investments.
  4. Registration and maintenance of intellectual property.
  5. Creation and running of trust firms and funds.
  6. Selection of solutions for making payments online.
  7. Getting banking permits of various categories.
  8. Selection of solutions for firms working with cryptocurrencies.
  9. Additional services and assistance in running a business.

We help our clients at every stage of creating and licensing a firm. Our experienced experts select beneficial structures from a legal point of view, taking into account your wishes and wishes. We possess wide experience in FX-dealer licensing sphere in all countries worldwide. Company’s specialists offer full support, assistance in completing documentation and direct communication with regulatory authorities. We also offer wide list of shelf-companies and licenses for sale in hundreds of countries. Contact our managers now.

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