Eternity Law International — News — Forex license in Cook Islands

Forex license in Cook Islands

Published:
October 17, 2023

Forex-brokers involved in vending of commodity futures or futures options can confidently say that their activities are legal and transparent if they are licensed. Jurisdictions provide their regulative bodies closely monitoring the activities of FX-brokers, so if all the rules are followed, you can engage in completely legal activities on a global scale. Forex license in Cook Islands gives opportunities to participate in such a proficient and progressing niche.

Securities dealer license in Cook Islands: general overview and main characteristics

There are several types of local financial permissions:

  • exchange services provider permit will only allow you to exchange money;
  • money transfer license will allow an entrepreneur to get client monetary means and transfer it to other people living outside jurisdiction.

To run brokerage-activities on Cook Islands FX-market, an entrepreneur needs to become the owner of a composite money changing remittance license in Cook Islands, as it’ll give permission to carry out money exchange and money transfers.

But in order to be eligible for a license, businesspersons also need to set their business permanently resident in islands. It’s also significant to note next-mentioned: once a firm receives its permit, entrepreneurs won’t be able to initiate extra operations not in Islands without possessing FSC approval – regulative authority confirmation.

It’s also important to remember FSC, like BTIB, requires a personal meeting with applicants, which takes place in Islands.

Firms’ organization for getting a Forex brokers in Cook Islands

Enterprise may consist of next-mentioned representatives:

  • at least one holder of shares (can also be a legal entity; no restrictions on citizenship or residence);
  • at least one director (can also be a legal entity, without restrictions on citizenship or place of residence);
  • secretary;
  • registered agent – required;
  • local employees – required.

The security deposit for the transfer of ownership of the company is US$10,000 (not subject to use). This condition is met when purchasing a ready-made commercial project. Additionally, you’ll definitely need to appoint an auditor before applying for permission. Firms are needed to possess local offices and a registered address there. The name of companies for Cook Islands Forex brokers may be anything, but it must be written in the Latin alphabet and also include the word Limited.

Taxation

International business companies do not get obligations as for paying tax on incomes earned outside the Islands.

Our company is ready to provide entrepreneurs with fully-explained professional support in the way to obtain Cook Islands money changing-remittance license. We’ve been working in this field for many years and possess sufficient expertise to give the most effective results for our clients. Our company offers you hundreds of options for ready-made companies and licenses for sale in multiple countries worldwide. Contact our managers right now.

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