Eternity Law International — News — Terms for Obtaining a Forex Broker Licence in Montenegro

Terms for Obtaining a Forex Broker Licence in Montenegro

Published:
December 8, 2020

If you want to organize a Brokerage Company that will deal with Global Online Trading, Forex, Investment Portfolio management, research and financial analysis in the area of investment, Montenegro is the right destination for you.

We will enable you to register your Brokerage Company under very favorable conditions, obtain a license to hold financial instruments and monetary assets of your clients, all by the legislation of Montenegro.

Terms

The licensing process takes up to six month.

Legal form

In Montenegro, a brokerage company must obtain a license of investment firm and is to be formed in the form of joint-stock company, which is registered in Montenegro.

The license is issued subject to fulfilment of various conditions, the most important of which are:

Capital

The minimum capital requirement for the investment firm would be EUR 125,000 (please note that there are various capital requirements based on the actual activity of the investment company, but this particular amount would be required for a company providing the service of “reception and transmission of orders in relation to one or more financial instruments and execution of orders on behalf of clients”, and an auxiliary service of “safekeeping  and  administration  of  financial  instruments  on  behalf  of  clients,  including  custodianship and related services such as cash management or collateral management”).

Staff and corporate governance structures requirements

Proposed executive director and members of the board of directors (minimum three board members), must have high education qualification, good business reputation, and at least three years of relevant experience in financial markets sector.

Ongoing reporting obligation

Furthermore, once licensed the investment firm would be subject to reporting requirement to the Commission. With that respect, the company is obliged to deliver to the Commission (i) quarterly financial reports plus the audited annual financial reports, and (ii) also to deliver separate quarterly business reports.

Business plan

The company must have a three-year business plan, especially containing organizational structure and description of products the company intends to offer.\

Eternity Law International will provide you with expert advice on obtaining a forex broker license in a suitable jurisdiction. If you have any questions or need advice on obtaining a forex broker license, call us at the phones indicated on the site, or write to CRM form, our specialists will answer you online.

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