Eternity Law International — News — Turks and Caicos Investment Dealer License

Turks and Caicos Investment Dealer License

Published:
November 10, 2023

Activities related to certain investments carried out in this jurisdiction are permitted in accordance with two official acts. These acts are the Investment Dealer Operations Ordinance (IDLO) and the Mutual Fund Ordinance (MFO). Under these regulations, the responsibility for licensing, supervising and regulating investment dealers and mutual funds rests with the regulatory authorities of the jurisdiction. Forex license in Turks and Caicos gives interested entrepreneurs the opportunity to start their own activities or expand existing ones in this area.

Such companies are additionally subject to regulation under the Financial Services Commission Regulations established in 2007, laws on profits derived from criminal activities, and provisions on countering illicit funds and countering financial support for terrorism.

Turks and Caicos Investment Dealer License

Such dealers are considered to be individuals or companies that fall under the following description:

  • carry out trading on behalf of clients;
  • manage certain types of fund structures;
  • accept and manage investment packages on behalf and for the profit of clients;
  • provide consultations regarding investments.

Investments can be considered trading in raw materials, bonds of companies, governments or local authorities, shares, land shares, various contracts and securities, as well as artificial products that repeat anything from the list.

Forex Brokers in the Turks & Caicos Islands: Regulated Investment Dealer Categories

Section 8 of the IDLO provides for the issuance of licenses to firms or partners in a partnership. You can choose one of the existing options below.

  1. Consultant license to provide investment advice.
  2. Permission only to execute customer orders for dealers who work exclusively as executors.
  3. Full license for investment dealers who want to provide a full range of services.
  4. Fund manager permission for firms that trade on behalf of funds.

No one has the right to work with investments without having the appropriate license. Violation of the rule, unlicensed activity entails a fine of 2 years in prison, a fine of $25,000, or both. Applications for licensing a company as an investment dealer are submitted to a special FSC Committee. According to the decree, the jurisdictional authorities can set the amount of authorized capital for your business individually, assessing its risks.

All enterprises that want to obtain such permission as a business license in the Turks and Caicos must have a manager permanently residing in the jurisdiction, as well as a minimum of 2 directors, necessarily individuals who, according to the charter, cannot issue bearer shares. The company must have at least 2 partners residing in the jurisdiction and having appropriate education and experience.

How to Obtain Investment Dealer License in Turks and Caicos?

  1. Investment dealers must comply with all regulatory requirements regarding insurance, accounting, auditing, client account management, etc. All licensees are responsible to the FSC, which is the main regulator in this area in Turks and Caicos.
  2. The Governor has the authority to issue regulations requiring that clients’ finances and investments be held in a trust that complies with these regulations.
  3. All financial reports must be submitted to regulatory authorities no later than six months after the end of the company’s financial year.
  4. Regulators may terminate a license if a company does not meet FSC requirements in its area of activity.

Our company has been working in the field of establishing and licensing commercial structures for many years. The high quality of our results and the professionalism of our specialists are guaranteed by hundreds of satisfied clients around the world. We are ready to offer you many options for ready-made companies and licenses for sale. Contact us today.

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