Forex and binary options brokers found Bahamas again, taking advantage of this new alternative. Albeit the country is a safe haven for some decades, it gained renewed attention from the forex institution. And Checkus Media Group is here for you to offer helping hand.
Located just 80 kilometers southeast of the United States, The Bahamas is historically a base for US and European asset managers, and hosts some of the biggest financial services firms with a thriving community managing upwards of $800 billion.
The Securities Commission of The Bahamas (SCB) is certainly a regulator that should be considered if you are looking for a forex broker licence or seeking an alternative to your current jurisdiction.
- The Bahamas is a former British Crown colony and its stable parliamentary democracy has been built upon English law.
- The country is on everyone’s good list, meaning it doesn’t come with the dubious distinctions of notorious tax-haven countries.
- Opening a bank account is not as difficult as other jurisdictions, even those which are EU equivalent.
- Its government complies with global Money Laundering guidelines and Common Reporting Standards established by the OECD.
- US, UK and European financial institutions view Bahamas-based companies in a positive way; therefore, establishing business relationships is easier.
Although it is not the least expensive jurisdiction in which to operate, it is fast, secure and professional. The Bahamas’ highly regarded regulator, the SCB, deals fairly balancing the needs of its financial services community with international standards. (Financial Services is the second-largest contributor to The Bahamas’ GDP behind tourism). The quality of SCB regulation and stability of government is something that should not be over-looked.
The quality of SCB regulation and stability of government is something that should not be over-looked and quite frankly in this regulatory environment should seriously be considered. An SCB Broker-Dealer licence corresponds with a Forex broker licence or binary options dealer. Here are the basic requirements for a Forex and CFD market maker licence:
- A physical presence, meaning a secure office space
- At least one local director of the company
- Staff including a local Chief Executive Officer and Compliance Officer
- A sound business plan and suitable compliance standards
- Minimum capital adequacy of $300,000 is requiredTypically, successful applicants are granted a licence within four to six weeks.
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