Monday, December 26, 2016

PrivateFX get Licence For Trading



2016 year is finishing off.  The broker PrivateFX, founded a year ago, is developing with success. The major shareholder, Concord Capital, made great efforts for the  establishment of the broker. And by the end of the year the good news was found out - the group of companies PrivateFX got a license!!!
One of the companies, included in a group PrivateFX, have obtained the license for broker activity in the International Financial Services Commission Belize (IFSC). Information is placed on the official regulator website.

  

Сontact information

Company with the name of competitor FIBO Group Limited, which had been bought earlier, is renamed now in Min Group Ltd.



  • The number of license, identical with the license itself, is stated on the company website.
  • It is indicated on the regulator website, that the company was renamed, and the back name also is submittеd.
  • Сontact information on the regulator website includes the address www.bosl.com. This is the contacts of licenced agent (Belize resident) for the registration due to legislation of this state.

Terms of action
Period of validity of the licence: from 1.10.2016 till 31.12.2016. The license was issued for the 3 months of the old year. It accords to the Belize legislation; license is issued for the one year precisely and prolongated regulaly.

Accounts
The company Min Group Ltd, affiliated to the group of companies PrivateFX, is required to give quarterly and yearly reports to the regulator, in whitch  the big amount of information about the company activity is delivered.

Why so long?
The terms of receiving the license  in fact appeared to be bigger than ones announced to the clients.
This year it was resolved in  Belize to change the schedule of licenses issueing and thereby to raise it to the Cyprus level.
The regulator was checked a lot -  biographies of director, management, shareholders, ultimate beneficiaries; bank account statements, corporate structure of the company, director expertise sufficient to the supervision of the company according to the  licensed directions of activities.
In accordance with requirements of the regulator the company delivered the detailed  business plan included among other things financial forecasts for three next financial years.

How much?
Because of  the changes, minimal capital  for the broker appeared to be $500 000,00 (half a million dollars USA). This funds cannot be used for directing of authorized activity and must be saved on the bank account, opened in the bank of jurisdiction registration, during all the term of license action.

Based on the information mentioned above we can make a conclusion that getting the license is a complicated task, but despite all the problems PrivateFX brought it to the end successfully.


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