Asset/Portfolio Management License

[cangarooo]

Hi everyone.
Since two years, my friend and I are managing a group of investors’ money, around 700K€
This group is made of friends, relatives and “word of mouth” people.
We only trade Forex and in the last 24 months, we have had an average yearly return of slightly more than 30%.
We would like to start advertising our “investment services” to potentially getting new customer but currently, we don’t have any license and we well know that we are exposed to issues of all kinds.
That’s why we would like to get a license from “any financial institution” so to be potentially covered as well as having the possibility to start publicly advertising.
I have already checked the conditions available from countries as Lithuania, Latvia, Cyprus, Bulgaria, Switzerland, etc.
I also checked this interesting article:

What It Takes to Obtain a Financial Service License in Latvia​

Some are complex, some other are expensive.
I’d like to know if any of you has a direct experience of something easier, cheaper and faster.
Thanks in advance for your help.

 

[JohnnyDoe]

If you want to attract retail investors in Europe, the money you are currently managing is not enough for setting up the structure and paying legal fees.
You might more realistically start with a professional BVI or Cayman fund.
If you want to save money, an “umbrella fund” structure is a good solution.
I highly recommend Home - IFINA

 

[cangarooo]

@JohnnyDoe Thanks for the feedback.
Checked the website you suggested.
Unfortunately, there's no mentioning of costs or fees associated with a fund launch.
Do you have any idea?
Tx

 

[tacokai]

you must try to contact them to get numbers on the table.

 

[JohnnyDoe]

@JohnnyDoe Thanks for the feedback.
Checked the website you suggested.
Unfortunately, there's no mentioning of costs or fees associated with a fund launch.
Do you have any idea?
Tx

It depends on the setup but you should budget $50k for your own professional fund