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Periman

New member
Hello team,

We are an unregulated forex broker incorporated in SVG ( operations of the company are in Cyprus with a different company name doing software development for brokers.) and we are looking to restructure and get a license since its becoming more difficult every day to get PSPs and Bank accounts plus many other challenges. So I think it's the only solution in 2021.

I need some assistance and guide on how can we get a license and which is the best Juristriction in order to make it easier to open accounts with PSPs and banks as well.

Do you have any recommendations/services for the company formation and license, jurisdictions (there are so many online, don't know which to use) which will also help to open a bank account and merchant accounts with PSPs?

Any help and advice would be greatly appreciated.
 

Sols

Staff member
Mentor Group Gold
If you want the license reasonably quickly but also want decent reputability, Mauritius is a pretty good choice.
 

Sols

Staff member
Mentor Group Gold
How long does it take on average in Mauritius?
That has more to do with the applicant than the regulator, but the regulator in Mauritius tends to be more responsive than others (for example CIMA in Cayman).

On average, I'd say six months for a well prepared application (good business plan, clean UBO, solid funding, SOW/SOF documentation, and strong team) end to end.
 

Sols

Staff member
Mentor Group Gold
This will assist in opening bank accounts and Merchant accounts with PSPs?
It's no guarantee, but it's better than an unlicensed setup.

You will probably be able to open a corporate account with a bank in Mauritius and client funds account with an EMI.

PSPs will not give you the same treatment as if you had an EU/CySEC license but you have more options than without a license.
 

Periman

New member
It's no guarantee, but it's better than an unlicensed setup.

You will probably be able to open a corporate account with a bank in Mauritius and client funds account with an EMI.

PSPs will not give you the same treatment as if you had an EU/CySEC license but you have more options than without a license.
Thanks @Sols for the information. So Mauritius is considered a better option than Seychelles, Vanuatu, Belize, Malaysia?

And also do you think is a good idea to set up a payment agent company in Cyprus?
 

CyprusLaw

Mentor Group Gold
Thanks @Sols for the information. So Mauritius is considered a better option than Seychelles, Vanuatu, Belize, Malaysia?

And also do you think is a good idea to set up a payment agent company in Cyprus?
Have you considered becoming licensed in Cyprus? Especially having in mind you are already based there. Noting that the timeframe mentioned for Mauritius is similar to the timeframe you would need in Cyprus, stressing that the CySEC offers a fast track application route.
 

Sols

Staff member
Mentor Group Gold
Thanks @Sols for the information. So Mauritius is considered a better option than Seychelles, Vanuatu, Belize, Malaysia?
Vanuatu and Belize are considered trash. Seychelles isn't too hot either.

Malaysia/Labuan might be fine but it's just not as popular, so you suffer from lack of recognition.

If UK, EU, or other more reputable jurisdiction aren't an option for some reason, Mauritius offers a good balance.

And also do you think is a good idea to set up a payment agent company in Cyprus?
Yes.
 

LicensedBison

New member
Vanuatu and Belize are considered trash. Seychelles isn't too hot either.

Malaysia/Labuan might be fine but it's just not as popular, so you suffer from lack of recognition.

If UK, EU, or other more reputable jurisdiction aren't an option for some reason, Mauritius offers a good balance.


Yes.
Hi, we are also looking into the process of a license, but focusing on Vanuatu. Could you elaborate on your though process of Vanuatu being trash in comparison to Mauritius?

Also, on a side note. Does anyone know a rough number of real costs of the licenses in Mauritius and Vanuatu? The agents seem to ask for extremely inflationary prices. What is the actual cost of it taking out the legal fees of those agents?
 

Sols

Staff member
Mentor Group Gold
Hi, we are also looking into the process of a license, but focusing on Vanuatu. Could you elaborate on your though process of Vanuatu being trash in comparison to Mauritius?
Vanuatu has a bad reputation for money laundering. They were very slow to enact modern anti money laundering laws. It's also one of those countries with very little local economic activity, known for shell banks and shell companies. The tight secrecy and lax enforcement of weak laws have made Vanuatu historically popular with criminals to a greater degree than Mauritius.

That's not to say Mauritius is without problems, but despite being on FATF's list of countries with deficiencies, banks and payment processors generally view Mauritius more favorably than they do Vanuatu.

Also, on a side note. Does anyone know a rough number of real costs of the licenses in Mauritius and Vanuatu? The agents seem to ask for extremely inflationary prices. What is the actual cost of it taking out the legal fees of those agents?
You can probably find that on the authorities' websites, or by contacting them. It's public information.
 

Marco123

New member
Hello team,

We are an unregulated forex broker incorporated in SVG ( operations of the company are in Cyprus with a different company name doing software development for brokers.) and we are looking to restructure and get a license since its becoming more difficult every day to get PSPs and Bank accounts plus many other challenges. So I think it's the only solution in 2021.

I need some assistance and guide on how can we get a license and which is the best Juristriction in order to make it easier to open accounts with PSPs and banks as well.

Do you have any recommendations/services for the company formation and license, jurisdictions (there are so many online, don't know which to use) which will also help to open a bank account and merchant accounts with PSPs?

Any help and advice would be greatly appreciated.
Hello team,

We are an unregulated forex broker incorporated in SVG ( operations of the company are in Cyprus with a different company name doing software development for brokers.) and we are looking to restructure and get a license since its becoming more difficult every day to get PSPs and Bank accounts plus many other challenges. So I think it's the only solution in 2021.

I need some assistance and guide on how can we get a license and which is the best Juristriction in order to make it easier to open accounts with PSPs and banks as well.

Do you have any recommendations/services for the company formation and license, jurisdictions (there are so many online, don't know which to use) which will also help to open a bank account and merchant accounts with PSPs?

Any help and advice would be greatly appreciated.
I have the same problem as you, company in Saint Vincent, unlicensed. however, we work with Italian customers. have you found solutions?
 
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