Offshore Company to trade forex

[thersa]

Hey everyone..


I am trying to start an offshore company to trade FOREX. I am a U.S. Citizen so there are many new rules from the CFTC restricting what I can do. As such, many of the international forex brokers are no longer keeping U.S. residents as clients. But many people did let me know that with an offshore company I could trade with international brokers because my company is not located in the U.S.


My question is would I need a license if I was only trading for myself and no one else? Also, I was thinking of the Seychelles for my place of incorporation because I read good things about it on this forum. Would that be good for what I am trying to do? Has anyone successfully done this and if you have any advice or know of a good incorporating agent? I would greatly appreciate any information or advice that you could give to me. Thanks

 

[JohnLocke]

My question is would I need a license if I was only trading for myself and no one else?

NO, you won't need a license if that's the case. Only if you handle 3rd party funds your will have to apply for a financial license in most countries.


Actually a Seychelles company is easy and pretty fast to incorporate so, from what I read, there is no reason for why it shouldn't be good.

 

[clemens]

Ofcourse not, if the purpose is to trade on your own you can do that as you like. I have been doing this in one of my companies for years.

 

[thersa]

jpay.. do you know which country would be a good place to set up the offshore entity for this? Also, which company did you go to for setting it up? There's so many websites and incorporating agents, i just don't know which one is legit or a scammer?

 

[clemens]

thersa, was it really a question who I have all my companies incorporated with ? :0) Ofcourse it's the guys from cclogic the forum owners, the team in Cyprus has been very helpful and I have no doubts any longer that they are professional. I paid them a visit this is the real thing not a scam and not a one man show trolling the Internet.


The only reason for why Im posting here is because I want to give something back to these guys for all the help and money they safed me.


For the country, you can choose any of the offshore jurisdictions. Personally I have companies in the Seychelles, Belize, BVI, Panama, Andorra, Cyprus and a few other places. You as an US citizens I would recommend the Seychelles it's a safe haven for you. Once you have growed your business I would register a Foundation in the Seychelles to hold all my assets, companies and other property. I did so actually.

 

[thersa]

thanks for your help!

 

[delanth]

Regular Offshore Investor


Jpay,


If I open an offshore company in Seychelles would I get the necessary documents to give to the broker to open a Forex account?


I am talking about copy on ID's and Electrical bill and so on to verify in order to get approval. How does this work?

 

[clemens]

If I open an offshore company in Seychelles would I get the necessary documents to give to the broker to open a Forex account?

Well I can't answer for all, but my CSP (cclogic) gave us all documents required and with apostille. We spoke with saxobank.com they accepted the documents.

I am talking about copy on ID's and Electrical bill and so on to verify in order to get approval. How does this work?

If the company rent's a real office and get water supply including a landline you can provide this documents to the requesting company, actually we didn't care and shy no costs to achieve our goals, it may be different from your situation.


You need to compare what it is you want to achieve with the Seychelles IBC to what profit's you can make out of it. i represent a group of businessmen who have sent hundred of thousands my way so establishment costs are not really my issue, what count's is the "solved solution"

 

[JohnLocke]

I am talking about copy on ID's and Electrical bill and so on to verify in order to get approval. How does this work?

I agree with Jpay, if you need such documents then you will need to rent a office in the offshore jurisdiction of your choice, otherwise it won't be possible to get these documents.

 

[delanth]

Offshore Company to trade forex

I agree with Jpay, if you need such documents then you will need to rent a office in the offshore jurisdiction of your choice, otherwise it won't be possible to get these documents.

Well, May be its doable. May be the forex broker will accept the IBC documents and not the usual requested documents that I've mentioned.


I want to trade in an offshore company in order to take advantage of the high Forex leverage offered outside of the US.

 

[thersa]

Delanth, that is why I'm trying to form an offshore company also.. Which FOREX broker were you thinking of getting an account with? Did they say specifically that you needed a copy of the electric bill? Also, I thought if it is a company offshore, would it still matter that your ID is a US one?

 

[clemens]

I don't believe you will have to show any electricity bill or other stuff on behalf of the offshore company, what I believe is that they are asking for a passport copy and an electricity bill or bank statement from the beneficial / ultimate beneficial owner of the offshore company, that's what most are asking for if at all.

 

[cplan]

thersa - Were you successful in setting up your IBC and opening an offshore account? I am looking into the same thing.


Thanks


cplan

 

[cole]

Do you all trade personally or is it trade for other people? I have a small trade account only aprox 60000 GBP do you think it can with any benefit be moved to a offshore ibc and will it be acceptable in the offshore country?

 

[andreas]

For personal tradinf forex, stocks etc. you can use any offshore company. If you trade on behalf of others you need a license I got told.