Belize International Financial Service License

Permissions

• Brokerage/ Consultancy/ Advisory Services for Trading in Securities
• International Money Exchange Services
• International Money Transmission Services
• International Payment Processing Services
• Trading in Securities License
• Trading in Foreign Exchange

Capital Requirement

• Minimum of USD 50,000 for Brokerage/ Consultancy/ Advisory Services for Trading in Securities
• Minimum of USD 75,000 for International Money Exchange Services
• Minimum of USD 75,000 for International Money Transmission Services
• Minimum of USD 75,000 for International Payment Processing Services
• Minimum of USD 500,000 for Trading in Securities License
• Minimum of USD 500,000 for Trading in Forex Exchange License

A physical presence as well as local directors are a prerequisite for obtaining a forex broker license in Belize. Enigmatig shall assist with both in securing office space and appointing local directors.

A registered firm shall at all times maintain insurance policies in an amount appropriate to the complexity, size and nature of the securities business of the firm to cover at least professional indemnity.

Registration will not be granted should the Commission thinks that the coverage amount is insufficient.

However, this requirement does not apply to firms engaging exclusively in advising on securities.

Enigmatig shall seek to understand your business activities and goals to assist with your business plan drafting that best encompasses this whilst still being compliant to the prevailing regulations. Enigmatig shall also advise on the possible questions that might be posed by the regulator.

Filing and Reporting Requirements

The company must report to the IFSC within five working days in the following situations:

• The company receives a customer complaint which involves allegations of manipulation, deception, fraud, forgery, theft and misappropriation of funds or securities. The company’s course of action with regards to the aforementioned complaint must also be reported.
• The company, or its employee or agents is named a defendant or respondent in any criminal or regulatory proceeding or any civil proceeding exceeding US$25,000.

The company must arrange for a physical or a remote meeting with the IFSC at least once a year to review its performance in the previous year and its business prospect in the upcoming year. This must be done annually unless a special waiver has been granted to the company.

The company must submit monthly compliance reports to the IFSC which include details with regards to the volume of trades.

Due Diligence is necessary to formally verify the identity of all clients of the firm. The following documents are required to conduct due diligence for the license application:

• A copy of the photo page of the passport ceritifed by a notary public for each director and shareholder;
• A copy of proof of address (issued within the last 3 months) by a notary public for each director and shareholder;
• Curriculum Vitae (CV);
• Business Plan;
• Financial Forecast;
• Organisation Chart;
• For company directorship or shareholdership, a certified copy of the constitutional documents of the company and above details on each director and shareholder of the company;
• Other supporting documents when necessary.

Please note for a company listed on a major stock exchange or subject to regulatory supervision in a country with equivalent AML regulations to Belize, evidence of such listing or regulation will suffice in place of the above information. Where the directors to be appointed are employees of such a listed or regulated company, a certified passport copy and confirmation of employment (to include position) will suffice.

• An accurately executed, signed and notarized application;
• A copy of the photo page of the passport ceritifed by a notary public for each director and shareholder;
• A copy of proof of address (issued within the last 3 months) by a notary public for each director and shareholder;
• A Curriculum Vitae (CV) of each director and shareholder
• A Business Plan.

The International Financial Services Commission, also known as the “IFSC” or the “Commission” was established by the enactment of the International Financial Services Commission Act (IFSCA) on 3^rd May 1999 and brought into force in 2000. The establishment of the IFSC allows Belize to comply with international standards in the structure and administration of its IFSC regulatory and supervisory body. The IFSC is a premier regulatory body for the offshore industry in Belize and as the regulatory authority, the IFSC’s responsibility under the IFSC Act, is to promote, protect and enhance Belize as an international financial services center and to regulate the provision of international financial services.

IFSC’s Mandate and Core Functions:

• Promoting and developing Belize as a center for international financial services;
• Protecting and enhancing the reputation of Belize as an offshore financial center;
• Providing appropriate supervision and regulation of international financial services;
• Formulating policies and providing advice and assistance to the government on the regulation of such services;
• Collecting, storing and disseminating reliable and timely information to interested parties on changes and new trends in these services.