5 Countries to Open an Offshore Company for Forex Trading
FAS CPA & Consultants
If you are a Forex trader you should consider opening an offshore company for that purpose. It is a good idea whether you trade for yourself or as a service provider for other individuals and businesses. As you know, some jurisdictions are more favorable than others for a number of reasons. In this article we will look at 5 tax havens that make a good spot for your Forex trading offshore company.
British Virgin Islands
British Virgin Islands is a good choice for those who also want to provide Forex trading services to others.
What you need to know:
⇒ The license costs around $1,000 per category as an initial fee and then $1,500 annually per category.
⇒ The process is quite complex and requires a long list of documents to be submitted.
⇒ Historically, the number of approved applications for license is very low, so we would recommend you seek professional advice (CPA for Forex) before you start the process.
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Cayman Islands
In the past, the Cayman Islands was considered one of the best offshore jurisdictions to open a company in, including for Forex trading. This is because of the high level of privacy it provided to its international clients.
What you need to know:
⇒ Currently the Cayman Islands have a bad reputation, often linked to money launderers and tax dodgers.
⇒ Cayman Islands still serve as a great opportunity to save money on taxes legally.
⇒ If you open a personal Forex trading company there you should go through CIMA in order to secure your venture’s reputation.
Panama
Panama is one of the jurisdictions that many tax and business advisors would avoid. Again, this is due to the bad name the country received after being involved in a number of money laundering scandals.
What you need to know:
⇒ In the past years, Panama has updated their regulations and scrutiny procedures to recover its reputation.
⇒ To be a Forex Trader in Panama you will also require a license.
⇒ The application costs $10,000 (attorney fees plus Government fees) and the annual supervision amounts to 0.0025% of the yearly trades, which could be between $5,000 and $100,000.
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Seychelles
Seychelles would be one of the most preferred locations to open an offshore company for personal Forex Trading.
What you need to know:
⇒ You can start your company without a license.
⇒ You will need to have one if you intend to provide trading services to others.
⇒ Many of the traders who previously set up their ventures in the above 3 destinations are now looking to move to the Seychelles.
⇒ Experts believe the location will continue its growth in attracting international investors keen to set up an offshore company.
Singapore
Singapore is currently at the top of the best country to set up an offshore company for Forex trading.
What you need to know:
⇒ Singapore is the top notch financial and business hub of Asia.
⇒ It has great reputation, allowing international investors and brokers to reach Asian markets inexpensively without a language barrier.
⇒ Non-residents can get a trading account fairly easy and it costs just around $2,000.
⇒ You could apply in person (no need for an appointment) and it would take an hour or two.
Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services. This article cannot serve as a substitute for such professional services or advice. Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation. This article is subject to change at any time and for any reason.
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