Forex regulated company

About Us Trusted Service for 20 years. January, 1994 in Dubai, the forex regulated company and commercial hub of the Middle East.

OFB is licensed and regulated by Central Bank of the UAE, to conduct brokerage in Foreign Exchange, Commodities and Money Markets. OFB has been at the forefront of bringing and popularizing leveraged trading in financial markets in the region. Since its inception, OFB has continued to grow through its focus on customer service, efficiency and best practices. OFB’s mission is to bring trading and diversification opportunities in wide variety of financial instruments to all segments of the market, particularly retail investors.

We are Cyprus Company Formation specialist consultants and Cyprus Citizenship specialists. We provide ALL the Cyprus company formation and company registration and management services as well as Cyprus Residency and Citizenship Services in order to obtain Cyprus Company Tax and Cyprus Residence and Citizenship Advantages. We have an experienced team of Company Formation and Citizenship professionals who are part of the FBS Kotsomitis Global Network. It encompasses generally an over-the-counter market where buyers and sellers conduct foreign exchange transactions.

So, nowadays there is a big trend of setting up regulated forex companies in Cyprus and Malta that in addition have very favourable tax and regulatory regimes coupled with very low operating cost levels and considerable financial services, legal, tax and accounting expertise and infrastructure. This form of trading, mainly conducted over the internet was un-regulated until 2009. From then onwards a licence is needed for such activities as well as a real presence in Cyprus in terms of staff, premises, equipment, internal controls, compliance function and fit and proper management. 4 of Part III, Third Appendix of the Law or contracts for differences according to the meaning of paragraph 9 of the aforementioned Part of the Law. In other words, the company, if successful in its application is granted a license. This can be achieved by setting up representative offices or fully fledged branches in other EU states. Companies licensed as CIF’s have ongoing reporting requirements to Cysec, and have to comply with Anti Money Laundering requirements and have a stringent Know Your Client procedure in place.

In February 2014 there was an amendment of Law N. CIFs has been reduced significantly in order to attract further investments in Cyprus. The requirement for Cyprus residency is to enable Cysec to correspond and liaise with him especially in as regards reporting as well as for clarifications and spot checks. Furthermore, the company must have a General Manager, who is non-executive, and has no requirement to be resident in Cyprus. The requirement is that he visits Cyprus on a regular basis to oversee the functions of the company.

The role of the General Manager is mainly to oversee the Executive Director and the Board of Directors in general. The Memorandum of the Company must have specific clauses regarding the nature of this business. The applicant company must fulfill the minimum capital requirements as set out above. The company has physical office space in Cyprus.

As with the directors, the shareholders pass a fit and proper test, especially a background check whereby Cysec is satisfied that they have a clean criminal record as well as experience in the business. Cysec must be satisfied that the company has such internal procedures so as to avoid any potential conflict of interest with its clients. Together with the above document bundle, a three year business plan, and internal procedures manual and anti money laundering and know your client procedures must be filed with the application. The application and all supporting documents is filed with Cysec. Cysec has up to 6 months from the date of submitting all the application documents, to reply favorably or not to the application. In the event of unreasonable delay, the applicant may bring administrative action against Cysec at the Supreme Court of Cyprus. Any Cyprus company wishing to conduct the business of FX trading, has to apply to be licensed by Cysec.

As with the directors, the shareholder pass a fit and proper test, especially a back round check whereby Cysec is satisfied that they have a clean criminal record as well as experience in the business. Relatively simple application procedure as well as low application fees when compared to other EU jurisdictions. The possibility for passporting the license to operate in other EU jurisdictions. Ltd can provide legal assistance with the preparation of the application and supporting documents, as well as the preparation of the business plan and professional advice throughout the application process as well as during the operation of the company. Also, our group can provide all ongoing assistance after successful authorization of the Forex company for Accounting, Tax, Internal Control, Compliance and Audit. This market determines the foreign exchange rate. The main participants in this market are the larger international banks.

Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market works through financial institutions, and operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as “dealers”, who are involved in large quantities of foreign exchange trading. The foreign exchange market assists international trade and investments by enabling currency conversion. In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency. The modern foreign exchange market began forming during the 1970s. This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world’s major industrial states after World War II.

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