For individuals and businesses seeking to obtain a Gibraltar broker license, the procedure can be relatively complicated and timely. Therefore obtaining advice and guidance from a professional consultancy firm is a highly advisable step, as it will help you to avoid any legal or administrative complications.
The Gibraltar FSC is responsible for issuing all the financial licenses in the country and issues licenses for both forex and banking business. Established in January 1991 through the Financial Services Commission Act of 1989, the Gibraltar Financial Services Commission is responsible for the licensing and regulation of auditors, banks, FX brokers, insurance brokers, investment firms, professional trustees and occupational pension schemes in Gibraltar.
As Gibraltar is part of the EU, there are a number of advantages to having a Gibraltar forex license. Through EU membership, applying with the Gibraltar FSC (Financial Services Commission) for a FX license means you are applying for a license that is in accordance with European Union standards. Gibraltar is an affluent and well established jurisdiction when it comes to the setting up of forex broker firms. All applications for licensing must comply with EU directives and European standards.
To obtain a Gibraltar forex license you must have a company that is formed in Gibraltar with the specific intention of providing FX services. Your company is required to have a special Memorandum and Articles of Association, along with a full range of documentation relating to the internal and external operations of your company. Furthermore, a full document that includes your compliance procedures must be included, along with your fit and proper test details and your company business plan.
The procedure for applying for and obtaining a Gibraltar FSC license can be quite complicated. Using a professional firm to guide you through the entire license application process can ensure that you follow all the correct procedures and supply the correct documents to the Gibraltar FSC.