International Money Transmission License in Belize under IFSC Regulation

To implement it legally, banks (the issuer and acquirer) need a license issued at the state level by the country to which jurisdiction they belong to. Without it, the processing center operation, which, in fact, processes payments, connecting financial and commercial organizations with the end users of services / products, is impossible.

Why Is It Profitable to Obtain an International Money Transmission License in Belize?

Since e-commerce has become a priority for the state (this includes the payment license), Belize invests a lot in improving Internet communications. High-speed networks coupled with traditional offshore capabilities make it an excellent choice.

Licensing regulation in the country is carried out by IFSC – the commission for international financial services. This regulator has developed a clear regulation:

• the application form for the license is filled in and sent along with a package of the supporting documentation (data on the activity type, a reserve capital, applicants);
• the fee is paid – $ 500, which is not refundable even in case of a dismissal to grant a license;
• with a favorable outcome, an annual license fee is paid – from $ 2,500 to $ 5,000;
• monthly report on the work is submitted to the commission not later than on the 10th day;
• Once a year the license must be confirmed – IFSC ascertains the applicant’s effectiveness and takes a decision on its prospects.

To those who need a payment license, Belize sets the following requirements:

• minimum reserve capital (depending on the chosen activity – from five to one hundred thousand dollars);
• the maintenance of the capital in the licensed bank / financial institution in the territory of the state.

Company Registration Procedure in Belize

The legislation provides for a fairly simple and fast procedure for entering a company into the General Registry. In this jurisdiction, the registration stages include:

• collecting necessary package of documents relating to shareholders and directors, as well as directly to a future company;
• accurate selection of a company name, not duplicating the name that already exist in Belize;
• payment of all prescribed fees and taxes when registering;
• entering a company into the General Registry.

The following documents are necessary to complete the procedure:

• company charter;
• articles of association;
• minutes of the first meeting;
• document of appointment of the first director;
• information on shareholders and directors;
• in case of operating nominee shareholders or directors, it is mandatory to submit a power of attorney or declaration of trust.

The company incorporation in Belize takes a minimum of time. The whole procedure lasts up to two weeks.

Consulting company “Prifinance” renders a wide spectrum of services on registration, licensing, execution of the payment licenses documentation. For many years working in the market, our company provides customers with the highest possible result – quickly, without the waste of time and efforts. We will help:

BFSC supervises the companies conducting transactions in the following fields:

• to collect a package of documents for the selected jurisdiction;
• to pay all contributions and fees;
• to prepare software for the payment license (servers, virtualization systems and so on);
• to check the timely renewal of the license.

BFSC license for doing Forex trading is a package license permitting to perform any brokerage operation while maintain assets of third parties. It may be obtained just for the company that is registered under this jurisdiction. At the same time, the firm obtained this type of permit is subject to strict control and should provide reporting of its operation to the Securities Commission.

BFSC is a controlling financial body recognized throughout the world. A company that is licensed to trade in foreign exchange (Forex license) must adhere to strict requirements as follows:

• to have the charter capital amounting to US$500,000;
• to pay an annual fee in the amount of US$25,000;
• to have a virtual office;
• to avoid operations with residents of Belize (natural or legal persons);
• to have a director represented by a resident of Belize;
• to coordinate all changes of the company’s structure and its activities with the regulatory body;
• to avoid transactions in Belize dollars;
• to submit reports of activities to the regulatory body.

When applying for a Forex license to BFSC, the payment of a fee amounting to 1,000 US dollars. On the average, the granting of a license takes one to three months.