Guide to Offshore Forex License in Malaysia |
Posted: March 1, 2017 |
For any business to carry on at the offshore of Malaysia with a Forex license, various rules and regulations that are essential and not too difficult to enforced for your company. Knowing the transaction of buying and selling that passes through are seriously important to gain success for a Forex company. Foreign exchange markets expand, and they become known regarding trading in goods and services every day. Brokers possess an obligation to abide by the local laws and customs to avoid not to violate the rules and regulations that are essential in doing business as normal. Formal application must be submitted by all companies that implement offshore Forex license in Malaysia so as to be considered for commendation by the government of Malaysia for that license. Every corporation must present the following items: 1. Three-year business strategy or plan with marketing strategies and Financial Forecast. To adopt the essential rules and regulation after being consented for application in Forex licensing, the company has to manage various things to maintain its’ license. The company must keep some physical presence in Malaysia, and mainly all financial transaction should be handled by a registered office and pre-approved. Additionally, all transactions must be cleared and completed not in Malaysia Ringgit but foreign currencies. Finally, the company must have a specified auditor who will convey a yearly, independent audit for checking books and numbers in which the company manages its dealings and transactions. For a company to receive offshore Forex license in Malaysia, it’s advisable to check and follow some procedures to acquire the important key and conduct business offshore. To sum up, after presenting your paperwork properly, your company has a privilege to be enlisted as a Labuan company before doing any business. It's better your company to be certified for effective and protection of your business.
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