South Africa FSB Forex License
Obtaining a Forex License in South Africa – How Does It Work?
- The first step in the application process involves gathering the required documents related to your business and directors.
- The next step is to discuss your brokerage’s business plan to ensure it will be approved by the South Africa FSCA.
- After receiving all requested documents, our team will then proceed with the establishment of an FSP in South Africa.
- Once the company has been registered, we will begin the license application process.
- During the application process, we’ll keep your team updated each and every step of the way.
- Upon successful approval of the license, we’ll then begin the bank account application process.
Important Facts Related to a South Africa Forex License Issued by the FSCA
- Capital requirements are not set at a fixed level in South Africa
- Although not unique to South Africa, professional indemnity insurance is a requirement
- Not all directors must reside in South Africa but at least one must be local
- In order to obtain a forex license in South Africa, a local office is required
- Forex brokerages applying for a license must prove a strong commitment to growing the local market in South Africa
Atomiq Consulting – Your Forex Broker Licensing Partner
If you would like to apply for a FSCA forex license in South Africa, don’t hesitate to contact Atomiq Consulting. Once we learn some basic details about your business and plans, we are happy to provide a quote and complete overview of the license application process in South Africa.
In addition to consultation related to forex broker license applications, we also have a several active forex brokers for sale. With decades of experience in the forex trading industry and legal services, Atomiq Consulting is the best choice for a professional and efficient license application process in South Africa.
Contact Us Today to Explore Obtaining a Forex Broker License in South Africa!
To learn more about applying for a forex broker license in South Africa, discuss fees, requirements and address any other questions, don’t hesitate to contact our team of license specialists today!
South Africa Forex License FAQ
Are there any forex broker licenses currently for sale in South Africa?
In addition to forex boker license consultation services, we can also assist you in acquiring an existing licensed forex broker in South Africa. Because our offers vary based on availability in the market, it is best to contact us directly to discuss the licenses we currently have available for sale.
How many directors are required to obtain a forex broker license in South Africa?
At a minimum, at least 1 director is required by the FSCA. Furthermore, in order to receive license approval, a minimum of 1 director must be a physical resident of South Africa.
How is forex trading regulated in South Africa?
Forex regulation in South Africa is overseen by the Financial Sector Conduct Authority Board of South Africa (FSCA), which is a relatively new government body. Established in April of 2018, the current South Africa FSCA replaced the previous financial regulator in South Africa, known as the FSB. Due its long history as a regulator in South Africa, it is still common to refer to regulated forex brokers in South Africa as FSB licensed entities.
Is a bank account also part of your license offering?
Yes, upon successful license approval, we’ll also assist your newly licensed brokerage with the establishment of bank account in South Africa.
What type of forex license is issued by the South Africa FSCA?
Upon successful registration, the broker will carry FSP (Financial Services Provider) status. It’s important to note that FSPs in South Africa are classified under different categories. Forex trading happens to fall under the following classification: Category 1.13 – Intermediary in Derivative Instruments.
What law or rule specifically regulates forex trading in South Africa?
- Financial Advisory and Intermediaries Services Act (FAIS Act)
- Financial Institutions (Protection of Funds) Act
- Financial Markets Act (Act 19 of 2012)
- Financial Sector Regulation Act (Act 9 of 2017)
- Financial Services Board Act (Act 97 of 1990)
Are there any other countries in Africa which regulate forex and CFD trading?
Yes. As far as continental Africa goes, Kenya has recently drafted a complete regulatory framework for the regulation of forex trading. In addition, Mauritius is another popular region to consider. Although Mauritius is often considered an offshore jurisdiction, it still remains a part of the African continent, hence why it is included in our answer.
What is a South African FSP?
An FSP, or Financial Services Provider, is a business entity formed in South Africa and regulated by the South African FSCA. Only businesses that have some relation to financial services receive FSP status. In addition, all licensed forex brokers in South Africa are FSPs.
Is it possible to view a list of all forex brokers licensed in South Africa?
Yes, the regulatory status of forex brokers licensed in South Africa can be viewed any time by simply checking the Financial Services Board (FSB) register.
What capital is required to apply for a forex broker license in South Africa?
Unlike a forex broker license in Belize where the capital is a fixed at $500,000, in South Africa the capital required by the FSB is not set at a specific level.
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