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5 Countries to Open an Offshore Company

If you are a Forex trader you should consider opening an offshore company for that purpose. It is a good idea whether you trade for yourself or as a service provider for other individuals and businesses. As you know, some jurisdictions are more favorable than others for a number of reasons. In this article we will look at 5 tax havens that make a good spot for your Forex trading offshore company.

British Virgin Islands

British Virgin Islands is a good choice for those who also want to provide Forex trading services to others.
What you need to know:
•The license costs around $1,000 per category as an initial fee and then $1,500 annually per category.
•The process is quite complex and requires a long list of documents to be submitted.
•Historically, the number of approved applications for license is very low, so we would recommend you seek professional advice before you start the process.

Cayman Islands

In the past, the Cayman Islands was considered one of the best offshore jurisdictions to open a company in, including for Forex trading. This is because of the high level of privacy it provided to its international clients.
What you need to know:
•Currently the Cayman Islands have a bad reputation, often linked to money launderers and tax dodgers.
•Cayman Islands still serve as a great opportunity to save money on taxes legally.
•If you open a personal Forex trading company there you should go through CIMA in order to secure your venture’s reputation.

Panama

Panama is one of the jurisdictions that many tax and business advisors would avoid. Again, this is due to the bad name the country received after being involved in a number of money laundering scandals.
What you need to know:
•In the past years, Panama has updated their regulations and scrutiny procedures to recover its reputation.
•To be a Forex Trader in Panama you will also require a license.
•The application costs $10, Protected content fees plus Government fees) and the annual supervision amounts to 0.0025% of the yearly trades, which could be between $5,000 and $100,000. Read more Protected content

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