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Advantages of a Malta license

Malta is a prospective international financial center with a good reputation. Interest in MFSA licenses is caused by some objective factors:

• The Republic of Malta is a country with a stable political system, a high level of the economy, and a loyal tax environment.
• The country has a tax law compatible with the EU.
• Thanks to the passport system, the Malta forex license allows you to provide services all over the EU.

MFSA regulates various financial funds and issues licenses of different categories. Depending on the type of license, a broker can provide a different range of services, including:

• Accepting and transmitting client orders;
• Executing orders on behalf of clients;
• Trading from their accounts;
• Placing of financial instruments;
• Keeping and managing investors' (depositors') capital, including acting as trust managers.

The most popular Malta forex licenses are of the II category, which allows the broker to act as a risk-free principal (consulting services + execution of transactions), and of the III category, which gives the right to manage investors' money at their discretion.

Requirements to licensees

Malta follows the standard pan-European licensing regulations. The applicant is required to:

• Open a physical office in the country.
• Contribute share capital to the local bank account. The minimum amount of the contribution depends on the category of Malta forex license chosen and the financial instruments to be used. When obtaining Malta licenses of II and III categories (Market Maker), which allow you to trade from your accounts, you must have a capital of at least thousand euros.
• Hire qualified employees with appropriate financial training — a director, accountant, risk managers, analysts, traders, and AML specialists.

After receiving the license, the brokerage company must comply with all the requirements established by the EU directives and submit regular financial reports (monthly, quarterly, and annual).

The procedure for obtaining a Malta forex license

The licensee must go through several stages:

1. Preparatory stage. Company registration in the local jurisdiction. Preparation of documents. Submission of the application to MFSA.
2. Pre-licensing stage. Issuing in-principle approval for a license. Creation of the corporate mechanism. Submission of supporting documents.

The financial regulator examines documents for one to two months. The decision to issue a license is made within two to three months. In general, the licensing procedure takes from six months to a year.

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Who issues forex licenses in Montenegro? 

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Each jurisdiction has its own requirements for companies wishing to obtain a license for financial activities. The permit is issued by the local regulator, the state authority in the country that issues the license. In Montenegro, the main financial regulator (licensing authority) is the Central Bank.

An investment license gives the right to provide multiple financial services, including consulting, portfolio management, administration of financial instruments, execution of various orders on behalf of a client, etc. In turn, obtaining a license imposes an obligation on the company to provide reporting to the regulator. The licensing authority also acts as an arbitrator in case of disputes.

Requirements for a licensee. 

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The list of mandatory (basic) requirements for obtaining an investment license includes:

• Availability of authorized capital in the prescribed amount. In Montenegro — at least thousand euros for a broker and at least thousand euros for a market maker.
• Presence of employees (executive director, board of directors, accountant, AML officer) with the appropriate education, practical experience of 3 years, and a good business reputation.
• Availability of a package of documents, including the memorandum of association and charter of the company, business plan, organizational structure, and list of shareholders. During registration, the regulator may request additional documents.
• Requirements for the status of a resident — the director of the company must be a resident of the chosen jurisdiction.

Registration of a license implies the mandatory payment of state fees.

Obtaining an investment license in Montenegro is a complex procedure that takes up to six months on average (considering the preparation of documents and verification of the applicant company).

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