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Old 09.07.2018, 10:53
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rules and permission for setting up a Foreign Exchange company

I am looking for more info about what requirements (permission, license, etc.) needed for setting up a Foreign Exchange company (either Online or Offline) in Switzerland. This company is going to transfer money as well.

Could anyone help me from where I can find more info?

Thanks guys.
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Old 09.07.2018, 14:47
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Re: rules and permission for setting up a Foreign Exchange company

https://www.finma.ch/en/

and

www.vqf.ch
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Old 10.07.2018, 14:20
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Re: rules and permission for setting up a Foreign Exchange company

Thank you. I have just checked those pages but for me, it is still not clear what exactly I have to have.

Is there anyone that already went through those paperwork?
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Old 10.07.2018, 17:19
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Re: rules and permission for setting up a Foreign Exchange company

You will most likely require a lawyer specialized in financial regulatory matters to assist you. I'll send you a PM with a name.
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Old 10.07.2018, 23:56
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Re: rules and permission for setting up a Foreign Exchange company

It depends, if you're going to be an introducing broker then you don't need very much as long as you do not handle the clients funds.

If you want to be a prime broker you need to be regulated and you need to be authorised by FINMA or you need someone who is.

As you'll be running in effect an omnibus account, that is a single account for all your clients monies, that account will need to be segregated from your office account, where you pay salaries, rent etc. You'll be subject to a lot of supervision and will need to show adequate paid up capital. I've heard the absolute minimum is CHF 1,000,000 and you may be required to deposit a large sum with the authorities as a guarantee.

Your accounts will have to be audited most liely monthly in the beginning, and that can be a big expense.

This is not something for the faint hearted as Switzerland wants to keep its image very clean. If you're looking for light touch authorisation then go to Cyprus. I've helped set up many successful forex and other brokerage companies in the past and can act as a consultant if you wish.

As a by the way, if you're thinking along the lines of binary trading, this is being outlawed in the EU so don't go there.
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Old 11.07.2018, 11:54
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Re: rules and permission for setting up a Foreign Exchange company

Quote:
View Post
You will most likely require a lawyer specialized in financial regulatory matters to assist you. I'll send you a PM with a name.
@Mica Thanks a lot. I appreciate it.



Quote:
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It depends, if you're going to be an introducing broker then you don't need very much as long as you do not handle the clients funds.

If you want to be a prime broker you need to be regulated and you need to be authorised by FINMA or you need someone who is.

As you'll be running in effect an omnibus account, that is a single account for all your clients monies, that account will need to be segregated from your office account, where you pay salaries, rent etc. You'll be subject to a lot of supervision and will need to show adequate paid up capital. I've heard the absolute minimum is CHF 1,000,000 and you may be required to deposit a large sum with the authorities as a guarantee.

Your accounts will have to be audited most liely monthly in the beginning, and that can be a big expense.

This is not something for the faint hearted as Switzerland wants to keep its image very clean. If you're looking for light touch authorisation then go to Cyprus. I've helped set up many successful forex and other brokerage companies in the past and can act as a consultant if you wish.

As a by the way, if you're thinking along the lines of binary trading, this is being outlawed in the EU so don't go there.

@LuganoPirate Thank you for your informative reply. Let me explain more in detail.

Actually, the idea is to build an online platform for transferring money from Iran to Europe (Germany, France, UK, Switzerland - all major countries) and vice versa. Many students and academic people, many immigrants, etc. (~5Mil.) living abroad need a regular money transfer service from/to Iran.

There is almost no trustable and fast service from a legal foreign exchange/ money transfer company for those people. Many of them have to trust random persons or companies for transferring job (with very high risk). The banks also cannot transfer easily nor cheap, maybe because of the US sanctions and their banking relationships and difficulties.

The best scenario will be having Peer-to-Peer feature and the normal money transfer way.
The platform should be practically usable in Europe and in the beginning no need any physical store (but later on, it could be like giving authorisation to the kiosks or small shops being in the middle - somehow like Western Union).
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Old 20.07.2018, 03:30
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Re: rules and permission for setting up a Foreign Exchange company

Financial-related business are heavily regulated in Switzerland. Even though your business model is nice, I am not confident about its success starting from Switzerland. From my experience, Switzerland mentality does not foster new and disruptive ideas.
I suggest you seek professional advice from lawyers and "business angels" abroad.
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