{"id":9748,"date":"2023-09-14T05:21:57","date_gmt":"2023-09-14T04:21:57","guid":{"rendered":"https:\/\/www.kaithconsultants.com\/offshore\/?page_id=9748"},"modified":"2023-11-16T09:48:44","modified_gmt":"2023-11-16T09:48:44","slug":"sierra-leone-forex-and-cfds-brokerage-license","status":"publish","type":"page","link":"https:\/\/kaithconsultants.com\/offshore\/sierra-leone-forex-and-cfds-brokerage-license\/","title":{"rendered":"Sierra Leone Forex and CFDs Brokerage License"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\r\n\t\r\n\t\t
Kaith Consultants\t\t<\/span><\/span>\t<\/div>\r\n\t\t\t\t

Sierra Leone Forex and CFDs Brokerage License<\/h2>\t\t\r\n\t

The Sierra Leone Forex and CFDs Brokerage License allows both STP and market making activities on an Online Forex and CFDs trading platform<\/p>

The Sierra Leone regulatory authority<\/strong><\/p>

The license is issued and regulated by the Sierra Leone bank<\/p>

Why Choose Sierra Leone;<\/strong><\/p>

  • Existence of policies supporting foreign direct investment - The Government of Sierra Leone has a positive attitude towards FDI.<\/li>
  • No limits on foreign control and right to private ownership and establishment<\/li>
  • Government business facilitation - The government established the National Investment Board (NIB) in 2022 to\u202fcoordinate, facilitate and promote business investment in Sierra Leone<\/li>
  • Cost-Effectiveness \u2013 combatively lower licensing fees and operational costs<\/li>
  • Favourable Regulation -A supportive regulatory environment that promotes efficiency and transparency.<\/li>
  • Shorter time lines \u2013 it takes a relatively short period to obtain this license.<\/li><\/ul>

    Operational Requirements; <\/strong><\/p>

    • In order to apply for a license, the applicant must first establish a limited liability Company in Sierra Leone;<\/li>
    • The company should have a minimum of 2 local directors who can be of any nationality but residents in Sierra Leone;<\/li>
    • The Company should have a minimum of one shareholder which can be an individual also acting as director or a Company registered in any other jurisdiction;<\/li>
    • No minimum paid up capital requirements<\/li>
    • Company can be 100% owned by foreigners<\/li><\/ul>

      Requirements for Directors and Shareholders<\/strong><\/p>

      • Certified true of passport;<\/li>
      • Certified proof of address, e.g. utility bills or bank statement<\/li>
      • Bank reference letter;<\/li>
      • Updated CV;<\/li>
      • Proof of source of funds e.g. Bank statement.<\/li><\/ul>

        If the holding company is involved (i.e. where shareholder is a company):<\/strong><\/p>

        • Certificate of Incorporation;<\/li>
        • Memorandum and articles of association;<\/li>
        • Details of Registered Office and Principal place of Business and directors, shareholders;<\/li>
        • Recent set of accounts and Resolution approving Investment\/shareholding as appropriate;<\/li>
        • Any corporate brochures or company profile;<\/li><\/ul>

          Personal KYC as per requirements above for all the shareholders\/UBOs\/directors of the holding company<\/p><\/div>\r\n\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

          \n\t\t\t
          \n\t\t\t\t\t\t
          \n\t\t\t\t
          \n\t\t\t\t\t\r\n
          \r\n\t
          \r\n\t\t
            \r\n\t\t\t
          • \"\"<\/li>\r\n\t\t\t
          • \"\"<\/li>\r\n\t\t\t
          • \"\"<\/li>\r\n\t\t\t
          • <\/li>\r\n\t\t<\/ul>\r\n\t\t\"\"\t<\/div>\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
            \n\t\t\t\t\t\t
            \n\t\t\t\t\t
            \n\t\t\t
            \n\t\t\t\t\t\t
            \n\t\t\t\t\t\t
            \n\t\t\t\t\t
            \n\t\t\t
            \n\t\t\t\t\t\t
            \n\t\t\t\t
            \n\t\t\t\t\t
            \r\n\t\r\n\t\t\t\t

            Step by Step License Application Process <\/h2>\t\t\r\n\t

            Step 1<\/strong>: Collection of Information;<\/p>

            • Due diligence and KYC checks.<\/li>
            • Name check and reservation.<\/li><\/ul>

              Step 2<\/strong>:\u00a0 Preparing Application Forms, Drafting and Compiling Documentation & Reviewing of Application<\/p>

              • Providing client with the information, documents and requirements for applying for the License;<\/li>
              • Assisting client in answering questions about the application process and requirements for a Sierra Forex and CFDs brokerage license<\/li>
              • Checking the scans of the filled documents and forms;<\/li>
              • Reviewing, suggesting amendments to finalize the application form and questionnaires;<\/li>
              • Drafting the Memorandum and Articles of Association of the Company;<\/li>
              • Sending client, the Memorandum and Articles of Association for review and confirmation.<\/li><\/ul>

                Step 3<\/strong>: Filing Application.<\/p>

                • Once the company corporate documents are ready, they are submitted to the Sierra Leone Corporate Affairs Commission, CAC for registration<\/li>
                • Once the company is registered and license application is ready, it is filed with the Bank of Sierra Leone, BSL together with the requisite fees.<\/li><\/ul>

                  Step 4<\/strong>:\u00a0 Follow up and liaising with CAC and BSL<\/p>

                  • Follow up with CAC and BSL including attending to any queries until the outcome of the application is given.<\/li><\/ul>

                    Timeline<\/strong><\/p>

                    \u00a0Once the regulator is provided with all the required information, license shall be granted from 2 months.<\/strong>\u00a0<\/strong><\/p>

                    Other optional services;<\/strong><\/p>

                    • Bank account opening assistance<\/li>
                    • E-money account opening assistance<\/li>
                    • Legal opinion<\/li><\/ul>

                      PSP merchant account opening assistance<\/p><\/div>\r\n\t<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

                      \n\t\t\t
                      \n\t\t\t\t\t\t
                      \n\t\t\t\t
                      \n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
                      \n\t\t\t\t\t\t
                      \n\t\t\t\t\t
                      \n\t\t\t
                      \n\t\t\t\t\t\t
                      \n\t\t\t\t\t\t
                      \n\t\t\t\t\t
                      \n\t\t\t
                      \n\t\t\t\t\t\t
                      \n\t\t\t\t
                      \n\t\t\t\t\t\n
                      \n\n
                      \n

                      \n Request a Call Back <\/h3>\n <\/div>\n \n
                      \n Call Back Form<\/legend>