{"id":9764,"date":"2023-09-14T05:50:14","date_gmt":"2023-09-14T04:50:14","guid":{"rendered":"https:\/\/www.kaithconsultants.com\/offshore\/?page_id=9764"},"modified":"2023-11-16T09:42:06","modified_gmt":"2023-11-16T09:42:06","slug":"nigeria-forex-and-cfds-brokerage-license","status":"publish","type":"page","link":"https:\/\/kaithconsultants.com\/offshore\/nigeria-forex-and-cfds-brokerage-license\/","title":{"rendered":"Nigeria Forex and CFDs Brokerage License"},"content":{"rendered":"\t\t
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Kaith Consultants\t\t<\/span><\/span>\t<\/div>\r\n\t\t\t\t

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

Permitted activities<\/strong><\/p>

The Nigeria Forex and CFDs Brokerage\/ Sub- broker license allows both STP and market making activities on an online Forex and CFDs trading platform<\/p>

The Nigeria regulatory authority<\/strong><\/p>

The license is issued and regulated by the Nigeria Securities Exchange Commission, SEC<\/p>

Why Choose Nigeria;<\/strong><\/p>

  • Growing Economy<\/strong>; Nigeria economy is one of the fastest growing in the world and is expected to be the largest economy in the world by 2050.<\/li>
  • Access to resources<\/strong> \u2013 Nigeria has abundant natural resources including oil and gas which makes it a great place to set up business. it also has a large and well-educated work force.<\/li>
  • Favourable business climate<\/strong> -the Nigeria government has in place investment policies and regulations that are favourable to foreign.<\/li>
  • Strategic location <\/strong>\u2013 Nigeria is strategically located in west Africa providing businesses with access to a large market of over 400m in the ECOWAS region<\/li>
  • Shorter time lines<\/strong> \u2013 it takes a relatively short period to obtain this license.<\/li><\/ul>

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

    • The applicant must first establish a limited liability company in Nigeria;<\/li>
    • The company should have a minimum of 2 directors who can be of any nationality<\/li>
    • Minimum of one shareholder which can be an individual also acting as director or a company registered in any other jurisdiction;<\/li>
    • Company can be 100% owned by foreigners<\/li>
    • A minimum paid up share capital of 10Million Naira<\/li>
    • Open Bank account with a Nigerian bank<\/li>
    • Ensure a Local Virtual office address \/ Registered address<\/li>
    • Appointment of company secretary<\/li>
    • Applicant profile or a feasibility report<\/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 a 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\/company profile;<\/li><\/ul>

          Personal KYC 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

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          • \"\"<\/li>\r\n\t\t\t
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          • <\/li>\r\n\t\t<\/ul>\r\n\t\t\"Lagos\"\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
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            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 Nigeria 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 Nigeria Corporate Affairs Commission, CAC for registration<\/li>
                • Once the company is registered and license application is ready, it is filed with Securities Exchange Commission, together with the requisite fees.<\/li><\/ul>

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

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

                    Timeline<\/strong><\/p>

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

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

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