Offshore Money Broker License
Offshore Money Broker License
Offshore Money Broker License
A money broker or money changer converts one type of currency to another for a fee. Virtually everyone who travels outside of their home country has had to change money from their home currency to a foreign currency in order to pay for things on their trip. A money broker or money changer provides this service. The same service can be provided online as well as in person. Obtaining an offshore money broker license will allow an individual or corporation to set up business and charge a fee for receiving one currency, calculating the rate of exchange, subtracting a fee, and deliver another currency. Part of the profit of such a business can come from changes in the foreign exchange markets.
As more and more people travel, changing money becomes a more and more important business. As more and more people choose to set up business, move assets, protect assets in tax advantaged locations, or seek asset and personal privacy offshore there is an increasing need for the services of a money broker.
This is a business that can be set up offshore for around $27,000 as a minimum investment and for about $12,500 for annual expenses. A company that provides these services will have shareholders, officers, and directors. There is routine paperwork to do in order to apply for and maintain the license for this business.
Interested parties will do well to contact a service that assists in the setting up of such a business in any of several international jurisdictions. Not all jurisdictions are the same. Not all provide the same tax advantages and not all provide the same freedom of action. An ideal setup for a licensed offshore money broker will be in a tax advantaged jurisdiction, with minimum paperwork requirements, low paperwork and financial overhead, a maximum of asset and personal privacy, and with competent professional help in setting up and running the business. An ideal situation will have fewer restrictions and not more. An ideal setup will allow you to do business internationally with a minimum of red tape.
The business of setting a money broker business does not stop with the license. An individual doing this will need to consider if he or she is going personally set up all back office functions or outsource them. He or she will need to consider if they have the skills to set up a web site and maintain it or if they would prefer a professional service that will set up a site that attracts visitors and converts them to customers.
As with all successful business activities forethought and planning pays off. As with all successful business endeavors getting sound advice going in will pay by reducing the number of problems to deal with when running the business. As with all businesses that deal with commodities there is substantial profit potential to be realized for a money broker when rates of exchange vary as well as the profit of processing each exchange.
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