Bahamas SCB

The regulatory body responsible for the issuing of Bahamas forex licenses and monitoring financial services activities is the Securities Commission of The Bahamas, also known as the SCB.

Brokers/Dealers wishing to establish a license in a reputable and stable jurisdiction should consider a forex license in the Bahamas. Bahamas offers well defined application process. With a shorter to receive a license comparing to other countries. This license also allows the broker to offer stocks, futures, options as well as other securities. Brokers can offer stocks, futures, options as well as other securities.

Forex Broker Regulations

2 categories of Broker/Dealers: Market Making or having the option to run a B-Book as the client’s counterparty.

Capital Requirements

The minimum capital requirement for Market Maker is USD 300,000.  If Dealing as Agent (Broker) only, then the capital requirement is USD 120,000.

Physical Presence

A physical Presence in the Bahamas is required with the establishment of a local office.

Approved Persons

In addition to the above, the appointment of a local Chief Executive Officer and a compliance officer are required. The SCB will check and approve the proposed CEO and Compliance Officer as they must pass fit and proper tests to be designated.

Other Requirements

The SCB requires disclosure of all aspects and details of your business. 

WF Advisory will review what you currently have or complete what is needed for you, including:

  • Business and Financial Plan
  • Supervisory and AML/CTF Manuals
  • Proof of Professional Indemnity Insurance
  •  KYC of beneficial owners, directors, controllers and affiliates

Reporting and Auditing Requirements

  • Annually, an audited financial statement
  • Quarterly, interim financial statements prepared in accordance with generally accepted accounting principles
  • As needed, any material changes to the firm, its operations or people.

WF advisory team of professionals are not only lawyers, accountants or tax advisers but have had hands on operational experience with respect to dealing and advising alternative investment funds. In essence, we have a greater insight to your business than purely seeing it through a consultant’s polarized lenses. For your reference please contact us