Things You Should Know About Money Broking Business in Malaysia

Things You Should Know About Money Broking Business in Malaysia

Labuan jurisdiction should be the first choice for whoever wants to establish their Money Broking Business in Asia. Labuan offers lots of opportunities for the newbie brokers because of its higher level of credibility and lower tax rates as compared to other jurisdictions. At QX Trust, wehave unmatched expertise in providing assistance for setting up money broking business in Labuan. Our team of consultants can assist you in every step to set up your own Forex business in Malaysia in lesser time and minimal effort. The money broking business needs to follow certain guidelines to set up in Labuan. Let’s see the permissible activities of a Labuan money broker license:

  • Act as a mediator and strictly not permitted to act as a principal
  • Allowed for matching the counter-parties on mutually acceptable terms for the same financial products foreign exchange market to easethe conclusion of a transaction
  • To receive payment for service in the form of brokerage or commission fees, the chargedamount of fees must be correct and appropriate
  • To deal with international investors globally and not limited to just one jurisdiction
  • Can perform cryptocurrency and ICO token distribution / brokerage
  • Can trade from cryptocurrency to cryptocurrency, fiat to cryptocurrency, and cryptocurrency to fiat

To qualify and maintain the money broking license, it is necessary prior to applying for license to have a sound track record with a minimum of 3 years of financial experience and require to have a functional operational office in Labuan, Malaysia. Contact our QX Trust team to gain more information and assistance from our business consultants and discover your money broking business opportunities in Labuan. We have more than 8 years of experience in assisting entrepreneurs and experienced investors to setup their for ex  business in Malaysia.

Regulations for Money Broking Business in Labuan Malaysia:

Normal Labuan Company carrying out general goods trading activities do not require a license to operate. However, Money Broking Business in Malaysia or Labuan needs to obtain its license from the Financial Services Authority (FSA) of the Labuan IBFC which has the sole obligation of regulating these organisations in Labuan.

Functional Constraints for a Labuan Money Broking Business:

The most significant condition which any Labuan money broking business needs to satisfy is to have its physical presence in the IBFC. A wide range of currency related functions of the organisation should take place through the office or workplace and should not be operated outside the office situated in another location. Likewise, as a Labuan money broking entrepreneur, you are able to work or deal with Malaysian residents including executing the business trading in Malaysian Ringgit, as well as managing the monthly lease and other expenses in the local currency.

Feel free to speak to one of our QX Trust consultants for a free consultation on setting up your for ex or money broking business in Labuan. Call us at +60 3 9212 6940 or email us your requirements at  consultant@qx-trust.com.