When choosing a country, many Forex companies pay great attention to the cost of obtaining a work permit. Unsurprisingly, many projects need more funding and seek to save where possible. Many companies worldwide prefer Forex license in Seychelles because the cost of this is relatively low, and you can start an organization within 3 months after the launch of the licensing stage. Today we will tell you what costs you will face if you decide to get a work permit here.
List Of Costs For Getting A Work Permit
It is a well-known offshore jurisdiction that receives the lion’s share of its budget through licensing and registration of various organizations. As a result, the country’s government seeks to create the most favorable conditions to attract as many customers as possible. As a result, the cost of obtaining a permit here is meager:
- State duty – 6300 USD. It is paid once at the time of registration of papers.
- The minimum authorized capital is 50 thousand USD. This money is kept in your company’s account, which you can use to cover your company’s needs. Although the minimum authorized capital is relatively low, you should ensure that this money is enough to cover your company’s expenses during the first 6 months.
- Taxes – 1.5% corporate tax. Every month your organization has to pay taxes.
Thus, the minimum license cost is 56,300 USD. In addition, you can only do this with the help of lawyers. As a rule, each law firm sets the cost of services individually for each client, taking into account the readiness of the firm for licensing and the list of services provided by lawyers. Still, on average, with fees and without authorized capital, the price is 46,300 USD. As a rule, this is the price for obtaining a turnkey permit when you are not involved in paperwork and communication with government agencies. But, if you want to save money, you can immediately tell the lawyers about it, and they will tell you what documents you can get on your own without their help.
License Obtaining Speed
The earlier your company enters the market, the earlier you will receive the first profit, which means starting a business as early as possible is economically profitable. The fact is that before the start of licensing, you must already recruit staff, which should include experienced, qualified personnel. Throughout the licensing period, you will be forced to pay them a salary and take on many other costs (including paying for hosting and servers). That is why, if you have limited funding, this jurisdiction is ideal because here, you can get a work permit in just 90 days. By comparison, many companies wait over 6 months to obtain a license in the UK.
The Main Steps To Get This
To get a work permit, you need to go through 5 basic steps:
- Register a company. At this stage, you must register in the registry and deposit at least 50 thousand dollars as an authorized capital. Before that, you must also rent a local office.
- Open a bank account. Forex business is associated with many risks, so not all banks are ready to open an account for such companies. It would be best if you collected a package of papers confirming that your business is viable.
- Prepare all documents. You need to prepare a large package of papers that will describe all the information about the work of your organization and all the data of owners, shareholders, and key employees.
- Fill out the application. An application can be made on the regulator’s website. Please do this with a lawyer, which will help avoid unnecessary problems.
- Sending an application. At this stage, you need to pay the state fee.
If all papers are completed correctly, and the organization meets all the requirements of state authorities, you will receive a response to your application within 3 months. If the regulators have questions, they will send a formal request to make changes to the operation of your firm or to submit additional papers. In this case, you will have several months to correct the errors, and again you will have to wait about 3 months. As you can see, even the slightest mistake delays the licensing process, which incurs additional costs. That is why we advise you to immediately contact the lawyers of Gofaizen&Sherle, who will help you obtain a work permit as quickly as possible and at a minimal cost. Lawyers will consulе, answer questions, help collect papers and check how well they are designed. The sooner you start working with professionals, the easier it will be for you to get a work permit and start your business.