Foreign exchange or forex is arguably the biggest financial market in the world where the volume of trading is mainly determined by the bigger currencies at the global level like the US dollar, Euro, Pound, Yen, Yuan etc. The availability of such major currencies for forex trading is borne out of a number of factors such as their demand and supply, inputs from central banks, economic policy measures taken by major economies, and a change in oil prices to name a few. The above mentioned factors inject a dose of volatility in the forex markets making them quite attractive for the brokerage companies to do business.
Forex company in Georgia: opportunities galore:-
Furthermore, with increased digitization and the spread of the internet, the opportunities for forex broking companies or individual forex brokers have gone through the roof in view of the huge trading volumes to the tune of $5 trillion on a daily basis. Besides, the high volatility in the forex market offers considerable opportunities for the retail broking companies with foresight and expertise to rake in profits.
However, operating a retail forex company from established economies like the US, Canada or Europe can be disadvantageous given the prevalence of higher rate of taxes. This is where the Republic of Georgia from the Caucasian region comes into the picture as a lucrative place with tremendous business opportunities as well as lower taxes. So, should you open an offshore forex company in Georgia, you can reap benefits on account of the country’s sound infrastructure, a robust IT connectivity, low tax rates, favourable time zones, and a booming economy among others.
How forex ticks all the right boxes:-
Operating in the global forex markets through the internet has meant the availability of various trading platforms as well as the ability to provide prompt customer support just at the click of a mouse. These, when combined with a low capital requirement to set up a forex company in Georgia especially in its free zones where the tax rates are practically at zero, make the country a favourable investment destination. Moreover, the Republic of Georgia does not impose strict financial regulations on forex companies as far as providing a range of services is concerned. This means, as a company dealing in forex, you can offer the best possible services to your clients without the fear of falling foul with the authorities.
How to open a forex company in Georgia?
The process to open a forex company (or any other company) in the country is streamlined and requires a minimum amount of time (probably a day or two.) After registering your company with the National Agency of Public Registry, you can easily open a corporate account as well. Let’s list out the procedure in short.
Fill the registration form by paying a reasonable amount as fee. The fee can either be paid at the office of the registry or in any of the Georgian banks.
Submit the company’s charter and the document confirming the fee payment at the Public Registry’s office
Submit a proof of your legal occupancy of the company’s address
Given the many advantages of setting up a business in Georgia and the ease of trading in the global forex markets through IT, establishing a forex company in Georgia can be really beneficial.