The Securities Act requires individuals or companies wishing to enter the securities industry as dealers, investment advisers or their representatives, to be licensed by the Financial Services Commission. Under Section 2(1) of the Act, a dealer is a person who carries on the business of dealing in securities, whether as principal or agent. Basically, dealing in relation to securities under the Act, means acquiring, disposing of, subscribing for or underwriting securities, or making or offering to make, or inducing or attempting to induce a person to make or offer to make, an agreement regarding securities.
Jamaica Securities Dealer License Key Features
- The regulations provide a choice of two (2) methods for individuals to meet the financial requirements for Dealers.
- They must either maintain a minimum net worth of $10M or acquire Indemnity Insurance for a minimum of $10M. If the individual chooses to maintain net worth of $10M
- Audited Financial Statements establishing this must be submitted. Net Worth is defined as “the difference between his assets and his liabilities”.
- There are no financial requirements for representatives, so all that must be submitted by persons applying for registration of Representatives is certified copies of their passports, academic qualifications and marriage certificates.
- The application form for representatives also requests the names of three (3) referees.
- A fundamental requirement for licensing is that at least one of their Directors must first be the holder of a Dealer’s or Investment Adviser’s Licence.
- The Commission has, therefore, stipulated, that a further requirement for licensing of Dealers under the Act is that companies must maintain minimum capital of $50M.
Jamaica Securities Dealer License Legal Requirements
|Jamaica Banking Licence
|Share capital or equivalent
|Service Providers Required
Jamaica Securities Dealer License Tax Treatment
Jamaica Securities Dealer License attracts capital gain tax of 15%
Jamaica Securities Dealer License Duration to Set Up
Jamaica Securities Dealer License Distinctive Benefits
- There are no financial requirements for representatives
- Jamaica Securities Dealer License attracts capital gain tax of 15%
Why US (Key Strengths)
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly.
- Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers