Lebanon Securities Business

Bermuda Money Services Business License

The Money Service Business Act 2016 provides the legal framework for the provision of Money Services Business in Bermuda

Permitted Activities

Subject to section 4(4), in this Act, “money service business” means the business of providing any or all of the following money service business activities to the general public :-

  1. Money transmission services;
  2. Cashing cheques which are made payable to customers and guaranteeing cheques;
  3. Issuing, selling or redeeming drafts, money orders or traveller’s cheques for cash;
  4. Payment service business;
  5. Operating a bureau de change whereby cash in one currency is exchanged for cash in another currency.

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is a Bermuda company under the Companies Act. Company includes:

  1. A company,
  2. Limited partnerships,
  3. Unit trust or
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The Money Services Business will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Local Office The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The licensee shall appoint annually an auditor who shall be a chartered accountant, a certified public accountant or some other professionally qualified accountant, satisfactory to the Authority.
Insurance The applicant will need to have indemnity insurance coverage or a fidelity bond acceptable to the Monetary Authority.
Minimum Capital Requirements The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.

Ongoing Obligations

  1. Filing of Audited Accounts: A licensee shall within three (3) months of the end of the financial year forward the audited financial statements to the Commission, unless prior written approval for an extension has been granted by the Commission.
  2. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • 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

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

  • Tel: +248 4321018
  • WhatsApp: +248 2525217
  • Skype: vf-international.com
  • Email: [email protected]

Telephone:

+248 252 5217

[email protected]

vf-international.com