In recent years, Kenya has emerged as a significant player in the regional and international financial markets. As the demand for Online forex trading continues to grow, the need for a structured regulatory framework has become necessary.
As a result, the Capital Markets Authority (CMA) in Kenya has established a streamlined process for obtaining a forex broker license in Kenya. Biz Brokers Kenya we will guide you through the key steps and requirements for the application and registration of an Online Forex broker license in Kenya.
As the economic hub of East and Central Africa, Kenya boasts a stable and growing economy, making it an attractive destination for investments in the capital market, forex trading and other investments.
The forex market in Kenya has seen substantial growth, with a surge in retail traders and increasing interest from institutional investors. Additionally, the government's commitment to regulating the financial sector has made Kenya a secure and reliable environment for forex brokers to operate.
A non-dealing Online foreign broker:
Ensure you have a certified copy of your company's Certificate of Incorporation.
Fill out and execute the application form (Form 1) in duplicate.
Make sure your Memorandum and Articles of Association include the necessary business objectives to conduct Forex bureau activities.
Submit 6 months of unaudited accounts, and 2 years where relevant, or an auditor's certificate if your entity is newly established.
If offering Online Forex brokerage services in another jurisdiction:
Provide a detailed business plan that includes:
Clearly define roles and responsibilities of the Chairman and Chief Executive.
Develop policies for:
Establish a risk management framework.
If you are a subsidiary, branch, or money manager regulated in another jurisdiction:
Include two letters of business reference.
Provide one letter of bank reference.
Submit comprehensive CVs for directors and key personnel.
Include a declaration of compliance and a clearance certificate from a licensed credit reference bureau.
Duly fill and execute Fit & Proper Forms for directors and key personnel.
Ensure personnel involved in direct client-facing roles have completed Module one and two of the Securities Industry Certification Program (SICP) offered by the Chartered Institute of Securities and Investments (CISI).
All shareholders, directors, and key personnel must not have defaulted in payment of dues at any securities exchange, clearing house, central bank, or any bank. Provide evidence through a declaration of compliance and a clearance certificate from a licensed credit reference bureau.
Include valid certified copies of police clearance certificates for directors and key personnel.
Pay the required application fee of Kshs. 10,000.
By adhering to these requirements, you'll be on your way to registering your Online Forex bureau in Kenya and offering foreign exchange brokerage services. If you have any questions or need further assistance, don't hesitate to reach out to the relevant regulatory authorities. Good luck with your registration process!
|Kenya Online Forex Broker License||Description|
|Share capital or equivalent|
|Service Providers Required|
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Registration of a foreign company in Kenya offers foreign entities the option to maintain and keep their corporate identity while operating in Kenya.
Upon application and issuance of a certificate of compliance a foreign company can conduct business like a local company in Kenya.