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VAT DIRECT REGISTRATION IN ITALY
If you have a VAT number in your EU country and you want to sell to individuals (with no VAT number) in Italy, you are required to have a VAT number in Italy. Back in the days, you were required to set up an entity in Italy or have a fiscal representative located here; this process is costly and develops multiple tax and accounting issues.
FOREX License In Bulgaria
Every company, who wants to operate and get licensed on the Bulgarian FX market, needs to be registered as an investment intermediary in Bulgaria and become licensed by the Bulgarian Financial Supervision Commission. This statutory body operates under the umbrella of the European MiFID.
The foreign companies abide by the rules set forth by MiFID with some specific national rules.
One of this rules are concerning the capital requirements of the registered companies.
The required basic capital to get a FX license in Bulgaria is BGN about 250,000 (about 132,000 EUR) for the simple particular brokerage license, payable as follows: 25% must be deposited prior to filing of the application form and 75% must be paid within 14 days of approval.
GENERAL REQUIREMENTS
The full FX license, receive a companies & this allows operations on Bulgarian FX market, the full license has a capital requirement of BGN 1,500,000 (000 (about 775,000 EUR). An additional payment of 1% of the capital must be made to a further guaranteed fund.
- The FX broker company need to have at least two executive directors, who possess proper higher education in a field related to finance or economics, proven experience in the financial field, a clear criminal record, and they cannot be related to one another (relatives or partners in life or in another company).The both directors may be coming from foreign countries, not only local specialist could be accepted.
- The FX Company must have the necessary appropriate software, equipment and technology in order to successfully operate and provide service to customers, or otherwise contract such infrastructure with third party providers. The new FX company must provide the Bulgarian authority with a detailed and solid business plan including income forecast, expected P&L, etc.
- The FX Company must have a physical space in Bulgaria to function as an office.
- The process of obtaining a license through the FSC takes about 6-7 months from the moment the complete application is filed.
This protects the interest of investors by ensuring the new registered FX company compliance of all legal requirements, but also ensuring the operators’ financial stability and that the information they provide to consumers is accurate and reliable.