Fiji Restricted Foreign Exchange Dealer_Guldeline
Fiji Restricted Foreign Exchange Dealer
There are three categories of Authorized Dealers in Fiji:
- Money changers — who are restricted to foreign exchange dealings in travel related transactions only. Money changers are allowed to convert travellers’ cheques and foreign currency notes to Fijian currency and vice versa, remit proceeds of repatriated Fiji currency notes and issue bank drafts;
- Restricted foreign exchange dealers — who are allowed to conduct transactions permitted for money changers as well as additional transactions such as telegraphic or electronic transfers for payment and receipt of funds and any other payments as specified by the Reserve Bank; and
- Fully authorized foreign exchange dealers — who are allowed to conduct all types of foreign exchange transactions. Commercial banks are classified as fully authorized foreign exchange dealers.
|Entity Requirements||The entity making the application is a company registered or incorporated in Fiji|
|Principal Officer||Applicant will be required to appoint a local “principal officer”, who will be an individual and approved by the Reserve Bank of Fiji.|
|Local Office||The licensee will be required to secure a business place for operations:|
|Auditor||The relevant licensee shall appoint and at all times an auditor for the purposes of auditing its financial statements. The auditor must be qualified to act as the auditor of the licensee|
|Insurance||A licensee shall at all times maintain such professional indemnity and other insurance as may be prescribed.|
|Minimum Capital Requirements||
Money Changer (Category A) – USD 5,000
Restricted Foreign Exchange Dealer (Category B) – USD 50,000
- A Licensee must appoint and at all times have an approved principal manager who shall be a person or entity resident in Fiji and certified by the Reserve Bank of Fiji
- A Licensee must appoint and at all times have an auditor for the purpose of auditing its financial statements
- A Licensee must ensure that client assets are identified or identifiable and appropriately segregated and accounted for and make arrangements for the proper protection of client assets.
- Licensees must at all times maintain their business in a financially sound condition by: (a) having assets; (b) providing for its liabilities; and (c) generally conducting its business, so as to be in a position to meet its liabilities as they fall due.
- Licensee must ensure that at all times its capital resources are maintained in an amount not less than the prescribed minimum
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.
- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
- Intellectual Property Registrations and Maintenance.
- Trusts and Foundations setup and administration
- Online Payment Gateway Solutions
- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
- 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
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