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BROKERAGE
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Yap State are the only ones with a Brokerage and Clearing House License. The business is able to carry out the following tasks:
Because there is less red tape, the process of forming a brokerage is really short. If all standards are satisfied, approval can be given quickly. Although we would advise all businesses to have this facility, which can be set up for a very little cost, there are no requirements for local offices or employees (see Local office facility ). Application Form License should be used to request authorization for a brokerage license.
The aforementioned records are necessary:
The shareholders’ percentage of ownership
The final beneficial owners’ details (chart may be helpful if many)
Anything further that would be helpful to support the application.
each director’s resume
Complete contact information for the shareholders and directors (KYC questionnaire)
Reference to the bank for each of the beneficiaries
All beneficial owners’ passports in clear, verified copies
Utility bills serve as proof of addresses.
Reference for the beneficial owners’ business or legal matters
Legal documents (articles, certificate of incorporation, etc.) for the corporations that hold shares
most recent audited financial statements for each company that has shares (if any)
A document attesting to the beneficial owners’ lack of criminal history
KYC AND REASONABLE CARE
Each director and shareholder must pay a due diligence fee (which varies based on their place of residency); if a client is denied a license, this money is not recoverable.
For each beneficial owner, director, manager, authorized signatory, shareholder/member of the entity, and agent acting under a power of attorney, kindly send the accompanying paperwork.
(a) Regarding Individual
a certified copy of a passport, current driver’s license, or national identity card that bears the holder’s name, nationality, date and place of birth, signature, and information about when it was issued and expired. A banker, attorney, actuary, notary public, or accountant with a recognized professional competence must certify the paper.
Proof of residential address. Original bank or credit card statements, as well as utility bills, are acceptable forms of proof.
Original Bank Reference.
(c) For Business/Collaboration
the memorandum, articles of organization, constitution, deed of partnership, or Act de Society, as applicable, and the certificate of incorporation or registration. A banker, attorney, actuary, notary, accountant, or other person with a recognized professional competence must certify the document.
Original Bank Reference.
a verified authentic copy of the most recent annual report or audited account.
A Good Standing Certificate (for Society).
List of directors, corporate structure, and substantial shareholders (those holding at least 5% of the voting power exercisable at the shareholder/member meeting).
a certified copy of the board resolution authorizing managers, officers, or staff to do business on the board’s behalf.