FX license

There are two types of licenses in Bulgaria applicable for forex and two types of companies can apply – ordinary Ltd’s and JSC’s:

• Standard license – requires BGN 250,000 initial capital (approx. EUR 125,000), broker can hold clients’ money but cannot trade on its own account

• Full license - requires BGN 1,5 million (approx. EUR 730,000) – broker can deal on its own account (market maker)

As an additional benefit, Bulgaria has a highly qualified work force and relatively affordable salaries. A competent Bulgarian director may be found at 1,000 Euro per month.