MFX BROKER INC has changed the subsidiary which is behind the brand to Master Services Inc, which has been active since 2013. The new entity has been onboarding clients for the past couple of years and the old subsidiary of the company has been phased out.
Financial regulation in Belize has had some success in attracting brokers to incorporate and receive regulatation in the country due to relatively low fees and a zero per cent corporate income tax rate.
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MFX BROKER continues to be regulated in Belize and its website has been updated to reflect the changes in the new corporate structure. According to a company representative the old subsidiary was phased out almost two years ago.
The IFSC was established in 1999 to accommodate some financial services companies and attract them to the country which is widely known as an offshore zone. Most brokers that receive regulation in the country use their license to onboard clients from countries where foreign exchange trading is not regulated.
While brokers are typically benefiting from very low fees in such jurisdictions, they often face challenges when opening corporate bank accounts in regulated markets.