Reason for this visit

Belize is a jurisdiction very suitable for offshore activities and its legislation has been adapted to the needs of investors. However, most types of activities are not allowed to be conducted without the special permission from the authorities. For instance, the country's international commission issues licenses in order to regulate the related services in financial sector. For various financial services (foreign exchange, trust management, currency exchange, credit operations, financial and advisory services, etc.), the issuance procedure is practically the same. Belize is a highly desirable region when it comes to offshore business, with an open-minded and tolerant policy towards all kinds of financial activities. In order to help investors or practitioners to have a more comprehensive understanding of Belize's foreign exchange brokers, WikiFX survey team is going to the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to Belize to visit forex broker SM-INVEST as planned according to its regulatory address that No. 5 Cork Street, Belize City, Belize, C.A.

The survey personnel came to the destination at No. 5 Cork Street in Belize on September 2, 2023. A building which didn‘t look like a workspace was situated in a residential area. There was no any company’s logo around the building, in front of which was a playground. On the left and right side of the building lay a residential building and a Hong Kong-style Chinese restaurant Secret Garden respectively. An advertising board showed that the restaurant provided foods, beverages, and gong tea. However, no information related to broker SM-INVEST was found.

Through an on-site investigation, it is confirmed that the company doesnt have a physical business office at the place.

Conclusion

The survey team went to Belize to visit forex broker SM-INVEST as scheduled, and didnt find the company at its regulatory address. It indicates that the broker may just register at the location without a physical business office. Therefore, investors are advised to choose the broker cautiously.

Disclaimer

The content is used for informational purpose only, and shall not be taken as a final order for making a choice.