Exness has various account types, but is it possible for a corporation to open an account instead of an individual? Also, should I follow the same procedure as an individual to open an account when opening an account? I have written an article about it.
- It is possible to open a corporate account
- Procedures for opening a corporate account
- Documents required for opening a corporate account
- Advantages and disadvantages of corporate accounts
It is possible to open a corporate account
Most of the many Forex companies do not allow the opening of corporate accounts. However, it is possible to open a corporate account with Exness. At Exness, only if the trader wants to open a corporate account, we will open a corporate account, so it is not listed on the official page. However, opening a corporate account is a little more difficult than other Forex companies. This is because the following conditions apply.
Submission of many required documents
In fact, in the case of a corporate account, you have to submit a large number of documents. A large number of documents are required to conclude a corporate contract with Exness. However, the contents of the document are not made public, so you will have to ask questions directly to the support center. Statements, My Number cards, and driver’s licenses are required to confirm your identity, as well as the shareholder list and director’s ID.
Individual transaction history required
If you want to open a corporate account with Exness, you need to first open a personal account and then tell the support center that you want to make a corporate account. However, if you do not make a track record that you have been trading in a personal account for more than a few months, even if you apply for a corporate account, it will be rejected. You can see that opening a corporate account with Exness is a high hurdle.
it takes time to review
Even if you can apply for a corporate account after creating a personal account, it is said that the examination by Exness takes a very long time. It seems that it will take several months to half a year or more for the examination, and if there is no merit for the company side, it cannot be a corporate account.
Must already have a legal entity
You must already have a legal entity. In order to open a corporate account with Exness, you will need to provide proof such as a certified copy of the company register. The establishment of the corporation must have already been completed at the time of applying for the opening of the corporate account. Please note that it takes time and money to establish and maintain a corporation.
Join the Premier Program
At Exness, only traders with large deposits and trading volumes can join the “Exness Premier Program”. The Premier Program has three tiers: Preferred, Elite and Signature. Membership is required to apply for a corporate account.
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Differences in trading conditions from personal accounts
Even if it is a corporate account, the information and conditions such as unlimited leverage, loss cut level, number of positions, and lots are the same as for a personal account. There are also very few bonuses or campaigns. Corporate accounts have good reviews and reputation, and many users use them. The bottleneck is that the preparation is troublesome, but there are not many restrictions. Corporate accounts are also available at threetrader, xm, axiory, fbs, fxgt, easymarkets, bigboss, titanfx, ironfx, etc.
Differences in trading products from personal accounts
Corporate accounts are similar to personal accounts, and you can trade currency pairs, virtual currencies (Bitcoin), precious metals (gold), energy, stocks, stock indexes, etc. This can be troublesome as you may have to pay corporate taxes. As for deposit and withdrawal methods, you can use bank accounts, credit cards, online wallets, etc.
Procedures for opening a corporate account
It is not possible to open a corporate account straight away. First, you need to open a personal account.
do a lot of trading
After opening a personal account, just start trading. If you do not have a transaction record of more than a few months, we will not accept the review. Therefore, it is important to trade anyway. Focus on your trades first. Once you have a trading account in your personal name, you will need to make a minimum deposit of $20,000 or more and trade of $50,000,000 or more in order to join the “Exness Premier Program”, which is a condition for opening a corporate account.
Join the Exness Premier Program
Join the Exness Premier Program. If you join this, you will be able to accept applications for corporate accounts.
Contact Support Center
If you have accumulated a large number of trading results, please contact the support center and tell them that you want to make a corporate account. Of course, there are many necessary documents, so we have to prepare them, and the examination period takes several months to half a year, so we can not open it immediately. Let’s wait patiently.
Documents required for opening a corporate account
What documents are required to open a corporate account with Exness? Generally speaking, the following documents are required. Passports and driver’s licenses are said to be appropriate as identification documents for representatives.
・Certified copy of company register
・Representative identification card
・Representative’s address confirmation documents
・Proof of doing FX as a business
・Identification of the person conducting the trade
・power of attorney
・Corporate registration form
Current address confirmation documents
In order to open an Exness corporate account, it is also necessary to submit documents confirming the current address of the representative/shareholder. Please prepare utility bills such as gas and water bills, resident cards, bank statements, credit card and debit card statements, etc.
Identity verification documents
When opening a corporate account, it is necessary to submit identification documents for the representative and shareholders. The identity verification documents to be submitted are the same as the documents required to open a personal account. This includes passports, driver’s licenses, etc.
Advantages and disadvantages of corporate accounts
There are advantages and disadvantages to operating with a corporate account.
Profit and loss can be calculated
If you have other businesses or investments, it may be more tax-advantageous to incorporate. When trading FX as an individual, the profits earned from FX are treated as miscellaneous income, so profits and losses cannot be combined with other businesses. When trading FX as a corporation, profits earned from FX are treated as business income, so profits and losses can be combined with other income.
As a sole proprietorship, there are no setup or maintenance costs. However, if you incorporate, there will be establishment costs. Furthermore, establishing a company also incurs maintenance costs. Please note that some people may have less money left over when they incorporate.
If you incorporate, you will need to separate your business funds and private funds. Moving company money into your personal wallet can be a violation of the law and tax evasion. For individuals, there is no problem if funds for business and personal use are in the same wallet.
Loss carry forward period
For corporate accounts, the loss carryover period changes. For individuals, FX losses can only be carried forward for a maximum of 3 years, but for corporations, they can be carried forward for up to 10 years by filing a blue tax return.
Tax saving measures
In the case of a corporation, not only FX trading but also activities necessary as a corporation can be deducted as expenses. When trading FX as an individual, there are certain limits on what can be considered as expenses. Therefore, corporations have a clear advantage.