Ethiopia - Apply For a Forex Bureau License

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Procedure

Apply In-Person:

1. To apply for Forex bureau license, applicant has to approach the authority of National Bank of Ethiopia contact link
2. Obtain the application form from the respective officer in the National Bank or the applicant can download the application form from the following Link
3. Complete the application form with necessary details.
4. Make sure you have all the documents in hand that are listed under the “Required Documents” section of this page.
5. Applicant has to attach the photocopies (whichever necessary) along with application form.
6. Submit the application form to the concerned officer.
7. Fee has to paid as per the authority request and submit the receipt as a proof of payment.
8. Now the authorities will verify your application and validate the submitted documents.
9. After verification process, authority will issue the Forex Bureau license to the applicant within the stipulated period of time.
   

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Required Documents

• A certified copy of a statement of affairs of the applicant;
• A certified copy of the applicant’s memorandum and articles of association;
• A certified copy of the applicant’s certificate of incorporation;
• A feasibility study including financial projections for three years
• Completed application form
• Copy of id card.
• Evidence of provisional tax payment
• A tax clearance certificate.
  

Office Locations & Contacts

National Bank of Ethiopia
P.O box: 5550
Addis Ababa, Ethiopia.
Telephone: +251 115 517 430
Email: [email protected]
Fax: +251 115 514 588
Contact link

Eligibility

• This application allows a person to transact foreign exchange business in Ethiopia.
• In Ethiopia no person shall, transact foreign exchange business except an authorized dealer
  

Fees

Fee will be disclosed by the bank authority at the time of application submission.

Validity

The validity of the license is one year.

Documents to Use

Application form

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

The processing time may vary depending on the availability and correctness of the information provided.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type=’website’>video ID|width|height<&/video&> from external websites.
Please remove the ‘&’ inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url‘http://www.youtube.com/watch?v=Y0US7oR_t3M’ Video ID is ‘Y0US7oR_t3M’.

Instructions

Forex bureaus established at commercial banks are allowed to engage in the buying and selling of major convertible currencies, operate in spot transactions with immediate delivery of currencies bought or sold, sell or buy cash notes and travellers cheques at displayed exchange rates before any subsequent change.

Required Information

• Name of bureau
• Physical and postal address of head office/ proposed new outlet
• Date of incorporation
• Certificate of incorporation Number
• Details of existing licensed outlets (Name of Outlet, County, City/Town, Street, Building, Date opened)
• Particulars of shareholders (Name, Nationality, Date of acquisition, Amount of shareholding, % of shareholding)
• Particulars of directors (Name, Nationality, Date of appointment, Level of education)
• Particulars of the officers in the order of seniority (Name, Designation, Nationality, Date of appointment)
• Declaration
  

Need for the Document

• The license allows the holders to operate a Forex exchange bureau in Kenya.
• A person who operates a Forex Bureau without a valid license commits an offence and shall, on conviction be liable to a fine not exceeding five hundred thousand shillings, or to imprisonment for term not exceeding three years, or to both.
  

Information which might help

Forex Bureaus operating at border areas are allowed to charge a maximum of 3% commission, over and above the respective selling rates prevailing at Addis Ababa

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

More information which might help people.v