The International Financial Services Commission (IFSC) of Belize has granted a license to an entity called Gemho Priority Markets Ltd. The company company is to operate via the website gpmfx.com, which is currently not yet functional and no information about the company was immediately available.
Another company with the same name was incorporated in the UK in December 2016. According to UK’s trade register Companies House, the entity is active, but non-trading (or dormant for corporation tax purposes). It is not clear whether the two entities are related in any way.
Earlier this week we informed you about another forex broker – Marrison Capital Ltd., that has also obtained an IFSC license.
Belize is a well-known offshore destination, renowned for its milder regulation and licensing requirements and lower incorporation costs. Many financial service providers choose to register there and fall under the supervision of the IFSC since they need to meet fewer and softer criteria and to comply with less strict rules and requirements than if they registered in other countries.