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starting a new business in foreign currency exchange

by marcusbynum, Window Shopper

  • Created: February 28, 2009, 7:12 pm
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7 comments

Hi I am trying to start my own business in foreign currency exchange in Virginia. What is the procedure for doing so?

Tags: Discuss Popular Topics, Starting & Registering a Business
‹ Re: Starting a Business in the U.S. as a Foreign National I have a business idea and but don't know where to start ›

GBIntel | Creator | 11/16/2010 - 4:29 pm

Hi Bikash10 Will your business be registered in the UK (United Kingdom)? If so, what specific location?
Professional Web Site: http://www.guru.com/freelancers/Business-Development-Planner-E-commerce-Expert-International-Commerce-Market-Research/Florida/Ft-Lauderdale-Hollywood-Pompano-Beach/1143602

bikash10 | Performer | 11/11/2010 - 4:35 am

hi its me bikash from uk. i am starting currency exchange business. i dont know what kind of things i need please tel me.

clairemluik | Window Shopper | 5/12/2009 - 3:40 pm

Hi Marcus If you need a virtual office in Virginia in either Alexandria, Reston, or Tysons or Rosslyn, please feel free to reach out to me, or look at our website. A virtual office is a great way to get a presitgeous mailing address and access to private offices and meeting rooms for a fraction of the cost of full-time offices. Good luck with your business! Message Edited by StuartR on 05-12-2009 04:55 PM

mehrdadabdi | Window Shopper | 5/11/2009 - 5:00 pm

Hi, CGI Design developed software for currency exchange business, Thanks, Message Edited by StuartR on 05-12-2009 04:55 PM

BobK | Community Administrator | 3/4/2009 - 12:22 pm

Hi marcus, I recommend you visit the Virginia State Corporation Commission's page on money services businesses. This Commission regulates money transmitters, and while it doesn't explicitly say that you need a permit to operate a foreign exchange business, such a business may be included in the types of businesses the Commission regulates. I addition you may have to register with the U.S. Department of the Treasury. You should visit MSB.gov to find out if your business is defined (by federal standards) as a Money Services Business ... (since you said you want to open a foreign currency exchange, it looks like it is) ... You may need to register with the Treasury and comply with their regulations. Message Edited by BobK on 03-04-2009 12:23 PM
Professional Web Site: http://www.business.gov/

NicoleD | Former Moderator | 3/2/2009 - 12:34 pm

Hi Marcusbynum, Try beginning with Virginia Small Business Guide, which provides guidance on how to start up in the Commonwealth of Virginia. This sounds like an interesting business venture. Good luck! I hope you can share your progress with us, and pose questions to the Community along the way.

sshirdi | Creator | 3/1/2009 - 8:24 am

Wow...But i don't know and i am interested too in such types of business. After some time i have got another idea and i created online portal to offer exchange within major e-currency exchangers and it' doing well. I have conquered exchange paypal, exchange alertpay market to offer more relevancy to online exchangers. Message Edited by StuartR on 05-12-2009 04:56 PM