# Where to start a prop firm: jurisdictions compared

> Regulator stance, licence reality, company formation cost and time, and tax, per place.

- Source: https://pipvalley.com/jurisdictions
- Publisher: PipValley - web design studio for prop trading firms
- Updated: 2026-10-12

| Place | Regulator | Stance | What an evaluation firm needs | Company and cost | Time | Tax |
|---|---|---|---|---|---|---|
| [Anjouan (Comoros)](https://pipvalley.com/jurisdictions/anjouan) | Anjouan Offshore Finance Authority (AOFA); not recognised by the Banque Centrale des Comores | statement | Island licence not recognised by the Union; no licence is obviously needed for simulated evaluations; real dealing needs a recognised regulator | Anjouan International Business Company (IBC): Agent-quoted licence €1,500 to apply + €18,000 a year; IBC fees vary by agent | 4–8 weeks to licence (agent quotes) | 0% if no business with Anjouan residents (agent claim) |
| [Australia](https://pipvalley.com/jurisdictions/australia) | ASIC (Australian Securities and Investments Commission) | statement | No prop-specific licence; an AFS licence (AUD 7,537 online, retail high complexity) to deal in, advise on or issue CFDs. | Proprietary limited company (Pty Ltd): AUD 636 ASIC registration; AUD 342 annual review; ABN free | Days to register; AFSL decisions 150–240 days | 25% for base rate entities, 30% otherwise; GST registration from AUD 75,000 turnover |
| [British Virgin Islands](https://pipvalley.com/jurisdictions/bvi) | BVI FSC (Financial Services Commission) | no-statement | No prop-specific licence; an FSC investment business licence only if the firm deals in investments as agent or principal. | BVI business company (BVI Business Companies Act 2004) via a licensed registered agent: USD 550 government fee (up to 50,000 shares) plus registered agent fees | Days via an agent; directors filed within 15 days, members and owners within 30 | 0% corporate income tax; no capital gains or withholding tax |
| [Canada](https://pipvalley.com/jurisdictions/canada) | Provincial securities regulators (OSC, AMF, BCSC, ASC) via the CSA; CIRO for dealers | action | No prop-specific licence; provincial dealer or adviser registration if you trade or advise on securities or derivatives for clients. | Federal (CBCA) or provincial corporation: CAD 200 federal online; CAD 300 in Ontario | 1 day federal online (4 hours express) | 15% federal general (9% small business) plus provincial, e.g. Ontario 11.5% |
| [Cyprus](https://pipvalley.com/jurisdictions/cyprus) | CySEC (Cyprus Securities and Exchange Commission) | statement | No prop-specific licence; a CySEC CIF licence (€75k–€750k capital) only if you execute client orders, hold client money or deal against clients. | Private company limited by shares (Ltd): €515 Registrar fees on the accelerated route; lawyer, office and audit extra | 7–10 working days to incorporate; 2–4 weeks to trade | 15% corporate income tax from 1 Jan 2026; 5% SDC on dividends for domiciled shareholders |
| [Dubai (UAE)](https://pipvalley.com/jurisdictions/dubai) | CMA (formerly SCA), DFSA in the DIFC, VARA for virtual assets | no-statement | A free zone trade licence with a defensible activity; a CMA, DFSA or FSRA licence only if the firm brokers real trades. | Free zone company (FZ-LLC / FZCO) or mainland LLC: From AED 12,500 (Meydan) to AED 35,000–50,000 first year (DMCC) | Licence in 1 day to 3 weeks; bank account 1–10 weeks | 9% corporate tax above AED 375,000; 0% for qualifying income of a Qualifying Free Zone Person |
| [Labuan, Malaysia](https://pipvalley.com/jurisdictions/labuan) | Labuan FSA (Labuan Financial Services Authority) | no-statement | No prop-specific licence; a money-broking licence (digital assets optional) bars proprietary trading and targets institutional clients. | Labuan company via a Labuan trust company (resident secretary): USD 1,000 annual company fee; licence USD 500 plus USD 5,000–10,000 a year | Licence about 4–6 months (adviser estimate) | 3% of audited net profits for trading activity; 24% without substance |
| [Mauritius](https://pipvalley.com/jurisdictions/mauritius) | Financial Services Commission (FSC) Mauritius | no-statement | No FSC rule found for simulated evaluations; an Investment Dealer licence for real dealing, brokerage or client money | Global Business Company (GBC) for a licensed dealer; Authorised Company for non-licensed offshore business: GBC Rs 3,200 + USD 600 GBL fee; Authorised Company USD 100; agent packages from USD 2,849 | GBC 6–12 weeks to certificate, 10–18 weeks with a bank account (agent estimate) | 15% corporate; 80% partial exemption on some foreign income; no Fair Share Contribution for GBCs |
| [Mwali (Moheli), Comoros](https://pipvalley.com/jurisdictions/mwali) | MISA (Mwali International Services Authority); not recognised by the Comoros central bank | no-statement | No prop-specific licence; MISA sells brokerage licences, but the Comoros central bank calls MISA a fictitious structure. | Mwali international business company (IBC) via an agent: Agents quote about €1,200 to apply and €2,400 a year; packages €15,000–25,000 | IBC in about 24 hours; licence 2–4 weeks to 3 months (agents) | Agents disagree (0% or 10%); no official source found |
| [Saint Lucia](https://pipvalley.com/jurisdictions/st-lucia) | Financial Services Regulatory Authority (FSRA) | statement | No forex licence exists (FSRA, Jan 2026); no FSRA rule found for simulated evaluations; never claim FSRA registration | International Business Company (IBC) or Companies Act company: Companies Act XCD 750 (XCD 1,500 in a day); IBC USD 100–400 by quarter + USD 400 a year (agent-reported) | About 1 day expedited; about 4–7 business days via an agent | 30% on resident companies, territorial since 2019 |
| [Seychelles](https://pipvalley.com/jurisdictions/seychelles) | Financial Services Authority (FSA) Seychelles | no-statement | No FSA rule found for simulated evaluations; a Securities Dealer licence if you deal in securities or CFDs for clients or hold client money | International Business Company (IBC); Companies Act company for a licensed dealer: USD 130 government fee + USD 140 a year; agent packages from USD 649 | IBC about 3–7 days via an agent; dealer licence 30 working days on paper, 18+ months reported | 15% to SCR 1m, 25% above; 1.5% on gross for licensed dealers with substance |
| [South Africa](https://pipvalley.com/jurisdictions/south-africa) | FSCA (Financial Sector Conduct Authority) | no-statement | No prop-specific licence; FAIS FSP licence for advice or intermediary services, ODP authorisation to issue CFDs. | Private company (Pty) Ltd registered with CIPC: R125 CIPC registration plus R50 name reservation | Name reserved online; registration via CIPC (timing not published) | 27% corporate income tax; compulsory VAT registration above R2.3 million turnover |
| [St Vincent and the Grenadines](https://pipvalley.com/jurisdictions/st-vincent) | Financial Services Authority (FSA) SVG | statement | No forex licence exists; forex companies must show licences from where they operate (2023 rule); no FSA rule found for simulated evaluations | Limited liability company (LLC) or business company (BC): USD 125 government registration; agent packages from USD 1,049 | Within 24 hours at the registry; 2–5 days via an agent | 28% for resident companies; non-residents taxed on SVG-source income only |
| [United Kingdom](https://pipvalley.com/jurisdictions/united-kingdom) | FCA (Financial Conduct Authority) | statement | No prop-specific FCA regime; authorisation needed to deal in CFDs or forex with real clients (Category 6 fee £11,260). | Private company limited by shares (Ltd): £100 online at Companies House; £50 yearly confirmation statement | Usually within 24 hours online | Corporation tax 19% to £50,000 profit, 25% above £250,000, marginal relief between |
| [United States](https://pipvalley.com/jurisdictions/united-states) | CFTC and NFA (futures, forex); SEC and FINRA (securities) | action | No licence written for simulated evaluations; NFA introducing broker registration if you solicit or accept real futures or forex orders. | LLC or C-corporation, formed in a state: USD 100 (Wyoming) to USD 300 (Texas) state filing fee; EIN free | Days to file; EIN issued immediately online when approved | 21% federal corporate tax; LLCs pass-through by default; state taxes vary |
| [Vanuatu](https://pipvalley.com/jurisdictions/vanuatu) | Vanuatu Financial Services Commission (VFSC) | no-statement | No VFSC rule found for simulated evaluations; a Class A financial dealer’s licence (with presence rules) if you deal for clients | International company under the Companies Act 2012: USD 150 to incorporate + USD 300 a year (VFSC); about USD 1,000–2,500 first year with an agent | 2–5 business days to certificate; 5–10 weeks with a bank account (agent estimate) | No corporate income tax (except some real estate); VAT 15%; on EU Annex I |

Stance: no-statement = nothing specific published on evaluation firms; statement = warning, guidance or comment; action = enforcement, ban or licensing requirement aimed at them.

_Not legal, tax or financial advice: rules differ by place and change often; speak to a qualified lawyer and tax adviser. Evaluation accounts are simulated; nothing here promises revenue, pass rates or payouts._