Company: EGG
Filing Date: 2025-03-04
Form Type: DRS/A
Source: 0001493152-25-008991
Chunk: 97

Company: ENIGMATIG LTD
Filing Date: 2025-03-04
Form: DRS/A
Chunk 97
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 and procedures in a particular country. Thus, increasing globalization has created a growing demand for cross-border financial licensing services which help companies navigate the complexities of obtaining financial licenses in different countries. This may include documentation preparation, submission, and ongoing compliance management. With the help of these services, companies can more easily expand their businesses abroad and take advantage of the opportunities presented by globalization.

Increasingly complex requirements on application of financial licenses

Since the occurrence of the 2008 financial crisis, regulatory bodies worldwide have become cautious when it comes to issuing financial licenses. As a result of the increasing complexity of procedures and rapidly changing legal provisions, corporations seeking to obtain and maintain financial service licenses require assistance from professionals. This trend has led to the growth of the financial licensing solutions industry. For instance, in Belize, the Financial Services Commission passed the Belize Companies Act 2022 in August 2022. This act introduced changes to statutory limits on the number of shareholders, modifications to minority shareholder rights, and other related amendments. Private trusts, segregated portfolios, and foreign companies must make necessary adjustments to comply with the new act. This requires engaging professionals to handle processes like re-registration and updating financial licenses. Similarly, in Cyprus, CySEC introduced a new rule for license application promoters in June 2021. According to this rule, application promoters must provide due diligence and Know-Your-Client procedures for clients wishing to apply for a license with CySEC. This new requirement aims to enhance the overall quality of license applications and necessitates increased professional involvement, therewith prolonging the licensing duration to nearly half a year. The specific requirements for obtaining financial licenses and subsequent changes differ from country to country. However, they generally involve a comprehensive application process that entails submitting detailed information about the applicant, its operations, and its owners. Additionally, ongoing compliance with regulations is necessary, which may include regular reporting, continuous audits, and periodic assessments of the company’s financial stability. Financial licensing solution providers are able to offer companies the support they need to navigate the complex requirements and processes associated with obtaining financial licenses. They provide assistance with preparing and submitting license applications, managing ongoing compliance, and offering support during audits or assessments that may be necessary.

Rising demand for one-stop solutions

The financial licensing solutions market has become increasingly competitive in recent years, as more and more companies seek to enter the financial services industry. In order to stand out from the competition and attract clients, companies in the financial licensing solutions market are looking to differentiate themselves by offering a wide range of services to clients. These services are designed to