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Partners required for starting Forex Brokerage firm in India
Hi Folks,
I would like to introduce myself as trader in forex (spot currency trading, particularly GBPUSD, EuroUsd, AudJpy, GbpJpy pairs) for more than 2 years. Overall, I am satisfied with journey this far.
I am dropout from IIT Kanpur, BTech Civil Engineering ( dropped this year)
Myself and one of my friend, will open forex brokerage firm particularly targeted towards Indian Forex Traders.
Our competitors are Reliance Money(middleman) and Alpari (US company) and of course outside forex firms.
In 2006, daily retail trading volume from Indian clients was $250 million.
In the year 2009, this value is $1.2 billion. Our objective is to tap this market and grow bigger and financially stable before our competitors sight it as a "sector" or opportunity.
Our strategic edges are -
1) 1.4 pips to 1.9 pips spread on EuroUsd IN ALL MARKET CONDITIONS. Similar competitive spreads in other currency pairs as well.
2) All brokers charge $20-$30 fees for deposits. We will charge either $5 or charge nothing.
3) Direct cash deposit/cheque deposit. No bank wire or lengthy,inconvenient procedure!:clap:
4) No requotes.
Expenses would be $38,500 (initial) + $27,500 (first 18 months marketing and sales)
Also, $7,000 would be monthly expenses.
Totaling to $150,000 for first 18 months of our business.
Profit potentials are -
First 6 months - $0
7th to 9th month - $10,000
9th to 12th month - $15,000
13th month onwards - $10,000 monthly + $300,000 semiannually.
Myself and my friend have raised $30,000 collectively for this venture. We require $120,000 further for this venture.
Please see that, we are looking for only those who can join our team and can bring financial and/or strategic advantage to our team.
We don't want more than 7 partners in total (I hope that's good enough number of partners for a firm of this size). Also, all the partners will be automatically board members and hence, all decisions( including office location) will be make by collective mutual agreement with equal weight to each one's opinion and total transparency.
So, if you can come up with $20,000 minimum backing and preferably a strategic value( like having IT or Accounting or Securities Law experience etc. For example, my partner have over 5 years of experience and Insurance advisory and a sound financial position to back our firm. I have significant trading experience and managed $115,000-$150,000 as managed accounts for past 13 months before trading for myself and being profitable in 11 of these months. So I can take charge of dealing desk) , then you are welcome to contact me at navneetpandey1989@gmail.com.
I would like to introduce myself as trader in forex (spot currency trading, particularly GBPUSD, EuroUsd, AudJpy, GbpJpy pairs) for more than 2 years. Overall, I am satisfied with journey this far.
I am dropout from IIT Kanpur, BTech Civil Engineering ( dropped this year)
Myself and one of my friend, will open forex brokerage firm particularly targeted towards Indian Forex Traders.
Our competitors are Reliance Money(middleman) and Alpari (US company) and of course outside forex firms.
In 2006, daily retail trading volume from Indian clients was $250 million.
In the year 2009, this value is $1.2 billion. Our objective is to tap this market and grow bigger and financially stable before our competitors sight it as a "sector" or opportunity.
Our strategic edges are -
1) 1.4 pips to 1.9 pips spread on EuroUsd IN ALL MARKET CONDITIONS. Similar competitive spreads in other currency pairs as well.
2) All brokers charge $20-$30 fees for deposits. We will charge either $5 or charge nothing.
3) Direct cash deposit/cheque deposit. No bank wire or lengthy,inconvenient procedure!:clap:
4) No requotes.
Expenses would be $38,500 (initial) + $27,500 (first 18 months marketing and sales)
Also, $7,000 would be monthly expenses.
Totaling to $150,000 for first 18 months of our business.
Profit potentials are -
First 6 months - $0
7th to 9th month - $10,000
9th to 12th month - $15,000
13th month onwards - $10,000 monthly + $300,000 semiannually.
Myself and my friend have raised $30,000 collectively for this venture. We require $120,000 further for this venture.
Please see that, we are looking for only those who can join our team and can bring financial and/or strategic advantage to our team.
We don't want more than 7 partners in total (I hope that's good enough number of partners for a firm of this size). Also, all the partners will be automatically board members and hence, all decisions( including office location) will be make by collective mutual agreement with equal weight to each one's opinion and total transparency.
So, if you can come up with $20,000 minimum backing and preferably a strategic value( like having IT or Accounting or Securities Law experience etc. For example, my partner have over 5 years of experience and Insurance advisory and a sound financial position to back our firm. I have significant trading experience and managed $115,000-$150,000 as managed accounts for past 13 months before trading for myself and being profitable in 11 of these months. So I can take charge of dealing desk) , then you are welcome to contact me at navneetpandey1989@gmail.com.
First of all,
"Myself and my friend have raised $30,000 collectively for this venture. We require $120,000 further for this venture.
Please see that, we are looking for only those who can join our team and can bring financial and/or strategic advantage to our team."
No business, or even bank for the matter, looks at a person with 0 business experience and will not see this as a red flag.
You are nobody You are inquiring the investment of 4x your investment. If your business plan (as hockey as your pro-forma income statement) is non-existent. What makes you think that ANYONE else believes that YOU believe your business is profitable. 50% is maybe enough, but considering your educational background- good luck.
You attempts to "tap into the market" require alot more than you have budgeted, let alone LEGALITY issue, consultation issues with agencies, and various other things you have quite obviously overlooked.
"Myself and my friend have raised $30,000 collectively for this venture. We require $120,000 further for this venture.
Please see that, we are looking for only those who can join our team and can bring financial and/or strategic advantage to our team."
No business, or even bank for the matter, looks at a person with 0 business experience and will not see this as a red flag.
You are nobody You are inquiring the investment of 4x your investment. If your business plan (as hockey as your pro-forma income statement) is non-existent. What makes you think that ANYONE else believes that YOU believe your business is profitable. 50% is maybe enough, but considering your educational background- good luck.
You attempts to "tap into the market" require alot more than you have budgeted, let alone LEGALITY issue, consultation issues with agencies, and various other things you have quite obviously overlooked.
Sorry, it's $70,000 now, with 3 partners in total.
Do you want to know background of all three partners,
I traded last 13 months for my clients $115,000 to $150,000 in the form of managed accounts with negative performances only in the month of October and Feb last year. That excludes my own experience of trading from my own funds.
Know more than 20 traders in India( who trade for other's fund along with their own). 2 whitelables of reputed forex firms include this number, so I know what I am stepping into.
My other partner is registered insurance advisor for last 4 years + trader for last 5 year. Currently he oversees a single $200,000 account from a single individual.
My third partner is a District's highest ranked govt officer, with his very own close friends are high ranked Income Tax Department official, RBI (Central bank of India) official and 2 big stock brokerage houses.
So, he brings wealth of experience not only from himself but also from his deep contacts.
If you are worried about our attorney, he too is my friend and an Advisor as well as Alma matter sole consultant for $3 mln Charitable trust.
It's India where cost of living are significantly lower and we will not have any problem in hiring graduate level competent operational staffs for a salary of $500. Same with all the other components. Either the partners can solve it, or get it solved at most cost effective way because of our own personal contacts.
And, it's not investment with me. It's investment from a person in his own firm. Each of the partners will occupy a seat on board of directors and thus, all decisions of the firms will only be taken with each one's consent.
It took me 4 month's weekends to complete the entire framework, with thorough consideration of all aspects of business.
3) Direct cash deposit/cheque deposit. No bank wire or lengthy,inconvenient procedure!:clap:
4) No requotes.
I think direct cash deposit is illegal in India for Forex. Please furnish proof like any Govt.orders or RBI circulars for accepting cash to trade Forex. So, people will have more confidence on your venture.
Throwing all those numbers at me doesn't make you >seem< any more credible. Let me put it this way. If you're not running 200 mil in NON-US currency, you're a small fry. But thanks for trying to impress me.
Like I said, everything you've posted is alot of text, but I still frankly see very little substance.
Regardless of any business, a business plan is needed. Your framework seems as flimsy as a restaurant cloth scribbled with an idea.
Cheers,
Quote:
Originally Posted by FxGiant
Sorry, it's $70,000 now, with 3 partners in total.
Do you want to know background of all three partners,
I traded last 13 months for my clients $115,000 to $150,000 in the form of managed accounts with negative performances only in the month of October and Feb last year. That excludes my own experience of trading from my own funds.
Know more than 20 traders in India( who trade for other's fund along with their own). 2 whitelables of reputed forex firms include this number, so I know what I am stepping into.
My other partner is registered insurance advisor for last 4 years + trader for last 5 year. Currently he oversees a single $200,000 account from a single individual.
My third partner is a District's highest ranked govt officer, with his very own close friends are high ranked Income Tax Department official, RBI (Central bank of India) official and 2 big stock brokerage houses.
So, he brings wealth of experience not only from himself but also from his deep contacts.
If you are worried about our attorney, he too is my friend and an Advisor as well as Alma matter sole consultant for $3 mln Charitable trust.
It's India where cost of living are significantly lower and we will not have any problem in hiring graduate level competent operational staffs for a salary of $500. Same with all the other components. Either the partners can solve it, or get it solved at most cost effective way because of our own personal contacts.
And, it's not investment with me. It's investment from a person in his own firm. Each of the partners will occupy a seat on board of directors and thus, all decisions of the firms will only be taken with each one's consent.
It took me 4 month's weekends to complete the entire framework, with thorough consideration of all aspects of business.
3) Direct cash deposit/cheque deposit. No bank wire or lengthy,inconvenient procedure!:clap:
4) No requotes.
I think direct cash deposit is illegal in India for Forex. Please furnish proof like any Govt.orders or RBI circulars for accepting cash to trade Forex. So, people will have more confidence on your venture.
RBI rule says no foreign investment can be done via INR until INR gains full convertibility.
HOWEVER, there is still 2 gaps which can be exploited -
a) An Indian national have $200,000 limit for foreign investment, can be made in any currency other than INR.
b) An introducing broker which has approval from RBI can assist its client to make their investment, hence transferring from their behalf.
Structure of the proposed firm would be -
a) Broker registration from Mauritius, GBL1 with FSC licensing.
b) A fully owned subsidiary in India of the above broker, acting as introducing broker for the above broker.
Throwing all those numbers at me doesn't make you >seem< any more credible. Let me put it this way. If you're not running 200 mil in NON-US currency, you're a small fry. But thanks for trying to impress me.
Like I said, everything you've posted is alot of text, but I still frankly see very little substance.
Regardless of any business, a business plan is needed. Your framework seems as flimsy as a restaurant cloth scribbled with an idea.
Cheers,
What I have posted here on forums doesn't make up even 1/20th of my business plan. A viable business plan, addressing all the important components for sustainable business is made and trying that for equity funding as well.
Including bonuses to be paid, added services like cost sharing for customers and maintenance of minimum account balance with the liquidity providers (in our case 2 second tier prime brokers), the total expenditure would come around $350,000 (of which $46,500 is cash holdings or cash maintained in bank account of the firm).
At this very moment, we are total of 3 partners and a total of $350,000 has been financed.
As I said earlier, with my stand for least number of partners, I would look upon for response from a single individual having intentions to teaming up with complete financing of $350k and negotiable stake of company.
Partners required for starting Forex Brokerage firm in India
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