It is possible to open a corporate account at easyMarkets, an overseas FX company, so I will explain it. We usually provide accounts for individual users. However, we also handle corporate accounts, and it is possible to open a corporate account. However, in the case of a corporate account, the standards are higher because there are many documents and there is an examination.
- Advantages and disadvantages of corporate accounts
- Corporate account required documents
- How to open a corporate account
- Request to open a corporate account
- Corporate Account Frequently Asked Questions
Advantages and disadvantages of corporate accounts
What are the advantages and disadvantages of choosing a corporate account rather than an individual account? Some companies offer corporate accounts, which can be used with easy Markets as well. However, unlike a personal account, the settings and information are different, so whether or not it is recommended depends on the person. Please contact support for more details.
Necessary expenses for FX expenses
When trading FX as an individual, there is a disadvantage that the range of expenditures that can be recognized as expenses is narrow. However, once you become a corporation, the range of expenses that can be expensed becomes much wider, which can lead to tax savings. In other words, a corporate account has a tax saving effect.
loss carry forward
For individuals, losses can only be carried forward for three years, but for corporate accounts, losses can be carried forward for up to 10 years. This has the advantage of making it easier to save on taxes than with a personal account.
Total profit and loss
For corporate accounts, profits and losses can be combined. If you have other businesses, you can calculate this by adding them together. Income earned through personal FX trading is classified as miscellaneous income. Miscellaneous income cannot be combined with other income.
There will be a cost
In order to establish a corporation, you must prepare the amount of money. The company registration process not only costs money but also time. Also, depending on the company, there is a possibility of hiring people, which incurs labor costs.
not able to use profits freely
In the case of a corporation, profits cannot be used freely. When trading FX with a corporate account, it is necessary to ensure transparency of funds. In the case of individuals, this is a disadvantage because they can do whatever they want.
Corporate account required documents
In the case of a corporate account, it is not enough to just show your ID and address confirmation documents like you would for a personal account. For corporate accounts, the following documents are required.
- Certificate of all history items
- Company address proof
- shareholder list
- articles of incorporation
- financial statements
- bank statement
In addition to these company documents, you will also need additional identity verification documents. The following documents are also required for individual users.
- Identification: Driver’s license, passport, My Number card
- Address confirmation: utility bill, credit card or bank statement
How to open a corporate account
To open a corporate account, you must first open an account as an individual. The following article introduces how to open an individual account, so please refer to it and complete the opening process. You are required to register your personal information (date of birth, address, phone number) and upload your ID and address confirmation documents.
Request to open a corporate account
After opening an individual account, you will need to contact the support center and request to open a corporate account. Since it cannot be operated by the user, it is analog compatible. easyMarkets will ask you to submit the specified documents, so please submit them. The examination will begin.
Corporate Account Frequently Asked Questions
We have compiled a list of frequently asked questions regarding opening a corporate account. Corporate accounts have also been introduced by other companies such as iforex, axiory, exness, fxgt, threetrader, titanfx, xmtrading, etc., so if you have experience with other companies, you will be able to use them smoothly.
Is there a difference between a corporate account and a personal account?
Corporate accounts have advantages in terms of tax savings. There are also disadvantages, but I have explained them above, so I hope you find them helpful. In both cases, you will be required to upload required documents such as ID and address verification documents. Both platforms, including the minimum deposit amount and MT4 tools, can be used once a new account is opened. You can also trade on the app.
Can I open two accounts: a personal account and a business account?
After opening a personal account at easyMarkets, you will be required to turn that account into a corporate account. easyMarkets only allows one person to create one account, making it impossible to have multiple accounts. Also, if you make a profit, you will have to pay taxes.
Does the zero cut apply to corporate accounts?
easyMarkets offers the same trading conditions for personal and corporate accounts. The zero cut is also applied to corporate accounts. There is also an explanation on the official page, so be sure to know about the risks. Currently, you can trade virtual currency (Bitcoin), foreign exchange, precious metals, energy, stocks, etc.
I want to know about corporate account leverage and campaigns.
Corporate accounts, like individuals, offer maximum leverage of 400x. Limited time promotions and campaigns also apply so you can receive bonuses. Also, trading with both sides, scalping, and automatic trading (EA) tools is permitted. Unique option trading such as dealcancellation is also possible.
Can I cancel my corporate account?
Corporate accounts can be canceled in the same way as personal accounts. However, since this cannot be done by the user, please contact the support center and have them handle it.