IronFX basically assumes individual users and provides account types for individuals. However, some users prefer a corporate account. IronFX also provides corporate accounts, but this is not possible on the operation screen, so you will need to contact the support center and have them take care of it.
- What is a corporate account?
- Advantages and disadvantages of opening a corporate account
- How to open a corporate account
- Frequently asked questions about corporate accounts
What is a corporate account?
As the name suggests, a corporate account is an account that can be opened in the name of a corporation. Most Forex companies offer individual accounts, but some also offer corporate accounts to professional traders. By opening a corporate account, you can aim for tax savings, so you can expect certain benefits.
Advantages and disadvantages of opening a corporate account
The advantages and disadvantages of opening a corporate account are as follows:
Losses can be carried forward
If incorporated, FX losses can be carried forward for 10 years. In the case of a personal account, the carryover is about 3 years, so a corporate account is more advantageous. You have the option of canceling taxes on future profits by carrying forward losses.
Total profit and loss
If you run another business, you can add up your profits and losses. This is a great benefit for those who are considering incorporating multiple businesses. For individuals, it is calculated based on miscellaneous income from FX only, so it is impossible to add it up with other businesses.
There will be a cost
A corporate account has the disadvantage of having to establish a company. In addition to registration costs, there are maintenance costs such as filing various applications with administrative agencies and outsourcing accounting procedures. Therefore, if you don’t want to waste money, we recommend going private.
money cannot be used freely
As an individual, you can use the money you earn as you wish. However, corporate money cannot be used freely. Transparency is required in how funds are used. Transferring company money into and out of personal accounts may violate the law or result in tax evasion.
How to open a corporate account
To open a corporate account, first open a personal account. Please refer to the article below for instructions on how to open a personal account.
Once you have opened a personal account, please prepare the documents required to open a corporate account. The documents include the following:
- articles of incorporation
- Certificate of all history items
- shareholder certificate
- Bank statement proving the address of the head office (within the past 6 months)
- Utility bill receipt (within the past 6 months)
- Valid identification documents for all directors (within 3 months of issue)
- Address certificate (within 3 months from issue)
Prepare your documents and request a corporate account at the support center. Then, IronFX will send you the contract documents. When the documents arrive, please sign the contract documents and submit the documents. Please refer to the article below for information on how to contact the support center.
Frequently asked questions about corporate accounts
We have compiled a list of questions regarding corporate accounts for your reference.
How many days does it take to open an account?
Opening a corporate account requires analog support. Visual and document verification by support center staff is required. Therefore, it will take about two weeks to complete the account opening.
Can I open multiple corporate accounts?
IronFX allows you to have only one corporate account. Only one account may be held by each person.
Is there an examination for corporate accounts?
The management does not conduct any screening when opening a corporate account. It is not an examination but only a verification of documents. Of course, you cannot open an account without all the documents.
At what age can I open a corporate account?
Corporate accounts have the same conditions as individual accounts and can be opened from the age of 18.
What are the trading conditions for corporate accounts?
At IronFX, you can trade with the same conditions for both corporate and personal accounts. The same applies to leverage and the zero cut condition. At IronFX, you can receive the same bonuses as individuals with corporate accounts.