Key takeaways
- MetaQuotes recommends a legal opinion about the jurisdiction of the applicant company.
- It confirms the company may lawfully carry out trading, forex or brokerage activities.
- It is essential when the company holds no FX licence, for example a Saint Lucia IBC.
- It must be issued by qualified local counsel and name the company exactly.
What a legal opinion is
A legal opinion (or representation letter) is a letter from a lawyer qualified in the company's jurisdiction confirming that the company is validly incorporated and may carry out the activities it will offer, such as online forex trading, brokerage and financial services.
What it should confirm
- Full company name, registration number and date of incorporation.
- That the company is in good standing.
- That its constitutional documents permit the relevant activities.
- Whether a local licence is required for those activities and for which clients.
- The lawyer's name, firm, qualification, date and signature.
When you need one
If your company holds an FX licence, the licence usually confirms the activities. If it does not, as with a Saint Lucia IBC, the legal opinion is the key document for item 8 of the MetaQuotes checklist.