Incorporation Procedures: Services Agency and Tax Havens

incorporation procedures: At least four binary option trading operators that have received warnings from the Financial Services Agency for targeting Japanese users without proper authorization are connected to companies incorporated through a complex network of offshore shell firms and shareholders, according to the documents, according to The Japan Times. Tax avoidance and easy incorporation procedures may be why those companies chose to set up the shells in tax havens, an FSA spokesperson said via email. The documents are part of the Panama Papers, a cache of 11.5 million files obtained by the German newspaper Suddeutsche Zeitung and shared with the International Consortium of Investigative Journalists and their media partners. It is difficult to understand what unregistered traders' actual business is, the spokesperson said. The companies found in the Panama Papers operated websites that were used to invest in binary options, a fast-growing sector in the online trading industry where investors bet on the market. The Japan Times analyzed the FSA list of nearly 700 companies that between January 2011 and this June were found operating without a license despite being providers of financial services, including online trading of financial derivatives, promotional investment schemes and investment consulting. (news.financializer.com). As reported in the news.