Home – New Forums New here? Share your story 1st Day of School

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  • #966598
    JasonFX
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    • Total posts: 3
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    Hi Guys,

    WOW what a super site. Looks like a great place to share the trails and tribulations associated with setting up and running a small business.

    I operate 1st Contact Forex Australia. We got our Australian Financial Service License about 6 months ago and haven’t looked back. Our area of expertise is money transfers. We can transfer funds between Australia, New Zealand and the UK for a flat fee of AUD5.00.

    Have a great weekend.

    Jason
    http://www.1stcontactforex.com.au

    #1019633
    soliddata
    Member
    • Total posts: 392
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    Welcome Jason,

    You mentioned trials and tribulations – have you had some getting to here?

    Kevin

    #1019634
    Anonymous
    Guest
    • Total posts: 11,464
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    Hi Jason

    Thanks for your kind feedback on Flying Solo – I’m glad you found us!

    As Kev said, please do feel free to share any of your questions and concerns, and I’m sure someone around here will be able to help you.

    Hope you have a great weekend too – only a couple of hours to go now :)

    #1019635
    Accounts Studio
    Member
    • Total posts: 516
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    Hi Jason
    Welcome to the forum and congrats on your newish business

    #1019636
    Gordon Akman
    Member
    • Total posts: 229
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    Hi JasonFX,

    You started a business at a tough time in the business cycle. If you have done well in your first six months your business has great prospects. Best of luck.

    #1019637
    JasonFX
    Member
    • Total posts: 3
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    soliddata, post: 23114 wrote:
    Welcome Jason,

    You mentioned trials and tribulations – have you had some getting to here?

    Kevin

    Hi guys,

    Thanks for the warm welcome. Hope everyone had a good weekend.

    To answer Kevin’s question our major issue to starting a financial service business in Australia has been the huge barriers to market entry. Basically I spend the first 5 months working solely on and applying for our Australian financial services license. Another issue is cost. Compliance costs alone to hold the license run about the same as having another perm member of staff. By contrast when we first started in the UK we only need a website, phone line and Excel. The positive to all the barriers to entry is that it tends to keep the cowboys out of the market. Also the customer is always protected (via Insurance and FOS) incase there are an issues.

    Cheers,

    Jason
    http://www.1stcontactforex.com.au

    #1019638
    JasonFX
    Member
    • Total posts: 3
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    Hi Simon,

    It was more of a cumbersome exercise. I think the licence application itself ended being around 300 pages. As retail FX in Australia is a relatively new industry we did not fit into any of ASIC existing licensing templates. This lead to use having to submit additional supporting documentation to explan things like how we manage risk. Also, ASIC tends to look at thinks in a very Australian centric way. This lead to difficulties in our experances in international market being recognised in Australia. All and all not a fun process.

    Your website looks great by the way.

    Thanks,

    Jason
    http://www.1stcontactforex.com.au

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