Opening an investment management/consulting firm
This is my first post on this forum so I hope I'm posting under the right topic. I'm doing some research for a paper that I'm writing in regards to the opening of an investment management firm. I know that usually this firms are usually regulated by different entities and they need different licenses in order to be able to be on the market. But how does that exactly work? Let's say some people decide to open up a firm in Panama but they're not doing any business there, their clients are usually in Europe or the US. From which entity do they need a license and by whom are they then regulated? Is it by the domicile country of the firm or by the domicile country of the client?
Thanks for your help guys :)