Here are a few tips on how to make the process of getting a Forex permit in SVG!
SVG provides economic stability, so many investors consider this jurisdiction the best option for receiving a permit.
SVG is favorable for economic activities thanks to a loyal legislative base, low taxation, and low financial costs.
Today we will discuss the main advantages of a Forex license in Saint Vincent and the Grenadines and how to make getting as simple as possible.
Table of Contents
- For 25 years from the start of licensing, the organization will not pay taxes (income, corporate, and other taxes).
- No requirements for the minimum amount of authorized capital.
- Registering an organization takes up to 4 days, subject to the provision of all necessary papers and requirements.
- No need to provide financial statements (neither monthly nor annually).
- Low licensing costs.
- No need to provide a list of all founders.
- Many of the largest financial institutions prefer to cooperate only with organizations from the EU.
- Previously, non-residents could register, but now only “LLC” firms can register.
- Because the financial market was not previously controlled by law, there needs to be more confidence in organizations that operate in this jurisdiction.
- There are no rules to protect traders.
If an investor desires to create a firm in this state, they should apply for a broker permit. To do this, you must fulfill certain conditions: get a firm registration certificate, rent an office, etc.
SVG has approximately 110 thousand inhabitants, and the economic sphere is actively developing. SVG is an offshore financial center that offers banks preferential taxation, which makes getting a permit a profitable financial investment.
To license a forex broker, you need at least 1 manager, 1 shareholder, and 1 secretary in the firm, but there are no requirements for residency.
For the firm to operate, it is necessary to have an office – rented or purchased (to have a certificate of registration).
The wording should be used in the organization’s name, meaning the firm has limited liability. In addition, you must comply with the laws of this state.
The Process of Creating a Forex Organization
Consider the process of creating a firm step by step.
Provide the Required Package of Papers
To do this, you must prepare all papers, including copies of an identity card, certificates of confirmation of addresses, biographical data (CV), and others (according to the list provided).
Choose the Name of the Organization
The company’s name must be unique, unlike any previously registered in this state. Be sure to indicate that your firm belongs to the “LLC”. Names that are associated with royal or state organizations are prohibited.
Apply for Registration
Next, you need to apply for registration of the organization in the Register by the state’s legislation. You can register a firm very quickly; the process is at most 4 working days.
Get a Bank Account for an Organization
After receiving the certificate of incorporation, people need to open a bank account for your company. Please note that you need to choose a bank that provides brokerage services.
Get a Permit
This period may be more extended than when registering an organization, and you may also be required to provide additional documentation. Let’s list the main package of papers required for permitting:
- completed application
- 2 certified copies of identity cards of the organization’s management and shareholders
- certified certificates that confirm the address of residence of the management team and shareholders (this can be utility bills for three months)
- documentary evidence of no criminal record (clean reputation)
- statements from the bank of the founders of the company
- summary of the head of the organization and a letter of recommendation (letters)
- all corporate documents.
If the entire package of papers is fully provided, then there will be no problems with permitting. Thus, you can quickly obtain permission for Forex financial activities by registering a company in advance.