Forex license is not needed, Saint Vincent and Grenadines
According to sources, since 2018 it is forbidden to conduct brokerage activities on the islands (Forex). This jurisdiction is an island nation.
The islands are known as a center for luxury tourism. The population is large and amounts to just over 100,000 people. The most common language is English.
It is an offshore center in the West Indies. It has many advantages for banks - tax incentives are offered, you can get a license for Forex broker in a short time. The state is free and independent.
The nuances of obtaining a Forex license
Registration of a brokerage organization in a jurisdiction involves two options - the creation of a regulated and non-regulated company, the authorized capital can be any. Before you begin issuing a FOREX permit, you should familiarize yourself with the fact that the FSA is considered the financial regulator.
This department monitors the work of brokerage companies, exchanges and other markets. Brokers that are regulated by this department cannot send funds from clients to cover their expenses. They are required to keep client funds in bank accounts.
If a broker, whose work is regulated by management, becomes bankrupt, its customers will be subject to FSCS. Company registration implies the presence of an actual office in the jurisdiction, it is recommended to appoint an agent.
What are the pros for brokers in creating a business on the cores:
• Ability to register an organization in the following forms - LLC, IBC;
• After registration, a tax exemption for several years may apply;
• There are no taxes and fees;
• There are no requirements regarding the amount of minimum capital.
To obtain a license, one individual or legal entity is required. For more information on obtaining an activity license, contact the specialists at IT-OFFSHORE.
The registration procedure for IBC and LLC is not complicated, usually the operation takes several days, however, all the necessary documentation should be submitted.
To apply for permission in a jurisdiction, you must submit a passport, bills for utilities for the last ¼ years, a letter of recommendation from a bank or shareholder, a director’s summary translated into English. In addition, we need documents related directly to the issuance of permits - company documentation, credentials, etc.