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Forex company on St. Vincent and the Grenadines

A forex company on the SVG

22. 09. 2022
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Registering a forex company with the SVG is a quick and inexpensive way to start a brokerage business. The local Financial Services Authority (FSA) does not issue a brokerage license, but registers the company. Considering that St. Vincent and the Grenadines is known for its privacy and tax benefits, the island is in demand by many aspiring brokers.

Advantages of SVG

  • SVG is ideal for beginners, as it requires minimal financial expenses. Here registration is cheap, there are no many taxes, inexpensive marketing, advertising campaigns, etc.
  • Registration of a legal entity and registration of a bank account takes a few days, if you fill out all the documents correctly.
  • Only 1 director is needed to establish a company.
  • Director can be appointed by another company.
  • Physical presence of an office in SVG is not required.
  • Meetings can be held anywhere in the world.
  • Share capital is from $1, can be in any currency.
  • No owners, shareholders need not be listed in a public registry, allowing complete anonymity.
  • The broker does not need to have special education and submit the necessary certificates that confirm it.
  • There are no checks from the regulator.
  • There is no need for an annual report.

SVG and taxes

  • Taxes do not have to be paid for the first 25 years after registration.
  • The person who runs the company can not worry about corporate, income, inheritance tax.
  • Non-resident shareholders are exempt from income and corporate taxes, on capital gains.
  • No taxes are due on off-island profits.

Peculiarities of brokerage licensing in SVG

International organizations, which were registered in SVG, can engage in any commercial activity without a license, with few exceptions (banks, insurance). Thus, a brokerage company does not need a license. The main reason is that the regulator cannot control this sphere, so it is not able to guarantee that the brokerage company is not a fraud. FSA officially warns customers that they act at their own risk.

Registering a brokerage company

Although a forex company in St. Vincent and the Grenadines does not need a license, it can be incorporated here as a legal entity. For a long time, a popular form of registration was the IBC (International Business Company). In 2020 it was abolished, and such organizations were called simply "commercial companies" (CC). Their disadvantage was the requirement to pay a tax of 30% and to file reports to the regulator.

But, the authorities provided the opportunity to register the company as an LLC. This form is considered a successful substitute for IBC, it allows not to pay taxes. Among the few conditions:

  • The presence of a local representative at the IBC. If necessary, we will provide it to you.
  • Once a year, in December, the company registration on SVG must be renewed, no matter what month it was opened.

To register an LLC you need to provide minimal documents - a copy of your passport, proof of residency, a certificate from the bank.

How to register a business on SVG

To quickly start a forex business on SVG, apply at IT-OFFSHORE experts.

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