A forex company in the SVG
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 an island country known for its privacy and tax benefits, the location is in demand by many aspiring brokers.
Advantages of SVG
- SVG is ideal for beginners, as it requires minimal financial expenses. Registration is cheap, and there are not many taxes. Marketing, advertising campaigns, and similar expenditures are small.
- Registration of a legal entity and registration of a bank account takes only 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.
- It is not required to have the office in SVG.
- Meetings can be held anywhere in the world.
- Share capital starts at as little as $1, and can be in any currency.
- Owners and shareholders do not need to 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 inspections 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 should 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 only a few exceptions (banks, insurance companies, etc). 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, the IBC (International Business Company) was a popular form of registration. In 2020 it was abolished, and such organizations are now known as commercial companies (CC). Their disadvantage is the requirement to pay a tax of 30% and to file reports to the regulator.
But authorities provided the opportunity to register the company as an LLC. This form is considered a successful substitute for IBC since it also 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.
- The company registration on SVG must be renewed every year in December, no matter what month it was opened.
To register an LLC you need to provide a minimal packet of documents including a copy of your passport, proof of residency, and a certificate from the bank.
How to register a business on SVG
To quickly start a forex business on SVG, send the application to the IT-OFFSHORE experts.