New legislation for SVG forex companies
Please note that St. Vincent and the Grenadines Financial Services Authority (SVGFSA) recently adopted a new policy. According to the memorandum published on January 6, 2023 on their official website, the following requirements are introduced:
Companies wishing to engage in FOREX business must provide a certified copy of the requisite licenses/approval from the jurisdiction(s)/authorities where their business activities will be conducted upon the submission of an application to be incorporated or formed in SVG. An application will be rejected if no such evidence is provided.
A transitional period of forty-five (45) days until March 10, 2023 will be granted to existing companies, within which to provide the FSA with a certified copy of the requisite licenses from the jurisdiction(s)/authorities in which their business activities are being conducted. No filing fees will be incurred for these filings.
In other words, all companies currently engaged in FOREX Business Activity must provide to the FSA, via its registered agent, certified copies of requisite licenses/approval from the jurisdictions(s)/authorities where their business activities are conducted.
The required licenses/approval documents shall be submitted to the FSA SVG by March 10, 2023. This decision was taken after a sharp increase in the frequency and number of complaints and allegations of fraud against SVG entities engaging in FOREX business activity. Failure to adhere to these requirements will result in the application of sanctions against the relevant companies.
We offer a solution
After these changes, we understand your need to find alternatives to continue the operation of your Forex business outside of St. Vincent and the Grenadines.
We can facilitate either re-domiciliation of your SVG Forex entity to St. Kitts & Nevis or the incorporation of a Nevis entity (IBC or LLC) where Forex is NOT licensed but an entity cannot promote itself as a licensed forex entity within or outside of Nevis. We will assist you in preparing all the necessary forms and ensure all documents are in order.
The above is for informative purposes only. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.