For many companies, the speed of obtaining permission is of great importance. SVG has a transparent legal framework that provides precise legal regulation regarding brokerage activities in the Forex market. For companies to legally engage in currency trading, they must register a business and obtain an SVG forex license.
General information
Suppose your company plans to expand its business and enter the foreign exchange market in SVG. In that case, you must apply for a Forex brokerage license. Therefore, first, you will have to register your business considering the regulatory authority’s requirements and then begin the licensing process in this jurisdiction. It is worth noting that there are no requirements for the minimum amount of authorised capital in SVG. It gives the advantage of starting a brokerage activity with minimal capital investment.
This state is a prestigious economic centre that will contribute to developing financial activities. Since SVG is considered a robust offshore environment, the state authorities provide banks with various tax benefits so you can open a brokerage firm on favourable terms.
What is the business registration procedure?
To successfully register a company, you will need to go through several stages, each of which you must fulfil all the requirements of the competent authorities.
Collect a package of papers
You will need to prepare all the documents required by the Regulator. This list will include a notarised copy of the passport, a certificate confirming registration, biographical information, and much more. The requirements of current legislation require that all documents be prepared.
Give a name to your company
To do this, you must create a unique name for your company, which will not be duplicated with firms listed in the state SVG Register. The company’s name must include an abbreviation indicating that the company is a limited liability organisation. Using terms associated with royal or government companies in the title is prohibited.
Compile and apply for firm registration
The next step will be to go through the registration process in the State Register. This stage will take very little time – approximately 3-5 working days.
Open an account
After registering a company, you will need to open a bank account. When choosing a bank, you should select the bank whose activities provide for the provision of services to Forex brokers. You need to take your choice of bank seriously and find out all the terms of cooperation in advance.
Apply for a Forex Broker License
Along with the completed application for licensing, you must prepare the following package of documents:
- corporate documents;
- office lease agreement and registered legal address;
- information about the company’s staff: passports, registration, work experience in this field, police clearance certificates, resumes;
- business plan, firm structure indicating the management model and planned financial indicators in the process of activity;
- certificate of capital availability;
- develop an AML program and provide for an internal control scheme for financial risks;
- a license from other jurisdictions if the company already provides services there;
- provide paid state duty.
Before applying with a package of documents, it is recommended to study the demands of the Regulator carefully. The submitted papers will be checked for compliance with the data provided and all stipulated requirements, including financial risk assessment. Regulatory authorities may require additional information and invite you to an interview to clarify some points. Please note that the company must have at least one director, shareholder, and secretary, and one of the directors must be a resident of SVG.
You can obtain a permit if the document verification satisfies the regulatory authority.
How are forex brokers regulated?
The FSA is the regulatory body that oversees the financial activities of non-banking firms. This regulator assesses various risks and ensures financial stability in the state. All firms undergo regular audits and checks for compliance with AML and KYC policies. In addition, the activities of companies must strictly comply with current local legislation.
How do we simplify the process?
Registering a business in SVG is possible in just a few days, but licensing will take much longer. If you want to find out more precisely the licensing terms, you can contact Gofaizen-Sherle for advice.
