Forex broker St. Vincent & Grenadines
Most of the well-known forex / investment brokers started their activities by registering a company in Saint Vincent & Grenadines (offshore zone where forex activity is not licensed. In this way it was made possible to start a business without particularly large costs and completely remotely.
Further, if the business turns to be profitable, companies received a brokerage license in Europe, Switzerland, England, America and other respectable jurisdictions.
To date, it is possible to conduct investment / forex activities without a license only in the offshore jurisdiction of Saint Vincent and the Grenadines due to the lack of legislation that would regulate such activities.
Offshore jurisdictions such as Saint Lucia, Seychelles and Mauritius have made changes to their legislation, and now investment / forex activities are necessarily licensed (requirements for a real office, local employees and authorized capital have appeared).
That is why we offer to order a turnkey solution for legal support of investment / forex activities with minimal investment provided by our experts.
Of course, in order to work in accordance with the whole bunch of international requirements, you will need not just a company registration or an offshore license, but a European license.
Our conviction, based on the experience of supporting other brokers: you can launch an investment / forex project with a minimum level of costs, and in a year you can get a European-level license in order to become a fully compliant broker.
To date, it is possible to conduct investment / forex activities without a license only in the offshore jurisdictions of Saint Vincent & Grenadines and Marshall Islands due to the lack of legislation that would regulate such activities.
What do you need to start?
To implement a legal and inexpensive algorithm, you will need:
1) Registration of an offshore company in Saint Vincent and the Grenadines;
2) Registration of a European company;
3) Open a corporate account for a European company;
4) Connect a merchant account (payment by card on the website) to the brokerage company;
5) Availability of a website for an investment / forex company.
The European company acts as a paying agent and is needed in order to receive payments from a merchant account and open a corporate account.
Most banks and payment providers conclude contracts only with European companies (they cannot with offshore companies due to internal policies).
Our turnkey offer includes registration of a company in the form of LLC in Saint Vincent and the Grenadines, preparation of a legal opinion on the legality of activities without a license, registration of a company in the EU as a paying agent, development of documents for the website, opening a corporate account and connecting a merchant account. With such a set of tools, you can start working within 2 months after the decision to cooperate with the Legarithm team and payment for services. Completely remotely and confidentially.
Do you want to launch your investment or forex project now? Contact us via chat for a more detailed consultation on your project.
Saint Vincent and the Grenadines – BC or LLC?
In accordance with the new changes in legislation, in Saint Vincent and the Grenadines, it is no longer possible to register an International Business Company (IBC), all companies registered after January 1, 2019 are registered in the Business Company (BC) form, which replaced the IBC form. At the same time, in addition, a new form of company registration appeared – LLC (Limited Liability Company), which is most suitable for registering a company conducting brokerage activities.
BC companies incorporated in Saint Vincent and the Grenadines are required to disclose their directors and shareholders. The names and addresses of directors and shareholders must be sent to the Financial Services Authority (FSA), the government agency through which offshore companies in Saint Vincent and the Grenadines are registered.
Saint Vincent and the Grenadines also introduced corporate income tax for BC companies at a rate of 30% of global income.
BC companies in Saint Vincent and the Grenadines are required to file reports. Financial statements must be submitted annually for companies whose gross income for the reporting period was $ 4 million or more. BC companies with total assets in excess of $ 2 million are subject to the same requirement.
For those companies whose gross income for the reporting period was less than $ 4 million or whose total assets do not exceed $ 2 million, there is a requirement to file a Declaration of Solvency annually.
BC Saint Vincent and the Grenadines now have a financial record keeping obligation. At the same time, the documentation should reflect all the company’s operations in an appropriate and complete manner and are sufficient to explain the operations performed. Moreover, financial records must be retained for at least seven years after the end of the financial year to which they relate.
In addition to BC, Saint Vincent can also register a limited liability company – LLC (Limited Liability Company). This is a new form of company registration, which was introduced into the legislation with the latest changes. Registration of a company in St. Vincent LLC form has many advantages and offers quite favorable conditions for registering an investment / forex broker.
To register an LLC, there are no requirements for the minimum share capital, while the share capital can be expressed in any known currency.
An LLC can be incorporated with one director, and it can be both an individual and a legal entity (company) and is not required to be a resident of Saint Vincent and the Grenadines. There are also no requirements for the mandatory presence of a company secretary.
Most importantly, compared to BC, LLCs are not taxed in Saint Vincent and the Grenadines for 25 years from the date of company incorporation and are not required to file annual accounts.
LLCs are not required to provide information about directors and shareholders of the company, such information will not be reflected in the Registrar of Companies of Saint Vincent and the Grenadines.
Shareholders and directors of the company can hold meetings anywhere in the world. There is no mandatory requirement for LLC meeting of shareholders to be held in Saint Vincent and the Grenadines.
It should be noted that companies registered in the IBC form before 2019 are exempted from paying corporate tax at a rate of 30% until 2021. At the moment, the government of Saint Vincent and the Grenadines has not developed an effective way to assign tax numbers and pay taxes for companies registered in the form of BC and IBC, however, this can happen at any time.
- Corporate tax rate – 30% (exemption for 25 years)
- VAT – 0%
- Registration period – 1.5 weeks
Obviously, LLC will be the best choice to register a broker in Saint Vincent and the Grenadines.