What are the options for a St. Vincent and the Grenadines (SVG) entity conducting forex activities?
On the 15th of January 2023, the Financial Services Authority (FSA) of St. Vincent and the Grenadines (SVG) issued a public warning and a set of requirements for the registered entities engaging in forex activities. The said entities had a deadline of the 10th of March 2023 to provide the FSA with evidence of their approved license from the jurisdictions and authorities where their business activities are to be conducted. Failure to comply with the new licensing requirements of the FSA at SVG may result in sanctions against BC and LLC as per the FSA Act.
Throughout this period, our team at SALVUS has been in touch with the FSA of SVG to provide the required evidence to the FSA to ensure the business continuity of our clients.
What happens to the entities that are not licensed in another jurisdiction?
It was equally important for us at SALVUS to work towards providing solutions to our clients of alternative jurisdictions and for them to ensure business continuity. Throughout this period, we have worked to:
- Redomicile entities from the SVG to Saint Lucia, and/or incorporate new entities in Saint Lucia. The incorporation of an entity in Saint Lucia is easy and seamless, while a legal opinion can be obtained.
- Other clients choose to incorporate a new entity at the Marshal Islands and further obtain a legal opinion.
- Some other clients, opt to choose the regulated path and secure a license for providing forex activities. These types of clients opt for the most optimal and less costly regulated jurisdiction, with the FSC at Mauritius becoming the preferred jurisdiction.
If you are facing any challenges with your SVG setup, our team at SALVUS through its communication with the FSA of SVG and other jurisdictions, is ready to support you. For more information, please contact us at info@salvusfunds.com.
#StayAhead
