Forex – Financial services firm

Forex Companies

Incorporating a Forex Company in St. Vincent and the Grenadines

If your Company wishes to engage in FOREX Business, it is essential to understand the regulatory requirements governing this industry.

All companies engaging in FOREX business must provide a certified copy of its requisite licence /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 St. Vincent and the Grenadines. An application will be rejected if no such evidence is provided.

FAQS – Companies engaging in FOREX Business

How can an entity demonstrate to the FSA that no licence is offered in the jurisdiction which they conduct/wish to conduct business?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.

What are the consequences of non-compliance of the notice?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.

What are the consequences of non-compliance of the notice?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.

What are the applicable sanctions?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.

Would the FSA be minded to grant an extension of time to obtain the necessary licence/approval from other jurisdictions for those companies that are already incorporated and trading?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.

Where it is impossible to obtain a licence for a company that is not yet incorporated. Is the FSA willing to provide a grace period from the date of incorporation to obtain the necessary licence/approval from other jurisdictions?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.

Would the FSA be minded to accept legal opinions from lawyers authorised to practice in such countries to confirm that no licence/approval is required to onboard clients/trade from such countries in lieu of a licence?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.

Will sanctions be applied to companies that initiate and or have not completed exit plans, such as a re-domiciliation or liquidation prior to the deadline?

If no license is required in a specific jurisdiction in which FOREX Activity is being undertaken, a letter issued by the regulatory/competent authority in the relevant jurisdiction can be furnished to the FSA. This letter must indicate that a license is not required by the named entity to engage in such activity in the jurisdiction.