On January 6, 2023, we received a notice from the St. Vincent and the Grenadines Financial Services Authority (SVGFSA) of the new requirements in all Business Companies (BCs) and Limited Liability Companies (LLCs) engaged in FOREX trading or activity due to the sharp increase in the frequency and number of complaints and allegations of fraud against SVG-registered LLC and BCs which are engagcd in FOREX trading or brokerage and the potential detrimental effects on the reputation of SVG the following policy has been adopted by the SVGFSA with immediate effect:
1. Companies wishiingfoengagein FOREX must provide a certified copy of requisite licence approval from the jurisdiction(s)/authorities where their business activities will be conducted upon submission of an application to be incorporated or formed in SVG. An application will be rejected if no such evidence is provided.
2. A transitional period of forrty-five(45)days until March 10 2023 will be granted to existing companies,wilhin which to provide the SVGFSA with a Certified copyof the requisite licenses from the jurisdiction(s) in which their business activities are being conducled. No filing fees are to be incurred for such filings..
Failure to adhere to these requirements will result in the application of sanctions against the companies in accordance with the Financial Services Authority Act.
Please feel free to visit the links for more information:
Requirements for Business Companies (BCs) and Limited Liability Companies (LICs) Engaging in FOREX Business Activity
FAQs Re Revised Requirements for Business Companies (BCs) and Limited Liability Companies (LLCs) Seeking to Engage/ Engaged in FOREX Activity
Please feel free to contact us with any questions and we look forward to your compliance with this policy.