New Forex Policy in St. Vincent: What You Need to Know.

On January 6, 2023, the Financial Services Commission (FSA) in St. Vincent and the Grenadines issued a new Forex regulation Policy which introduces a set of limits for foreign exchange or, simply, forex activity. The Policy now requires all new registrations and current BC or LLC companies to acquire a particular license in order to commence Forex activity. Thus, St. Vincent FSA relies on reducing the amount of scam forex brokers appearing in the country.

Further to it, companies are granted a transitional period till March 10, 2023, whereby companies have to provide either a license from the countries where the clients are being onboarded from, or exclude forex from listed business activities. Non-compliance with mentioned statutory requirements will lead to mandatory strike-off initiated by FSA.

This created a big mess and raised a number of concerns for many businesses around this Policy. Some companies agree to exclude forex from their activity, some decide to re-domicile entities to other jurisdictions, while some choose to liquidate their companies at all. By the current time, at least 20% of clients decide to abandon their companies not willing to undertake any actions in order to become compliant. In its turn, around 40% decide to re-domicile or set up new companies abroad while the other 40% — proceed with the exclusion of forex as non-primary business activity, or applying for the license. The latter can be achieved, in particular, by applying through a license from Comoros. This practice has been admitted by the St. Vincent FSA to be adequate as it fulfills the formal requirements.

At Corpheroes, we are ready to offer you any alternative that might be suitable for your business. We would be pleased to help and amend your business activities, assist with re-domiciliation or incorporation of a company in another jurisdiction with non-regulated forex as well as have all possibilities to get the license from Comoros. Our team is well-informed about possible options and would be pleased to offer you the best suitable solution.

To get more information or in order to find out more about other requirements on substance and financial reporting requirements in Saint Vincent and the Grenadines, do not hesitate to contact us for assistance. We care.