Saint Vincent is an unregulated jurisdiction. Thus, with proper documentation, you can legally open and run a brokerage firm even if you are a non-local.
According to the Organization for Economic Corporation and Development (or OECD), St Vincent is a convenient island for business mainly because it’s politically free and independent. It’s an island with a flexible tax structure. In fact, it is touted to have one of the best taxation structures among the members of the United Nations, British Commonwealth, Organization Of Eastern Caribbean States (or OECS), and International Labor Organization. For example, newly registered companies are exempted from local tax during their first 25 years. This is not all. You don’t have to file annual file returns with the St Vincent authorities.
The other benefit is that the names of the directors and shareholders of your brokerage company are not available on the public registers. Therefore, you can run the business privately. To open a forex brokerage business, you need the following:
1. Forex License
This is what gives you the legal right to open and run a forex business in St Vincent. You need either an onshore or an offshore Saint Vincent forex license that indicates the following information:
• The name of the business
• Legal verification
• Registration identity
• Notary certificate
• License certificate
• Power of attorney
• Employment agreement
• Shareholders and directors registration
• Non-disclosure agreement
• Resolution to appoint attorneys and accountants
The registration of the license may take a few days depending on how quick you are at providing the legal requirements. Overall, the license enjoys the following advantages:
• No bookkeeping reporting
• No audit or account reporting
• Affordable opening fees
• No restriction on nationality
2. Forex Bank Account
After you have applied for a Saint Vincent Forex License, you require a business account that you can use to collect payments from your clients conveniently. To get the account, you need a well-structured memorandum. The opening of the forex bank account may take about a month. The benefit though is that you require a minimum cash deposit for the account to be operational.
3. Payment Getaway
Here, you need to decide on the best way to get paid. You can set up a merchant’s account that allows your clients to pay you using credit cards.
Clearly, St Vincent is a great island to start and run aforex brokerage business. If you have the forex expertise, then you should give it a try. However, you have to comply with the legal and business requirements discussed above.
