St Vincent and the Grenadines, nestled in the Caribbean Sea, includes the main island of Saint Vincent along with several smaller islands, the Grenadines. As part of the Commonwealth, its sovereign is the British monarch. The country’s financial authorities do not directly issue St Vincent and the Grenadines forex license but allow forex activities, assuming SVG-registered entities possess a valid license from their target market’s regulatory body and comply with basic regulatory requirements.

Benefits of Obtaining a St Vincent and the Grenadines Forex License

Stable Political and Business Environment

  • SVG boasts a stable, business-friendly political climate.
  • The government supports the financial services sector, positioning SVG as an attractive financial hub.

Developed Infrastructure

Comprehensive telecommunications, including broadband and mobile networks, underpin business and forex trading activities.

Legal Framework

  • Operates under the British common law system, offering stability and familiarity.
  • Simplifies legal processes for businesses, enhancing legal certainty.

International Recognition

  • Known as a reputable financial center with standards in line with global practices.
  • Membership in OECS and ECCU aids in trade, currency stability, and monetary policy.

Tax Advantages

  • No taxes on Capital Gains, Corporate Income, or forex trading profits.
  • Double taxation treaties with several countries facilitate cross-border investment.

Flexible Foreign Exchange Controls

  • Minimal restrictions on international financial transactions.
  • Enables easier access to global markets and investment opportunities.

SVG Forex License and Regulatory Changes

Forex Regulations Update

In SVG, forex did not require special regulatory supervision or licensing until early 2023. On January 6, 2023, the SVG Financial Supervisory Committee required forex brokers to confirm their activities by providing forex licenses in ST Vincent and the Grenadines recognized by foreign regulatory authorities in the regions where they operate. To avoid penalties, the enhanced regulatory standards had to be met by March 10, 2023.

Requirements for new forex brokers

First, new entrants to the St. Vincent and the Grenadines market must comply with standardized business registration protocols. In addition, they have to obtain a forex license in St Vincent and the Grenadines from the regulatory authorities in the regions where their clients are attracted. Brokers must provide official confirmation from these regulatory authorities in jurisdictions that do not have forex licensing requirements.

The role of the Financial Services Authority (FSA)

The SVG Financial Services Authority (FSA) is responsible for the integrity and stability of the financial market, where the activities of forex brokers are no exception. Considering SVG’s membership in the Caribbean Financial Action Task Force on Money Laundering, it ensures compliance with anti-money laundering and counter-terrorist financing regulations under international standards. The SVG FSA does not issue licenses for forex activities and does not create a specialized regulatory framework for forex companies, although it plays a supervisory role.

Applicable Legal Frameworks and Regulations

  1. Financial Services Authority Act, 2011.
  2. Securities (Licensing) Act, 2011.
  3. Consumer Protection (Fair Trading) Act.
  4. International Business Companies Act, 2007.
  5. Foreign Exchange Control Act.
  6. Cybersecurity and Data Protection Regulations.
  7. Memorandum on Requirements for Business Companies (BCs) and Limited Liability Companies (LLCs)

AML/CFT and Compliance

Forex license in SVG and Belize

Considering the forex license St Vincent and the Grenadines and Belize, you can immediately see that, of course, a clear set of requirements is required in both cases. Among the main requirements of SVG are the presence of a resident director, a local office, a limited liability company, and compliance with local laws. It is equally important to confirm licensing in other countries, anti-money laundering policies, and compliance with the SVG legal framework if applicable.

In the case of Belize, legal entity formation, compliance with certain financial thresholds, anti-money laundering protocols, integrity of key personnel, effective systems, and compliance with IFSC standards are required. Comprehensive documentation, such as business plans and financial evidence, is necessary to ensure compliance and operational capability.

Criteria for a St Vincent and the Grenadines Forex License

  1. At least one director, shareholder, and secretary is required; one director must be an SVG resident.
  2. The establishment of a registered office in SVG is mandatory.
  3. Company name must reflect limited liability.
  4. Strict adherence to SVG laws and regulations.
  5. Proof of licensing in operational jurisdictions, or official exemption documentation.
  6. Implementation of comprehensive AML/KYC policies.
  7. Compliance with applicable SVG legislation in structure and processes.

Setting Up a Forex Business in St Vincent and the Grenadines

The SVG Financial Services Authority (SVG FSA) is responsible for the assessment in setting up a forex company in SVG, which is usually completed within two months. Depending on the business’s specific needs, there is a choice between an international business company (IBC) or a limited liability company (LLC).

IBC vs. LLC Features

International Business Company (IBC)

  • Requires a minimum one shareholder and director.
  • Ensures shareholder and director privacy.
  • Offers tax benefits.
  • No mandatory financial reporting, but financial record maintenance is essential.

Limited Liability Company (LLC)

  • Suitable for a broader range of activities and partnerships.
  • Offers flexibility in ownership and management structure.

Required Documentation

  1. Memorandum and Articles of Association.
  2. Detailed Business Plan.
  3. Corporate structure information.
  4. ID and address proofs for directors/shareholders.
  5. CVs highlighting forex industry experience.
  6. Criminal record clearance.
  7. Registered agent and office in SVG.
  8. Forex licensing proof from operational jurisdictions.
  9. AML/CFT policy documents.

Steps for Incorporation

  1. Decide on a corporate structure (IBC or LLC).
  2. Reserve a company name.
  3. Appoint a registered agent in SVG.
  4. Secure a registered office.
  5. Prepare and notarize all required documents.
  6. Apply to the SVG FSA for approval.
  7. Open a corporate bank account.
  8. Register the company with SVG’s Companies Registry.

Post-Establishment Compliance

  • Register with the Inland Revenue Department for taxation.
  • Enroll with the National Insurance Services.
  • Comply with the Employment Standards Division’s labor laws.

Obtaining an SVG Forex License

The process for applying for a brokerage license in St Vincent and the Grenadines varies by jurisdiction, each with its own requirements and complexities. Our team of legal experts is available to help navigate these processes.

Steps in the Forex License Application Process

  1. Start a company within the chosen jurisdiction.
  2. Collect and organize the required documents.
  3. Handle the costs for the Saint Vincent and the Grenadines forex license application (application – €225 and the €4,000 annual fee).
  4. Forward your application and documents to the regulatory body.
  5. The regulatory authority will conduct checks on the company and its key members for integrity and financial stability, review compliance with forex regulations, and may request additional information or adjustments.

Compliance for Forex Businesses in St Vincent and the Grenadines

Despite SVG not having a forex-specific regulatory framework, it’s crucial to comply with general and international AML/CFT requirements:

  • Conduct Customer Due Diligence (CDD): Verify customer identities and assess risk profiles.
  • Inform the Financial Intelligence Unit (FIU) of suspicious transactions.
  • Enhanced Due Diligence for PEPs: Apply additional measures for transactions involving politically exposed persons.
  • Maintain up-to-date records of customer information and transactions.
  • Provide AML/CFT Training — ensure employees understand their responsibilities in identifying and reporting suspicious activities.


Are there any AML and CTF regulations for St. Vincent and the Grenadines forex businesses?

St. Vincent and the Grenadines applies regulations obliging forex companies to implement comprehensive anti-money laundering and anti-terrorist financing measures and report any suspicious activity.

What are the minimum requirements for setting up a company in SVG?

It is necessary to have at least one director and one shareholder, who can be the same individual or legal entity.

Do forex-licensed companies in Saint Vincent and the Grenadines receive tax benefits?

Yes, companies with forex licenses in St Vincent and the Grenadines may enjoy tax benefits, including possible exemptions from certain taxes, depending on their activities and structure.

How challenging is it to obtain a forex license in SVG?

Obtaining a brokerage license in Saint Vincent and the Grenadines is demanding, with strict requirements for financial stability and AML/KYC compliance. Expert legal and financial guidance is recommended to navigate these challenges.

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