Establishment of a non-banking financial company in Saint Vincent and the Grenadines without a license

Generally, brokerage and other activities directly related to operations in the financial market (including Forex) require licensing. Offshore jurisdictions are no exception, but this material focuses on a state where it is possible to open a non-banking financial company without obtaining a special permit. Such an advantage is provided by the legislation of Saint Vincent and the Grenadines, where to register a company for participation in financial transactions, it is only required to specify the type of activity in the Charter.

To establish a non-banking financial company in Saint Vincent and the Grenadines without a license, contact the lawyers of Law&Trust International.

The description, however, must be detailed. This is due to the high degree of risk associated with working in financial markets. Thus, the applicant provides:

- Required information about the company according to the established list of items (physical address, website address, fax number, etc.);

- Educational documents (these can also be documents confirming completed specialized courses);

- Biography (CV);

- Recommendations confirming experience and professionalism;

- Documents explaining the features of the company's activities, its policies. Contact details of persons holding all responsible positions must also be provided;

- Presence of branches and other divisions.

The documents must contain confirmation of the legality of the business and its professional organization.

Non-banking financial companies in Saint Vincent and the Grenadines, when registered, acquire a classic offshore status and fill out a special charter (By-Laws). Regulatory bodies do not impose special requirements on such companies.

Features of a company for conducting financial activities (including Forex):

- There is no established minimum capital size;

- There is no need to submit special reports;

- There is no requirement to pay taxes.

Conditions that must be met:

- The nature of the company's activities must correspond to that specified in the charter.

- At the bank's request, the company must provide documentary evidence that the payment was made on a lawful basis. Additionally, the bank may require client identification and presentation of a contract between you and the client.

- The bank does not require keeping funds in the company's account, but their presence, in turn, will serve as a guarantee for the bank. Any currency convertible with the following can be used: USD, EUR, GBP, CHF, JPY.