The Financial Services Authority (FSA) in the Saint Vincent & the Grenadines (SVG) has issued a notice/policy that affects companies that are engaging in FOREX Business Activity. The specific notice/policy was issued late afternoon on January 6, 2023 adopting the below policy decision with immediate effect:
- Companies wishing to engage in FOREX business must provide a certified copy of the requisite licenses/approval from the jurisdiction(s)/authorities where their business activities will be conducted upon the submission of an application to be incorporated or formed in SVG. An application will be rejected if no such evidence is provided.
- A transitional period of forty-five (45) days until March 10, 2023 will be granted to existing companies, within which to provide the FSA with a certified copy of the requisite licenses from the jurisdiction(s)/authorities in which their business activities are being conducted. No filing fees will be incurred for these filings.
In other words, all companies currently engaged in FOREX Business Activity must provide to the FSA, via its registered agent, certified copies of requisite licenses/approval from the jurisdictions(s)/authorities where their business activities are conducted.
The required licenses/approval documents shall be submitted to the FSA SVG by March 10, 2023. This decision was taken after a sharp increase in the frequency and number of complaints and allegations of fraud against SVG entities engaging in FOREX business activity. Failure to adhere to these requirements will result in the application of sanctions against the relevant companies.