On Friday afternoon at approximately 4:30pm, the St.Vincent and the Grenadies FSA disseminated a notice/policy decision –
The notice/policy decision states that with immediate effect:
-Companies wishing to engage in FOREX business must provide a certified copy of requisite licences/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 a certified copy of requisite licences from the jurisdiction(s)/authorities in which their business activities are heing conducted.
This now means that companies are unable to trade forex in St. Vincent and the Grenadines without a licence/approval from the jurisdictions that they would be trading in.
If you wish to learn more, reach out to our team.