St. Vincent and the Grenadines is an island in the Caribbean that is a popular jurisdiction for new forex brokerages to base themselves. Additionally, many larger or more established brokerages have established legal entities in St Vincent and the Grenadines. Why is St. Vincent such a popular jurisdiction for offshore forex brokerages? This blog post will examine why and explain why you should base your forex broker in St. Vincent!
St. Vincent and the Grenadines have a variety of different legal structures, but the most popular legal structure for forex or international finance service business is a called an “International Business Company” or IBC. IBCs are a special type of company that are authorized for a variety of activities by the Financial Services Authority (FSA) of St. Vincent. IBCs are authorized by the St. Vincent FSA for “Investment Activities” which is what your forex brokerage business will fall under.
St. Vincent IBCs are very quick to setup, typically only two to three weeks depending on the amount of time it takes for the required documentation to be collected and processed by the applicant. The amount of documents required is minimal for an IBC relative to other jurisdictions.
By default, St. Vincent IBCs have the lawyer who formed the company as the director, and the shareholders are hidden from view from the public, making these entities perfect for brokers or entrepreneurs who desire privacy! Additionally St. Vincent has a zero percent corporate tax rate which lowers your businesses cost!
If you are interested in setting up a St. Vincent IBC for your forex brokerage business, please contact us today!