The cost of currencies is now changing and snowballing, so the interest in trading continues to grow. This leads to the fact that more and more organizations seek to work in this industry. If you want your firm to operate legally, you should get a crypto license, but in what jurisdiction? If you want to provide Forex trading services, it is better to give preference to SVG. Today we want to discuss the features of this jurisdiction, the main advantages, as well as how to get a work permit as quickly as possible.
Why should you get a work permit?
The difference in obtaining a license in different countries is so significant that it makes no sense to compare them. The difference lies not only in financial costs and requirements but also in the effect that a specific jurisdiction gives. The reputation of the obtained license affects the level of brokers who will contact you and the possibility of getting a special bank account that will allow you to conduct financial activities legally.
SVG forex license can be said to have no official requirement. Moreover, the government stopped licensing FX brokers on its territory back in 2018. But being a broker without a license does not look very reliable.
Before engaging in banking activities, a company must obtain a license from the Financial Services Authority. The two classes of international banks that the FSA licenses are Class A international banks, with capital requirements of US$3 million and a statutory deposit of 500,000 USD. As well as Class B international banks, with a capital requirement of $0.5 million and a statutory deposit of 100,000 USD.
Benefits of this jurisdiction
If you want your crypto organization to work legally and not have problems with the law, you need to consider which jurisdiction to choose. Practice shows that many and many organizations stop at SVG, as it offers favorable conditions.
So, the main advantage of this jurisdiction is that you can be completely exempt from taxes. While in Estonia, you are forced to give the state 20% of your profits, in SVG, this percentage is zero, which is very popular with many crypto organizations.
Another advantage of this jurisdiction is its shallow requirements for applicants. All over Europe, there are stringent anti-money laundering compliance requirements; in this jurisdiction, there are no such requirements, which is very convenient if you want to allow your users to make anonymous transactions.
In addition, there is no minimum authorized capital, so this jurisdiction is suitable for both large crypto giants and small startups.
There are also very simple reporting requirements, which makes it very easy for your organization.
In general, if you do not want government agencies to interfere in your organization’s work, then this country will be an excellent solution for you.
However, it would help if you considered how well this fits in terms of reputation and other aspects. Although the conditions for obtaining a work permit here are lovely, you need to weigh the pros and cons and choose the most suitable option. If you have any doubts or questions, you can contact the specialists at our company. They will provide all the necessary information on this jurisdiction and help you understand how it suits you.
Services of our company
Our company specializes in providing legal services to crypto organizations that want to obtain permission to work in different jurisdictions, including SVG. Our experts have extensive experience in this industry and know what to pay attention to first.
The list of our services includes:
- providing information on jurisdiction;
- assistance in choosing jurisdiction;
- preparation of necessary documents;
- analysis of the organization’s readiness for licensing and much more.
Our organization’s specialists are interested in you obtaining a work permit in a short time and with minimal financial costs. Unlike other companies that provide such services, our specialists are guided by the peculiarities of clients’ work and their wishes.
Conclusion
If you want to get a permit in this jurisdiction, you should be prepared for the fact that it can take quite a lot of time and effort, so we advise you to get a full consultation with our company in advance. Although the level of taxes here is very attractive, the requirements for applicants here are a bit stricter than in other jurisdictions.
