Forex license in Saint Lucia
St. Lucia is one of the most loyal jurisdictions for running a brokerage business. The minimal tax burden, quick start-up, and absence of strict regulations make Forex license in St Lucia attractive for start-ups and scaling of business. With Gofaizen & Sherle, you will get professional assistance remotely launching your business with a guaranteed turnkey solution.
Until recently, forex activities in St. Lucia were not regulated, but the legislation was changed in 2022. Every company operating in the forex market and engaged in the exchange of financial instruments must obtain a forex broker license in Saint Lucia. The regulation of this sector is the responsibility of the Eastern Caribbean Central Bank (ECCB) and the Financial Services Regulatory Authority of Saint Lucia (FSRA). The Forex license in Saint Lucia allows a company to trade various financial instruments (securities, currencies, commodities, futures, etc.) on behalf of clients or the company itself. For IBC companies that deal with contracts for differences on the Forex market, as well as work on CFDs outside the Eastern Caribbean region – a license is not required.
Despite these innovations, getting started in this jurisdiction is quite simple and quick. To obtain a Forex license in St Lucia, you need to fulfill the standard requirements. These include registration of the company, physical presence, appointment of directors, preparation of the necessary documentation, etc.
At the same time, businesses get many advantages: exemption from many taxes and financial reports, fast processing, and low costs.
Advantages of a Forex license in Saint Lucia
Tax exemption:
Offshore businesses operating offshore get the benefit of exemption from a host of tax obligations: income taxes, low rates, and exemptions.
No residency requirements:
There are no mandatory citizenship requirements when appointing directors and shareholders of your offshore company. This gives you the freedom to choose professionals and partners from different parts of the world.
Quick company start-up:
The process of registering an offshore company with our help is fast and efficient, taking only 5-7 working days. It also allows you to save money at the start-up, including minimizing licensing costs.
Low operating costs:
Keeping an offshore company running will cost you much less than in most jurisdictions.
Data privacy:
You have the option of not disclosing information about shareholders, founders, and beneficial owners, which helps to keep your business confidential.
No education requirements:
Your employees are not required to have specialized training in the field, which increases your hiring options.
Request more information about Forex license in Saint Lucia
Packages of services for forex license in Saint Lucia
Registration of a Forex Broker with corporate account and nominee service
- All services from the Extended package
- Full nominee service
- Legal Opinion
Registration of a Forex Broker and assistance with corporate account opening
- All services from the Basic package
- AML/KYC Policy
- Assistance with corporate account opening
Registration of a Forex Broker under the minimum requirements
- Dedicated consultant with the fully provided individual approach
- Full turnkey company formation assistance
- Company name of your choice
- Notarized set of corporate documents
- Registration of the company as a Forex Broker
Requirements for obtaining a forex broker license in Saint Lucia
For companies deciding to conduct forex activities in this jurisdiction, the following requirements should be considered:
– Start by registering the company – LLC or other commercial organization, according to the local legislation.
– Be sure to appoint at least 2 individuals as directors.
– It is sufficient to have a minimum of one shareholder. Corporate shareholding is permitted.
– Organize and maintain a quality compliance system within the company.
– Provide a certified copy of the holder’s passport, bank references, directors’ resumes, and utility bills for the last quarter.
Process and timeline for obtaining a Forex license in Saint Lucia
To open a Forex license in St Lucia you need to follow these steps:
Company Registration
Step 1
Before you can start the licensing process, you need to register your company in St Lucia. Brokers can choose from 4 types of companies: sole proprietorship, partnership, corporation by legal entity, or offshore company (IBC). An IBC has the advantage of being exempt from double taxation under the CARICOM Double Tax Agreement, however, such companies cannot operate in the jurisdiction.
List of documents when applying for registration:
- application form
- articles of association
- a complete list of all owners and shareholders
- developed business plan
- certified copies of passports of beneficiaries
- proof of residence, e.g. utility bills
- bank statement
- proof of the registered office
License Application
Step 2
A license is not required for companies:
- International (IBC) dealing in Forex CFDs outside the Eastern Caribbean region.
You can launch your operation within 2 weeks without the licensing process.
The FSRA license is required for companies whose main activity is to provide buy/sell services for financial instruments. The business can operate outside the Caribbean.
This license allows companies to trade a variety of financial instruments (securities, currencies, commodities, futures, etc.) on behalf of clients or in their name.
To obtain it, an application form must be completed and submitted to the Saint Lucia Financial Services Authority.
List of documents:
- corporate documents
- proof of incorporation
- detailed business plan
- financial statements, including revenue forecasts
- contracts with clients, including refund policy and trading rules.
Issuance of Forex Brokers in St. Lucia
Step 3
To be approved, your company must meet all standards and requirements of the jurisdiction, and the application package must be properly formed and submitted in full.
If FSRA finds no irregularities and confirms the company’s compliance, you will receive a St. Lucia Forex License to legally operate in the field of forex activities.
Types of Forex licenses in Saint Lucia
There is 1 type of forex broker license in Saint Lucia which is called FSRA license. It is issued to companies whose principal activities include:
- Entering into transactions to buy/sell securities with another person.
- Manage the client’s portfolio, whereby the first person has the right to own the assets of the second person
- Trading in various financial instruments (securities, currencies, commodities, futures, etc.) on behalf of clients or the company itself.
Open a Forex Company in Saint Lucia
Registering a company in St. Lucia is one of the main rules of the regulator for obtaining a St. Lucia Forex License. The main steps of opening a Forex company:
Choosing a company name
Step 1
When choosing a company name, it is important to consider that it should be unique and should not contain any prohibited words or expressions. Also, the name should reflect the scope of the company and be written in Latin letters.
Gather a package of documents
Step 2
Before submitting your application, you need to prepare the following documents:
- Company name
- A completed incorporation form
- Certified copies of the passports of the beneficiaries
- Utility bills
- Professional CV
- Bank statements
For correct completion of the documents and submission of a complete package for registration approval, we recommend that you seek advice from Gofaizen & Sherle.
Company Registration
Step 3
Together with the application and documents, it is necessary to submit a notice to the registry to register the company. In advance, you need to pay the state fee for the application.
Opening a corporate account
Step 4
Select a banking institution that complies with the anti-money laundering policy and open a corporate account with it.
Register the company
Step 5
If all the above steps are completed correctly, you will receive a certificate of incorporation for your company.
Obtaining a Forex license in Saint Lucia
Step 6
Apply for and receive your FSRA forex license within 3-6 months.
Please note, that forex companies that operate on CFDs outside of the Eastern Caribbean region can operate without a license. In this case, it takes 1-2 weeks to register your business. Contact the experts at Gofaizen & Sherle to get your business up and running quickly.
Find more information about a Saint Lucia Forex license
Overview of Forex license in St Lucia
| Processing time | 2-3 weeks |
| Application fee | None |
| Minimum capital requirement | No requirement |
| Corporate income tax | 0% |
| Resident employee | No requirement |
| Accounting audit | No requirement |
| Office requirement | No requirement |
| AML/KYC | Required |
Regulation of Forex license in Saint Lucia
The main regulator of financial activities in Saint Lucia is the ECCB (Eastern Caribbean Central Bank), as well as the Financial Services Regulatory Authority, which the ECCB has empowered to manage the financial sector.
The main laws that relate to retail forex trading are the local business laws and the Money Services Business Review Act No. 11 of 2010. This law is periodically amended and transformed by the government.
Even before 2022, the activities of a brokerage company were not subject to regulation. The government did not require a mandatory license for financial operations in the forex sector. The situation has not changed for brokers who work on contracts for difference (CFD) outside the jurisdiction. Their activities are not subject to Money Service Business Act controls, so they do not need a license. In case you provide services on exchange of financial instruments (currency, securities, futures, commodities) in the forex market for your account or on behalf of a client – you need to obtain a Forex license in Saint Lucia.
The main task of FSRA is to control and regulate the financial sector, including forex activities in Saint Lucia. The main powers of the regulator are:
- ensure compliance with the rules established by law.
- conduct inspections of forex companies, including office inspections, records, and documentation checks.
- issue fines for violations of regulations.
- suspend or revoke licenses if serious rule violations are found.
Taxation of Forex Companies in St. Lucia
One of the main advantages of forex brokers operating in Saint Lucia is loyal taxation. Offshore companies receive favorable benefits, and companies operating within the country – low rates relative to other jurisdictions.
Taxation rules are determined by local tax legislation. Basic rules for businesses operating in the forex market:
- The standard corporate tax rate for a business operating in St. Lucia is 30%. If the company has tax arrears – 33.3%.
- Offshore companies can be exempted from corporate tax (0%). This rate will allow the benefits of the Double Taxation Agreement.
- VAT – 12.5%, but preferential terms may apply.
- Registered companies in the jurisdiction are exempt from income, dividend, and payroll taxes (0%).
- State annual tax – $300.
FAQ about Forex license in Saint Lucia
Is Forex Trading Legal in St Lucia?
The activities of forex companies in Saint Lucia are legal and fall under the regulation of local legislation.
How do I get a Forex License in Saint Lucia?
To obtain a Forex license in Saint Lucia, you need to register your company, prepare the necessary documents, meet the requirements of the regulator, and apply for a license. For IBC companies dealing with CFDs on the Forex market, there is no need to obtain a license.
How long does it take to obtain a Forex license in Saint Lucia?
Obtaining a forex broker license in Saint Lucia for companies that operate on CFDs outside the Eastern Caribbean region – 1-2 weeks.
How much does a Forex license cost in St. Lucia?
The cost of obtaining a Forex license in Saint Lucia with our support is calculated on an individual basis, taking into account your specific requirements, and can be approximately $8,680 (a project that does not require a license), including all mandatory government fees and professional services.
How do I apply for a Forex license in Saint Lucia?
You can apply remotely. You must complete the form and submit it to the Saint Lucia Financial Services Authority.
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