Forex trading has been proven as a lucrative business opportunity that can earn you a handsome amount of money. In fact, it’s estimated that about three trillion dollars are transacted daily in foreign currency exchange. However, to legally trade foreign currencies, you need to acquire a forex license. Accordingly, consider obtaining an SVG forex license. SVG(St. Vincent and the Grenadines) enjoys an international reputation in offshore business owing to its Preservation of Confidential Relationships Act of 1996, one of the major privacy laws that operate worldwide. That being said, let’s explore 5 reasons to apply for an SVG license for your forex brokerage company.
1. Exemption from tax payment
Taxes become a burden to businesses, especially startups. However, an SVG license exempts you from paying taxes for 25 years after registering your brokerage firm. This will allow you to establish your ground in forex trading gradually and keep you away from the tax authority. You are certain to gain substantial profits.
2. SVG license exempts you from filing returns
You certainly know that filing returns for a company is a painstaking activity. It requires plenty of documentation and analysis. This takes a lot of time and may prompt you to hire tax experts. However, you will not be required to file tax returns when you acquire an SVG license for your forex company.
3. Enhances privacy
Conventionally, registering a company will require you to disclose the names of your company’s directors, officers, and shareholders. The information is open to any public registry. Nonetheless, when you acquire an SVG license, the name of shareholders and officers of your company are kept private.
4. Convenient administration
With an SVG license, you can control or manage your forex company from anywhere in the world. This brings in unmatched convenience in that you will not be required to travel internationally to undertake administrative duties. This ensures that your company is under control irrespective of time and place.
5. Low government and annual fees
A registered company will be required to pay a certain amount of fees to the government of St. Vincent and Grenadines. However, the fees are considerably low when compared to fees paid by forex companies that acquire other offshore licenses. This allows you to keep considerable profits.
Forex trading can generate a substantial amount of money when done with the right skills, knowledge, and judgment. However, you need to apply for a license to legally operate an offshore forex company. With an SVG forex license, you will be exempted from paying taxes for 25 years. Moreover, you can control your forex company from any part of the world and you are exempted from submitting tax returns and annual reports to the government.