The main features of getting a permit in SVG

A permit from state regulatory authorities is necessary to conduct a business related to crypto-currency activities in SVG legally. Licensed firms can attract more customers, thereby contributing to their business development. The crypto license in SVG is the best option for those who care about taxation and ease of the licensing process.

FATF and AML Policy in SVG State

Saint Vincent and the Grenadines do not impose any requirements on financial companies associated with crypto activities. But suppose your organization plans to cooperate with other crypto firms. In that case, you need to consider the requirements of the FATF. In addition, it is recommended to implement KYC and AML policies. Such measures will allow your organization to cooperate with crypto firms in the European Union, the United States, and many others.

Consider the licensing process here

The process of receiving is simple and fast enough, but it is necessary to provide many points to start the licensing process, which we will list below. First, you need to understand if this permit is suitable for your firm, and if it is, then get a Certificate and pay government fees. Create a detailed business project that will spell out all the services your organization will provide, indicating the amount of investment in your business and the payback period for invested funds. The more detailed your business project is, the easier the licensing will be.

Be sure to include an AML and KYC policy in your organization’s activities, protecting your organization’s and your customer’s confidential data. Open a bank account in this jurisdiction and apply for a permit. It is worth noting there are no requirements for the size of the authorized capital, so pay the amount at your discretion necessary for the functioning of your organization.

The crypto firm must have a legal address in this state. It is possible to register a firm remotely. Registration of a firm is quick and easy, not requiring a massive package of papers. The licensing process takes about a week. The state body needs only a few days to review the documents for your crypto permit and then decide on licensing. In this jurisdiction, a tiny percentage of refusals are required to issue a permit.

Let’s list the main benefits of this jurisdiction

Thanks to the following benefits, it is an attractive jurisdiction for permitting a crypto company:

• there is no taxation;
• low operating costs;
• there are no requirements for the size of the authorized capital;
• no need to keep records of the company’s activities;
• no AML obligations for SVG (they only need to be provided if your organization plans to cooperate with various international firms).

Therefore, if your company plans to avoid taxes and scrutiny of your financial activities with virtual currency, it is the best place for this, including marketplaces, exchanges, and DeFi projects (decentralized finance using blockchain technology.

Consider the licensing requirements

SVG authorities have tried to make the licensing process as quick and straightforward as possible, presenting uncomplicated conditions. But there are some mandatory requirements:

• the organization must be registered here;
• availability of a detailed business plan in which to consider the main activities of the organization in the first months after licensing;
• the entire management team (founders, directors, shareholders) must have a certificate of no criminal record;
• provide a high degree of protection for your platform (provide appropriate software).

Also included in the package of documents is the company’s management policy regarding risks by local legislation. Although there are no requirements for the size of the authorized capital, there must be a bank account in SVG.

Summing up

Considering all of the above, in this jurisdiction, there are pretty simple requirements and a short registration period compared to other states for getting a permit. You can apply for a permit remotely without needing physical presence. It will be the most cost-effective option for you, with no taxation, and you can start your activity in a week.