Saint Vincent and the Grenadines, a country in the north Caribbeans are known to many for their yacht-filled harbours, private islands, and beautiful beaches. But if you are an individual who is looking to start a business in this godly country, you are in luck, as in today’s blog post we will be sharing with you everything you need to know about an SVG fund management license and more.
What Is an SVG Fund Management License?
Mutual funds in Saint Vincent and the Grenadines islands are regulated and controlled by the Mutual Funds Act of Chapter 154 outlined in the country’s rules and regulations. There are two types of mutual funds available in the country, ones that are private and the other public. Depending on which service you are looking forward to provide, you will need to choose between either of these two, that is a Public Mutual Fund license or a Private Mutual fund License.
How to Secure an SVG Fund Management License?
Securing an SVG Fund management license can be a long and confusing process if you do not know the steps involved in the process. Mentioned below are some of the most significant ones you will need to follow:
- In order to secure an SVG Fund management license, you will need to apply with the SVG Financial Services Authority, which overlooks all the financial proceedings in the country on behalf of the government.
- The first step in the application process is to register an International Business Company in the country, either by using a local or an international address.
- Once the company has been registered, you will need to start the process of obtaining an International Public Mutual Fund license, and for the same, you will need to appoint a Licensed Administrator who resides at St. Vincent.
- Along with this, you will need to appoint a Licensed Fund Manager who needs to be a resident of St. Vincent as well.
- Once you complete both the above-mentioned requirements, you will need to submit all required documentation to the SVG Financial Services Authority, and if everything checks out, your license will be delivered in 6-8 weeks after submission of all documents.
Maintenance of Fund License
As with all fund licenses in developing countries, you will need to maintain your fund license and stay compliant with the Mutual Funds Act at regular intervals to ensure a smooth business experience. For the same, you will need to maintain a regular record of your accounts and also send information regarding transactions and business processes to the SVG Financial Services Authority as and when requested.
As you might have guessed by now, applying for and securing an SVG Fund management license is not as easy as it appears on the surface. To make the process a hassle-free and smooth experience for you, we at Starting Offshore provide a team of dedicated experts and professionals, who not only guarantee quick delivery of your license but also continued assistance every step of the way.
Contact us today at Starting Offshore to secure your SVG Fund management license.