A company formation in St. Lucia is often referred to as a forex broker license, which is incorrect as we outline in today’s post.
Prior to 2023, St. Vincent & The Grenadines was the defacto jurisdiction for new forex brokers to incorporate their business. This often led to confusion as St. Vincent was commonly referred to as a license when in reality it was no more than a basic company formation. The same applies situation applies to St. Lucia as we’ll outline in today’s column.
St. Lucia Is Not a Forex Broker License
Brokers who register in St. Lucia are simply forming a company; they are not licensed to operate out of St. Lucia. This leads to a common question from our clients: “Why do so many brokers choose St. Lucia as they once did with St. Vincent?” The answer is that St. Lucia is one of the few regions in the world that allows forex brokers to register companies without holding any type of regulation. It would not be possible to simply register a company in regions like Mauritius, Seychelles, or Cayman Islands without holding a license.
Because it only takes 2 weeks to register a new company in St. Lucia, forex brokers often use this region as a starting point for a newly formed broker or prop firm. In fact, we suggest initially starting in St. Lucia while simultaneously applying for a proper forex broker license.
Does St. Lucia Offering Licensing Options?
St. Lucia is unique in the sense that one be licensed and obtain local banking. The catch is that the share capital requirement of $400,000 is cost prohibitive for most brokers who can obtain similar licensing options in jurisdictions with lower capital requirements. Nevertheless, it is a possibility to be licensed in St. Lucia although it is not an attractive option at the moment.
Atomiq Consulting – Forex Broker License & Company Formation Expertise
Since St. Lucia became the primary jurisdiction for new forex broker registrations, our team has helped dozens of clients across the globe successfully get started in St. Lucia. To obtain a price quote, discuss banking options or any other questions, don’t hesitate to contact our team of specialists today!
