Lawyers’ services are quite expensive, so many people decide that they want to try to get an SVG forex license without their help. As a result, they spend a lot of time and effort studying the peculiarities of financial market regulation in this jurisdiction, fill out documents incorrectly, and are refused. After this, they still return to the idea of using the services of government agencies, but they have to pay much more because the level of trust in the organization on the part of government agencies has noticeably decreased and it becomes more difficult to correct this situation. Today we want to tell you at what stages you definitely cannot do without the help of a specialized lawyer, and what work you can do yourself to save money.
The main stages of obtaining permission
Even though this jurisdiction has very lenient conditions for regulating the crypto industry and obtaining a work permit here is relatively easy, you need to go through several very important steps, some of which are almost impossible to complete without the help of lawyers.
Analysis of your organization
First, you need to audit your company and check how well it complies with the requirements of government agencies. If you have been working on one project for a long time, it will be quite difficult for you to see any shortcomings. An outside perspective is often very useful. Lawyers will study the activities of your organization, and tell you where it does not meet the requirements of government regulators and what changes need to be made to the work of your organization.
Collection of necessary documents
To obtain permission, you need to collect a fairly large package of documents, which includes complete information about all owners and shareholders of the organization:
- A copy of the passport, certified by a notary;
- Papers confirming the place of residence (copies of utility bills);
- Certificate of good conduct;
- Resume and education information;
- Legal and banking recommendations and much more.
In addition, you need to draw up a thoughtful business plan with a complete description of your organization’s activities and collect a package of papers that confirm your readiness to comply with the AML and KYC policy. It will also be good if you provide papers that relate to the software you plan to use in your work (if necessary).
As you can see, the package of papers is quite large and all papers must be completed correctly. You should seek help from lawyers so that they can make sure that you have collected a complete package of papers and that they are all completed correctly.
Opening an organization in the chosen jurisdiction
Before obtaining a permit, you must register your organization as an official entity. To do this, you need to carry out transactions to establish a company through a notary and enter the provisions into the commercial register. This process usually takes about a week. If you wish, you can do this yourself, but it is better to entrust it to professionals.
Next, you need to prepare AML/KYC policies adapted to the type of crypto-oriented activity of the company and also apply for registration in the registry. This is one of the most critical stages in obtaining a permit because it is at this stage that you submit an official application for a license and this must be completed flawlessly, so it is better to entrust this to lawyers.
Opening an account
If you received approval at the previous stage, all you have to do is open a bank account and you can start launching your organization. At first glance, this stage is quite simple, and you can cope without the help of lawyers, but in practice, everything is a little more complicated. The fact is that not all banks are ready to work with brokerage and crypto firms because they consider this business to be very risky. Since specialized lawyers have extensive experience in this industry, they know which institutions are ready to cooperate and what arguments should be made to prove that you have taken into account all the risks and that your business will operate successfully.
Of course, you can try to obtain a permit without the help of specialized lawyers, but it will be extremely difficult and you may likely make many mistakes, which will complicate the process of obtaining a permit and make it more difficult. This is why many business owners outsource obtaining permission to lawyers, while they are busy with other equally important matters, such as finding investors or suitable employees. Gofaizen-Sherle has been in the industry for a very long time and has helped hundreds of companies obtain permission to operate in various jurisdictions worldwide.