SAINT VINCENT AND THE GRENADINES COMPANY

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St. Vincent edges out as the largest island of the 30+ islands that constitute the nation state of Saint Vincent and the Grenadines. The island is located about 1,600 miles on the South-Eastern part of Miami. The Grenadines is collective in that it consists of a group of islands that extend a distance of about 45 miles south-east of St. Vincent. Some of the major islands include Canouan, Mustique, Union Island and Bequia islands.

The legal system in use in this island (St. Vincent) has its basis on the British’s legal system. This is inclusive of legal proposals to the Privy Council whose base is in the United Kingdom. St. Vincent boasts of having highly functional telecommunication systems.

Further, the island also has exclusive fibre optic digital systems that were installed about a decade ago. Despite there being no direct airway from St. Vincent to Europe or US mainland, the island is still easily accessible by using connecting flights through Antigua. There are direct flights from the island to destinations like St. Lucia, Grenada, Trinidad, Martinique and Barbados.

 

 

KEY BENEFITS

  • Saint Vincent and the Grenadines company (IBC) is exempted from all types of taxation. Additionally, there is no requirement that provides for accounting and auditing of firms;
  • No Tax Jurisdiction;
  • St. Vincent & the Grenadines takes pride as being the only independent jurisdiction with an overall confidentiality law that helps in sealing of confidential information globally;
  • St. Vincent and the Grenadines does not have a double taxation treaty with other nations and as such details about trading activities are not disclosed to any other Revenue Authority of a different country;
  • IBC’s are allowed to issue bearer shares. This issuance may be done in light of qualification rights, limitations, restrictions and privileges. The shares may be issued either in one currency or in different currencies;
  • International Courier Service providers are required to open branch offices within St. Vincent;
  • Bearer shares are allowed. In addition to this, there is no provision that requires for the filing of by-laws or for disclosure of shareholders, directors and attorneys with the Offshore Finance Authority or any other entity thereof;
  • There are no limitation/ restrictions as far as changing a domicile to another jurisdiction;
  • Incorporation is has been enhanced and is undertaken within 24 hours.
 
 

SAINT VINCENT AND THE GRENADINES COMPANY TAXES

  • Companies are exempted from Exchange Control Act provisions or from other legislations on currency or on exchange controls. This exemption is done for a period of 25 years;
  • Companies are exempted from paying corporate taxes, income taxes, capital gains tax, withholding tax or other taxes on assets or incomes. Similarly, this exemption is done for a 25 year period;
  • Companies and businesses are exempted from inheritance and succession duties or other forms of gift tax on the shareholder’s estate for 25 years;
  • Companies and businesses are exempted from being charged taxes on dividends or distributions made to other companies, trust, individuals or other entities for 25 years;
  • Companies are exempted paying stamp duty in light of transactions that involve property transfers to or by an IBC. This exemption also puts into consideration debt obligations, shares and other transactions for a period of 25 years from when an IBC is registered.
 
 

ST. VINCENT AND THE GRENADINES COMPANY CORPORATE AND LEGAL FEATURES

SHARE CAPITAL

Any currency may be used to express Share Capital. The minimum capital issued stands at one share par value or one share of no par value. Annual fees are not linked to share capital amount in any way.

DIRECTOR

There should be at least one director who can either be an individual or a corporate body. The director is not necessarily required to reside in SVG and may be of any nationality.

SECRETARY

The provisions on the Company Secretary are just like those of the director. The Company Secretary position may be filled by either an individual or by a corporate body. The Company Secretary may be picked from any nationality and he/she is not necessarily required to reside in SVG.

SHAREHOLDER

There should be at least one shareholder.

CLASSES OF SHARES PERMITTED

There are different classes of shares that are permitted. These classes are such as: Registered shares, preference shares, shares of no par value, redeemable shares and shares with/without voting rights. The International Business Companies (Amendment) Act No. 26 and 44 of year 2000 permits the Registered Agent to undertake the registration and act as the custodian of bearer share certificates.

DOUBLE TAXATION AGREEMENTS

St. Vincent & Grenadines do not share any double taxation treaties with other nations. This implies that tax authorities in St. Vincent & Grenadines do not in any way cooperate with tax authorities of other countries. Therefore, there is no disclosure of important and confidential information that regards your business activities.

LICENSE FEE

An IBC in SVG is supposed to pay an annual fixed fee of US$100 to the government. There are no share capital limits.

FINANCIAL STATEMENTS REQUIRED

Despite there being no requirements of filing audited accounts with the relevant authorities, companies are supposed to have financial records that are to be relied upon when determining a business’s financial position.

CONFIDENTIALITY

The Confidentiality Act that was adopted back in 1996 upholds 100% anonymity of businesses and their owners as far as offshore company incorporation are concerned. Further, the law enforces banking confidentiality.