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