Saint Vicent and the Grenadines Corporate Services

Introduction

Saint Vincent and the Grenadines is an island country in the Caribbean. It is in the southeast Windward Islands of the Lesser Antilles, which lie in the West Indies at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean.

Benefits of an Offshore Company Registration in St. Vincent & Grenadines

1. One of the fastest company registries worldwide
2. New company can be incorporated within 24hrs
3. Ideal place to for Crypto and Forex company setup
4. Tax exempt on income from outside SVG for BCs
5. Directors/ shareholders can be of any nationality
6. LLCs may serve as an alternative to achieve the same while negating the effect of substance regulation in SVG

The most popular form of offshore business in Saint Vincent and the Grenadines is the exempt (tax-exempt) company (IBC). It is based upon the Law "On International Business Companies".

Registration Requirements

There are minimum requirements for the number of shareholders and directors. There should be one director and one shareholder;

1. Participants can also be citizens of different countries;
2. The company shall have a registered office in Saint Vincent and the Grenadines. But at the same time, there are no requirements for storing any documentation of the company in the office
3. It is necessary to have registration agent in the territory of Saint Vincent and the Grenadines;
4. • The use of the services of nominee shareholders and directors is permitted;
5. • Any types of shares (except bearer shares) are allowed to be issued, there is no need to compile preliminary list of shareholders;
6. • Time and place of holding meetings are selected at the discretion of the directors and shareholders;
7. • The company name can be prepared in any language and cannot be identical or similar to the already existing one;
8. • Using such words as Association, Chamber, Charter, Group, International, Municipal, Royal, Bank, Fund and miscellaneous in the company name is possible with the permission obtained in the Register of Companies;
9. • Information regarding directors and shareholders of the company is confidential. Only information about the authorized capital of the company and its legal address is available for third parties.

Starting from January 1, 2019, all companies that will be registered from this date will have to:

1. • Accept the name change from International Business Company (IBC) to Business Company (BC) until March 31, 2019;
2. • All persons who will claim the director and secretary of the company are required to submit applications for approval of candidates;
3. • BC companies are required to complete annual reports (only large companies);
4. • Business Companies can no longer issue bearer shares;
5. • For BC companies, direct tax exemption is removed;
6. • Local residents have the right to register a BC company;
7. • Custom and other duties are retained.

Taxes in Saint Vincent and The Grenadines

1. • After obtaining the certificate, IBC (or BC) receives full tax exemption for 25 years. In the process of the company's functioning, the founders can make amendments in the content of the Memorandum of Association, including change of the name of the company.
2. • One-time registration fee for offshore company in Saint Vincent and the Grenadines equals to $ 225. Each subsequent year, the fee in the amount of $ 100 is levied. The exception is insurance companies, for which, on the contrary, the amount of the fee increases to $ 500.

The companies formed in 2019 will be subject of taxation in SVG and would need to file a tax return. The current local corporate rate is 30%. However, SVG will adopt a territorial tax regime before the end of Q1 2019 regime meaning that BC's will only be taxed on income earned in SVG and NOT worldwide. For IBCs formed before 2019, these entities may be required to file tax returns in the future but this will not be ready for at least another 2 years according to the FSA.