A Brief Overview of St. Vincent and the Grenadines
St. Vincent and the Grenadines are as a peaceful group of Islands and are among the Windward Island countries of the Eastern Caribbean region which lies close to Barbados. It is a former British colony that gained its independence in 1979 from the British. Alike other Ex-British colonies all the major characters are similar like English as the first language and Westminster system of government.
Apart from tourism being the key economic activity and the main contributor to the country’s GDP, the financial services and agriculture are the chief business activities of the country. It is a prominent international banking centre and a popular business destination of present times.
Here is a summary of the legal, statutory, and commercial atmosphere in St. Vincent & the Grenadines related to International Business Companies (IBC’s).
Business Entities forms in St. Vincent and Grenadines
There are five different forms of IBC:
- Companies limited by shares
- Companies limited by guarantee
- Companies limited by guarantee and allowed to issue shares
- Companies limited by shares and period
- Unlimited companies
Why set up a Company in St Vincent and the Grenadines?
The company registration is very cost-effective in St. Vincent and Grenadines. The international business company is easy to manage here. The company can be managed from across the world and being physically present within the country for doing business is not necessary for the director or shareholder.
The government of St. Vincent and Grenadines do not demand annual returns or audited financial reports from the company. The political environment is very stable and the government follows the policy of privacy of the information of the company owners.
Company Incorporation Benefits
International Business Companies enjoys several benefits. Here are some of them:
- IBCs are not prone to any taxes for 25 years, since inception
- A double taxation treaty is not followed by any country.
- An IBC is exempted from corporate tax, income tax, capital gains tax for 25 years.
- A general privacy law protects the IBCs against the revelation of credentials
- Internationally acknowledged banks like Bank of Nova Scotia, Barclays Bank PLC, and The Canadian Imperial Bank of commerce are established with numerous branches to facilitate business.
- There is no requirement for the filing of by-laws or for disclosure of directors, shareholders, and attorneys of fact with the Offshore Finance Authority or any other entity.
- IBC is allowed to issue Bearer shares and registered shares with voting or non-voting right
- Share capital may be expressed in any currency
- Government and other annual fees are comparatively very low
- Asset protection is guaranteed
- IBCs can undertake any business activity that is legal in St. Vincent & Grenadines
- The company can be registered by only 1 director
- The name of the shareholders and directors are kept undisclosed in any public register.
Documents required for registration of a Company in Saint Vincent and Grenadines
Here is the list of required documents for Saint Vincent and Grenadines company incorporation
- Copies of Notarized Passport
- Copies of Notarized Address Proof (Utility bill such as Water, Gas, Electricity bill) which should be in English and not more than 3 months old
- Original Bank reference letter
- Certificate of incorporation
- 2 stamped copies of the Memorandum of Association
- 2 stamped copies of the Articles of Association
- Board Resolution appointing first director/s
- Up to 5 share certificates
- Resolution of the board to open a corporate bank account
- Resolution to get office on lease
- Resolution to appoint an authorized agent for commercial negotiations
- Resolution of the board to issue a Power of Attorney
PMC Solutions DMCC – Your Partner for International Business Setup
The company formation process is easy in St. Vincent and Grenadines but the formation of the company is not the only work for an investor to do. There are numerous other functions that are covered under the title of company formation.
A company formation specialist helps the investor in covering overall aspects of the process. We at the PMC Solutions DMCC fulfill all the requirements of being a registered agent of a company and perform the entire task required in the registration of the company on behalf of the client.
Contact us for registering your business at Saint Vincent and Grenadines.