St. Vincent and the Grenadines hereinafter called SVG is a small island in the Caribbean near the north-eastern coast of Venezuela. The capital is Kingstown, which has about 17,000 inhabitants and the official language is English. Like other offshore jurisdiction, St. Vincent applied the Law on Foreign Companies (IBC law), allowing creation of offshore companies.

The advantages of offshore companies from Saint Vincent and the Grenadines:

  • There could be only 1 director, natural or legal person
  • Offshore companies are exempt from taxes for 25 years from the date of formation
  • IBC is not required to submit annual reports to any local authorities
  • IBC can be managed / controlled from anywhere in the world
  • All documents and stamps of the company can be held anywhere in the world
  • Offshore Company may issue shares with different rights, limitations and restrictions in one or more currencies
  • Bearer shares are allowed
  • Limited liability of shareholders
  • There is not any requirement for annual external audit or publish any financial records
  • Not set a limit on share capital with the exception of the minimum registered capital US$ 1
  • No investment restrictions, except for purchases of property in St. Vincent
  • No limit on loans or paying dividends, except those mentioned in articles of incorporation.
  • No limit on the percentage of shares or property.
  • The non-resident shareholders are exempt from all taxes on income, capital gains and corporate taxes in St. Vincent
  • Shares may be nominated in any currency, although US$ are widely used

Corporate Features

 

Corporative legislation

Common Law, based on English Common Law.
The Company Act, No 8 of 1994
The International Business Companies (Amendment and Consolidation) Act 2007 and its regulations.
The International Business Companies Act 1996 (as amended, 2002)
The International Trusts Act 1996 (as amended, 2002)
Form of tax-exempted company The International Business Company (IBC)
Authorized business activities All and any activities not prohibited by the law. Providing of banking, insurance and re-insurance, trust services is subject to special license.
Prohibited activities Cannot trade within SVG. Cannot undertake banking or insurance activities. Cannot solicit funds from the public nor offer its shares to the public.
Taxation An IBC\’s is exempt from all taxes for twenty-five years;
Exchange Control None
Name of company A name that is similar to or identical to an existing company. A name that implies illegal activities. A name that implies royal or government patronage.
Name of company    A name that is similar to or identical to an existing company. A name that implies illegal activities. A name that implies royal or government patronage.
Names can be expressed in any language using the Latin alphabet, if the Registrar of Companies is in receipt of an English translation and the name is not considered undesirable. Chinese names possible.
Names Requiring Consent or a Licence Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents.
Suffixes to Denote Limited Liability Limited, Corporation, Incorporated, SociétéAnonyme, SociedadAnónima, Aktiengesellschaft or their relevant abbreviations.
Equity capital of the company Equity capital of the company is declared, there are no requirements about obligatory payment and establishment of the minimal/maximal amount of statute capital;
Recommended equity capital US$ 10,000
Authorised and Issued Share Capital The share capital may be expressed in any currency. The minimum issued capital is one share of no par value or one share of par value. The annual fees are not linked to the amount of share capital;
Classes of Shares Permitted * Registered shares,
* shares of no par value,
* preference shares,
* redeemable shares, and
* shares with or without voting rights.
The International Business Companies (Amendment) Act No.26 and 44 of 2002 allows for the registration and custody of bearer share certificates by the Registered Agent;
Shareholders The minimum number of shareholders is one;
Nominal shareholders allowed;
Directors
Minimum number The minimum number of directors is one. They may be natural persons or bodies corporate, may be of any nationality and need not reside in SVG;
Status All rights, except for shareholders taking place in the exclusive competence (determined by the memorandum, the statute and-or the law);
On the territory of SVG there has to be:
– registered office Required;
– registered agent Required;
Holding of the meeting of shareholders/directors Meetings may be hold in any part of the world one time in the year;
Minutes may be kept at any place;
Mandatory
Keeping of accounting records YES;
Annual account No;
Presentation of auditors conclusion No;
The documents kept at registration office The register of shareholders and directors;
Agreements on exemption from double taxation None;
Currency control No;
Term of incorporation 2 weeks;
Costs of registration of company Look below
Possibility to purchase a ready-made company Yes