In the present world, there is a considerable increase in people trying to set up their own business. People from all over the world try to find a place and an organization which is best suitable for setting up a business. One of the most lucrative options for a foreign entrepreneur is to set up an Offshore company. It is also known as an International Business Company (IBC) and provides many advantages to a foreign entrepreneur.
What is Offshore Business?
In the English language, Offshore means outside a particular jurisdiction. An offshore business is a business which is set up outside the boundary of the resident's country. This type of company is also known as a non-resident company. Foreign entrepreneurs prefer an offshore company because of the various advantages it offers.
A perfect location to set up an offshore company is Saint Vincent. Saint Vincent is a volcanic island in the Anglo Caribbean and is located between Saint Lucia and Grenada. It is an up and coming location for setting up a business as it has a manufacturing sector and an offshore financial sector which mostly serves the international companies.
Advantages of setting up an Offshore Company in St. Vincent?
There are many advantages of setting up and Offshore Company or an International Business Company in St. Vincent, such as:
- St. Vincent has no Double Taxation Treaty (DTA) with any country. This means that no information about the activities of the company is passed on to any Revenue Regularity Authority.
- The confidentiality law of St. Vincent protects a foreign company from disclosing of any protected and confidential information.
- Any offshore company which has been established in St. Vincent does not require to pay any taxes. However, the country does offer the option of spending 1% of tax on all the profits of the company.
- St. Vincent boasts of the lowest annual fees and the most economical business incorporation fees in the world.
- No amount of stamp duty is levied on any share or transaction of property for a period of 25 years from the date of registration.
- The country boasts of very robust asset protections structures and a company established in the jurisdiction does not need to pay any income tax, withholding tax, corporate tax, etc.
These are some of the very lucrative benefits due to which set up an offshore company in St. Vincent is preferred by the foreign businessmen.
How to Setup an Offshore Company in St. Vincent?
The process of setting up an offshore company in St. Vincent is straightforward and simplified. Certain specific steps are needed to be followed, such as:
Step 1 - In the initial phase, you need first to check that the name decided that the company must not be already in use. Only then can the title be used by a company. After finalizing a name for the company, the company will be registered by the St. Vincent Registrar of International Business Companies.
Step 2 – After choosing a name, you need to provide the relevant documents and detailed information to the appropriate authority. In 4-5 working days, your company will be incorporated. In some urgent cases, the time taken for the complete incorporation process may be reduced to 2 days.
Step 3 – you need to pay the respective fees for the various services that have been availed for the business incorporation.
Step 4 - after the fees are fully paid for, the management of the company will receive a digital version of the Company Kit. This company Kit will comprise of the Certificate of Incorporation, Memorandum and Article of Association, Certificate of Tax Exemption, Share Certificate, etc.
By following the four-step as mentioned above, you can very quickly set up an offshore company in St. Vincent. The various benefits of St. Vincent such as no Double Taxation Treaty and high level of confidentiality are some of the characteristics which are very lucrative for people in business all over the world. It is also advisable to avail a bookkeeping and accounting services to accurately find out the amount of tax which will be levied.
If you are looking to set up an offshore company in St. Vincent, have a look at the services provided by Business Setup Worldwide. We at BSW will assist you to set up an offshore company and will also provide you with timely and detailed advice which will help you in increasing your profitability and reducing the number of resources used. For more details on the services offered, Contact Us. We will be glad to help you out.