St Vincent is a well-known and reputable offshore country situated in the Eastern Caribbean. The jurisdiction follows global regulatory standards and offers translucent policies and effective laws. Saint Vincent and the Grenadines has no double taxation treaty with any other jurisdiction; thus, the information on tradeoff activities of St Vincent IBCs are not shared with any governmental authorities globally. Moreover, there is no obligation in St Vincent for filing of by-laws or disclosure of shareholders, directors, and attorneys-in-fact with the Offshore Finance Authority or any other entity.
Characteristics of an Offshore Company in St Vincent
The critical attributes of offshore business registration in St Vincent and the Grenadines are –
- No minimum share capital requirement
- Details of shareholders and directors are not displayed on any publicly accessible register
- A stable government and political system based on the English model
- Favourable business registration laws which are economical to comply
- The process of incorporation takes less than 24 hours
- Bearer shares are permitted, but the company’s Registered Agent must maintain records
- Minimum one director and shareholder is required
- 30% taxation on IBC on regionally generated funds with 0% on foreign-sourced
Main Uses of a St Vincent IBC
The St Vincent IBC’ is practical and accessible vehicles to hold foreign assets and conduct global business. Here are some of the most prevalent uses –
- Investment activities
- International trade
- Asset protection
- International banking
- Ownership and IP
- Licensing and Franchising
- Buying and selling of goods or services
Advantages of an Offshore Corporation in St Vincent
IBC’s registered in St Vincent and Grenadines are free of all taxes for 25 years, maybe managed from any nation and can have only one shareholder and director of any nationality. There is no revelation of beneficial owners in public records also.
- No foreign exchange control
- The stable banking system and strict banking policy
- St Vincent and the Grenadines is a sovereign country and is not affected by the UK or EU legislation
- Strong asset protection structure of personal assets and wealth, with exemption from the capital gains tax, corporate tax, income tax, withholding tax, or taxes on all incomes and assets for 25 years from the date of registration
- Foreigners can create IBCs and own all the shares
The procedure of Business Setup in St Vincent Offshore Company
The main corporate opportunities for international investments are beautiful among the following industries.
- International Financial Services
- Light Manufacturing
- Tourism and Real Estate
An IBC cannot conduct a trade or other marketable activities in the SVG. An IBC cannot undertake banking or insurance activities. IBC’s cannot solicit money from the public or offer to sell company shares to the public.
The IBC act freely allows St Vincent IBC’s to merge with subsidiaries, consolidations with foreign companies and a range of other mergers and alliances. An IBC may also issue management mandates and powers of attorney, in writing, to any person.
The steps to register your business are as under –
- File the Articles of Association naming the initial secretary and directors (if any)
- Provide the official registered office address and name of the registered agent
- File the trade name to get the certificate
- Provide information regarding the amount of initial authorised capital and describe the types of issued shares
- File the registered agent’s Certificate of Compliance settling all the act’s requirements are complied with
Registration can be completed within two days. After which the registrar can issue two types of incorporation certificates, one with the director’s name or another without for privacy.
The documents required are as under –
- The suggested name of the company
- Passport copy for each director and shareholder
- Utility bill for each director and shareholder
- A signed agreement by each director
- Resolution of appointing the directors
- Share certificates
- Authorised capital
Once you register your St Vincent and the Grenadines Company, you may wish to open an offshore business bank account. We at Business Setup Worldwide can help you with it. Our specialists are well-versed with the legal formalities and can make this process hassle-free. Contact us today to know more.