Main Characteristics and the basic rules of Company registration in Saint Vincent
You may have planned about taking your existing business to overseas locations. However, you may choose one of the lesser known countries for such need. When your capital is not huge and you want to try out business potential in market that is not huge- choosing small countries makes sense. You can try out St. Vincent and the Grenadines- an archipelago adjacent to the North America shores. The former British colony has a small population and prospects of business investment are quite good here. You may however try our Saint Vincent Company Formation package.
There are many reasons for which you can consider taking your business operations to St. Vincent and the Grenadines. The majority of population is English speaking- to begin with. The financial track record of the small country is pretty consistent. Eastern Caribbean Dollar’s exchange rate to USD has remained more or less constant since 1976. These are motivating for any foreign investor or MNC.
The govt of St. Vincent and the Grenadines has realized the importance of taking pro business steps to woo more foreign investors. The country’s Financial Services Authority ensures no fraudulent economic activity takes place. Incorporation of The International Business Companies Act of 1996 has made things simpler for companies.
If you are worried about paying steep corporate taxes when setting up business in a foreign country, St. Vincent and the Grenadines is ideal for you. For 25 years, you are exempted from paying any corporate tax. This may make you lured to set up business here. However, things will be easier when you seek our Saint Vincent Company Formation package.
The tourism sector in the county is thriving and things have improved after the shooting of the Pirates of the Caribbean franchisee. Some tourism and hospitality sector related ventures can grow here. Of course, companies dealing with technological services and agriculture can also prosper here.
The infrastructure in the country has improved significantly in the last decade and this is also suitable for foreign investors. The Argyle International Airport is set to enhance connectivity to major countries. The telephony and internet service in the country has improved a lot in the last few years.
You may gain by using consultancy of expert agencies while setting up a venture in St. Vincent and the Grenadines. BROIS group can guide you the best on this. It is time you check out our Saint Vincent Company Formation package.
|Saint Vincent Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||No Treaty Access|
|Saint Vincent Tax Information Exchange Agreements:||Yes, Saint Vincent signs Exchange Agreements|
|Account Filing Requirements:||No accounting / reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
Important facts on St. Vincent and the Grenadines IBCs
|Saint Vincent Company Formation||Registration Requirements|
|Share Capital:||US$10,000 Minimum paid up share capital US$1|
|Classes of Share Available for Saint Vincent company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes required and must be maintained in Saint Vincent|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is three. Can be any nationality and need not be resident in Saint Vincent. Corporate directors are allowed|
|Your Company language:||English|
|Name of your Company must be ended:||“Corporation”/ Corp., “Limited”/Ltd, “Incorporated”/Inc.,, “Societe Anonyme”/S.A., “Sociedad Anonima”|
|Documents required for Saint Vincent company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Saint Vincent Company Formation||Restrictions|
|For Saint Vincent company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||Not permitted to trade within Saint Vincent|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
Important facts on St. Vincent and the Grenadines IBCs
|Saint Vincent Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||No public register of company officers (Directors, Shareholders, Secretary)|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Safe jurisdiction and extraordinary reputation.|
The legal system of St. Vincent and the Grenadines is similar in most respects to that of the United Kingdom. The court of final appeal is Her Majesty’s Judicial Committee of the Privy Council in London, England.
The lower courts are the Magisterial District courts that exercise both civil and criminal jurisdiction up to a certain limit.
There is also a separate court called the Family Court that is presided over by a President and deals exclusively with family related matters.
The primary court of first instance is the High Court of Justice, from which appeal is made to the Eastern Caribbean Court of Appeal. Both derive their jurisdiction form the Eastern Caribbean Supreme Court Act.
Puisne Judges preside over civil and criminal matters at the High Court. There presently three such judges in our jurisdiction.
Appeals are heard by a panel of three judges and are presided over by the Chief of Justice or President of the Court of Appeal and the Justices of Appeal.
The basic law is English law.
However, St Vincent and Grenadines have developed their own body of statutory laws, particularly in the area of international finance.
The lawyers in the Eastern Caribbean are competent to practice freely in any Eastern Caribbean State, and in certain other states, including Jamaica, Barbados, Trinidad, Guyana and Belize.
|About Saint Vincent|
|Region:||A southern Caribbean nation comprising a main island, St. Vincent, and a chain of smaller islands|
|Political System:||Parliamentary Democracy|
|Governing corporate legislation:||The Company Act, No 8 of 1994, The International Business Companies (Amendment and Consolidation) Act 2007, The International Business Companies Act 1996 as amended|
|Type of Law:||Common|
|Currency:||East Caribbean Dollar (XCD)|
|Language of Legislation and Corporate Documents:||English|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.