Company Formation in Saint Vincent and Grenadines

Incorporation Process in Saint Vincent and the Grenadines

The existing process offers entrepreneurs an uncomplicated and efficient pathway for establishing their ventures within this business-friendly jurisdiction.

Necessary Documents

To incorporate a company in St. Vincent, various documents are required. They include:

• Certified copies of passports and secondary ID documents for all directors, shareholders, and beneficial owners;
• Certified proof of address and reference letters from banks or professionals.

These documents undergo a thorough revision as part of the incorporation process.

Remote Incorporation

With the assistance of LegalBison, entrepreneurs can easily undergo the incorporation process remotely. This spares you the hassle of travel and allows you to focus on your core business activities.

From document preparation to submission and beyond, the expertise of our team will remove any blocker and obstacle on your path to business success.

How to: Registration Company in Saint Vincent and the Grenadines

Registering a company begins with project planning. It’s where decisions regarding the company’s mode of operation, name, and shareholder structure are made.

LegalBison assists in preparing all necessary documents and ensures their legalization, streamlining the process for clients. Once the planning phase is complete, our company manages the incorporation of the company entirely. We supply our clients with updates and deliver a set of corporate legal documents upon completion.

Following the successful incorporation of the company, the next step is setting up a bank account. This process typically takes an extra few weeks and can be relatively simple, provided that you rely on our team’s expertise and network of banking solutions.

Taxation in Saint Vincent and the Grenadines

The jurisdiction has a business-friendly tax system with a number of advantageous regulations.

Corporate Taxes

SVG has a zero percent corporate tax rate. New and existing companies are only required to pay corporation taxes on profits made within the island’s borders. To be more specific, according to the Income Tax (Amendment) Act of 2020, this does not apply to profits made anywhere else in the globe.

Tax Treaties with Other Countries

With a number of tax treaties in place, SVG provides a solid foundation for international collaboration. These treaties are facilitated through legislative acts such as:

• The Exchange of Information Act;
• The International Cooperation (Tax Information Exchange Agreement) Act.

To access more detailed information on SVG’s tax treaties and agreements, visit the SVG Financial Services Authority website: SVG Financial Services Authority International Initiatives. Furthermore, you must know that SVG is a signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. This further enhances its international cooperation efforts.

Accounting and Auditing in Saint Vincent and the Grenadines

Accounting/auditing practices play a vital role in ensuring financial transparency as well as regulatory compliance for businesses operating within the jurisdiction.

Accounting and Auditing

Accounting and bookkeeping are not mandatory for offshore companies. SVG IBCs operate without the burden of maintaining extensive financial records and reporting requirements.

Auditing is also not required for companies incorporated in SVG.

Company Registry in Saint Vincent and the Grenadines

The company registry serves as the official repository of corporate information. The key purpose is to simplify the registration and documentation of companies.

Registry of Directors in Saint Vincent and the Grenadines

The registry of directors is maintained by the Registrar of Business Companies. According to the Articles of Incorporation, the Notice of Directors and Members, along with the requisite fees, must be submitted to the Registrar to facilitate the incorporation process. While the specific details of the registry’s accessibility are not explicitly stated, the SVGFSA (Financial Services Authority St. Vincent and the Grenadines) website provides an entity search page. There, any individual can access certain information and request additional details.

In many jurisdictions, the registry of directors is considered public information. This allows for transparency and accountability in corporate governance. However, the accessibility of this information in SVG may require further investigation through official government sources or legal documentation.

Registry of Shareholders in Saint Vincent and the Grenadines

Under the Companies Act, No. 8 of 1994, companies are mandated to maintain various registers, including a Register of Members and a Register of Shareholders. These registers are crucial for documenting the ownership and shareholding structure of the company. Additionally, companies must keep records of other important documents such as articles of incorporation, by-laws, shareholder agreements, notices, accounting records, and minutes of meetings. All as stipulated by the Companies Act.

In a broader sense, the Register of Shareholders serves as a vital repository of information. That data concerns individuals or entities holding shares in the company. This register facilitates transparency and accountability by documenting the ownership interests and shareholding details of each shareholder. While specific accessibility and disclosure requirements regarding the Register of Shareholders may vary, adherence to regulatory guidelines ensures that companies maintain accurate and up-to-date records.

Are Nominee Services Legal in Saint Vincent and the Grenadines?

In SVG, it is legal to utilize nominee services for both directorship and shareholding roles.

This means that individuals or entities can appoint nominee directors and shareholders to act on their behalf in the management/ownership of the company. Nominee services can offer confidentiality, privacy, and asset protection for beneficial owners who prefer to maintain anonymity or avoid direct involvement in the company’s affairs.

However, it’s important to note that any nominee officers appointed will typically require renewal on an annual basis to ensure compliance with regulatory requirements. Also, to maintain the validity of the arrangement. Therefore, while nominee services are permissible, keep in mind that they are subject to ongoing administrative and renewal obligations.

Substance and Residency in Saint Vincent and the Grenadines

This jurisdiction does not impose strict substance or residency requirements, which serves as yet another benefit.

Economic Substance in Saint Vincent and the Grenadines

There are no specific economic substance requirements for companies registered in SVG. This means that companies are not obligated to:

• Maintain a physical office;
• Hire local employees;
• Incur local expenses to demonstrate economic substance.

As a result, businesses that use our SVG company formation services can benefit from a flexible operating environment. This, of course, allows them to conduct their activities with minimal regulatory burden. This leniency provides companies with greater freedom in structuring their operations and can be particularly advantageous for international businesses seeking to establish a presence in this jurisdiction.

Residency Requirements of Shareholders and Directors in Saint Vincent and the Grenadines

There are no residency requirements for directors and shareholders. This means that individuals or corporate entities serving as directors or holding shares in a company incorporated in SVG do not need to be residents of the country.

Both private individuals and corporate bodies are permitted to act as shareholders. This flexibility, once again, makes the jurisdiction an attractive destination for international businesses seeking to establish corporate entities with diverse ownership structures.

Banking with a Saint Vincent and the Grenadines Company

Setting up a bank account for a company registered in SVG can be a straightforward process with the right assistance. Our team can guide clients through the necessary steps and paperwork required to open a bank account tailored to their specific business needs. We collaborate with a network of reputable banks that offer a range of banking services suitable for both domestic and international transactions.

With our expertise and support, clients can benefit from a smooth and efficient experience. This will ensure that their brand-new SVG company has access to essential financial services. Whether it’s for daily operations, investment activities, or other financial needs, we can help navigate the country’s existing banking landscape. We will do everything in our power to help you achieve the goal of setting up a corporate account.

Company Types in Saint Vincent and the Grenadines

In Saint Vincent and the Grenadines, various company types cater to different business needs and objectives.

International Business Companies (IBC)

An IBC in Saint Vincent and the Grenadines is a popular choice for international business ventures. These entities benefit from favorable tax treatment and minimal reporting requirements. Those two core benefits alone make them ideal for offshore operations or asset protection strategies.

Trust

A trust in Saint Vincent and the Grenadines allows individuals or entities to transfer assets to a trustee who manages them for the benefit of designated beneficiaries. Trusts offer confidentiality, varied planning benefits, and asset protection.

Foundation

A foundation is a legal entity that operates similarly to a trust but with a corporate structure. Foundations can hold assets, engage in commercial activities, and fulfill specific purposes outlined in their documentation.