Form a Corporation in St. Vincent Introduction
Saint Vincent and the Grenadines International Business Companies, IBCs, are formed by corporate legislation under the Companies Act. The Companies Act, Chapter 143 of the Laws of Saint Vincent and the Grenadines 2009 Revised Edition. St Vincent Company formation can be accomplished through an agent (such as this one). Your agent will prepare the incorporation documents abiding by local statute and file them with the registry office.
Another important corporate legislation is the Preservation of Confidential Relationships (International Finance) Act 1996. It is widely considered to be one of the most restrictive confidentiality laws in the world. This law guarantees strict confidentiality for its corporations and those involved with them, keeping corporate information private worldwide. This Act is considered to be one of the best privacy laws in the world.
Many people want to set up corporations in this jurisdiction to obtain a St. Vincent forex license to to simply hold an offshore bank account. Some people take advantage of the financial privacy benefits of holding funds inside of the company.
Saint Vincent and the Grenadines is an island country in the Lesser Antilles island archipelago. It lies on the eastern border of the Caribbean Sea where it meets the Atlantic Ocean. This island country is popularly known simply as “St. Vincent.”
St. Vincent’s land area is 150 square miles (390 square kilometers) consisting of the main island Saint Vincent and the chain of smaller islands known as the Grenadines which stretch to the island of Grenada. North of St. Vincent is Saint Lucia which is east of Barbados. There are approximately 100,000 inhabitants populating St. Vincent.
St. Vincent Corporation Benefits
A St. Vincent corporation can expect several benefits including:
- No Taxes: Corporations in St. Vincent are not required to pay capital gains tax, income tax, withholding tax, corporate tax or taxes on all incomes and assets for 25 years from the date of registration. However, U.S. citizens and others citizens of countries which tax worldwide income must reveal their global income to their tax authorities.
- Asset Protection: St. Vincent offers strong asset protection laws to investors incorporating in its jurisdiction. Commercial activities information will not be passed onto a Revenue Authority anywhere.
- Very Small Registration Fee: St. Vincent offers some of the lowest incorporation and annual fees globally. A typical corporation only pays a $125 USD registration fee and for annual renewals plus reasonable local registered agent and registered office fees.
- Strict Confidentiality: St. Vincent has one of the strictest set of confidentiality laws in the world.
- Fast and Efficient Corporation Registration: Most new corporations can be registered from 2 to 5 days.
- U.S. Dollar: The standard currency in St. Vincent is the U.S. Dollar, making business extremely easy for American investors. In additions, all major foreign currencies are allowed.
- One Shareholder: Only one shareholder and one director are required for incorporation in St. Vincent. Directors and shareholders do not need to be local residents. Both private persons and corporate bodies can be shareholders.
- Bearer Shares: Corporation bearer shares are allowed in St. Vincent for anonymous ownership and privacy.
- No Accounting: St. Vincent corporations are not required to meet any accounting or auditing requirements. In addition, there is no requirement for corporations to maintain, submit, or keep any corporate records for tax or government approval purposes.
- No Stamp Taxes: St. Vincent offers its offshore corporations exemption from stamp duty on any share or property transactions for 25 years from the date of registration.
St. Vincent Company Name
A St. Vincent corporation must select a unique corporate name not similar to any other St. Vincent corporation.
A corporation can get a name approved by filing a request for name search and reservation with the government filing office in advance of the incorporation application.
Office Address and Local Agent
St. Vincent corporations must have both a local registered agent and a local office address. This address will be used for process service requests and official notices.
A St. Vincent corporation must have at least one shareholder. Bearer shares are also allowed in St. Vincent. Corporate entities can also be shareholders. Shareholders can be residents in anywhere in the world.
Directors and Officers
A St. Vincent corporation must have at least one director. Directors do not need to be local residents and can live anywhere in the world. Corporate directorships are allowed. Corporations do not have to hire a corporate secretary.
There is no minimum required authorized capital required for corporations in St. Vincent.
St. Vincent corporations can receive exemptions from capital gains tax, income tax, withholding tax, corporate tax or taxes on assets for 25 years from the date of registration.
There is an option for corporations to submit a one percent payment on all profits if the investors’ domestic law requires evidence of tax payments.
The annual renewal fee is only $125 USD plus the cost of the local registered agent.
The Preservation of Confidential Relationships (International Finance) Act of 1996 ensures strict worldwide confidentiality and privacy for corporations and those individuals and entities involved with corporations. This Act is considered one of the best privacy laws for corporations in the world.
In addition, there are no double taxation treaties between St. Vincent and other countries, ensuring even more privacy for offshore investors as financial information does not have to be shared.
Accounting and Audit Requirements
St. Vincent corporations are not required to meet any accounting or auditing practices. There is no requirement for corporations to maintain, or submit any records for tax or government approval.
Annual General Meeting
An annual general meeting is required for St. Vincent corporations. Annual meetings can be held anywhere in the world.
Time Required for Incorporation
It is estimated for St. Vincent incorporation to take about 2 to 5 days. This completion time depends on the turnaround with the corporate name registration, as well as, how accurately the corporation completes its registration documents.
Shelf corporations are not available in St. Vincent.
St. Vincent and the Grenadines Company Formation Conclusion
Forming a St. Vincent corporation has many benefits including: no taxes, asset protection and confidentiality, small registration and renewal fees, U.S. Dollar widely accepted, only one shareholder required, no minimum authorized capital, and bearer shares are available.