St Vincent & Grenadines Company Formation

St Vincent & Grenadines Company Formation Overview

Briefly about Saint Vincent and the Grenadines

Saint Vincent and the Grenadines is a relatively small island in the Caribbean Sea. At the end of the last century, a package of laws was passed here that made the country one of the most ideal tax-free jurisdictions in the world. Leading lawyers from the US and the UK were involved in their development. This made the process of St. Vincent offshore company formation as simple as possible and allowed the state to develop actively. Today, it has a stable economy that contributes to the rapid development of business.

Benefits of St. Vincent Company Formation

Registering a company in St. Vincent has many advantages, among the most important of which are:

This is a good solution for those who want their business to grow actively and generate stable income while avoiding a complex tax system.

Taxation and Accounting in Saint Vincent & Grenadines

All companies that have undergone SVG company formation since 2019 are required to file a tax return and pay tax at a rate of 30% of profits. It is worth noting that only income received from activities in this jurisdiction is subject to taxation, not worldwide income.

After receiving an IBC or LLC certificate, the company is exempt from paying taxes for 25 years. At the same time, the owner can change the type of activity and the name of the organization.

The cost of registering a company here is only $225; the organization charges an additional $100 per year. However, there is an exception: for insurance companies, the cost increases to $500.

If you have any questions about taxation in this jurisdiction, we recommend that you seek assistance from our specialists. The legal framework of this country is changing rapidly, so it is necessary to closely monitor all innovations.

When registering an organization in this jurisdiction, you do not need to provide financial or accounting reports, but you must complete a tax return.

Financial Services Governance Legislation in SVG

The US and European Union countries seek to collect more taxes from their companies; in addition, they seek to ensure financial transparency to prevent terrorist financing. SVG supports these traditions and adopts appropriate laws. In particular, SVG has implemented the OECD Global Forum’s Common Reporting Standard. To this end, SVG has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement, and has enacted the relevant legislation to implement these agreements.

If you wish, you can register here:

• LLC;
• MPC;
• Offshore banks (but they must obtain an additional license);
• Sea vessels;
• Trust institutions;
• Insurance companies.

Today, LLCs are the most common type of companies registered in this jurisdiction.

International banks, stockbrokers, forex brokers, pension fund management companies, mutual funds, insurance companies, and other entities engaged in relevant financial activities must obtain the appropriate license from other competent authorities.

It is also worth noting that if your company uses cryptocurrency, this will not be a reason for refusal.

St. Vincent company registration process

This country has made every effort to ensure that Saint Vincent and The Grenadines Company Formation is as easy and quick as possible:

• Therefore, there are no citizenship requirements for the founder. It does not matter in which country your company is located or what your citizenship is. Your organization must have at least two employees — a director and a shareholder, which is incredibly convenient for small projects and startups.
• Information about the owner and shareholders of the company is confidential, so it is not accessible to third parties. However, they can obtain information about the company’s authorized capital and legal address.
• After registering your organization, you will receive a certificate and a certificate of exemption from import duties. However, you will not be able to obtain a tax exemption certificate.

Your organization must have a registered office in this island country, and you must also have a registered agent in this territory.

Setting up a company in SVG involves fairly simple steps:

Company Registration in Saint Vincent and the Grenadines packages

Documents required for company registration in St. Vincent

The list of documents required for company registration includes:

Offshore bank account

After St. Vincent company formation in CIPO, you need to open a bank account. To do this, you need to contact any bank in this jurisdiction. You must have documents describing the partnerships within the organization with you.

As a rule, opening a bank account takes only a few minutes. It is worth noting that you must immediately deposit the entire amount of the authorized capital. The amount of this fee is determined solely by the specifics of your company, and the jurisdiction does not set any requirements in this regard. 

Conclusion

If you want the process of registering a company in the BVI to be as quick and smooth as possible, please contact our company’s specialists for assistance.

Their responsibilities include providing comprehensive advice and answering any questions you may have, checking the readiness of documents, and ensuring that your company complies with the requirements of the state authorities of this jurisdiction. You can issue a power of attorney, and our specialists will act on your behalf. In this case, your efforts to register a company will be minimal.

FAQ about Company formation in SVG