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Company formation in SVG

Company formation in SVG

Many entrepreneurs today are thinking about opening an offshore organization. It avoids strict government regulation and helps to obtain certain tax benefits. Among all jurisdictions, we advise you to pay attention to Saint Vincent and the Grenadines. Favorable conditions for foreign business have been created here. St. Vincent Company Formation is the perfect solution to make your organization more successful.

Briefly about SVG

Saint Vincent and the Grenadines is a relatively small island in the Caribbean Sea. At the end of the last century, it passed a package of laws that made the country one of the perfect tax-free jurisdictions in the world. Leading lawyers developed them from the US and Great Britain. It made it possible to simplify the process of registering an offshore organization as much as possible and allowed the state to develop actively. Today, there is a stable economy here that helps businesses snowball.

General Information

Country name	St. Vincent and the Grenadines (SVG)
Type of legal system	Common law based on English law
Taxation for companies	No income tax for international companies
Minimum authorized capital	No minimum authorized capital requirements
Requirements for directors	Minimum 1 director, residency not required
Requirements for shareholders	Minimum 1 shareholder, residency not required
Time to incorporate a company	Usually 1-2 business days
Registered office requirements	Local registered office required
Beneficiary disclosure requirements	Beneficiary information not required to be disclosed
Authorization for bearer shares	Prohibited
Annual reporting requirements	Annual reports not required

Corporate Information

Opportunity to Purchase Ready-Made Companies	Available; ready-made companies can be purchased.
Legal System	Based on English common law.
Local Registered Office	Required for all companies registered in SVG.
Organizational and Legal Forms	Common forms include Limited Liability Companies (LLCs) and International Business Companies (IBCs).
Indication of BPA in the Name	Not required to include “BPA” (Business Professional Association) in the name.
Local Registered Agent	Required for all companies; must be a licensed agent in SVG.
Information about the Beneficiary	Generally kept confidential; not publicly disclosed.
Bearer Shares	Allowed, but must be held by a registered agent.
Usual Size of Authorized Capital	Minimum authorized capital is typically USD 1,000.
Terms of Capital Payment	Must be paid within the first year of incorporation.
Usual Nominal Value of Shares	Common nominal value is USD 1 per share.

Financial Services Governance Legislation in SVG

The US and European Union countries are seeking to collect more taxes from their companies; in addition, they are seeking to create financial transparency to avoid financing terrorism. SVG upholds these traditions and enacts appropriate laws. In particular, SVG has implemented the OECD Global Forum Common Reporting Standard. To this end, the SVG has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Agreement on Competent Authorities and adopted relevant legislation to implement these agreements.

If you wish, you can register here:

LLC;
IBC;
Offshore banks (but they must obtain an additional license);
Marine vessels;
Trust institutions;
Insurance companies.

LLC is today the most common type of company registered in this jurisdiction.

The FSA does not regulate a Forex license or a stock broker

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

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

Taxation and Accounting

All companies registering here from 2019 must file a tax return and pay taxes for 30% of profits. It is worth noting that only those incomes you received from activities in this jurisdiction, and not all over the world, are subject to taxation.

After receiving the IBC or LLC certificate, the company is exempt from paying taxes for 25 years. At the same time, the owner can change the organization’s work and its name.
The fee for registering a company here is only $ 225; the organization charges an additional $ 100 yearly. But, there is an exception; for insurance companies, the fee increases to $ 500.

If you have questions about taxation in this jurisdiction, we advise you to contact our specialists for help. This country’s legal framework is changing quickly, so you must carefully monitor all innovations.

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

Taxation

Corporate Tax Rate	30% for local companies; 0% for offshore companies.
Personal Income Tax	0% for non-residents; rates for residents depend on income levels, up to 30%.
Withholding Tax	0% on dividends and interest; 15% on royalties paid to non-residents.
Stamp Duty	Generally 5% on property transactions; varies for specific transactions.
Annual License Fee	Typically around $300 for a local company.

St Vincent and the Granadines Tax Treaties

Benefits

St Vincent company registration has a lot of advantages; among the most important of them are:

Your organization receives a tax-exempt status;
The annual maintenance cost is meager;
There is effective support for offshore companies from the state;
The company is straightforward to register;
This jurisdiction is a party to the International Maritime Convention.

It is a good solution for those who want their business to develop actively and generate a stable income to eliminate a complex tax system.

The company registration process in SVG and timeline

This state has tried to do everything, so the Registration Company in Saint Vincent and the Grenadines passes as easily and quickly as possible. So, it does not expose the citizenship requirements of the founder. It does not matter in which country your company is located and what citizenship you have. Your organization should employ at least 2 people – a director and a shareholder, which is incredibly convenient for small projects and start-ups.
Information about the company’s owner and shareholders is confidential, so third parties cannot access it. However, they can receive data on the company’s authorized capital and legal address.
After the organization’s registration, you receive the relevant certificate and exemption certificate 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.

Company Types

Company Limited by Shares	The most common type; requires at least 1 shareholder and offers limited liability protection.
Limited Liability Company (LLC)	Combines features of corporations and partnerships; offers flexible management.
Limited Partnership	Requires at least one general partner and one limited partner; suitable for investment purposes.

Company Formation in SVG involves going through pretty simple steps:

The organization’s name can be written in any language and cannot be consonant or similar to existing ones.

You need to come up with a name;
Get a legal address;
Open a bank account;
Prepared the necessary documents;
Apply.

Company Registration in Saint Vincent and the Grenadines packages

All services from the Basic package
Nominee Shareholder and Director

All services from the Essential package
Corporate documents
Corporate account

Dedicated consultant with the fully provided individual approach
Full turnkey company formation assistance
Company name of your choice
Registration of the Desired Company Activity

Consultant

Alina Skidan

Phone +6531596549
Email a.skidan@fastoffshorelicenses.com
Position
Associate, Consultant

Offshore bank account

After registering a company with CIPO, you need to open a bank account. To do this, you need to contact any bank in this jurisdiction. You need to carry documents describing partnerships within the organization.
In general, getting a bank account takes only a few minutes. It is worth saying that you need to deposit the entire amount of the authorized capital immediately. The amount of this fee is determined only by the characteristics of your company, and the jurisdiction does not set any requirements in this regard.

Conclusion

If you want the Registration Company in SVG process to go as quickly as possible and without any problems, you should contact the specialists of our company for help.
Their duties include full consultation and answers to possible questions, checking the readiness of documents, and how your company meets the requirements of the state authorities of this jurisdiction. You can draw up a power of attorney, and our specialists will act on your behalf. In this case, your work on registering a company will be minimal.

Banking in SVG

Government-Owned Banks	The central bank and some commercial banks are state-owned.
Central Bank	Central Bank of St. Vincent and the Grenadines.
Number of Banks	6 commercial banks
International Financial Institutions	IMF, World Bank, Caribbean Development Bank (CDB).
Credit Rating	B+ by Fitch Ratings.
Corruption Level	Relatively low level of corruption.
Judiciary	The judicial system is independent and ensures the rule of law.
Executive Authority	President and Cabinet of Ministers.

Director and Secretary Information

Minimum Number of Shareholders	1 (a single shareholder is sufficient).
Data is Entered in the Public Register	No; information about shareholders is generally confidential.
Shareholders Residency Requirement	None; there are no residency requirements for shareholders.
Information about the Beneficiary is Disclosed	No; beneficial ownership information is kept confidential.
Information May Be Disclosed to the Local Agent	Yes; local agents may access certain information.
Shareholders – Legal Entities are Acceptable	Yes; legal entities can serve as shareholders.

Corporate Structure

Legal System	Based on English common law, providing a solid framework for business operations.
Local Registered Office	Required for all companies; must have a physical address in SVG.
Local Registered Agent	Mandatory to appoint a local registered agent for compliance and communication with local authorities.

Director and Shareholder Information

Minimum Number of Directors	At least 1 director is required; can be an individual or a corporate entity.
Shareholder Residency Requirement	No residency requirement for shareholders; they can be non-resident.
Data Entry in Public Register	Basic information about directors and shareholders is entered into a public register.
Bearer Shares	Bearer shares are permitted but subject to strict regulations; disclosure is required.

FAQ about Company formation in SVG

How to start a business in St. Vincent?

To start a business in St. Vincent, you need to choose a business structure (such as a company or sole proprietorship), register your business with the Companies Registry, obtain necessary licenses, and comply with local regulations.

How much does it cost to register a company in St. Vincent?

The cost may varray a lot. In general, to register a company in St. Vincent generally ranges from $1,500 to $3,000, but again, depending on the complexity of the business structure and additional services required may change significantly.

What is the main competitor to SVG?

The main competitor to St. Vincent and the Grenadines in offshore services, as for 2024, is often the British Virgin Islands (BVI) or Cayman Islands, known for its established offshore financial services.

Is SVG a third world country?

St. Vincent and the Grenadines is classified as a developing country. While it has made significant progress in various areas, it still faces economic and social challenges typical of developing nations. For example, the average salary is already $12,000 to $15,000 per year.

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