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 |
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. |
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. |
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. |
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. |
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. |
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. |