Saint Vincent and the Grenadines, island country lying within the Lesser Antilles, in the eastern Caribbean Sea. It consists of the island of Saint Vincent and the northern Grenadine Islands, which stretch southward toward Grenada. The island of Saint Vincent lies about 20 miles (32 km) southwest of Saint Lucia and 100 miles (160 km) west of Barbados. It is 18 miles (30 km) long and has a maximum width of 11 miles (18 km). The larger islands of the Grenadines associated with Saint Vincent are Bequia, Canouan, Mayreau, Mustique, Prune (Palm) Island, Petit Saint Vincent Island, and Union Island. The Tobago Cays, just to the east of Mayreau, have been designated a wildlife reserve.
The name Saint Vincent originally applied to the mainland and the group of smaller islands associated with it. After the attainment of independence in 1979 the multi-island state was renamed Saint Vincent and the Grenadines. The capital and major port is Kingstown, on Saint Vincent. The country is a member of the Commonwealth.
Some seven-tenths of the inhabitants are descended from Africans who were enslaved and brought to work on the sugar plantations, and nearly one-fourth of the population is of mixed African, European, and Carib ancestry. There are small minorities of people of South Asian, European, and Carib descent. Those of mixed African and Carib descent are known as the Garifuna. English is the official language. An English patois is commonly spoken and referred to in some academic quarters as “nation language” (that is, a postcolonial version of a language that was imposed by colonizers—in this case, English—that incorporates underground language codes from formerly suppressed languages, in this case the African languages of the slaves).
Saint Vincent and The Grenadines is an independent and politically stable jurisdiction.
Business Companies in St. Vincent have one of the simplest and straightforward registration procedure and one of the lowest incorporation and mainteinance costs worldwide.
Requirements for a BC are minimal. No minimum paid-up capital required, the company may be incorporated with a sole shareholder and a sole director and annual general meetings are not mandatory.
Appointment of secretary is optional. It can be administered from St. Vincent or from any part of the world, and its books and records may be kept outside the territory.
Business Company (BC) (Company limited by shares)
|Governing corporate legislation|
International Business Companies (Amendment and Consolidation) Act 2007
Business Companies may be formed by one or more shareholders, who can be either natural or legal persons, residents or non-residents, without limitations.
A Business Company must appoint at least 1 director, who may be a natural or legal person, resident or non-resident, without restrictions.
|Information published relating to company officers|
Details of shareholders are not available to the public.
Directors’ details are not disclosed in a public record.
The liability of the shareholders for the company is limited to the amount of their respective shareholdings.
|Accounting requirement/ compliance|
Companies incorporated in 2019 are currently subject to the local tax regime (30% tax on worldwide income) and require to file tax returns.
Companies with over USD 4 Million revenue or USD 2 million of assets will be required to file annual returns.
|Corporate income tax|
aint Vincent and The Grenadines has amended its International Business Company Act and the International Trust Act to comply with the requests of the EU and the OECD.
Companies incorporated in 2019 are currently subject to the local tax regime (30% tax on worldwide income).
However, the Financial Services Authority (FSA) has already announced plans to amend the Income Tax Act to implement a territorial tax regime, during this quarter (Q1 2019), where only local-sourced income will be subject to taxation. This territorial tax regime would be applied retrospectively for all companies incorporated in 2019.
Once the territorial tax regime is in place, even if a given Saint Vincent company doing business abroad does not owe taxes – it might need to file tax returns.
Together with the territorial tax regime, Saint Vincent is also planning to enact legislation to enforce economic substance requirements for certain businesses, such as regulated companies, pure equity holdings or companies providing services to or purchasing goods from other affiliated companies. We will update you once the new legislation is passed.
|Shared capital/paid up|
There is no minimum capital requirement and it may be denominated in any currency. Shares may be issued fully paid, partially paid, or nil paid.
|Basis of the Legal System||Common law|
The company may appoint a secretary, but it is not mandatory.
shares may be registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights. Bearer shares are not permitted.
A company shall appoint a licensed registered agent and shall have a registered address and office in Saint Vincent and The Grenadines.
An international business company need not hold AGM, and it can be held anywhere and by electronic means.
|Time to form||3-5 DAYS|
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