Saint Vincent and the Grenadines

Saint Vincent and the Grenadines is a sovereign state in the Lesser Antilles island arc, in the southern portion of the Windward Islands, which lies in the West Indies at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean. The country is also known simply as Saint Vincent.

Its 389 km2 (150 sq mi) territory consists of the main island of Saint Vincent and the northern two-thirds of the Grenadines, which are a chain of smaller islands stretching south from Saint Vincent Island to Grenada. Most of Saint Vincent and the Grenadines lies within the Hurricane Belt.

Population:

The population as estimated in 2016 was 109,643. The ethnic composition was 66% African descent, 19% of mixed descent, 6% East Indian, 4% Europeans (mainly Portuguese), 2% Island Carib and 3% others.Most Vincentians are the descendants of African people brought to the island to work on plantations. There are other ethnic groups such as Portuguese (from Madeira) and East Indians, both brought in to work on the plantations after the abolishing of slavery by the British living on the island. There is also a growing Chinese population.

Language:

English is the official language. Most Vincentians speak Vincentian Creole. English is used in education, government, religion, and other formal domains, while Creole (or 'dialect' as it is referred to locally) is used in informal situations such as in the home and among friends.

St Vincent and the Grenadines is a constitutional monarchy and representative democracy, with Queen Elizabeth II as head of state, represented by a Governor-General. The legislature is unicameral, with a House of Assembly of 23 members comprising 15 members elected at least every five years by universal adult suffrage (plus Speaker and Attorney-General) and six senators appointed by the Governor-General (four on the advice of the Prime Minister and two on that of the Leader of the Opposition). The leader of the majority party in the House of Assembly becomes Prime Minister and selects and heads a cabinet.

Saint Vincent and the Grenadines’ economy depends on agriculture, tourism, construction, remittances, and a small offshore banking sector. Many of the fundamentals for greater economic freedom, such as flexible regulations, an efficient legal system that secures private property, and macroeconomic stability, are in place. Greater access to private financing and more openness to trade and international investment would improve the business climate.

Currency:

East Caribbean dollar (XCD)

Exchange Control:

There are no exchange controls on current transactions.

Financial services industry:

As early as 1976, St Vincent and the Grenadines introduced international financial services as a legitimate means of economic diversification through increased opportunities for investment, employment and revenue generation. Indeed, many leading international financial centers in the world today, have had a similar genesis.

St Vincent and the Grenadines has a small but relatively developed banking sector. In 2012 there were four commercial banks operating in St Vincent and the Grenadines, there were: the Bank of Nova Scotia, Firstcaribbean International Bank (Barbados) Ltd, National Commercial Bank (SVG) Ltd, RBTT Bank Caribbean Ltd. In addition there are four clearing banks, two non-bank financial institutions, nine credit unions, 22 insurance companies or agencies, one national development foundation, one building and loan association and five international financial services sector banks.

Read more:

• Bank of Saint Vincent and the Grenadines

The most popular form of offshore business in Saint Vincent and the Grenadines is the exempt (tax-exempt) company (IBC). It is based upon the Law "On International Business Companies".

Type of Company/Corporation:

One IBC Limited provide Incorporation service in St. Vincent and the Grenadines with the type International Business Companies (IBC)

Business Restriction:

Các ngành nghề cấm hoặc có điều kiện (có giấy phép)

Company Name Restriction:

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.

• Step 1: Select basic Resident/Founder nationality information and other additional services which you want (if any).
• Step 2: Register or login and fill in the company names and director/ shareholder(s) and fill in billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including: Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Cayman Islands is ready to do business. You can bring the documents in company kit to open corporate bank account or we can help you with our long experience of Banking support service.

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

• St Vincent company formation

Capital:

There is no minimum required authorized capital required for corporations in St. Vincent.

Share:

Corporation bearer shares and no par value shares are allowed in St. Vincent for anonymous ownership and privacy.

Director:

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.

Shareholder:

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.

Beneficial Owners:

Beneficiaries, shareholders and directors may elect not to be public disclosed.

Taxation:

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.

Financial statement:

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.

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.

Double Taxation Agreements:

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.

Business License:

IBCs are commonly used for international trade and investment, asset protection, intellectual property, licensing and franchising ownership, operating online business and holding companies and bank accounts.

Payment, Company Return Due Date:

Tax installments are due on 31 March, 30 June, 30 September and 31 December and are based on one-quarter of the last tax return filed. The annual tax return must be filed within three months of the fiscal year-end of the company, along with financial statements and payments of any tax due. An extension may be granted at the discretion of the Comptroller of Inland Revenue.

Penalty:

• Late filing penalty of XCD250 for each month in which the return remains outstanding.
• Late payment penalty of 10% of the tax due where the payment is not made by the due date.
• Interest at the rate of 1.25% per month, or part thereof, for the period during which the payment remains unpaid.
• Other penalties may apply.