Offshore company formation in St Vincent and the Grenadines

St. Vincent and the Grenadines company formation

Saint Vincent and the Grenadines is an independent state in the Caribbean islands. It attracts business people with favorable taxation for non-residents, loyal legislation, and some additional features related to international business activities.

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Why business people choose St. Vincent offshore: Benefits of the jurisdiction

There is no territoriality requirement for opening bank accounts in this state, so companies can choose any bank. In St. Vincent and the Grenadines, all personal data of the company owners are protected at the state level: they are classified and secured at the legislative level.

Other advantages entrepreneurs starting a business in St. Vincent and the Grenadines get:

  • No foreign exchange controls by the government.
  • In most cases, business owners do not need to keep financial records and accounting.
  • No audits.
  • Under certain conditions, no income tax must be paid.
  • Founders and shareholders can be citizens of any country.

Companies in St. Vincent and the Grenadines: Requirements

Companies opened in this state must meet certain conditions. For example, there must be at least one shareholder and director in the company structure. Also, a business must have its registered address in St. Vincent and the Grenadines.

If you are interested in St. Vincent offshore, you will need certain documents to register your company. The full list depends on the peculiarities of your business, so you should check it with our specialists. You should prepare at least the following:

  • Notarized copies of passports of all directors, shareholders, and beneficiaries.
  • Proof of address, no older than three months.
  • A letter of recommendation or a bank account statement not older than three months.
  • Information about the activities of the company, the source of funds, and so on.

If you decide to buy a St. Vincent offshore, additional documents may be required. For more information on this issue, please, contact our experts.

Taxation in St. Vincent and the Grenadines offshore

The state charges companies a $225 one-time registration fee. After that, the firms must pay a $100 annual fee. In some cases, the amount may vary. For example, insurance companies established in this country must pay a fee of $500 each year. Please note that the fees may change from time to time. Please, contact our specialists if you want to know the actual cost of St. Vincent company registration.

The standard corporate tax rate is 30%, and local companies must file a tax return. If a business company is registered in St. Vincent and the Grenadines but operates outside the country, it will not be taxed. The tax rate of 30% applies only to income earned directly in this country.

St. Vincent company formation: Features of doing business

The Limited (Ltd.) legal form is popular today. It is often used for conducting business outside Saint Vincent and the Grenadines.

In some cases, licensing is required for running a business. As a rule, it is needed when a businessman decides to register an offshore bank in the territory of the State. In this case, a special license is required:

  • Class A — allows conducting any banking activity, including offshore banking.
  • Class B — gives the right to provide services to one specific group of clients, according to the list of such clients that was submitted to the regulator.

On average, licensing takes about three months, but the time may vary depending on certain conditions and various additional factors.

If you are interested in companies in St. Vincent and the Grenadines, please, contact our specialists. We will provide professional advice, explain the peculiarities of doing business and the nuances of taxation, and help with St. Vincent and the Grenadines company formation.

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