Table of Contents
St Vincent and the Grenadines (SVG), an Eastern Caribbean island country, is a prominent offshore jurisdiction. The country’s financial service industry, regulated by the FSA (Financial Services Authority), attracts business investors and entrepreneurs from across the globe. The Limited Liability Companies Act governs corporate legislation for offshore companies in the country.
This article will shed light on every detail of an SVG offshore company.
An Introduction to St Vincent and the Grenadines Offshore Company
A company established in Saint Vincent and outside your home country can be termed an SVG offshore company. For example, suppose you are a Swiss national and want to open a company in SVG. In this case, the company will be known as an offshore company.
There are various reasons behind the popularity of the jurisdiction as an offshore location. The country has a stable political environment and a strong government, which allows for quick company incorporation. A wide range of banking options are also available, making the jurisdiction suitable for opening an offshore bank account.
Saint Vincent and the Grenadines do not have a double taxation treaty with any other jurisdiction and promote business privacy. This means that information on the trade activities of offshore companies is not shared with any government authorities or third parties.
Taxation in St Vincent and the Grenadines
- All offshore companies in St Vincent and the Grenadines are tax-exempt as the income generated outside the country does not attract tax.
- Local tax and stamp duties are exempt on offshore companies for 20 years from incorporation.
- Offshore companies in St. Vincent and the Grenadines are exempt from corporate tax, withholding tax, and capital gains tax.
The Requirments of Starting an Offshore Company in St Vincent and the Grenadines
- There are no reporting requirements for an offshore company in SVG. However, you are required to file financial statements annually from the date of company incorporation.
- One director and shareholder are required to open an SVG offshore company, and their nationality is not restricted.
- No paid-up capital is required. The standard share capital is USD 10,000, but this can be amended.
- No secretary is required to open an SVG offshore company.
- Business activities such as banking, finance and leasing, insurance, shipping, and many more require an economic presence of the business in the country to start an offshore company.
The Benefits of Opening a Company in St. Vincent and the Grenadines
Some of the advantages of a St. Vincent offshore company formation are mentioned below:
- The offshore companies in SVG are tax-exempt on income generated from outside the jurisdiction.
- SVG is a jurisdiction which allows for a fast incorporation process.
- Personal information of the individuals who are a part of the company is not disclosed to the public.
- The director and shareholder can either be a natural person or a corporate entity.
- The company is not required to file annual returns with the government.
The Incorporation Process of St Vincent and the Grenadines Offshore Company
St Vincent and the Grenadines offshore company can be set up by following the steps below:
Step 1: Finalize a Company Name
The first step is to determine a trading name for the company. SVG provides proper guidelines for selecting a name. You need to finalise one name while maintaining all legal compliances.
Step 2: Fill Out the Application Form
The next step is to complete the application form and submit it to the governing body.
Step 3: Prepare the Documents
Along with the application, some documents need to be submitted. Here is a list of the required documents:
- Passport copy of each director and shareholder
- Utility bill
- Authorised capital
- A signed agreement by each director
- Prepare the Documents
- Bank reference letter
Step 4: Confirmation of Company Registration
Offshore company registration in St. Vincent can be completed within two days. After this, the registrar can issue two types of incorporation certificates, one with the director’s name and another without for privacy.
Get Started with Business Setup Worldwide
The steps for company formation are simple and hassle-free. However, establishing a foreign company requires proper guidance. Business Setup Worldwide is an experienced corporate service provider that has been assisting people for more than 14 years. We have designed our services to provide a hassle-free offshore company registration experience in St Vincent and the Grenadines.
Our Services
Business Setup Worldwide provides the following services in St Vincent and the Grenadines:
- Accounting Services
- Bank account opening Services
- Documents submission Services
- Government approval Services
- Nominee director and shareholder Services
Disclaimer: For more interesting articles visit Business Times.
