Saint Vincent and the Grenadines is an island jurisdiction in the Caribbean region. It is well-known among foreign investors as the country introduces splendid conditions for doing business, including globally. Offshore corporate structures established in this state are widely-known as tools for balanced tax planning. Company incorporation in Kingstown or any other city of this considered destination can be potentially useful in view of these core advantages.
Why Incorporate a New Project in Saint Vincent and the Grenadines?
A decision to establish or buy a ready-made company in Saint Vincent and the Grenadines can be supposedly fortunate in view of such core favors offered in this location:
- steady political and business framework;
- ease of business start and running;
- nominal services are provided;
- high level of privacy;
- sufficient asset protection;
- fruitful taxation framework (0% profit tax for offshore forms);
- no currency control limitations.
Legal and Organizational Forms
It is acceptable and supposedly profitable to form a company in Saint Vincent and the Grenadines or establish a formal presence in a different way through one of the next incorporation options:
- Limited liability company – a form of entrepreneurial structure that introduces the narrowed monetary and legal obligations of its promoters for all consequences of the entity's functioning. Their liability is narrowed at all times to the amount of contributed funds solely. Even one person, whether natural or legal, of any citizenship, can establish a business of this type. There are no obligatory legislative demands for the starting capital of this entity – it may formally be even USD 1. This enterprise may function abroad with no limitations.
- Branch – a legal form open to an abroad enterprise with the goal to launch and handle in this jurisdiction the same scope of commercial activities as abroad. Finalizing a simplified incorporation process is expected in this case solely. No minimal capital thresholds are envisaged for this entity form as well.
Stages to Form a Resident Enterprise
In this business destination, the company formation procedure envisages these obligatory stages to pass:
- Forming a precise list of business activities that you intend to carry out through a supposed international business.
- Elaborating on and checking the availability of a business name for a suggested business form. Reserving it.
- Requesting and formalizing all the must-have details about the company's founders, including its mother company (if present), final beneficiaries, and managers. Even if these particulars are not disclosed to the general public, it still has to be collected and kept up-to-date.
- Finding an official legal address for a supposed business form.
- Composing and executing all the must-have statutory and registration documents, among others, Memorandum and Articles of Association, minutes, and resolutions (on the assignment of directors, shares allocation, etc.).
- Filling out all registration applications and paying envisaged fees. Forming a registration package and submitting it for consideration. Entering the information about a new enterprise in the Register of Companies in the case of positive feedback.
- Opening corporate bank accounts.
Legal and Regulatory Peculiarities
In this considered jurisdiction, non-resident businessmen enjoy a full scope of rights available to the locals. There are no regional, regulatory, or currency restrictions for foreigners in this considered destination.
The process of company formation is maximally simplified and is not bureaucratized. It takes around one week or two to incorporate a new entity. No subsequent audits are compulsory for a company in the vast majority of cases.
Core Points of Taxation
Any starting commercial plan to create or buy a company in Saint Vincent the Grenadines should be evaluated along with the subsequent core taxation points*:
- Profit tax (for enterprises) - 28%
- Income tax (for individuals) - 10-28% (varies depending on the sum of proceeds obtained)
- Value-added tax - 15/10/0%
- Withholding tax (for abroad investors) - (1) dividends - 0% (2) interests - 15/20% (3) royalties - 15/20%
- Capital gains tax - not foreseen.
*It is important to emphasize that when an entity operates and receives income from abroad sources, it does not pay taxes in this considered destination. Thus, such entities are treated as offshore enterprises. To know more about the nuances and advantages of taxation in the considered state, reach Prifinance attorneys with the specific ideas you have now.
How Prifinance Attorneys Can Assist You
Have you decided to register or buy a company in Saint Vincent and the Grenadines? Prifinance attorneys will foster the process of bringing the idea into reality. Experts have 11 000 cases in their portfolio and are ready to apply this vast experience to boost achieving your business goals. Apply for personalized advice!
Check and reserve of the company name Obtaining approval from the registrar for the company name
