St. Vincent and the Grenadines is a jurisdiction that many investors can find suitable for establishing entities and operating worldwide. This country has created an especially beneficial environment for Forex and crypto businesses. It offers advantageous tax conditions and imposes zero restrictions for running a business by foreigners.
Major Forms of Legal and Business Presence in St. Vincent and the Grenadines
If you intend to become present in St. Vincent and the Grenadines, you may do this in one of the next forms:
- Business Company (BC) – this vehicle replaced an International Business Company. In terms of taxation, it may not be very advantageous for investors already as gains from worldwide become subject to local taxes. The BC may be (i) limited by shares, (ii) limited by a guarantee, (iii) limited by both shares and guarantee, or (iv) unlimited company. The next option may be potentially more profitable and open all advantageous opportunities the jurisdiction offers.
- Limited Liability Company – a corporate entity where the liability of shareholders is restricted to the amount of the contributions made. There are no requirements for chartered capital and a minimum number of shareholders. The vehicle is suitable in terms of taxation as only local gains are subject to local taxes.
Registration Requirements and Steps
Opening a company in St. Vincent and the Grenadines, a limited liability company, for instance, may require passing these preliminary steps:
- Defining your commercial priorities (types of activities you are going to conduct).
- Selecting and verifying a commercial name for a future company.
- Arranging the registered office for a future entity.
- Collecting details of founders, beneficial owners, and management of the future entity.
- Drafting the statutory documents.
- Preparing and submitting the package of documents to the Registrar.
- Registration for tax and social security.
- Obtaining licences and permits in certain cases (depends on the exact types of activities you are going to conduct).
This registration procedure is an outline only. The exact steps that should be taken for registering a company may vary on a case-by-case basis.
Legal and Regulatory Framework
The local legal framework is advantageous for doing business and foreign investments. The country ensures compliance with the main international standards for doing business and its confidentiality at the same time.
The legal system is based on English Law. The Companies Act and the Income Tax Act are major legal acts in this jurisdiction. The Commerce and Intellectual Property Office and the Financial Services Authority are major regulatory bodies in terms of running a business.
Advantages of the Jurisdiction
Company registration in St. Vincent and the Grenadines may be advantageous in your case taking into account these benefits the jurisdiction has:
- Political and economical stability
- Emphasis on compliance with OECD standards
- Easy and straightforward process of the company incorporation
- Comparatively low costs for the company maintenance
- Zero currency control
Tax System of St. Vincent
For the setting up a company in St. Vincent and the Grenadines, you may need to know the next tax highlights of the jurisdiction:
- Corporate income tax rate – 30 %
- Personal income tax rate – 30 %
- VAT rate – 16 %
- Withholding tax rates (for non-residents) – (i) dividends – not applicable (N/A) (ii) interests – 20 % (iii) royalties – 20%.
- Capital gains tax – N/A
How Prifinance Specialists May Assist You
If you think about applying an option of St. Vincent company formation, Prifinance specialists may consult you whether this can be actually promising in your case. Our professionals can suggest equivalent options for establishing an entity abroad. Prifinance specialists will also prepare for you the package of registration documents and complete this process in fact. You may also rely on us in terms of opening a corporate bank account for your newly-formed entity and supporting its further activities. Reach us shortly for more precise discussions and suggestions.