St Vincent and the Grenadines BC
Formation of a Business Company (BC) in St Vincent and the Grenadines
Business Companies in St Vincent and the Grenadines have one of the simplest and most straightforward registration procedures worldwide, as well as some of the lowest incorporation and maintenance costs.
It is frequently used for international trade and investments, for holding purposes, and for e-commerce businesses.
FACTS & INFO
St Vincent and the Grenadines is an independent and politically stable jurisdiction. Business Companies there have one of the simplest and most straightforward registration procedures in the world, as well as some of the lowest incorporation and maintenance costs.
Business Companies in this jurisdiction are now subject to tax authorities as they must pay 30% on worldwide profits.
St Vincent and the Grenadines BCs are frequently used for international trade and investments, as well as for holding purposes and e-commerce businesses.
BC names must end with one of the following words: "Limited", "Corporation", "Incorporated", "Société Anonyme", or their relevant abbreviations. A wide variety of other suffixes, such as "BV", "GmbH", and "SARL" may also be used. The following names require licensing in order to be used: "Bank", "Insurance", "Assurance", "Re-Insurance", "Trust", "Trustee", "Savings", "Royal", "Asset Management", "Fund Management", "Investment Fund", "Building Society", "Municipal", and "Chartered". Names denoting any connection to local, state or national governments are generally prohibited. Incorporation under documents in a foreign language is allowed provided a certified translation is attached.
MEMORANDUM AND ARTICLES OF ASSOCIATION
A company is incorporated in St Vincent and the Grenadines through application to the Commercial and Intellectual Property Office (CIPO). The memorandum and articles of association must be logged with this body. A memorandum specifies the activities in which the company may engage, and the articles of association specify the rules governing the internal management of the company.
A minimum of one shareholder is required, which may be an individual or a corporate body. The details of the company's beneficial owners and shareholders are not part of the public records.
There is no specific minimum capital requirement. The standard authorised share capital is US$50,000. The minimum issued capital may be one share of no par value, or one share of par value. Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted. The International Business Companies (Amendment) Act No.26 and 44 of 2002 allows for the registration and custody of bearer share certificates by the registered agent, who must also keep a record of each bearer certificate issued or deposited in its custody. The record shall contain pertinent information relating to the company issuing the shares, the ID number of the share certificate, and the identity of the beneficial owner.
DIRECTORS AND COMPANY SECRETARY
The minimum number of directors is one, which may be a natural person or a corporate body. They may be of any nationality and need not be a resident of St Vincent and the Grenadines. Details of the company directors are not part of the public record. This information is kept only at the offices of the registered agent in complete confidentiality.
A BC does not need to appoint a company secretary, although it is customary to do so. The secretary may be a natural person or corporate body of any nationality, and need not be a resident of St Vincent and the Grenadines.
A registered office must be maintained in St Vincent and the Grenadines at the location of a licensed registered agent.
The directors' and shareholders' meetings need not be held in St Vincent and the Grenadines. There is also no requirement for an annual general meeting (AGM). All meetings may be held outside of the country, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy.
Usually the incorporation time is one working day, but we may need up to 10 working days to allow for legalisation of the documents and delivery by courier.
RECURRING MAINTENANCE FEES
As from the second year, there are recurring maintenance fees of $700. These include:
- Provision of registered office and registered address
- Provision of registered agent
- Payment of annual government fee
- Payment of the government license fees
- Provision of the registered office, registered agent and company secretary (must be renewed by December 31, irrespective of the date of incorporation)
- The company must be renewed on January 1 of each year, irrespective of the month of incorporation.
Business Companies in St Vincent and the Grenadines have been subject to tax authorities since January 2019, at a rate of 30% on worldwide income. The country has amended its International Business Company Act and the International Trust Act to comply with the requests of the EU and the OECD.
AUDIT AND ACCOUNTING
It is a requirement to file audited accounts and annual returns with the authorities. A company is required to keep financial records, which will indicate the tax amount payable to the financial authorities.
Our Services and Requirements
OUR SERVICES INCLUDE:
- Name check and approval
- Filling of incorporation documents with the CIPO
- A standard set of original corporate documents
- Payment of the government fee
- Provision of registered agent and registered address for one year (renewed by December 31, irrespective of incorporation date)
- Rubber stamp
Please note: If applying for a corporate bank account you will need to order a full set of apostilled company documents if the account is opened outside of St Vincent and the Grenadines.
Please provide the following documents for all directors, shareholders, beneficial owners, and authorised signatories:
- Notarized or apostilled copy of valid passport
- Notarized or apostilled copy of driver’s license or national ID card
- Notarized or apostilled copy of utility bill or original utility bill showing residential address issued within the last three months. (A notarized or apostilled copy of a current driver’s license showing residential address is also acceptable as a proof of address and can be provided instead of a utility bill)
- Reference from a bank, lawyer, chartered accountant or other professional for each beneficial owner
IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without the required license or authorisation granted by a relevant authority in any jurisdiction, Starting Business will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.
Licensable activities include, but are not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.
Please contact us if you need assistance in the licensing of your financial, Forex brokerage or gambling company.
Shipping of corporate documents or banking kits to your destination requires an extra charge and will be automatically added to your order during checkout. Shipping costs for international courier services are set automatically depending on geographic zones.