St Vincent and the Grenadines is a small state located in the eastern Caribbean Sea. The territory consists of the main island of St Vincent and several smaller islands in the Grenadines group. Saint Vincent is actively developing as a centre of regional elite tourism, with an emphasis on active recreation: diving, yachting, etc. The state attracts banks and entrepreneurs with wide tax privileges. There is a small but relatively developed banking sector.
English language is fixed at the state level. The official means of payment is the Eastern Caribbean dollar.
The state pursues an active international policy aimed at cooperation and integration in all spheres of life.
Types of legal forms available for registration with the SVG
Business Company (BC)
Under current laws, both residents and non-residents can open a BC company in St Vincent and the Grenadines
LLC - Limited Liability Company
There are no requirements to the authorised capital. One director and one shareholder (individual/legal entity) are sufficient to establish an LLC.
Taxation
The basic corporate tax rate for legal entities is 30%. Exception applies only to LLC/LLC in case of confirmation of tax residency of another country;
VAT: standard rate – 15%, reduced rate – 10% or 0%;
Income tax on interest, royalties paid to a non-resident is 20%.
Registration procedure
1. Selection and verification of business name (two name options are required).
2. Collection and submission to the regulator of information about shareholders, beneficiaries and directors, and the firm's lines of business.
3. Drafting the Articles of Association and other constituent documents of the company.
4. Payment of registration fees and dues.
5. Registration with the tax authorities.
* Company registration in St. Vincent and the Grenadines usually takes 1 week from the date of submission of all required documents.
Basic requirements for company registration:
Passport information, id card and driver's license. Each of the documents should be notarized.
Notarized Utility Bill (not older than 3 months).
Professional reference letter from a lawyer, bank or accountant in your jurisdiction.
Bank statement of account.
All documents must be in English.
Reporting
BC companies in St. Vincent and the Grenadines are required to file accounts. Financial statements must be filed annually for companies with gross revenues of $4 million or more during the reporting period. Companies with total assets in excess of 2 million dollars are subject to the same requirement.
For those companies whose gross revenues for the reporting period were less than $4 million or whose total assets do not exceed $2 million, there is a requirement to file annual Declarations of Solvency.
For BC in St. Vincent and the Grenadines, there is a financial record keeping requirement. The records must reflect all transactions of the company in the proper and most complete manner and be sufficient to explain the transactions. Furthermore, the financial records must be retained for at least seven years after the end of the fiscal year to which they relate.
LLCs in St. Vincent are not required to file annual reports.
Annual service
1. Registration address
2. Local secretary fee
3. Compliance fee
Please complete the contact form for information about this service
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