About the Country
The state of St. Vincent and the Grenadines (SVG) is located north of Trinidad and Tobago. It is approximately 1,600 miles southeast of Miami and 100 miles from Barbados, and forms part of the Windward Islands, themselves being part of the Lesser Antilles. Today St. Vincent and the Grenadines is an independent democracy. The islands gained independence from Britain in 1979 but the Queen remains as Head of State and is represented by a Governor General. SVG is a member of the British Commonwealth, the United Nations, the Organization of American States, the International Labor Organization, Caricom, and the Organization of Eastern Caribbean States.
a) Legal Nature/Purpose/Type of Law
The International Business Company (IBC) is a legal entity for business purposes (trading and investments). The International Business Companies (amendment and consolidation) Act Chapter 149 of the revised laws of St. Vincent and the Grenadines, 2009 and regulations SRO No. 6 of 2008 govern the incorporation of International Business Companies in St. Vincent and the Grenadines.
b) Capital/Shares and Shareholder
The share capital may be expressed in any currency. The minimum issued capital is one share of no par value or one share of par value.
Min. paid up capital: US$ 1
Type of shares: registered or bearer shares; bearer share certificates must be deposited with an approved custodian who needs not to reside in SVG.
c) Incorporation Procedure
By submission of:
– Articles of Incorporation
– Details of the situation of the registered office and agent
– Details of the currency of the capital, authorized capital and type of shares
d) Annual General Meetings (AGM)
There are no limitations on where or how meetings may be held.
e) Tax Status
An IBC receives upon formation a Government Certificate of Exemption from taxes for 25 years from the date of incorporation.
f) Annual Return and Financial Statements
Whilst there is no requirement to file audited accounts, a company is required to keep financial records, which reflect the financial position. Filing of annual return with the authorities is not required.
g) Tax Treaties
SVG has tax information exchange agreements with a number of countries.
No disclosure of beneficial owner’s identity to SVG registrar.