APGI St. Vincent and Grenadines IBC

St. Vincent and Grenadines Offshore IBC Incorporation

From US$1395.00

St. Vincent and the Grenadines - "Jewels of the Caribbean"

Part of the Windward Islands located in Eastern Caribbean, lying about 1,600 miles south-east of Miami, St. Vincent is the principal island of the more than 30 islands that comprise the nation state of Saint Vincent and the Grenadines. The Grenadines consist of a group of islands extending approximately 45 miles to the south-east of St. Vincent. The major islands which make up St. Vincent and the Grenadines are Bequia, Mustique, Canouan and Union Island.

Known by the Caribs as Hairoun ("Land of the Blessed"), St. Vincent was first inhabited by the Ciboney, a grouping of Meso-Indians. The economy of these hunter-gatherers depended heavily on marine resources as well as the land. They used basic tools and weapons and built rock shelters and semi permanent villages.

Kingstown is the main financial and business centre where you will find the head offices of local, regional and international companies located in St. Vincent and the Grenadines ATM machines are available at Scotiabank, National Commercial Bank, First Caribbean International Bank and RBTT Bank. Travelers' checks and foreign currencies can be exchanged with ease. The Eastern Caribbean dollar (EC$) is the legal currency and is tied to the US dollar at $2.68.

The legal system in St. Vincent and the Grenadines is closely based on the British legal system. This also includes appeals to the Privy Council based in the UK.

The current population is approximately 120,000 inhabitants. The local currency is the Eastern Caribbean Dollar and as with most places in the Caribbean, the US dollar widely accepted on the island as well as the EURO due to increased tourism.

St. Vincent has an excellent telecommunications system. Both landline telephones and wireless are readily available. St. Vincent and the Grenadines has a state of the art fiber optic digital telephone system provided by Cable & Wireless (West Indies) LTD, their office is located in Kingstown, on Halifax Street. Internet, Boatphone, Cellular service, telex, telegraph and facsimile access are also available. Other Cellular phone Companies are Digicel and ATT.

Saint Vincent and the Grenadines claimed its independence in 1979 and should be a natural choice for persons wishing to protect individual assets by incorporating an offshore business company or IBC.

Some of the benefits of choosing St. Vincent and the Grenadines as your offshore jurisdiction of choice are as follows:

• A Saint Vincent and the Grenadines IBC is not liable to any taxation. This is the case even when the company is controlled and managed with physical presence within Saint Vincent and the Grenadines. There is also no audit or accounting requirements.
• Saint Vincent and the Grenadines is the only independent jurisdiction that has a general confidentiality law that protects against disclosure of confidential information worldwide.
• Saint Vincent and the Grenadines has no double taxation treaty with any other country. This means that information on trading activities will not be passed to a Revenue Authority anywhere.
• Saint Vincent and the Grenadines is an independent stable democratic country with no history of civil unrest. Its political system is based on the English Parliamentary System. The legal system is based on the English Common Law supplemented by Local Legislation. The Court system is similar to that of the United Kingdom with the Privy Council based in England being the final Court of Appeal.
• A number of internationally recognized banks have branch offices within the state including Barclays Bank PLC, Bank of Nova Scotia and The Canadian Imperial Bank of Commerce.
• There is no requirement for the filing of by-laws or for disclosure of directors, shareholders, and attorneys of fact with the Offshore Finance Authority or any other entity. Bearer shares are permissible.
• Saint Vincent and the Grenadines has some of the lowest incorporation and annual fees in the world.

Additional Advantages of a St. Vincent and Grenadines IBC

• Simple and swift incorporation (within 48 hours).
• Requires only one incorporator.
• Greater Flexibility.
• Greater Asset Protection.
• Greater accessibility to companies that prefer to deal with offshore entities.
• Properly structured, an IBC can provide tax-free compounding.
• May engage in any activity that is not illegal in St. Vincent & the Grenadines.
• Shares may be issued as registered shares or bearer shares, may be par value or no par value, voting or non-voting.
• Share capital may be expressed in any currency.
• An IBC may be administered from any place in the world and its books, records and seal may be kept outside of St. Vincent & the Grenadines.
• Only one Director required.
• The names of directors, officers and shareholders are not disclosed on any public register.
• IBC's are exempt from tax and stamp duties for twenty years from incorporation.
• No foreign exchange controls are imposed upon IBC's.
• Limited Liability of shareholders.
• No restrictions on percentage or ownership of shares.
• No investment restrictions except that an IBC cannot purchase real property in St. Vincent and the Grenadines.
• No restrictions on borrowing or distribution of dividends except those provided in the Articles of Incorporation.

BENEFITS OF INCORPORATING IN ST. VINCENT:

The Saint Vincent and the Grenadines International Business Company (IBC) has become the vehicle of choice for individuals who desire to take advantage of the benefits offered by the jurisdiction. The International Business Companies Act 1996 is considered by legal experts to be a unique and innovative legislation which contains provisions not found in similar legislation in other offshore jurisdictions. An IBC incorporated in Saint Vincent and the Grenadines enjoys the following advantages:

• The right to perform all legal acts and engage in all legal activities without restrictions.
• The right to maintain offices or branches or a physical presence in any form whatsoever in any country in the world.
• Company documents may be filed in any language.
• IBC's may issue bearer shares and shares may be issued with qualifications rights, privileges, limitations and restrictions and may be issued in one or more currencies.
• IBC's may employ any word or abbreviation to signify limited liability.
• There are no requirements for the filing of by-laws or for the disclosure of directors, shareholders, and attorneys of fact with the Offshore Finance Authority or any other entity in St. Vincent.
• Exemption from the provisions of the Exchange Control Act or from any other currency or exchange control legislation for 25 years.
• Exemption from any corporate tax, income taxes, withholding tax, capital gains tax, or other like taxes on the income or assets of the IBC for 25 years.
• Exemption from Stamp Duty in respect of all transactions involving transfers of property to or by an IBC and also in respect of shares, debt obligations, and other securities and transactions for 25 years from registration.
• Exemption from inheritance and succession duties or any other form of gift tax on the estate of a shareholder for 25 years.
• Exemption from tax on any dividend or distribution to any other company, individual, trust or any other entity for a period of 25 years.
• The ability to change domicile to another jurisdiction by continuing in that jurisdiction at any time.
• An existing company registered in another jurisdiction can be continued in Saint Vincent and the Grenadines with ease.
• Quick incorporation within 24 hours (after payment has been received).
• All information filed with the Offshore Finance Authority is protected by the most restrictive of all the Confidentiality Acts presently in force in any offshore jurisdiction.
• Provision for meetings of Directors and shareholders may be held by telephone, or by any electronic means whatsoever within or without Saint Vincent and the Grenadines.
• Limited Duration Companies and Companies limited by Guarantee are permitted.

PRIVACY IN SAINT VINCENT AND THE GRENADINES:

St. Vincent & the Grenadines is doing an extensive revision and updating of its IBC legislation which is expected to be completed during the first quarter of this year. This is expected to increase the business coming to the jurisdiction. The year 2005 saw a 13% increase in income over the previous year, with most of that increase coming from IBCs and Mutual Funds.

The regulatory authority was separated in the recent past from the marketing authority. The regulatory authority is the International Financial Services Authority (IFSA) and the marketing authority is the National Investment Promotions Inc. (NIPI). National Commercial Bank, according to the Executive Director of IFSA is reorganizing to give major support to the banking needs of the international financial services industry in St. Vincent & the Grenadines. It will have a department devoted exclusively to this sector and expects to have online capability by July of this year. Efforts are being made to involve another local bank in providing services for the industry. St. Vincent & the Grenadines has some of the lowest fees in the offshore industry. The annual fee charged by the government is a mere US$100.00. By contrast it is $350.00 per annum in the BVI and US$300.00 per annum in St. Lucia. Because St. Vincent is an independent nation and not a UK dependent territory, it is not affected by the EU Savings tax and the potential UK exchange of Information requirement.

DOUBLE TAX TREATIES:

St. Vincent and the Grenadines (SVG) has no Double Taxation Treaties with other countries and so is not obliged to exchange tax information with any other government. The SVG tax authorities do not habitually cooperate with the tax authorities of other countries.

Other important aspects to take into consideration are:

• An absence of requirements to disclose the names of the beneficial owners, directors or officers of the company.
• The power to issue bearer shares.
• The power to use a second company to act as a director of the original IBC.
• An absence of any legal requirement to file returns of any kind.
• The most restrictive confidentiality law on the planet.

St. Vincent and Grenadines Business Company Information and Features

Key Corporate Features

General
Type of entity:	IBC
Type of law:	Common
Shelf company availability:	Yes
Our time to establish a new company:	2 Days
Minimum government fees (excluding taxation):	US$100
Corporate taxation:	Nil
Double taxation treaty access:	No
 
Share capital or equivalent
Standard currency:	US$
Permitted currencies:	Any
Minimum paid up:	US$1
Usual authorized:	US$100,000
 
Directors or Managers
Minimum number:	One
Local required:	No
Publicly accessible records:	No
Location of meetings:	Anywhere
 
Members
Minimum number:	One
Publicly accessible records:	No
Location of meetings:	Anywhere
 
Company Secretary
Required:	No
Local or qualified:	No
 
Accounts
Requirement to prepare:	No
Audit requirements:	No
Requirement to file accounts:	No
Publicly accessible accounts:	No
 
Other
Requirement to file annual return:	No
Change in domicile permitted:	Yes

St. Vincent and Grenadines Company Information

Type of Company For International Trade and Investment

The St. Vincent and Grenadines International Business Company (IBC)

Procedure to Incorporate

Registered Agent delivers the Memorandum of Association and Articles of Association to the St. Vincent and Grenadines Registry together with the appropriate fee.

Restrictions on Trading

Cannot trade within SVG. Cannot undertake banking or insurance activities. Cannot solicit funds from the public nor offer its shares to the public.

Powers of Company

A SVG IBC has wide powers.

Language of Legislation and Corporate Documents

English.

Time to Incorporate

2 Days but delivery of documents may take 2 weeks.

Name Restrictions

IBC, LDC, Hybrid company: A name that is similar to or identical to an existing company. A name that implies illegal activities. A name that implies royal or government patronage.

Language of Name

A St. Vincent and Grenadines IBC can be incorporated using any language. Chinese language incorporations with Chinese documentation are very popular.

Registered Office Required

Yes, must be maintained in St. Vincent and Grenadines at the address of a licensed management company.

Names Requiring Consent or Licence

Bank, building society, savings, loans, insurance, assurance, reinsurance, trust, trustees, Chamber of Commerce, university, municipal or their foreign language equivalents or any name in English or a foreign language that may suggest association with the banking or insurance industries.

Suffixes to Denote Limited Liability

Limited, Corporation, Incorporation, Société Anonyme, Sociedad Anónima, Gesellschaft mit beschränkter Haftung or the relevant abbreviations.

Disclosure of Beneficial Ownership to Government Authorities

No.

Compliance

Authorized Share Capital

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. The annual fees are not linked to the amount of share capital.

Classes of Shares Permitted

Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights.

Taxation

IBC's, LDC's and Hybrid companies pay no income tax, but pay a fixed annual fee to the Government.

Double Taxation Agreements

St. Vincent and Grenadines's does not have double tax agreements.

Licence Fees

A SVG IBC pays US$ 135 fixed annual fees to the government - no limit for share capital.

Financial Statement Requirements

While there is no requirement to file audited accounts with the authorities, a company is required to keep financial records that reflect the financial position of a company.

Directors

The minimum number of directors is one. Directors may be natural persons or bodies corporate. They can be of any nationality and need not be St. Vincent and Grenadines resident.

Company Secretary

A company secretary can be appointed. The company secretary may be a natural person or a body corporate. They can be of any nationality and need not reside in SVG.

Shareholders

The minimum number of shareholders is one.

Schedule Of Fees

Basic Fees: SVG IBC	€EURO	$US DOLLAR
Annual License Fee:	included	included
Annual Registered Office fee:	included	included
Annual Registered Agent fee:	included	included
Incorporation Fees:	included	included
TOTAL FIRST YEAR FEES:	€1035	US$1395
 
Additional Services:	€EURO	$US DOLLAR
Corporate Seal	€55	US$75
Open Bank Account in SVG	€330	US$450
Notarization per document or set	€180	US$250
Apostille per document or set	€180	US$250
Redomicile of IBC	€1400	US$1750
Amendment of Articles of Incorporation	€400	US$500
Change of company name	€400	US$500
Amendment of Board	€400	US$500
Change of share capital	€400	US$500
Change of type of shares	€400	US$500
Filing of Articles of Merger	€400	US$500
Amendment of Articles of Incorporation	€400	US$500
Certificate of Good Standing	€280	US$350
Company Search/Inspection	€280	US$350
Certificate of Incumbency	€160	US$200
Tax Exempt Certificate	€400	US$500
 
Annual Fees:	€ EURO	$US DOLLAR
Maintenance Fee (due in January)	€630	US$850
Nominee Director	€295	US$400
Nominee Shareholder	€295	US$400