Time of establishment of the company
The possibility of setting up an offshore company in the location of Saint Vincent and the Grenadines in the Caribbean Sea is a novelty in the services we provide. This direction is only gaining popularity, but at first glance we can see that it gives many tax benefits in the context of doing business.
Type of the company
Saint Vincent and the Grenadines are famous for their International Business Companies, which are the most popular type of company there.
What to keep in mind
IBC in Saint Vincent and the Grenadines guarantees an anonymous international business. The company is characterised by a lack of capital requirements, a simple organisation structure and the ability to open an account with a local Loyal Bank.
Company registration procedure
Registration of the company:
- Reservation of the company name,
- Preparation of the articles of association and the company’s statute.
- Submission of documents to the register of companies.
No restrictions on the number of shareholders, however, a minimum of one shareholder is required to establish the company. Foreign shareholders are allowed.
A minimum of one director is required to manage the company.
The Company must have a registered address in the territory of Saint Vincent and the Grenadines, which will appear on the Company’s business documents and postal details. It is possible to use the services of a virtual office with a dedicated telephone number.
Time to set up a company:
The time of establishing the company is about 2 days.
No minimum capital required.
Taxes and finances
International Business Companies in Saint Vincent and the Grenadines are fully exempt from income tax. Moreover, there is also no tax on cash capital – e.g. dividend payments or the sale of shares. It is important that the local authority – the Registrar of Companies – issues companies with a certificate guaranteeing these exemptions for a period of twenty-five years from the date of incorporation of the company.
Reporting and accounting
An IBC is not required to prepare or submit financial reports. There is also no requirement to hold annual general meetings of shareholders. If such meetings are held, attendance is not mandatory.
Anonymity and Confidentiality
The company’s board of directors may be of any origin, and the services of the so-called nominated directors responsible for managing the company will provide you with additional confidentiality. Information about directors and shareholders is not stored in company register, but the company has an obligation to keep its own register, which is, however not disclosed. Nominee shareholder services are another solution that guarantees confidentiality and anonymity.
The Company in Saint Vincent and the Grenadines is obliged to extend its operations on an annual basis, which involves the payment of stamp duty and the re-establishment of the Company’s governing bodies, otherwise the Company will be deleted one year after the last payment.
Types of activity of the company
The creation of a foreign company should not and cannot be used to legitimise illegal activity. The regulatory authorities in Saint Vincent and the Grenadines do not allow financial, banking, online gambling and insurance activities without a licence.
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