Establishing a company in Saint Vincent

Saint Vincent is the main island in a group of islands in the Caribbean Sea termed “Saint Vincent and the Grenadines” north of Granada, south of Saint Lucia and west of Barbados. Its area is 390 km2 and it has 105,000 inhabitants. It was controlled by the British until 1969, was an autonomous state for ten years and then finally a fully sovereign state. The capital is Kingstown, located on the island of Saint Vincent.

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Three things you did not know about Saint Vincent:

  • The population is a mix of native Indians and the descendants of African slaves whose ships were lost at sea.
  • The main island is the site of La Soufrière – an active volcano that last erupted in 1979, and also the highest mountain in the state (rising to 1234 m).
  • The blockbuster movie “Pirates of the Caribbean” starring Johnny Depp was shot primarily in Saint Vincent. The movie made over 1 billion USD in the box-office, a sum similar to the islands annual GNP.

Saint Vincent’s economy

Saint Vincent and the Grenadines is an independent and self-governing state with an internal government division between six small parishes, each with its own capital. Flights from the U.S. land daily on the island and it receives hundreds of thousands of tourists each year. The economy is based, among other things, on the registration of offshore companies, and this industry is showing rapid growth. In 2003 Saint Vincent was awarded the FATF award for lack of corruption in its financial activity, making it even more attractive to foreign companies.

Foreign companies may not deal in banking or insurance on the island, they may not recruit capital from the local public or sell them their shares. However, they do enjoy 0% corporate tax, full confidentiality of shareholder and office holder’s information and exemption from submitting financial reports.

Additional information about establishing offshore companies in Saint Vincent:

General
Type of company
IBC – International Business Corporation
Relevant Companies Law
The Company Act, No 18 of 1996 The International Business Companies (Amendment and Consolidation) Act 2007
Offices
Law requires companies to provide a local office address
Language of original incorporation documents
English
Finance and Taxation
Currency
XCD
Corporate tax rate
0%
Standard share capital
10,000 shares, one share must be issued as par value share or no-par value share
Office Holders
Secretary
Obligation to appoint company secretary
Not required, company may appoint secretary
Obligation to appoint local secretary
Not required
Type of entity that may function as company secretary
Individual and/or company
Director
Obligation to appoint company director
Required
Obligation to appoint local company director
Required
Minimum number of directors
1
Type of entity that may serve as company director
Individual and/or company
Shareholders
Obligation to register shareholders
Required
Obligation to register local shareholders
None
Minimum number of shareholders
1
Type of entity that may register as shareholder
Individual and/or company
Type of shares
Registered shares and/or bearer shares
Accessibility of Information
Company registrar
Information regarding office holders is not accessible to the public
Annual Assembly and Reporting
Obligation to hold annual assembly
Not required
Obligation to prepare financial reports
Required
Obligation to submit financial reports
Not required