Saint Vincent IBCFormation of International Business Company (IBC) in St.Vincent & the Grenadines
St.Vincent International Business Company is well-known tax-exempted entity, with strong asset protection structure and high level of confidentiality. St.Vincent IBC is frequently used for international trade and investments, holding purposes and e-commerce business.
Recurring Maintenance Fees as from the 2nd year - $680
Please note: If applying for a corporate bank account you will need to order a full set of apostilled company documents if the account is opened outside of Saint Vincent and the Grenadines.
Facts & Info for Saint Vincent IBC
Offshore Companies in St. Vincent and the Grenadines are governed by the International Business Companies Act, 1996 and their privacy is protected by the Confidential Relationships Preservation (International Finance) Act, 1996. The legislation is simple and straightforward, allowing a great deal of flexibility in the design of offshore corporate structures suiting the client\'s needs. In particular the Act allows the Articles to set out any provisions not expressly prohibited by the Act. Only a duly approved Registered Agent within the meaning of the new Registered Agent & Trustee Licensing Act (No.15), 1996, may submit applications for formations and undertake services set out in the Act.
St.Vincent & the Grenadines companies names must end with one of the following words Limited, Corporation, Incorporated, Société Anonyme or their abbreviations. A wide variety of other suffixes such as BV, GmbH, and SARL may also be used. The following names to be used, require licensing: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, Asset management, Fund Management, Investment Fund, Building Society, Municipal, Chartered. Names denoting any connection to local, state or national Governments are generally prohibited. Incorporation under documents in foreign language is allowed provided translation is attached.
MEMORANDUM AND ARTICLES OF ASSOCIATION
A company is incorporated in St.Vincent & the Grenadines by application made to the Registrar of Companies. Memorandum and Articles of Association must be lodged with the Registrar. Memorandum specifies the activities in which the company may engage and Articles of Association specify the rules governing the internal management of the company.
A minimum of one shareholder is required which may be an individual or a corporate body. The details of company beneficial owners and shareholders are not part of the public records.
There is no specific minimum capital requirement. The standard authorized share capital is US$ 50,000. The minimum issued capital may be one share of no par value or one share of par value. Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights permitted. The International Business Companies (Amendment) Act No.26 and 44 of 2002 now allows for the registration and custody of bearer share certificates by the Registered Agent, who must also keep a record of each bearer certificate issued or deposited in its custody and the record shall contain pertinent information relating to the company issuing the shares, the ID number of the share certificate and identity of the beneficial owner.
The minimum number of directors is one, who may be a natural person or a body corporate. They may be of any nationality and need not be resident in the St.Vincent & the Grenadines. Details of the company directors are not part of the public record. This information is kept only at the offices of the Registered Agent in complete confidentiality.
REGISTERED OFFICE AND LOCAL AGENT/SECRETARY
Registered Office must be maintained in the St.Vincent & the Grenadines at the office of a licensed Registered Agent. St.Vincent & the Grenadines IBC does not need to appoint a company secretary, although it is customary to do so. The secretary may be a natural person or body corporate, be of any nationality and need not be resident in the St.Vincent & the Grenadines.
The directors and the shareholders meetings need not be held in St.Vincent & the Grenadines also there is no requirement for an Annual General Meeting. All meetings may be held outside St.Vincent & the Grenadines, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy.
Usually it is 1 working day, but we need up to 10 working days for legalization of the documents and delivery by courier.
RECURRING AND MAINTENANCE FEE AS FROM 2ND YEAR
- Provision of registered office and registered address
- Provision of company Secretary & registered agent
- Payment of annual government fee
St.Vincent & the Grenadines IBC is not subject to any tax or duty on income or profits. It is also exempt from stamp duties on transfer of property and any exchange controls. An IBC receives upon formation a Government Certificate of Exemption from taxes for 25 years from the date of incorporation.
AUDIT AND FINANCIAL RETURNS
Whilst there is no requirement to file audited accounts or annual returns with the authorities, a company is required to keep financial records, which should reflect the financial position of a company.
- Name check and approval
- Filling incorporation documents with the Registrar of Companies
- A standard set of original corporate documents
- Payment of the Government fee
- Provision of registered agent and registered address for one year (renewed by December 31, irrespective of incorporation date)
- Provision of company secretary for one year (renewed by December 31, irrespective of incorporation date)
- Rubber stamp
DOCUMENTS REQUIRED FOR THE COMPANY FORMATION
Please provide the following documents for all Directors, Shareholders, Beneficial Owners, Authorized Signatories:
- Notarized copy of valid passport.
- Original or Certified copy of utility bill / bank statement (as verification of residential address, dated within 3 months).
- Original or certified copy of Banker’s reference letter (dated within 3 months).
- In cases where shareholders and/or directors are corporate bodies, full apostilled set of corporate documents and Certificate of Good Standing (for companies registered more than 1 year).
- Copy of ID or Driving license.
IMPORTANT NOTE: LICENSABLE BUSINESS ACTIVITIES
If you conduct any activity without required license or authorization granted by a relevant authority in any jurisdiction, Agent Legal will not be able to assist you with the company formation or bank account opening related to such unlicensed activity.
Licensable activities include, but not limited to: provision of financial services involving trading/brokerage in foreign exchange, financial and commodity-based derivative instruments and other securities; offering investment advice to public; insurance and banking business; operation and administration of collective investment schemes and mutual funds; payment processing services; money exchange, money transmission or money brokering; asset management; safe custody services; gaming, gambling and lotteries.
Please contact us if you need our assistance in licensing of your financial, Forex brokerage or gambling company.