Company Registration in Saint Vincent

Company Registration in Saint Vincent and the Grenadines: What Has Changed?

1. First, under the new regulations, all companies in Saint Vincent registered after January 1, 2019, are designated as Business Companies (BC) rather than International Business Companies (IBC). In other words, it is no longer possible to register an IBC in Saint Vincent after 2019. Instead, companies can now be formed as LLCs (Limited Liability Companies), whose advantages will be discussed in the next section.
2. Second, BCs registered in Saint Vincent and the Grenadines are now subject to mandatory disclosure requirements for directors and shareholders. Their names and addresses must be submitted to the Financial Services Authority (FSA) of Saint Vincent.
3. A corporate income tax of 30% on worldwide income has been introduced for BCs in Saint Vincent.
4. BCs in Saint Vincent are now required to file annual financial reports. Financial statements must be submitted annually for companies whose gross income for the reporting period equals or exceeds USD 4 million, or whose total assets exceed USD 2 million.
5. Companies with gross income below USD 4 million or total assets not exceeding USD 2 million are required to submit annual Declarations of Solvency.
6. BCs in Saint Vincent are now required to maintain proper financial records. These records must accurately and comprehensively reflect all company transactions and be sufficient to explain the operations conducted. Moreover, financial records must be retained for at least seven years after the end of the financial year to which they relate.
7. All meeting minutes and resolutions of BCs must be kept for 10 years following the date of the relevant meeting or decision.

What Alternatives to IBCs Are Available?

In addition to BCs, it is also possible to register a Limited Liability Company (LLC) in Saint Vincent. Establishing an LLC in Saint Vincent offers numerous advantages and provides favorable conditions for setting up a business.

Features and Advantages of LLC Company Registration in Saint Vincent

1. The company name must include an indication of its legal form, meaning the words “Limited Liability Company” or “LLC” must appear in the company name.
2. There are no minimum share capital requirements for LLC registration, so a company can be incorporated with as little as USD 1.
3. The share capital may be denominated in any recognized currency.
4. An LLC may be established with a single director, who may be either an individual or a legal entity (company).
5. There is no requirement to appoint a company secretary.
6. LLCs in Saint Vincent are exempt from taxation.
7. LLCs are not required to disclose information about their directors and shareholders, and such data is not recorded in the Saint Vincent and the Grenadines Companies Register.
8. Shareholders and directors may hold meetings anywhere in the world. There is no requirement for meetings to take place within Saint Vincent and the Grenadines.
9. LLCs are not required to file annual reports.
10. Registering an LLC is extremely straightforward. The incorporation process typically takes between two and three days from the date of document submission.

How Does Company Registration in Saint Vincent Work?

The company registration process in Saint Vincent with GFLO Consultancy is carried out efficiently and promptly, thanks to well-established business procedures and the experience of our team. The process is structured as follows:

1. Upon receiving a registration request, we analyze the client’s goals and requirements and begin the process;
2. We request documents for the prospective company owners, along with details about the company name and ownership structure;
3. We prepare the incorporation documents;
4. We submit the company for registration, which takes only a few days;
5. We prepare the constitutional documents in accordance with the legislation of the jurisdiction of registration;
6. We send the completed document package to any location worldwide;
7. We provide ongoing client support and assign a dedicated account manager.

Conclusion

Despite the recent regulatory changes, Saint Vincent and the Grenadines remains an attractive jurisdiction for business registration. The island has quickly adapted to the new requirements and introduced additional mechanisms that create favorable conditions for doing business.