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REGISTER YOUR COMPANY NOWSt. Vincent BC Company Incorporation checklist
If you are considering the incorporation of a St. Vincent BC Company, you should take into consideration the following points:
1 Director, 1 Shareholder Required, No Locals
Filing of Audited Financial Records and Annual Returns
Flexible Corporate Structures
Incorporation in 4-6 days
Legal System Based on Common Law
No Public Record for Directors and Shareholders
Under the International Business Company (Amendment and Consolidation) Act 2007, as it was amended, a Business Company is an independent legal personality and has the same capacity to engage in any lawful business, provided that the activity is allowed by the Laws of St. Vincent and does not require a license such as banking, insurance and mutual fund activity.
1 Director, 1 Shareholder Required, No Locals
Incorporation in 2-3 days
Legal System Based on Common Law
No Filing of Financial Records, No Auditing
No Local Tax for Income outside St. Vincent
No Public Record for Directors and Shareholders
Under the St. Vincent LLC Act of 2014 as it was amended, the St. Vincent LLC is an independent legal personality and has the same capacity to engage in any business provided that the activity is allowed by its memorandum and articles of association. The Laws of St. Vincent do not require a license such as bank, insurance, assurance, collective investment schemes etc. Also, a prime limitation imposed by the Laws of St. Vincent is that the LLC is not permitted to carry out business with St. Vincent residents or owning an interest in real property situated in St. Vincent, in order to be exempt from local taxes.
1 Director, 1 Shareholder Required, No Locals
Incorporation in 2-3 days
Legal System Based on Common Law
No Filing of Financial Records, No Auditing
No Local Tax for Income outside St. Vincent
No Public Record for Directors and Shareholders
Under the St. Vincent Corporate International Business Companies Act of 2018, as it was amended, the St. Vincent IBC is an independent legal personality and has the same capacity to engage in any business provided that the activity is allowed by its memorandum and articles of association. The Laws of St. Vincent do not require a license such as bank, insurance, assurance, collective investment schemes etc.
If you are considering the incorporation of a St. Vincent BC Company, you should take into consideration the following points:
It must not contain indecent words or words suggesting criminal activity. The following words are prohibited: “Imperial”, “Royal”, “Republic”, “Commonwealth”, “Government” and any other words implying patronage by the St. Vincent government or department or any other country. The company’s name must not be very similar to existing names on the registrar. It must end with a word or abbreviation signifying a corporate body or limited liability, for example, “Limited”, “LTD”, “Corporation”, “Corp”, “Société Anonyme”, “S.A.” etc.
A St. Vincent BC Company is required to have a registered office address in St. Vincent which must be provided by an authorized registered agent in St. Vincent.
One director is the minimum required, there is no requirement for them to be locals and there is no requirement regarding the place and frequency of the board meetings.
Corporate entities or a natural person can be appointed as directors. The director and shareholder can be the same person. The directors’ details are not registered on the public record and cannot be accessed by the public; those details are only held by the registered agent of the BC Company, who is bound by the law to keep this information.
The appointment of a secretary is not mandatory, but optional.
One shareholder is the minimum required, there is no requirement for them to be locals and corporate entities or a natural person can be appointed as shareholders. There is no requirement regarding the place and frequency of the shareholders’ meetings. It is permitted to hold meeting remotely either through electronic means or voting by proxy.
The director and shareholder can be the same person. The shareholders’ details are not registered on the public record and cannot be accessed by the public; those details are only held by the registered agent of the BC Company who is bound by the law to keep this information.
The beneficial owners’ details are not registered on the public record and cannot be accessed by the public; those details are only held by the registered agent of the BC Company who is bound by the law to keep this information.
The owners of an IBC Company are free to determine any amount as the authorised capital at incorporation and it can be de-nominated in any currency, though the US Dollar is mostly preferred and the amount of USD 50,000 is highly suggested. The authorised capital is the maximum amount of capital that the company is authorised by its constitutional documents to draw from its shareholders to issue in exchange of shares.
A St. Vincent BC Company may have registered shares, with or without par value, with or without voting rights, preferential or common and may be issued in any currency. The minimum number of shares that can be issued is one. Bearer shares are not permitted.
No requirement is imposed on minimum paid up capital at incorporation’ this means that the owners of a BC Company are not required to set a deadline as to when such capital must be paid up.
A BC Company in St. Vincent can be incorporated within 4-6 days. St. Vincent’s is considered to have one of the fastest registries worldwide.
Ready-made but unused BC Companies are available in St. Vincent, in case you are in need of a quicker incorporation process.
A St. Vincent BC Company is not required to have economic substance in the jurisdiction, this means that the management and control of the company can be conducted anywhere in the world. The BC Company is not required to rent office or premises or have its directors and employees located in St. Vincent.
The BC Company must file audited financial accounts with the authorities. As the BC Company is subject to taxation, tax returns must be filed. Keeping accounting records is mandatory in order for the tax paid to the Financial Authorities to be determined.
Additionally, an annual government fee is imposed on all BC Companies, payable by the last day of the quarter on which the anniversary date of the incorporation of the company falls.
BC Companies are subject to corporate income tax at the rate of 30%, regardless if the profit originates from a territorial or foreign source. While in the past there was an exemption from local taxes for International Business Companies, this exemption has been lifted by the recent amendments to the International Business Companies Act.
It is anticipated that the Nevis Island Administration will establish new provisions into the jurisdiction’s tax regime for corporations incorporated after 1 January 2019, providing tax exemption for corporations whose income is generated outside the jurisdiction.
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If you are considering the incorporation of an St. Vincent LLC, you should take into consideration the following points:
It must not contain sensitive words which are prohibited by legislation. The following words are prohibited: “Building Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Municipal”, “Royal”, “Assurance”, “Bank”, “Insurance”, “Trust” and any other words implying connection with university or professional association or activity prohibited by the Law. There is also a prohibition for words implying patronage of the Queen or a member of the Royal Family, patronage or any connection with the UK government or department or any other country.
The company’s name must not be very similar to existing names on the registrar and it must not contain improper or objectionable words. It must end with a word or abbreviation signifying a corporate body or limited liability, for example. “Limited”, “LTD”, “Corporation”, “Corp”, “Incorporated”, “Inc.” etc.
A St. Vincent LLC is required to have a registered office address in St. Vincent, which must be provided by an authorised registered agent in St. Vincent.
One director is the minimum required. There is no requirement for them to be locals and there is no requirement regarding the place and frequency of the board meetings.
Corporate entities or a natural person can be appointed as directors. The director and shareholder can be the same person. The director’s details are not registered on the public record and cannot be accessed by the public, those details are only held by the registered agent of the LLC Company, who is bound by the law to keep this information.
The appointment of a secretary is not mandatory, but optional.
One shareholder is the minimum required. There is no requirement for them to be locals and corporate entities or a natural person can be appointed as shareholders. There is no requirement regarding the place and frequency of the shareholders’ meetings.
The director and shareholder can be the same person. The shareholders details are not registered on the public record and cannot be accessed by the public, those details are only held by the registered agent of the LLC Company who is bound by the law to keep this information.
The beneficial owners’ details are not registered on the public record and cannot be accessed by the public, those details are only held by the registered agent of the LLC Company who is bound by the law to keep this information.
The owners of an LLC Company are free to determine any amount as the authorized capital at incorporation and it can be denominated in any currency, though the US Dollar is mostly preferred and the amount of USD 50,000 is suggested. The authorised capital is the maximum amount of capital that the company is authorised by its constitutional documents to draw from its shareholders in exchange of shares issued.
A St. Vincent LLC may have registered shares, with or without par value, with or without voting rights, preferential or common and may be issued in any currency. Bearer shares are not permitted due to the recent changes of legislation.
No requirement is imposed on minimum paid up capital at incorporation; this means that the owners of an LLC Company are not required to set a deadline as to when such capital must be paid up.
A LLC in St. Vincent can be incorporated within two to three days, St. Vincent is considered to have one of the fastest registries worldwide.
Ready-made but unused LLC Companies are not available in St. Vincent.
If the LLC Company is carrying out certain types of business, it must meet specific physical presence requirements and conduct its main activities which generate income within St. Vincent. This means that the management and control of the LLC Company must be in St. Vincent, thus, the Company must have enough premises, amount of expenditures and employees within the jurisdiction, based on its business activity and size. The types of business are stated below:
Banking, Insurance, Finance and Leasing, Distribution and Service Centre (purchasing assets from other entities belonging in same group or providing services to entities in the same group), Shipping, Intellectual Property, Headquarters Business and Holding companies.
The LLC Company must keep accounting records at its registered office in St. Vincent, about its assets and liabilities to reflect accurately its financial situation. The LLC Company is not required to file its accounting records, nor is required that those accounts be audited.
There is an exemption in the jurisdiction of St. Vincent from any tax on income or profits for LLCs due to fact that according to the St. Vincent legislation, LLC Company is tax transparent entity which means, that all profits are taxed only on the level of the shareholders in the jurisdiction where they are residents. In addition, St. Vincent imposes no tax on dividends, earnings, rental income interest royalties and revenues.
If you are considering the incorporation of a St. Vincent IBC, you should take into consideration the following points:
It must not contain sensitive words which are prohibited by legislation. The following words are prohibited: “Building Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Municipal”, “Royal”, “Assurance” “Bank”, “Insurance”, “Trust” and any other words implying connection with university or professional association or activity prohibited by the Law. There is also a prohibition for words implying patronage or any connection with the government or department of any country.
The company’s name must not be very similar to existing names on the registrar and it must not contain improper or objectionable words. It must end with a word or abbreviation signifying a corporate body or limited liability, for example, “Limited”, “LTD”, “Corporation”, “GmBH”, “Société Anonyme”, “BV.” etc.
A St. Vincent IBC is required to have a registered office address in St. Vincent which must be provided by an authorized registered agent in St. Vincent.
One director is the minimum required. There is no requirement for them to be locals and there is no requirement regarding the place and frequency of the board meetings.
Corporate entities or a natural person can be appointed as directors. The directors’ details are not registered on the public record and cannot be accessed by the public, those details are only held by the registered agent of the IBC Company, who is bound by the law to keep this information.
The appointment of a secretary is not mandatory, but optional.
One shareholder is the minimum required. There is no requirement for them to be locals and corporate entities or a natural person can be appointed as shareholders. There is no requirement regarding the place and frequency of the shareholders’ meetings.
The shareholders details are not registered on the public record and cannot be accessed by the public, those details are only held by the registered agent of the IBC Company who is bound by the law to keep this information.
The beneficial owners’ details are not registered on the public record and cannot be accessed by the public.
The owners of an IBC Company are free to determine any amount as the authorised capital at incorporation and it can be denominated in any currency, though the US Dollar is mostly preferred and the amount of USD 50,000 is suggested. The authorised capital is the maximum amount of capital that the company is authorised by its constitutional documents to draw from its shareholders in exchange of shares issued.
A St. Vincent IBC Company may have registered shares, with or without par value, with or without voting rights, preferential or common and may be issued in any currency. Bearer shares are not permitted.
No requirement is imposed on minimum paid up capital at incorporation; this means that the owners of an IBC Company are not required to set a deadline as to when such capital must be paid up.
An IBC Company in St. Vincent can be incorporated within two to three days. St. Vincent is considered to have one of the fastest registries worldwide.
Ready-made but unused IBC Companies are not available in StVincent.
If the IBC is carrying out certain types of business, it must meet specific physical presence requirements and conduct its main activities which generate income within. Vincent. This means that the management and control of the IBC must be in St. Vincent, thus, the company must have enough premises, amount of expenditures and employees within the jurisdiction, based on its business activity and size. The types of business are stated below:
Banking, Insurance, Finance and Leasing, Distribution and Service Centre (purchasing assets from other entities belonging in same group or providing services to entities in the same group), Shipping, Intellectual Property, Headquarters Business and Holding companies.
The IBC Company must keep accounting records at its registered office in St. Vincent, about its assets and liabilities to reflect accurately its financial situation. The IBC Company is not required to file its accounting records, nor is required that those accounts be audited. The IBC Company is subject to file the annual returns in case it has more than USD 4 000.000 of revenue or USD 2.000.000 assets.
There is no exemption in the jurisdiction of St. Vincent from tax on income or profits for IBC Companies. The corporate tax rate for that type of legal entities is 30% but there is flexible system of exemption and tax refunds that allows reduce the effective rate significantly. In addition, St. Vincent imposes no tax on dividends, earnings, rental income interest royalties and revenues.
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