SAINT
VINCENT AND THE GRENADINES - IBC
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Principal Corporate Legislation
The International Business Companies Act No.18 of 1996 and regulations
SRO No. 33 of 1996 and their amendments.
Type
of Law
Common Law, based on English Common Law with local modifications and
local statutes.
Type
of Company for International Trade and Investment
The International Business Company (IBC).
Procedure
to Incorporate
Submission of the Memorandum and Articles of Association and a Certificate
from the Registered Agent confirming compliance with the requirements
of the ordinance.
Restrictions
on Trading
SVG IBC's Cannot trade within St. Vincent and the Grenadines or own
real estate there. Cannot undertake the business of banking, insurance,
assurance, reinsurance, fund management, collective investment schemes,
trust management, trusteeship, the rendering of investment advice or
any other activity that would suggest an association with the banking
or insurance industries. Cannot offer its shares for sale to the public.
Powers
of Company
A company incorporated in St. Vincent and the Grenadines has the same
powers as a natural person.
Language
of Legislation and Corporate Documents
English.
Shelf
Companies Available
Yes.
Time
to Incorporate
One day.
Name
Restrictions
Any name that is identical or similar to an existing company, or any
name that suggests the patronage of the Royal Family or the Government
of the British Virgin Islands.
Language
of Name
Latin Alphabet. Any name in a language other than English must be accompanied
by a translation to ensure that the name is not restricted.
Registered
Office Required
Yes, must be maintained in St. Vincent and the Grenadines, and must
be maintained at the office of a licensed management company.
Names
Requiring Consent or License
Bank, building society, savings, loans, insurance, assurance, reinsurance,
fund management, investment fund, trust, trustees, Chamber of Commerce,
university, municipal or their foreign language equivalents.
Suffixes
to Denote
Limited Liability Limited, Corporation, Incorporated, Société Anonyme,
Sociedad Anónima or their relevant abbreviations.
Disclosure
of Beneficial Ownership to Government Authorities
No.
Compliance
Authorized and Issued Share Capital
The normal authorized share capital is US$ 50,000 of a BVI IBC with
all of the shares having a par value, this being the maximum share capital
for the minimum duty payable upon incorporation and annually thereafter.
The share capital may be expressed in any currency. The minimum issued
capital is one share of no par value or one share of par value.
Classes
of Shares Permitted
A wide range of types of share is permitted, including registered or
bearer shares, voting shares, non-voting shares, shares that may have
less than one vote per share, common shares, preferred shares, limited
shares, shares limited by guarantee or redeemable shares, and share
that entitle participation only in certain assets.
Taxation
An International Business Company does not pay any tax on its world-wide
profits to St. Vincent and the Grenadines authorities.
Double
Taxation Agreements
St. Vincent and the Grenadines has no double tax treaties.
License
Fees
Companies with an authorized capital up to US$ 50,000 pay US$ 300 per
year. Companies with a share capital more than US$ 50,001 pay the sum
of US$ 1,000 per year. Companies with a share capital that does not
exceed US$ 50,000 and having some or all of its shares with no par value
pay the sum of US$ 350 per year.
Financial
Statements Required
No.
Directors
St. Vincent and the Grenadines company's need only a single director.
They may be natural persons or bodies corporate. They may be of any
nationality and need not reside in St. Vincent and the Grenadines.
Company
Secretary
A company secretary may be appointed. The company secretary may be a
natural person or a body corporate. They can be of any nationality and
need not reside in St. Vincent and the Grenadines.
Shareholders
The minimum number of shareholders is one.
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