St. Vincent

St. Vincent

Saint Vincent Company Formation

Preface

Saint Vincent is a volcanic island in the Caribbean. It is the biggest island of the nation, Saint Vincent and the Grenadines. It is situated in the Caribbean Sea between Saint Lucia and Grenada. It is made out of halfway submitted volcanic mountains. Its biggest spring of gushing lava and the nation’s most noteworthy pinnacle, La Soufriere, is dynamic, having last ejected in 1979.

The region was questioned amongst France and the United Kingdom in the eighteenth century, before being surrendered to the British in 1763 and again in 1783. It picked up freedom on October 27, 1979. Around 100,000 individuals live on the island. Kingstown (populace 25,418) is the main town. Whatever is left of the populace is scattered along the beach front strip, which incorporates the other five main towns of Layou, Barrouallie, Chateaubelair, Georgetown, and Calliaqua.

The general population of Saint Vincent and the Grenadines is called Vincentians, or casually Vincies. There are additionally a couple white relatives of English and French settlers, and additionally a noteworthy number of Indo-Vincentians, relatives of contracted laborers with Indian legacy and there is a sizable minority of blended race. The principle religions are Anglican (47%), Methodist (10%), Roman (13%), other Protestant groups, for example, Seventh day Adventist and Hinduism.

 

Political Framework

Kingstown the capital, arranged on the Principle Island of St. Vincent, is the seat of the Government, as well as the focal point of business and back. The State of St. Vincent and the Grenadines (SVG) picked up freedom on 27th October 1979. H.M. Ruler Elizabeth II remains Head of State, spoke to by a Governor General, who is delegated on proposition of the SVG Government. SVG turned into the 141st individual from the British Commonwealth and on sixteenth September 1980, the 154th individual from the United Nations. SVG is both an individual from the Organization of the Eastern Caribbean States (OECS) and of the Caribbean Community (CARICOM)

Framework and Economy

There is a magnificent day by day air service between the Islands and the USA. Voyage ships bring in consistently to the Islands and more than 200,000 travelers went to the islands in 2008. Financial development came to 7% in 2006. The International Financial Services Authority (IFSA), (already the Offshore Finance Authority) was made by Parliament to organize a framework to oversee and direct the budgetary administrations industry. In 2003 SVG was allowed a physician’s approval by the FATF, putting its seaward economy on a more steady balance and empowering unfaltering development in the business.

Language

The official and spoken dialect is English.

Currency

The OECS nations share a typical money, the Eastern Caribbean dollar (EC$) and a national bank (Eastern Caribbean Central Bank). The EC$ is connected to the US$ at a swapping scale of EC$ 2.7 = US$ 1.0, notwithstanding the US dollar, the British pound and the Canadian dollar are generally utilized as a part of the islands.

Exchange Control

No such exchange control defined by the law.

Kind of Law

Common Law of Saint Vincent which is based on English Common Law

Principal Corporate Legislation

Corporate Legislations are enlisted as follows:

  • The Companies Act, No 18 of 1996
  • The International Business Companies (Amendment and Consolidation) Act, 2007 and its regulations

COMPANY INFORMATION

Type of Company for International Trade and Investment

The International Business Company (IBC).

Procedure to Fuse

By submitting of:

  • Articles of Incorporation and by-laws naming the principal executives (and alternatively a secretary),
  • Subtle elements of the circumstance of the Registered Office and Agent,
  • Subtle elements of the money of the capital, approved capital and kind of shares
  • Name endorsement testament
  • Endorsement of consistence issued by the Registered Agent or Solicitor affirming that the necessities of the act have been compiled with

Two sorts of Incorporation Certificate are accessible, specifically with our without the executive’s name showed.

Constraints on Trading

  • Cannot trade within SVG.
  • Cannot undertake banking or insurance activities.
  • Cannot solicit funds from the public nor offer its shares to the public.

Authorities of Company

An International Business Company has the full limit of, and all rights, powers, and benefits of, a characteristic individual.

Dialect of Legislation and Corporate Documents

English is the official dialect of corporations and legislations.

Registered Office Required

Yes, a registered office required which has to be maintained in the boundaries of Saint Vincent.

Readymade Companies Available

Yes, shelf companies are available.

 

Time Required to Incorporate

One to five days.

Name Constraints

  • A name that is like or indistinguishable to a current organization.
  • A name that infers unlawful exercises.
  • A name that infers illustrious or government support.

Language of Name

Names can be communicated in any dialect utilizing the Latin letters in order, if the Registrar of Companies is in receipt of an English interpretation and the name is not viewed as undesirable. Chinese names are accepted.

Names Requiring Consent or a Permit

  • These names require permit:
  • Bank
  • Building society
  • Savings
  • Loans
  • Insurance
  • Assurance
  • Reinsurance
  • Fund management
  • Investment fund
  • Trust
  • Trustees
  • Chamber of Commerce
  • University
  • Municipal or their foreign language equivalents

Additions to Denote Limited Liability

Enlisted as follows:

  • Limited
  • Corporation
  • Incorporated
  • Société Anonyme
  • Sociedad Anónima
  • Aktiengesellschaft or their relevant abbreviations

Disclosure of Beneficial Ownership to Authorities

No such disclosures required.

COMPLIANCE

Authorized and Issued Share Capital

The share capital might be communicated in any coin. The base issued capital is one share of no standard esteem or one share of standard esteem. The yearly charges are not connected to the measure of share capital.

Classes of Shares Permitted

These classes are permitted:

  • Registered shares
  • Shares of no par value
  • Preference shares
  • Redeemable shares
  • Shares with or without voting rights

The International Business Companies (Amendment) Act No.26 and 44 of 2002 considers the enlistment and care of conveyor share endorsements by the Registered Agent.

Taxation

An IBC is excluded from all duties for a quarter century.

An International Business Company has a choice to pay 1% assess on yearly benefits to profit by the CARICOM Tax Treaty.

Double Taxation Agreements

Saint Vincent has no tax treaties.

License Fees

A SVG IBC pays US$ 100 fixed annual fees to the government – no limit for share capital.

Financial Statement Requirements

While there is no necessity to document evaluated accounts with the powers, an organization is required to keep money related records, which mirror the budgetary position of an organization.

Executives

The base number of chiefs is one. They might be common people or bodies corporate, might be of any nationality and need not dwell in Saint Vincent.

Company Secretary

An organization secretary can be delegated. The organization secretary might be a characteristic individual or a body corporate might be of any nationality and need not live in Saint Vincent.

Shareholders

The least number of shareholders is one.

 

Saint Vincent Shelf Companies

If you are looking for st. Vincent shelf companies, do send us an email.