Opening a company on St. Vincent: the benefits of paradise island in 2020
St. Vincent is an island. The structure of the State contains more than three dozen islands. English is the most widely spoken language in the jurisdiction. The question of how to buy a company in St. Vincent is relevant, as the country has favorable conditions for paying taxes.
Advantages of the company and offshore in the jurisdiction
There are some advantages to buying an offshore in St. Vincent. The company has the ability to obtain tax-free status, the cost of maintaining the organization is low. When creating a name for the company can apply the designation used when starting a business in the U.S. and some EU countries.
The state supports offshore business. It is possible to register a formal document - the Memorandum of Association. It is possible to register a company in St. Vincent to manage investments and reduce the tax burden.
Features of opening a company
The most actual form of doing business in the form of an offshore jurisdiction is IBC. Offshore financial institutions can operate in the country. This requires a special license, which can be of different classes. The permission of the first class allows to work with non-residents, presence of the licence of the second class allows to serve the certain group of clients.
A financial institution that operates in a country should have a representative office in the jurisdiction. In St. Vincent it is possible to register trust companies as well as insurance companies.
Nuances of registration:
- The founders can have any nationality.
- Requires at least one director and shareholder.
- Members can have any nationality.
- The organization must have an office in the jurisdiction.
- Requires a registered agent.
- The name of the organization may be in any language.
- Director and shareholder information is confidential.
If you have any questions about how to buy an account in St. Vincent and register an offshore company, please contact IT-OFFSHORE - our specialists will help you to find answers to your questions.
Taxes and accounting
A fee of $225 per registration is required. Later on, the fee will be $100. For insurance companies, the fee is slightly higher.
Entities registered in 2019 are subject to a tax levy and must make declarations. The corporate tax rate is 30%. Companies of the IBC type are subject to an income tax on funds received within the jurisdiction. IBC organizations may supply tax returns.