Saint Vincent and the Grenadines: reasons to buy the company
Becoming a company owner in St. Vincent and the Grenadines is beneficial by all means. This Caribbean island country has one of the easiest re-registration procedures in the world. Personal information of the owners, shareholders, and directors is classified. There is no minimum paid-up capital requirement. The offshore jurisdiction is not on the EU blacklist, so it's easy to operate on the international market.
Is this jurisdiction suitable for your business
The government of St. Vincent and the Grenadines is open to different forms of business. Among the priority areas for which you can get decent benefits and discounts are the following ones:
- international financial services;
- IT technology;
- light industry;
- renewable energy sources;
- science, especially medicine.
The laws protect the assets securely, and the jurisdiction is great for trusts.
Advantages of St. Vincent and the Grenadines
Buying a ready-made company in St. Vincent and the Grenadines is recommended for several advantages, and the experts often emphasize the following ones:
- The company can be run from anywhere in the world (an office is required in SVG).
- The businesses are allowed to have 1 shareholder and 1 director. Secretary is not required.
- Private information about shareholders, owners, and directors (e.g., names and addresses) is not entered into a public register.
- Shareholders can be either individuals or companies.
- The minimum share capital can be paid in any currency.
- Shares can be different - fully paid, partially paid or not paid at all, registered shares, preference shares, etc. The only thing is that no bearer shares are allowed.
- An electronic signature is allowed.
- Companies are not legally required to hold annual meetings.
- St. Vincent and the Grenadines has signed a double taxation agreement with many countries. Jurisdiction is part of the Caribbean Community and the Organization of Eastern Caribbean States. This fact allows the free movement of goods between countries in the region.
A company incorporated in St. Vincent and the Grenadines is not completely tax-exempt. If it were, it would never leave the EU blacklist. Therefore, all companies pay a 30% tax on worldwide income and have to file tax returns.
Nevertheless, some taxes can be avoided in SVG and we are listing them below:
- Exemption from offshore income tax that is derived from foreign sources if certain conditions are met.
- No tax on capital gains from foreign sources.
- No tax on offshore dividends.
- No wealth tax.
- No requirement to pay stamp duty when creating a new company or issuing shares.
- The withholding tax is 0%.
- Royalty tax is 0%.
The government offers tax vacations for many companies for 10 to 15 years as an investment incentive. Companies must meet certain requirements regarding their export indications to become eligible for tax vacations. One of the options is to produce goods intended for export outside the Caribbean Community. Another advantage is that the FSA (Financial Services Authority) plans to introduce amendments to the law that will allow taxation only on local income.
How to buy a business in the Caribbean
To buy or incorporate a company in St. Vincent and the Grenadines, contact IT-OFFSHORE experts.