St Vincent Offshore Company
The St. Vincent International Business Companies Act No.18 of 1996 makes provisions for the incorporation of business entities functioning as offshore companies. St. Vincent offshore companies are not subject to any forms of taxation, which is a great advantage, and can benefit from the Caricom Tax Treaty. The St Vincent offshore company can be a limited liability company or an unlimited liability company.
St Vincent offshore companies may take on the form of Companies limited by guarantee and authorized to issue shares; Companies limited by guarantee but not allowed to issue shares; companies limited by shares; and unlimited companies authorized to issue shares and unlimited companies not authorized to issue shares.
St Vincent offshore companies (IBCs) can engage in any lawful activity as a corporate entity. St Vincent offshore companies cannot trade, or do any business with residents of St Vincent nor may the offshore company undertake any licensed activity in St. Vincent, unless a license is granted. IBCs may hold or lease property for use of office, but may not own property in St. Vincent.
Shareholders, directors and officers of St. Vincent companies are free to live anywhere in the world. Corporate e meetings may also be held anywhere as there is no residency or nationality requirement for shareholders, directors and/or officers of a St Vincent international business company.
St Vincent offshore companies can be formed just s single shareholder and a single director, natural or corporate, and it St. Vincent offshore companies do not need to appoint a company secretary.
All St. Vincent offshore corporations receive a 25-year tax exemption certificate and are exempted from all forms of direct corporate tax in St. Vincent. The current tax regime in St Vincent for offshore companies includes full tax exemptions of personal income tax, estate tax, capital gains tax, corporate income tax and withholding tax. Additionally, St Vincent IBCs are exempt from import duties on office equipment and furniture brought into St. Vincent for business uses.
If the St. Vincent IBC is being used within the CARICOM by Caricom national and that company wishes to take advantage if the existing Caricom Tax Treaty, the St. Vincent offshore company can elect to pay a nominal tax rate of 1% on annual profits. Under this tax treaty, the owner the beneficial owners will not be liable to further tax in his home country one condition for this option is that the offshore company would have to file annual tax returns in St. Vincent. Outside of this exception, St. Vincent IBC companies are not required to file any annual reports or accounts.
St. Vincent companies may issue bearer shares, but the local agent in St. Vincent will hold the share certificates and maintain a detail record of each. The authorized share capital of an IBC may be denominated in any recognized currency. Shares may be issued fully paid, partially paid, or nil paid.
Upon formation the identity of beneficial owners, shareholders and directors is not filed in any public record, unless desired.
To form a St Vincent offshore company, the subscriber has to contract the services of a Registered Agent who manages the incorporating process St. Vincent offshore corporation incorporation can only be done through a Registered Agent. The main incorporation document is the Articles of Incorporation which must contain:
The name of the proposed company
- The name and address of the registered agent
- State if the company is a limited liability, limited duration, segregated cell company or unlimited company
- Companies authorized to issue shares must state the types and numbers of shares to be issued
- The currency in which shares are issued must be included
- The powers, limitations, voting rights, designations placed on each type of share must be stated
- For companies limited by guarantee the members must sign a statement (agreement) to show their liability is unlimited
- Limited Duration companies must set a date by which the company must be dissolved
- The by-laws of the company must be stated
Streamlined incorporation processes ensure that company formation is expedited in a matter of days. To make company formation even quicker, shelf companies available. The St Vincent offshore company is one of the best offshore companies available in the Caribbean. These offshore companies are guaranteed tax exemptions and are to operate and maintain.