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Starting your own business in Saint Vincent and the Grenadines

Apr 25, 2017

Offshore jurisdiction of St. Vincent and the Grenadines (SVG) is a stable choice for different types of business. This state is a part of an archipelago near North America shores. Earlier, SVG used to be British colony but now it is an independent state. English is one of the main languages in this country and it is a great pro for business. Also, financial state of St. Vincent is pretty constant because the exchange rate of Eastern Caribbean Dollar to USD hasn’t changed since 1976. What are the other arguments in favor of setting up a company in St. Vincent and the Grenadines?

Except of political and currency stability there are a couple more arguments. Package of financial laws that regulate St. Vincent company formation were enacted in 1990s and business in this country operates according to them. This law package is aimed at support of international business like in other popular offshore jurisdictions. Strong growth of international St. Vincent company numbers was observed in early 2000s, when a National Investment Promotion Agency started. What business structures are allowed when registering a company in St. Vincent and the Grenadines?

In addition to a simple international business company, you can easily form a LLC, insurance company of trust fund. This is one more difference of SVG from other offshore jurisdictions. Insurance company is basically not the best idea when starting a small business in Saint Vincent but it is an excellent idea for experienced entrepreneurs. When you are choosing a good bank to open an account for business it is important to analyze the whole sector of needed jurisdiction. In Saint Vincent and the Grenadines, a special regulatory body controls and examines all banks. When registering a company in St. Vincent you can feel safe because the Financial Services Authority guarantees there are no shell banks and the ones who conduct illegal activities. Opening a bank account is also a simple process when setting up a company in St. Vincent.

You will only need the package of statutory documents of your company, lists of shareholders or partners and licensing documentation. As soon as you provide the bank with all necessary details you will be able to open the account. In addition to opening a business account in SVG you will be able to use another services as well. Investment trading is available for offshore companies as well as transfer services, setting up a corporate payment system, using trust solutions and other possibilities. Our next step is tax policy of SVG jurisdiction.

Basically, this country supports two important concepts for offshore business: tax transparency and bank confidentiality. This means, business startups in St. Vincent and the Grenadines are able to enjoy all favors of offshore banking. Special Tax Information Exchange Agreements is an international act that allows business avoid double taxation, distribute tax obligations, share all information with tax authorities and remain confident in bank secrecy.

Moreover, there is a strong policy against white-collar crimes in jurisdiction of St. Vincent and Grenadines. There was a special Financial Intelligence Unit established in 2002, which controls and investigates cases of financial crimes and violations. The governmental authorities and international agencies protect law-abiding companies in this jurisdiction. SVG government is an example of effective cooperation between tax authorities, controlling facilities, investment promotion agency and other state institutions.

To summarize, we can say the company formation in St. Vincent and the Grenadines is much like in another offshore jurisdiction but most pros lay in the field of business functioning.

If you have effectiveness, stability and development among your priorities – this country is a good choice. OffshoreLicence Ltd is always ready to explain you how to start a business in St. Vincent and assist throughout the process. Do not hesitate to start your own entrepreneurship and analyze carefully all possible offshore jurisdictions to use the most advantages for your company.

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