Frequently Asked Questions
Are business companies (BC) in St. Vincent and Grenadines subject to income taxation?
Following enactment of IBC Amendment Act 2018, International Business Company (IBC) type has been replaced by Business Company (BC) and the tax exemption regime has been abolished. All IBCs incorporated before 31st Dec 2018 is grandfathered until June 2021. Companies registered in 2019 onwards will be subject to the territorial tax regime, where only foreign-source income is exempt from local corporate income tax.
What are businesses a BC not allowed to carry on?
All BCs are now able to conduct business within the SVG. Other licensed business activities include banking, insurance, money services, mutual fund, trustee or company management services…
What kinds of companies are available for registration in SVG?
A BC can be formed in the following types:
- Company limited by shares
- Company limited by guarantee
- Company limited by both shares and guarantee
- Unlimited company
Is there any requirement on the minimum number of directors/shareholders for a company incorporated in SVG?
At least one director and one shareholder are demanded. They may be natural persons or body corporates, may be of any nationality and need not reside in SVG.
What about the security of information related to directors/shareholders?
Registers of company directors and shareholders are now required to be filed with the Registrar. A person may be given access to the information upon showing a proper purpose.
What is the minimum registered capital?
No minimum registered capital is required. The share capital may be expressed in any currency. The minimum issued capital is one share of no par value or one share of par value. The annual fees are not linked to the amount of share capital.
What types of shares can be issued by a Business Company in SVG?
Registered shares, shares of no par value, preference shares, redeemable shares, and shares with or without voting rights. Since 2019, a BC can no longer issue bearer shares.
How to maintain a company in good standing?
- Maintain company structure of at least one director and one shareholder;
- A local registered agent and registered office address in SVG;
- Company with over USD 4mil of revenue or USD 2mil of assets would be required to file annual return.