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St. Vincent and the Grenadines company formation

Basic facts regarding St. Vincent and the Grenadines

Saint Vincent and the Grenadines (SVG) is a multi-island State situated in the Eastern Caribbean. It is part of the Windward Islands in island chain called the Lesser Antilles, and is located approximately 1600 miles southeast of Miami and 100 miles from Barbados. SVG comprises mainland St. Vincent, which is the largest geographically, and 31other islands and cays, seven of which are inhabited. SVG has a combined land mass of 389 sq km. 31. The population of SVG is estimated at 118,432 with the majority of people living and working in St. Vincent, which is the hub of most of SVG’s economic and business activity. The official language is English.

SVG gained its full independence from the United Kingdom in 1979. It is a common law jurisdiction operating under a democratic system of Government with a unicameral legislature. The Chief of State is Queen Elizabeth II who appoints and is represented by the Governor General.

Offshore business in St. Vincent and the Grenadines

The offshore sector includes four offshore banks, 9,601 international business corporations (IBCs), eight offshore insurance companies, 103 mutual funds, 23 registered agents, and 119 international trusts. There are no offshore casinos, and no Internet gaming licenses have been issued. No physical presence is required for offshore sector entities and businesses, with the exception of offshore banks.

Main features of St. Vincent and the Grenadines companies

Bearer shares are permitted for IBCs but not for banks. The Government of St. Vincent and the Grenadines (GOSVG) requires registration and custody of bearer share certificates by a registered agent who must also keep a record of each bearer certificate issued or deposited in its custody.

The Offshore Finance Inspector has the ability to access the name or title of a customer account and confidential information about a customer that is in possession of a license.

Offshore banking in St. Vincent and the Grenadines

The domestic financial sectors comprises of: 6 banks; 1 building society; 9 credit unions; 23 insurance companies; 101 insurance intermediaries (brokers, agents and sales representatives); and 4 money transfer service providers. The international financial services sector comprises: 6 offshore banks (post mission reduced to 4).

International cooperation

St. Vincent and the Grenadines has executed Tax Information Exchange Agreements with Aruba, Australia, Austria, Belgium, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Liechtenstein, Netherlands, New Zealand, Norway, Sweden, United Kingdom, Canada.

The Government of St. Vincent and the Grenadines has been cooperative with regard to international investigations, including a recent high-profile case involving an American financier.

[Sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Caribbean Financial Action Task Force; Organisation for Economic Co-operation and Development]

Offshore companies formation