Off-shore Companies: Saint Vincent

IBC Formation:

The Saint Vincent Government has been working on establishing they're country as a financial services authority; they created in 1996 a few laws that promote the offshore activities in the island.

The name of the company can be created under any name in any language given by you, but you have to make sure that the provided name does not contain any disrespectful or insulting language, and it should be unique because if it’s similar to another company name it would be rejected.

The last part of the chosen name for the company has always to end with a legal suffix such as: Corporation, IBC, S.A., Societe Anonyme, Ltd, Sociedad Anonima, Incorporated, and others.

It is prohibited to use any names denoting any connection to local, state or national governments such as bank, insurance, assurance, re-insurance, trust, trustee, savings, royal, asset management, fund management, investment fund, municipal, chartered.

Legislation

The Saint Vincent IBC is under the following laws:
International Business Companies Act, 2007
International Business Companies Regulations, 2008
Exchange of Information Bill, 2008

IBC Structure

 Only one director or shareholder is required for the company formation.
 
 Shareholder(s) and director(s) may be the same person.
 
 The shareholder(s) and director(s) can be a natural person.
 
 There is no requirement of resident secretary.

Directors
All of the IBCs in Saint Vincent can have one or more persons or corporate directors and they can be of any nationality. Without the needs of any statutory meetings to be held you can have them all or do business activities not being in the country at distance.
The names of the director or the shareholders have to be in the society status but they're not will be published.

Taxation
Saint Vincent has a tax free jurisdiction for the non-residents, you're business will not pay any type of taxes.

Privacy
In Saint Vincent it is not necessary to register the names of the shareholders or the directors in the public records.

Records/Books

By law a Saint Vincent IBC should keep accounting records that are able to explain all the transactions of the company and will be enable to show the position of the company with reasonable accuracy.

The books and records will not be show in the public records it should be kept at the registered office of the company.