A St. Vincent IBC is a tax-free entity under the jurisdiction of St. Vincent and the Grenadines. The country holds an international reputation in the offshore market mainly because of its introduction of the Preservation of Confidential Relationships (International Finance) Act 1996. The only law of its kind in an independent country, it is one of the most restrictive confidentiality laws globally, and is one of only three financial privacy laws in operation around the world. The law protects against the disclosure of any confidential information worldwide. It offers strong asset protection structure of personal wealth and assets, with exemption from capital gains tax, income tax, withholding tax, corporate tax or taxes on all incomes and assets.
St. Vincent IBCs are exempt from all forms of taxation for 25 years from the date of initial registration. Under the Caricom Tax Treaty, it gives you an option to pay income tax at 1% in the Saint Vincent and Grenadines. This is truly helpful if the laws in your country requires tax distribution evidence.
The anonymity and confidentiality of all clients is protected under the Preservation of Confidential Relationships (International Finance) Act 1996. There is no requirement to disclose the names of any beneficial owners, officers, managers or directors of the company to the registry.
Disclosure of confidential information is only permissible in the event that foreign criminal proceedings have been undertaken against a named director, manager or officer in another state. Disclosure is not permitted in relation to any proceedings that are directly related to the breach of the revenue and tax laws of the prosecuting state.
IBCs can be formed with one director and directors may also be a corporate entity. There are no domicile requirements, or requirements for a local director to be appointed. Likewise, there are no requirements in regard to maintaining share registers, company books or annual shareholder meetings or minutes within St. Vincent itself. There is no requirement to submit annual returns to the St. Vincent and Grenadines registry. Any wish to change the name of the company, or make amendments to the existing name of the company, can be done through amending the original Articles of Incorporation.
The IBC Act freely allows St. Vincent IBCs to merge with subsidiaries, consolidation with foreign companies and a range of other mergers and consolidations. An IBC may also issue management mandates and powers of attorney, in writing, to any person.
To incorporate, the following documents must all be submitted to the St. Vincent and the Grenadines registry:
If the company has more than one shareholder, two Directors are required for St. Vincent Company Formation. This information must also be submitted.
Incorporation for the first year of registration includes certificates of incorporation, exemption from Direct Taxes and Import Duties, Shares and the Resolution of the Director(s).