Saint Vincent and the Grenadines company legal and accounting and tax considerations in 2024

Since 2003, Healy Consultants Group assists multi-national Clients’ to timely accurately and completely discharge their company annual legal, accounting and tax statutory reporting obligations. This web page will help you understand the local statutory reporting obligations for Saint Vincent and the Grenadines companies:

• International annual net profits of a Saint Vincent and the Grenadines (SVG) offshore companies are legally tax exempt; and
• SVG company local income suffers corporation tax of 30%, local personal income tax is also 30% and VAT on local sales is 16%; and
• Companies with over USD 4 Million revenue or USD 2 million of assets in St. Vincent and the Grenadines will be required to file annual returns; and
• The SVG official currency is the Eastern Caribbean Dollar (XCD), which is pegged to the US Dollar (USD) at a 2.7:1 ratio. The US$ is also widely accepted; and
• SVG is a full member and participant of i) the Caribbean Community (CARICOM) and ii) the Organization of Eastern Caribbean States (OECS) and iii) the Bolivarian Alliance for the Americas (ALBA) and iv) the community of Latin American and Caribbean States (CELAC) and v) the Organization of American States (OAS); and
• Saint Vincent and the Grenadines (SVG) gained independence from Great Britain in 1979 and the country’s legal and political systems are modeled after the British systems. In addition, St. Vincent is a member of the British Commonwealth and the United Nations. The official language is English;
• Each Saint Vincent and the Grenadines (SVG) company shall have a local legal registered office address and company secretary. For offshore companies, there are no requirements for storing any documentation of the company in the office; and
• Details of shareholders and directors are not displayed on any publicly accessible register. And information on the beneficial owner(s) is confidential and not submitted to the registrar; and
• All companies no matter what their incorporation date, are due for license fee renewal on the 31st December each year; and
• To conduct local business within the SVG business community, the entity must be registered with the Commercial Intellectual Property Office (CIPO); and
• The SVG Companies Act is very flexible with regards to entity names. For example:
  • With the permission of the Register of Companies, multi-national Clients’ company names can include i) Association or ii) Chamber or iii) Charter or iv) Municipal or v) Royal or vi) Bank or vii) Fund; and
  • Under the International Business Companies Act of SVG, the company name can end with i) “Limited” or ii) “Corporation” or iii) “Incorporated” or iv) “Ltd.”, and v) “Corp.” and vi) “Inc.”
  • The law also allows the use of foreign names in the last part of the company name instead of the above mentioned words. The following words or their abbreviations may be used:
     

    "Sendirian Berhad" or "Sdn Bhd";	"Besloten Vennootschap" or "B.V.";
    "Société a Responsabilité Limitée" or "SARL";	"Gesellschaft mit beschränkter Haftung" or "GmbH";
    "Société Anonyme" or "S.A.";	"Naamloze Vennootschap" or "N.V.";
    "Sociedad Anonima" or "S.A.";	"Société par Actions" or "S.p.A.".