Benefits and problems of registering a company in Saint Vincent and the Grenadines in 2023

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• Advantages of Saint Vincent and the Grenadines company registration

  1. It is fast and easy to register an offshore company in Saint Vincent and the Grenadines (SVG) because:
     • Only one director and one shareholder is required; and
     • The company name can be in any language; and
     • Corporate directors are allowed; and
     • The country does not have laws relating to i) controlled foreign corporations and ii) thin capitalization and iii) transfer pricing; and
     • There are no annual reporting obligations;
  2. Within 4 months, it is possible to register a legally tax-exempt offshore bank in SVG, including securing a regulatory license;
  3. An SVG offshore financial services company is attractive to multi-national Clients’ because:
     • The SVG has a reputation for having relaxed laws and regulations, which makes it easier to obtain a license and conduct business; and
     • The US$ is the primary currency and there are no foreign exchange controls by the government; and
     • St Vincent and the Grenadines is a sovereign country and is not affected by the UK or EU legislation; and
     • The Business Company is allowed to issue registered shares, with or without par value, with voting or non-voting rights; and
     • SVG has double taxation treaties with the United States, Canada, the United Kingdom, Denmark, Norway, Sweden, and Switzerland.
  4. An SVG offshore crypto-currency company is attractive to multi-national Clients’ because:
     • It is fast and easy to secure a regulatory license from the FSA; and
     • Annual net profits are legally tax exempt; and
     • The state register is closed and is not accessible to third parties; and
     • It is not necessary to have physical office premises in SVG; and
     • There are minimum annual reporting obligations;
  5. Because Saint Vincent and the Grenadines is party to the International Maritime Convention, marine vessels registration is becoming more popular;

• Disadvantages of Saint Vincent and the Grenadines company registration

  1. SVG does not have a positive international reputation. Consequently, SVG entities may not be attractive to international banks, customers and Governments; and
  2. Saint Vincent and the Grenadines does not have a bilateral investment treaty with the United States; and
  3. Multiple times, SVG was categorized by the US State Department as a country/jurisdiction of primary concern in respect of money laundering and financial crimes; and
  4. The reputation of SVG is damaged because of multiple financial frauds perpetrated by offshore companies conducting international Forex and Brokerage business without an FSA regulatory license; and
  5. Compared to the Cayman Islands or the BVI, SVG is a relatively new tax neutral jurisdiction, in need for more modern and updated legislation;