A Limited Liability Company (LLC) is a globally recognized form of business organization, shielding its owners (members) and the management (who may be members or managers) from both company liabilities and personal liability for the debts.
As such, the LLC creates an economic interest that is distinctly separate from member interest.
In return for individual contributions, members own an assigned interest in the LLC. Managers and members are assigned interest in the LLC under the governance of an Operating Agreement, with neither directors nor shareholders necessary.
The St. Vincent and the Grenadines Limited Liability Companies Act 2008 allows the formation of both a Single LLC and a Series LLC. Under a Series LLC, a Single LLC is authorised ownership of multiple LLCs that own a single asset business.
The Financial Services Authority also offers a St Vincent Company (IBC) as an alternative to the LLC.
Each series, company or unit have different purposes, with members holding different rights, duties and powers. The Series LLC offers robust asset protection to investors under one company, with any liabilities of a single LLC within the Series neither affecting nor jeopardizing any other assets within it.
For more information on the Advantages of St. Vincent as a Tax Haven go here.
Table of Contents:
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|St. Vincent LLC||Corporate Details|
|Type of Entity||Limited Liability|
|Type of Law||English Common Law|
|Governed by||Limited Liability Companies Act 2008|
|Registered Office in St. Vincent ||Yes|
|Our time to establish a new company||2 Business Days|
|Shelf company availability||No|
|Minimum government fees (excluding taxation)||USD $350|
|Access to Double Taxation Treaties||No|
|Share capital or equivalent|
|Standard currency||USD $ |
|Minimum paid up||No minimum|
|Bearer shares allowed||N/A|
|No par value shares allowed||N/A|
|Publicly accessible records||No|
|Location of meetings||Anywhere|
|Corporate directorship allowed||Yes|
|Publicly accessible records||No|
|Corporate shareholder allowed||Yes|
|Location of meetings||Anywhere|
|Local or qualified||No|
|Requirements to prepare||No|
|Requirements to file accounts||No|
|Publicly accessible accounts||No|
|Recurring Government Costs|
|Minimum Annual Tax||USD $125|
|Annual Return Filing Fee||N/A|
|Requirement to file annual return||No|
|Migration of domicile permitted||Yes|
The following are filing requirements for setting up an LLC in St. Vincent.
St. Vincent LLCs are exempt from all forms of taxation for 25 years from the date of initial registration. Under the Caricom Tax Treaty, LLCs have the option of choosing to pay income tax at the rate of 1% on all profits where investor domestic law requires tax distribution evidence.
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All personal information filed is fully confidential. The anonymity and confidentiality of all clients is protected under the Preservation of Confidential Relationships (International Finance) Act 1996. 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. The proceedings must be criminal in accordance with both the prosecuting state and St. Vincent and the Grenadines before any confidential information is considered permissible for release. 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.
St. Vincent LLCs are allowed bearer shares, registered shares and shares with or without voting rights. A St. Vincent LLC may also own shares in other companies, receiving dividends and royalties tax-free.
A St. Vincent and the Grenadines LLC has no minimum capital requirement.
There are no requirements to file mandatory financial statements with a St. Vincent and the Grenadines LLC. There are no publicly accessible accounts.
There are no directors or stakeholders in a St. Vincent LLC. The LLC has managers and members who are assigned interest in the company under the governance of an Operating Agreement.
No company secretary is required.
There are no shareholders in a St. Vincent LLC.
A St. Vincent and the Grenadines LLC cannot undertake any form of business with residents of the islands. For specific activities that require a licence – industries such as Mutual Funds business, International Insurance business and International Banking Business – an LLC cannot trade without a licence having been granted from the relevant authorities. An LLC may own land in St. Vincent and the Grenadines, but only after obtaining an Alien Land Holding Licence.
Companies incorporated in St. Vincent and the Grenadines hold equal power as that of a natural person.
Company documents can be filed in any language, providing a certified English translation is provided. All legislative and corporate documents in St. Vincent and the Grenadines are written in English.
The LLC must have a registered agent who maintains a register in St. Vincent and the Grenadines.
No local presence is required. Shareholders, officers and directors may reside anywhere in the world.
All meetings and annual meetings can take place globally. There are no requirements to submit minutes.
A St. Vincent LLC can be formed within 48 hours.
No company may be formed that is the same as an existing company, or bears a name that has a likeness to an existing company. Names may not be used that imply support or formal backing from the President or Government of St. Vincent and the Grenadines.
Names can be submitted in any language. A certificate of translation into English is required.
Companies with names that imply activity associated with trades that require formal licensing will need to speak a special licence or permission from the relevant authorities / governing bodies. Company names that incorporate the following terms, or variations of such terms, will require special permission or an adequate licence to cover their business operations: Assurance, Bank, Building Society, Chartered, Chamber of Commerce, Cooperative, Government, Imperial, Insurance, Municipal, Royal, State or Trust. If, in the opinion of registrar, the name of a company implies the support or backing of the President or Government of St. Vincent and the Grenadines, will need to be investigated.
The name must end with Inc., Incorporated, Corp, Ltd, Limited, Corporation, SA or any other suffix that clearly denotes limited liability. Equivalent foreign designations such as Société Anonyme, Société Anonyme à Responsabilité Limitée, Sociedad Anónima, Berhad, Aktiengesellschaft Proprietary, Naamloze Vennootschap or Besloten Vennootschap are permitted.
The fee for registering a new LLC in St. Vincent is US$125. If the LLC comes from another jurisdiction, the registration fee is $50. Annually LLCs must pay $100 to maintain it in good standing.
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Disclaimer: Offshore Protection strives to keep information on this website updated, however, laws and circumstances are subject to change. All information on this website is for reference purposes only and does not constitute legal or tax advice. Contact Offshore Protection for specific advice regarding your situation.