The simplistic, clear and flexible structure and wording of the International Business Companies Act, 1996 and the high threshold of privacy standards, as established by the Confidential Relationships Preservation (International Finance) Act, 1996, inter alia, contribute to rendering St.Vincent and Grenadines as a friendly environment for the creation of any corporate structure as per the client’s needs and business goals.
GFA TRUST has physical presence through its network in St Vincent and Grenadines and the company formation in this country is straight forward and with no surprises.
The type of the company formed is that of an International Business Company (IBC) i.e. a private company which is structured in such a manner in order to facilitate itself to be engaged into any international business activity. An IBC is exempted from tax in its home jurisdiction, safeguards to the maximum the privacy of its owner(s) and has no onerous reporting requirements attached on it.
The incorporation process for the IBC is 1 day with the necessary document legalization taking between 5 to 7 days. The tax on offshore profits and exchange controls are non-existent.
The jurisdiction’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in St.Vincent and Grenadines with no obligation attached as to the presence of a local Company Secretary, Director or with the legal obligation that the meetings of the company take place in St.Vincent and Grenadines, as the location of the Board Meetings, can be placed anywhere in the world as also the company’s administration. The minimum number of Directors and Shareholders is 1.
There are no Public Filing requirements in connection to the Director(s), Shareholder(s) and Ultimate Beneficial Owner(s) of the IBC, thus, ultimately safeguarding to the maximum the personal information of all parties interested. Furthermore there are no Annual Filing Requirements attached i.e. there exists no obligation for the submission of the company’s Annual Return or Audited Accounts, but the company is required to keep financial records which accurately exhibit the financial position of the company.
The issuance of bearer shares is acceptable, as also company re-domiciliation, the acquiring of shelf companies and the appointment of Corporate Directors.