How To Start a Business in SVG

The process of starting up a business in SVG is rather straightforward and all the most important details can be found on the UK’s site of the High Commission for Saint Vincent and the Grenadines. The process begins with you searching and reserving a company name.

It’s not a lot of work at all, however, there are still some considerations to be made on the requirements. This step can take up to one business day and costs 2 EC$. Once that is over with, you are required to gather and legalize the documents related to incorporation. That includes Articles of Association and other legal documents.

Once those documents are done, you will be asked to pay an administrative fee of 950 EC$. This is the step where you receive a certificate of incorporation from the respective authorities. After that, you will have to appoint a secretary and file bylaws.

Then, you apply for a suitable license, be it a trade-related or an industrial one. You are then required to enroll the company and employees in several lists and after all that paperwork, you have to set up a bank account. Of course, the process of company registration in SVG can vary for various reasons, but the outline above should help you avoid some unnecessary hiccups and have a clear overview of the procedure.

What documents are needed to register a legal entity in SVG?

There are several documents that you will have to file with the authorities, the most essential ones are Articles of Association, IDs of directors, proof of residence, and documents related to business name reservation and incorporation. These are the basic documents that must be sent in order to register a company in SVG, however, there are a few more that might end up being required later on.

What do you need to open a company in SVG?

There are no requirements regarding the nationality of the founders and there are no requirements for the number of stockholders and directors. You are required to register an office in SVD, but you aren’t required to actually start working in SVD.

It’s necessary to find a registration agent that will help you finalize the procedure. In addition to all of that, you are required to provide the documents mentioned above. Anyone who refuses to provide the documentation or doesn’t meet the other requirements will not be able to register the company.

Is it possible to register a company in SVG online?

One of the most popular options for setting up a company in SVG is through an online portal. This makes it convenient for anyone who is not planning to visit the country. It’s possible to register an International Business Company (IBC) / Business Company (BC) via the web.

In order to obtain more precise information regarding the procedure, please refer to any company that specializes in company incorporation in SVG or any other jurisdictions. These types of companies can help streamline the process and guide you to every stage, like the registration process, issuing a license, and more.

What taxes are there in SVG?

Prior to 2019, SVG was a textbook tax haven – it offered both IBCs and BCs a 25 years tax amnesty. However, there was a new tax rate introduced to help reduce the revenue loss. Now, companies registered after 2019, will be subject to a tax rate of 30% whenever the company makes a profit in the country. In other words, there’s a national tax of 30% – the only income that will be taxed is the income earned in the country and not globally.

This, of course, makes sure that SVG remains a desirable place for business to establish a presence. This step towards “harsher” regulation was a wise move on the nation’s part because it helps improve the reputation and internal competitiveness as well.

What are the most popular companies in SVG?

There exists a plethora of active companies operating out of SVG, namely its capital city of Kingston. The main players include Zebra Shipping, Abila Shipping, Alpha Meals, Kiplar, and Trendex Invest, just to name a few. Each sector of the economy is well-represented in SVG, which proves a point of good governance. With every passing day, there are more and more businesses that decide to settle in SVG.

Deadlines for registering a company in SVG

The timeline of registering a business in this jurisdiction is fairly short. According to an official website, these are the timeframes for every step of the process:

1. Company name reservation. This step doesn’t take more than one day.
2. Legalization of incorporation documents. This step doesn’t take more than one day.
3. Commercial Registry registration. This step doesn’t take more than two days.
4. License application/approval. This step doesn’t take more than two days.
5. Enrolling business and employees in tax and insurance departments. This step doesn’t take more than two days.

In total, we have a time frame of eight business days. This is a far cry from what many start-ups have to face in other jurisdictions. The timetable for the registration of the company can be adjusted with the help of a third-party company that specializes in business registration.

With outside help, you will be able to just submit documents and wait without having to jump through hoops to make sure you receive appropriate responses from the authorities. Dealing with someone who knows this jurisdiction inside and out can help speed up the process and reduce bureaucracy and delays.

It should also be noted that opening a bank account to operate your business out of SVG might take longer than you would have anticipated.

In general, the timeline is between 2 and 4 months, which is not a short amount of time. It’s generally suggested to optimize your work in such a way that the time spent waiting to open a corporate bank account would not go to waste. Once again, it’s highly advisable to consult a special or a special firm that will help you conjure up the best plan of action possible.