ST. VINCENT

General Business Information

450px-Flag_of_Saint_Vincent_and_the_Grenadines.svgSt. Vincent is an island country in the Lesser Antilles Island arc, in the southern portion of the Windward Islands, which lie at the southern end of the eastern border of the Caribbean Sea where the latter meets the Atlantic Ocean. The island of Saint Vincent is volcanic and includes little level ground. The windward side of the island is very rocky and steep, while the leeward side has more sandy beaches and bays. [Source: Wikipedia]

Success of the St. Vincent economy hinges upon seasonal variations in agriculture, tourism, and construction activity as well as remittance inflows. Much of the workforce is employed in banana production and tourism, but persistent high unemployment has prompted many to leave the islands. This lower-middle-income country is vulnerable to natural disasters – tropical storms wiped out substantial portions of crops in 1994, 1995, and 2002. In 2008, the islands had more than 200,000 tourist arrivals, mostly to the Grenadines, a drop of nearly 20% from 2007.

600px-VCT_orthographic.svgSaint Vincent is home to a small offshore banking sector and has moved to adopt international regulatory standards. The government’s ability to invest in social programs and respond to external shocks is constrained by its high public debt burden, which was 68% of GDP at the end of 2011. Weak recovery in the tourism and construction sectors will limit growth prospects in 2014.

Investors benefit from the extensive range of opportunities and incentives available in St. Vincent and the Grenadines. Among the wealth of incentives are:

  • Complete or partial exemption from income tax on profits
  • Significant tax holidays
  • Import tax concessions on raw materials, machinery, equipment and spare parts
  • Freedom to repatriate funds
  • A low-cost operating center – low fee structure
  • Lifting of ban on foreigners holding trust company licenses
  • An unhindered and stable foreign exchange regime
  • Saint_Vincent_and_the_Grenadines_-_Location_Map_(2013)_-_VCT_-_UNOCHA.svgExcellent telecommunications
  • Stable labor relations
  • An independent and efficient judiciary system
  • A tradition of support for foreign private investment

The business focus of the country includes international financial services, agro-processing, light manufacturing and hotel development. The country is actively promoting business investments in upscale and sports tourism, the motion picture industry (Pirates of the Caribbean was filmed on St. Vincent) and information technology. [Source: The Government of St. Vincent & the Grenadines]

The US does not have an embassy in Saint Vincent and the Grenadines. The US Ambassador to Barbados is accredited to Saint Vincent and the Grenadines. [Source: CIA World Factbook]

Fast Facts

Capital

Kingstown

Time zone

UTC-4

Area

150 sq. mi. (389 sq. km.)

Population

109,373

Climate

Tropical

Official Languages

English and French patois

Currency

East Caribbean dollar (XCD)

Government

Parliamentary democracy under constitutional monarchy

GDP per capita

$12,100

Labor force

57,520

Unemployment rate

15%

Main trading partners

Singapore, Trinidad & Tobago, US, St. Lucia, Turkey, China

Weights and measures

Metric

Legal systems

English common law

International dialing code

+1 784

Internet domain suffix

.vc

Quality of life

Doing Business rating

82 (of 189)

Starting a Business rating

68

[Source: The World Bank, CIA World Factbook]

Island_of_Saint_VincentEstablishing a Business

Starting a business in St. Vincent and the Grenadines is relatively straightforward, seven-step process.
1. Search and reserve a company name
2. Obtain and legalize incorporation documents
3. Register with the Commercial Registry
4. File company bylaws and notice of appointment of corporate secretary
5. Apply for a trade or industrial license
6. Register for income tax at the Inland Revenue Department
7. Enroll the company and its employees at the National Insurance Services
It is possible to complete the entire process in as few as ten days, which is excellent by comparison to the Latin American and Caribbean average of 36 days. [Source: The World Bank]

American Corporate Services offers experience and expertise for astute investors who wish to establish offshore businesses. Whether an investor wishes to immigrate or simply to establish a business entity, our network of professionals has the ability to advise, assist, direct and enable clients to understand and navigate the process for St. Vincent company formation.

Our services include everything you need for starting a new business in St. Vincent. In addition to helping to establish a St. Vincent business bank account, helping you set up your business to conform to St. Vincent accounting standards and to comply with St. Vincent taxes, we also offer boutique amenities such as St. Vincent secretarial services. We can even help you to create a St. Vincent virtual office that will appear to others as though you are actually in St. Vincent, even though you may be just about anywhere else on the globe at the time. Our business is making your investment a success..