Important Facts on St. Vincent International Business Companies:
The New International Business Companies Act No.34 of 2007 and as amended by Act No. 48 of 2007 with comprehensive regulations governs the incorporation of International Business Companies in St. Vincent and the Grenadines. An IBC receives upon formation a Government Certificate of Exemption from taxes for 25 years from the date of incorporation.
Important Facts on St. Vincent and the Grenadines Trusts:
Trust deeds are registered in a confidential government trust Registry, whereupon an official Certificate of ‘Registration is issued to the Settler/Grantor. A foreign (non-Vincentian) judgment against a registered International Trust (or its settler or beneficiaries) is not enforceable in Saint Vincent if the judgment was based on law inconsistent with the International Trust Act, 1996. Actions against registered international trusts must be commenced within two years from date of creation of the trust.
Important Facts on St. Vincent and the Grenadines Insurance Companies:
The International Insurance sector has been identified as an excellent growth area. The present insurance regime offers a great deal of flexibility to insurers wishing to conduct international insurance business. Under the new regime insurers have a choice of five classes of international insurance companies. This flexibility is designed to accommodate both the largest and the smallest insurance enterprises and allows for a diverse range of activity:
Class I (Unrestricted): insurers can carry on any international insurance business, including long term;
Class II (General): Insurers can carry on general but not long-term international insurance business;
Class III (Association): insurers can carry on general and long-term international insurance business with two or more owners of the insurer and/or their affiliates, and up to 30% of business with persons who are not owners of the insurer or their affiliates;
Class IV (Group): insurer can carry on general and/or long term international insurance business with one owner, its affiliates, and employees;
Class V – (Single)- insurer may carry on any international insurance business, with the sole owner of the insurer, if a company, or with the beneficial owners of the insurer, if a trust.
Important Facts on the St. Vincent and the Grenadines Mutual Funds
Mutual funds are regulated by the Mutual Funds Act, 1997 as amended by the Mutual Funds (Amendment) Act 1998, with Regulations issued in 1999. The Act provides for the licensing of both domestic and offshore mutual funds. There are essentially two categories of fund licenses, namely a private and accredited fund license and a public fund license.
Important Facts on the St. Vincent and the Grenadines International Banking Sector
Saint Vincent and the Grenadines has always provided a sound economic climate for international banks. The International Banks Act of 1996 and Regulations govern the registration of international banks. The Offshore Finance Authority (OFA) now collaborates with the Saint Kitts-based Eastern Caribbean Central Bank, (ECCB), in the licensing and supervision of international banks. Although the OFA is ultimately responsible for granting all international bank licenses, the International Banks Act has been amended to provide for the ECCB to cooperate with the OFA in reviewing all bank applications as well as in ongoing supervision of banks. This is one of the many steps recently taken by the OFA to ensure that all its banks are well regulated and in compliance with the requirements of the laws and all banks are subject to onsite inspections at least every 12 – 18 months.
The Authority grants two Classes of Offshore Banking Licence:
Class I Offshore Banking Licence
Class II Offshore Banking Licence.
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