The most developed sector of the economy, apart from tourism, is agriculture. Agriculture is
dominated by bananas (50% are exported); sugarcane, coconut, vegetables, tobacco, etc. are also
grown. Rum, sugar, beer, dairy products and palm oil are also produced.
English is the state language. The official tender is the Eastern Caribbean dollar.
The state pursues an active international policy aimed at international cooperation and integration in all spheres of life. Saint Vincent and the Grenadines has been a member of the United Nations (since 1980) and a number of its specialised organisations. Member of WTO (1995), Interpol, the Commonwealth, Non-Aligned Movement, African, Caribbean and Pacific Group of States, Alliance of Small Island States.
choosing a country
choosing a bank
payment (by any method)
bank account opening
From all the possible types of advantages that open up to the founders when incorporating a company, it is definitely worth noting:
Under current laws, it is an attractive option to register your company for international business and investment in the following legal forms:
Under current laws, both residents and non-residents may open a BC company in Saint Vincent and the Grenadines. A special feature of this legal form is that the submission of annual financial statements is a mandatory requirement.
There are no authorised capital requirements: just one dollar is enough. To establish an LLC, one director and one share holder (individual/legal entity) are sufficient. If the OOO/LLC operates and makes a profit outside of Saint Vincent, then it does not pay taxes in the country of incorporation of the legal entity.
Based on the analysis of the current legislation regulating the activities of business entities, the following can be highlighted with regards to the specifics of the process of registering your business:
The state has the following features for levying taxes and fees
The basic corporate tax rate for legal entities is 30%. The only exception applies to the OOO/LLC in the case of confirmation of tax residency in another country.
VAT: standard rate 15%, reduced rate 10% or 0%.
Income tax on interest, royalties paid to a non-resident is 20%.