Saint Vincent and the Grenadines is considered a solid place to open an LLC. Not only do you enjoy strong confidentiality laws and steady economic growth, but you can also reap strong offshore financial regulations.
LLCs are the most common structures there, as they are legal entities that offer more structure flexibility as compared to a bigger corporation. If you are planning to set up such a business in the Grenadines, here are a couple of advantages that you may enjoy:
If you register a business in Saint Vincent and the Grenadines, you can enjoy numerous tax exemptions on your profits. This applies especially to businesses that merely expand to the area, with their tax residence in another country.
You are also exempt from all forms of local taxes, allowing you to save money and expand your business even further. This means that if you are only collaborating with forex brokers in Saint Vincent and the Grenadines, you will not have to pay their local taxes, even if your income comes from the area.
Moreover, if your headquarters is in Saint Vincent and the Grenadines and your profit comes from abroad, you will not have to pay any taxes for it either. The only instance where you may be required to pay is if you have a residence there, have registered there and your business income is also local.
Presence Not Necessary
When you set up a business in Saint Vincent and the Grenadines, you are required by the law to hold a meeting every year. The good part about this is that you don’t necessarily have to be in that country to hold those meetings.
You can be in any other country, making it great if you are outsourcing. As long as the correct paperwork is filed, you can be in any corner of the world and there will not be any issues.
Opening a business in Saint Vincent and the Grenadines will not create too much trouble. For the most part, it takes only two days for you to set up your business, due to minimal regulation. Very few documents are also required to open up the business. This includes the signed form for the business, utility bill, passport copy, and second ID (if necessary).
Minimal Corporate Requirements
Corporate requirements for setting up an LLC in Saint Vincent and the Grenadines are also minimal. You can start with as little as $1 in terms of the charter. You may use any type of currency, including Bitcoin in some areas, making it great for international business owners that are planning to expand.
LLCs set up in Saint Vincent and the Grenadines get complete privacy from the public record. The name of the members and the managers are kept private. This will help you conduct your business in peace. At the same time, it will protect you from potential liability issues.
The Bottom Line
While corporations may not be so advantageous in Saint Vincent and the Grenadines, LLCs certainly are. Tax exemptions are great for those planning to cross borders, and setup is very easy to go through. You just need to think of a good idea for a business or create your expansion plan.