Explore Countries for Living & Doing Business
Find and compare the best jurisdictions for your business
Find and compare the best jurisdictions for your business
Compare with other jurisdictions or get in touch for expert guidance.
Caribbean offshore with IBCs popular for forex brokers
Region
CARIBBEAN
Corporate Tax
0%
Setup Time
2 weeks
Currency
XCD
St. Vincent and the Grenadines, a multi-island Caribbean nation, combines offshore services with yacht and sailing tourism. The country's company registration framework supports straightforward business setup.
With a population of 110,000, SVG offers Caribbean island living across 32 islands. English is the official language. The tropical climate is pleasant with hurricane risk.
Healthcare is limited, with serious cases requiring evacuation. Safety is generally good. The cost of living is moderate.
The sailing and yachting culture defines the Grenadines' character.
IBCs pay no tax on foreign income. There is no capital gains tax or inheritance tax for offshore structures. Limited regulation has made incorporation accessible.
The Eastern Caribbean dollar (pegged to USD) is official currency. The economy depends on tourism, agriculture, and financial services.
Company registration for IBCs through the Financial Services Authority is efficient. Requirements include one shareholder and one director minimum.
Company formation completes within days. No minimum capital requirements apply. Annual fees apply.
SVG has attracted some crypto-related company formations but without comprehensive licensing framework. The regulatory environment is permissive rather than regulated.
SVG has issued some gambling licenses but the framework is less developed than major jurisdictions.
Banking access is extremely difficult for SVG IBCs. The jurisdiction's limited regulatory oversight creates both accessibility and reputational considerations.
Professional services are available for basic corporate formation.
SVG suits simple offshore structures and those with specific Caribbean requirements for their business setup.
Local: LLC
Local: IBC
Local: Foundation
| Corporate Tax Rate | 0% |
| Personal Income Tax Rate | 0% |
| VAT / Sales Tax | 16% |
| Capital Gains Tax | 0% |
| Withholding Tax | 0% |
| Reduced Corporate Tax Available | Yes |
| Non-Resident Withholding Exempt | Yes |
| Tax Treaty Network | Yes |
| Banking Access | LOW |
| Financial Privacy | HIGH |
| Currency Controls | NONE |
| Local Bank Account Required | No |
| Non-Resident Bank Account Allowed | Yes |
| Physical Presence for Banking | Yes |
| Banks Restrictive (High Risk) | Yes |
| AML Officer Required | No |
| MLRO Required | No |
| Compliance Officer Required | No |
| Data Protection Officer Required | No |
| Bookkeeping Frequency | Annual |
| Local Bookkeeping Required | No |
| Mandatory Audit | No |
| License Required | Yes |
| Local Director Required | No |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | No |
| Required Share Capital | $300,000 |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF Travel Rule |
| Business Plan Required | Detailed business plan with 5-year financial projections, description of services, target market, and feasibility study required |
| Personnel Required | Principal Representative (must reside in SVG), AML/CFT Compliance Officer, CISO |
| Insurance Required | Yes |
| Insurance Details | Professional indemnity insurance of minimum USD 1,000,000 required |
| Remote Incorporation Possible | Yes |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | No |
| Registry Access | UBO information only disclosed to authorities upon official legal request |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Quarterly |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | No |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | No |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | Yes |
| VAT Applicable | No |
| Regulators | Financial Services Authority (FSA) |
| Licensing Fee | $32,400 |
| Licensing Fee Details | Application fee approximately XCD 12,000 (USD 4,500); annual registration fee approximately XCD 32,400 (USD 12,000); statutory deposit XCD 100,000 (USD 37,000) or 25% of client obligations, whichever is greater (refundable) |
| Permitted Business Models | Exchange, Custody, Wallet Services, OTC Trading, Token Distribution |
| Permitted Activities | Fiat-to-crypto exchange, crypto-to-crypto exchange, virtual asset transfers, custody and safekeeping, ICO/IEO launchpads, DeFi protocols, P2P trading |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | No |
| Derivatives Allowed | No |
| RWA Tokenization Allowed | Yes |
| App Store Listing Allowed | Yes |
| Crypto Custody Allowed | Yes |
No formal online gambling licensing framework exists in SVG. Land-based gambling regulated under Gambling, Lotteries and Betting Act but no active casino operations. Not a recognized iGaming jurisdiction.
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $8,100,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant |
| Business Plan Required | Comprehensive business plan with 5-year financial projections, operational system manuals, AML/KYC framework required |
| Personnel Required | Minimum 2 employees including 1 at senior management level, AML Officer, at least 2 directors (1 must be SVG resident) |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | No |
| Registry Public | Yes |
| Registry Access | FSA maintains public registry of licensed international banks |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | No |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | Yes |
| VAT Applicable | No |
| Regulators | Financial Services Authority (FSA) |
| Licensing Fee | $50,000 |
| Licensing Fee Details | Class A International Bank: Capital USD 3,000,000, statutory deposit USD 500,000; Class B International Bank: Capital USD 500,000, statutory deposit USD 100,000. Application and annual supervision fees additional. |
| Permitted Business Models | International Banking (Class A - unrestricted offshore banking; Class B - restricted to named clients) |
| Permitted Activities | Deposit acceptance, lending, bond placement, securities investment, customary banking practices |
| Restricted Activities | Banking with SVG residents, investment in SVG government securities, claims on SVG residents |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | Yes |