1. Shareholders, Directors and Officers may reside anywhere in the world and their meetings may, similarly be held wherever they decide. There is no SVG BC residency or nationality requirement for shareholders, officers and/or directors.
2. There is a requirement to file the details of all directors and shareholders of the company with the Financial Services Authority (FSA) - the names and addresses of the directors and shareholders would be made available to anyone that searches the company.
3. Corporate taxes are payable at a rate of 30% on worldwide income.
4. Financial Statements are required to be filed yearly for companies whose gross revenue for the financial year exceeds four million dollars or such greater sum as may be prescribed; or whose total assets exceed two million dollars, or such greater sum as may be prescribed as at the end of the year.
5. Declarations of Solvency are required to be filed yearly for companies whose gross revenue for the financial year is less than four million dollars or whose total assets does not exceed two million dollars.
6. There is a requirement for a business company to keep financial records, including underlying documentation, that are (a) sufficient to show and explain its transactions; (b) to enable its financial position to be determined with reasonable accuracy, at any time; (c) to enable it to prepare such financial statements, or declaration of solvency, and make such returns as it is required to prepare and make under this Act and the Regulations and, if applicable under any other enactment; and (d) if applicable, to enable its financial statements to be audited in accordance with the requirements of any other enactment. The financial records shall be kept for at least seven years after the end of the financial year to which they relate.
7. The business company must keep all minutes and resolutions that relates to the company for a period of 10 years following the date of the relevant meeting or resolution.
8. Companies may be formed with as few as one shareholder who may be a natural person or a juridical entity.
9. Companies may be formed with as few as one director, who may be a natural person or a juridical entity.
10. There is no requirement for a company secretary.
11. The authorized share capital may be denominated in any recognised currency.
12. There is no minimum capital requirement for an SVG BC.
13. Shares may be issued partially paid, fully paid, or nil paid.
14. SVG BC’s must keep a register of charges, but there is no requirement to file this on public record.
15. SVG BC Act provides for continuation of companies to and from anywhere around the globe. It also provides for local companies incorporated, and external companies registered in SVG to migrate to the BC register.
16. Amendments to the Articles of Incorporation, mergers or consolidations with foreign corporations can be carried out with a minimum of bureaucratic interference enhancing efficiency and reducing costs.
17. It takes approximately 48 hours to incorporate an BC provided we receive all required documeation and payment