Tax-free regime in St. Vincent comes to the end

After June 30, 2021, international commercial companies (IBCs) registered in St. Vincent will automatically be recognized simply as commercial companies (BCs) and will be taxed at a rate of 30% of all global income (received in St. Vincent and outside the jurisdiction).

Another important change will be the obligation to submit information about the shareholders and directors of the company to the appropriate register, which is administered by the Financial Services Authority (FSA).

Companies are required to store certain financial information in the office, as well as business information. Large companies will file financial statements, small companies - a declaration of financial solvency.

The new law also prohibits bearer shares.

The main reason for adopting these innovations is the EU`s threat to put Saint Vincent on the “black list” if the tax regime of jurisdiction is not changed. In addition, measures had to be taken to join the BEPS (OECD) Plan.

Source: http://svgfsa.com/?mdocs-file=4192