Business in St Vincent and Grenadines

A sole proprietorship is operated by one owner, while a partnership is operated by two or more partners. A domestic company has its own legal personality, can generally continue beyond changes in ownership and usually limits shareholder liability. A nonprofit company follows a separate incorporation and governance process. An external company is formed outside Saint Vincent and the Grenadines and must register before carrying on business locally. The suitable structure depends on ownership, risk, financing, management and whether the activity needs a regulated licence. A Business Name registration is used when the trading name differs from the owner's legal name. The filing goes to the Registrar of Companies and Intellectual Property, commonly called CIPO, within 14 days after trading begins. It costs EC$250 and normally takes about two working days. The application includes the original form, the nature of the business, its principal place, owner information and the commencement date. The certificate must be displayed. The registration has no renewal requirement, although the Registrar can request confirmation that the name remains in use. A cessation notice must be filed within three months after the business stops. Business Name registration does not create an exclusive trademark right, so a separate Trade Mark filing is needed for brand protection. The owner remains personally liable, and personal assets can be exposed to business debts. A profit company can reserve a name with Form 26 for EC$25. The reservation normally lasts 90 days. A nonprofit name reservation costs EC$5. Profit-company incorporation normally uses Form 1, Form 2, Form 4, Form 9 and Form 9A together with an attorney's statutory declaration. The incorporation fee is EC$950 for a profit company and EC$190 for a nonprofit company, with an additional EC$25 for each profit-company director's consent and separate attorney fees. A private share company needs at least one individual director. A nonprofit company and a public company generally need at least three individual directors. The company needs a registered office in Saint Vincent and the Grenadines, not a post-office box. CIPO generally issues the certificate within about two working days. After incorporation, the company files its by-laws for EC$100 as a commercial company or EC$20 as a nonprofit company. It appoints a secretary and notifies the Registrar within one month. It also needs to allot shares before carrying on business and arrange authority for its bank account. The first annual meeting can take place no later than 18 months after creation. A domestic company files Form 28, the Annual Return, by 1 April each year. The annual-return fee is EC$100 for a commercial company and EC$20 for a nonprofit company. Financial-statement filing costs EC$50. A private for-profit company with annual revenue of no more than EC$4,000,000 and assets of no more than EC$2,000,000 can generally file a Certificate of Solvency. Companies above those limits and public companies file comparative financial statements. Changes to a registered office or directors go to the Registrar within 15 days, while a secretary change is notified within one month. Non-compliance can lead to a notice and possible strike-off after 30 days. Restoration uses Form 25 after defaults are corrected and costs EC$300 for a commercial company or EC$60 for a nonprofit company. The Inland Revenue Department, or IRD, handles the Taxpayer Identification Number, commonly called a TIN, tax accounts and eTax access. Depending on the activity, the business may need to manage corporate income tax, personal income tax, value-added tax, payroll tax known as PAYE, withholding tax known as WHT and other taxes. VAT registration applies at annual sales of EC$300,000. The standard VAT rate is 16%, accommodation uses 11% and zero-rated supplies use 0%. VAT reporting follows calendar months, with payment due by the 15th of the following month. Records must be kept in English or another accepted form that remains traceable, and the research basis for this location specifies a seven-year retention period. IRD access is available in Kingstown and at revenue offices or access points in Georgetown, Barrouallie, Bequia, Canouan and Union Island. Registration does not replace permission to conduct a regulated activity. Retail and wholesale businesses may need a Trader's Licence. Restaurants may need a food-handler licence. Regulated professions require the relevant professional licence, and preschools or day-care services involve the Ministry of Education. Other sectors use the responsible authority for that activity. Internal Trade and Commerce applies consumer, price and trade rules. Trading without the required licence is an offence that can result in a fine of EC$2,500 or confiscation of goods. The licence, inspection, premises and professional requirements depend on the activity rather than only on the business structure. Importers and exporters submit licences, permits and certificates electronically through VSWIFT. The system supports document upload, validation, status tracking and electronic payments for the relevant cross-border LPCO requirements. A business should identify the required documents for each product and shipment before arranging transport, because company registration alone does not authorize import or export activity. The Center for Enterprise Development, or CED, provides enterprise support. Its PRYME programme targets potential and existing micro and small-business owners aged 18 to 40 in agriculture, agro-processing, light manufacturing, fisheries, services and arts and crafts. The public annual allocation is EC$2,400,000. Forms and support channels can involve the Office of the Prime Minister, CED, Invest SVG, the Ministry of Finance, the Chamber and Revenue Offices. A small-grant path is available for a locally registered sole proprietorship, partnership or limited liability company that operates legally and has annual turnover of no more than EC$50,000. The request normally includes a request letter, application, pro forma invoice and cooperation with a Business Development Organisation or the SVG Bureau of Standards. The grant allows one disbursement, tests sustainability and capacity, and does not support parallel similar assistance. Invest SVG acts as a gateway for local and foreign investment and export facilitation. Its focus includes tourism, agro-processing, renewable energy, light manufacturing, international financial services, information and communication technology and the creative industry. Incentives depend on the sector and approval. Examples include duty-free concessions for qualifying ICT activity, tax holidays and work permits for approved employees. The Industry Unit processes applications under the Fiscal Incentives Act. A business should confirm approval conditions before treating an incentive as available. A company share transfer uses a written instrument naming the transferor and transferee, witnessed signatures, a director's declaration, valuation, stamp duty and Registrar endorsement. CIPO also records intellectual-property assignments or transmissions, renewals and changes of name or address. No direct universal sale-and-transfer process for a registered Business Name has been evidenced; a contract, professional advice and an updated registration or cessation notice may therefore be needed. A company whose assets are at least 50% real property faces stamp duty of 10% of the consideration, normally split as 5% for the transferor and 5% for the transferee. A foreign-formed company registers as an external company before operating in Saint Vincent and the Grenadines. It provides a local principal office and an attorney together with the prescribed documents. The fee is EC$3,000 and processing takes about two to three working days. Changes to its name, objects, directors or share transfers are filed within 30 days and can attract a penalty of EC$100 per day. Its Annual Return is due by 1 April each year with a fee of EC$100. An unregistered external company can face EC$350 per day and may lose the capacity to bring court proceedings. Closure follows the structure. A Business Name requires a cessation notice within three months. A domestic company can use voluntary liquidation by members or creditors. The members' liquidation process requires a solvency declaration, a resolution, Gazette publication, notice to the Registrar within 14 days and a liquidator. The creditor process includes a creditor meeting on the same or next day and a statement of affairs. Compulsory liquidation begins with a High Court petition. The liquidator gives notice within 21 days, and a final return is followed generally by dissolution after three months. Strike-off is not a substitute for liquidation. The Office of the Supervisor of Insolvency, or OSOI, administers the insolvency framework under the Bankruptcy and Insolvency Act 2007 and Regulations 2015, including bankruptcy, reorganisation, proposals, receiverships and licensed trustees. Costs and timing vary with the activity, attorney, permits and stamp duty, while core CIPO and Registrar functions remain centralized in Kingstown.