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St. Vincent and the Grenadines - Truly a Jurisdiction of Choice for the International Financial Services

Contributed by Wilfred Services Ltd
13 July, 2012

Contributed by Wilfred Services Ltd [www.wilfredinternationalservices.com]

Since 1997, Wilfred Services Ltd. has been a Registered Agent and Trustee in St. Vincent and the Grenadines (SVG) servicing clients worldwide. Our firm prides itself in developing strong working relationships and alliances with local and international professionals as we are able to truly add value to any client desirous of wealth creation and asset protection in any jurisdiction based on our extensive network.

However, our focus in this piece is presenting SVG as an attractive international financial services jurisdiction and we have identified some of the salient points as to why SVG should be anyone’s jurisdiction of choice:

  • A SVG International Business Company (IBC) can be utilized to purchase real property in SVG and residency if the client so desires;
  • Some of the lowest government fees of any international financial services jurisdiction;
  • Zero taxation of international entities therefore no annual reporting requirements ;
  • Joint supervision/regulation of international banks by the International Financial Services Authority (IFSA) and the Eastern Caribbean Central Bank (ECCB) where required;
  • Excellent professional service base of registered agents, trustees, lawyers, accountants inter alia;
  • A stable, secure and well regulated operational environment;
  • Not listed on any Organization for Economic Cooperation and Development (OECD) list (i.e. black, grey);
  • Culture of Anti Money Laundering (AML) Compliance and Combating Proceeds of Crime and Terrorism through the establishment of a fully operational and staffed Financial Intelligence Unit (FIU);
  • IBC Incorporation within 48 hours;
  • Bearer Shares are provided by this jurisdiction subject to strict immobilization regulations.

In recent times, two areas attracting considerable interest from international investors are:

  • Hybrid entities
  • Series LLC's

A hybrid corporate vehicle is one which is a company that is limited by guarantee but which also has a share capital.  Such a company is normally structured with at least two classes of members – shareholding members and guarantee/beneficiary members. Shareholding members may own ordinary voting shares, preference shares, or both.  Conversely, Guarantee members undertake to contribute to the debts of the company up to certain specified maximum amount in the event of its liquidation. Therefore, a guarantee member holds an obligation as opposed to a shareholding member who holds a stake in the company.

The Series LLC permits a single limited liability company to own multiple subsidiary LLC's each of which owns a single asset business. This LLC can establish a "Series" or units under the same LLC umbrella. Each Series, company or unit has a separate purpose and those members have different rights, powers, privileges and duties.  The Series LLC offers greater benefits to a new investor such as tax flexibility, choice of investment structure, versatility or less exposure to legal liability.

In sum, it is a combination of SVG's low cost of doing business vis-à-vis other jurisdictions, an ongoing drive to enhance its offerings whilst maintaining the highest international standards from a legislative and regulatory standpoint that will render this jurisdiction one to be seriously considered by any international investor in the short term and beyond.  Look out for great things to come from St. Vincent and the Grenadines!

Merma DeFreitas

Managing Director
Wilfred Services Ltd.

Suite 305, Griffith Corporate Centre
Box 1510, Beachmont
St. Vincent and the Grenadines
Tel: 784-456-2970
Fax: 44-808-171-1136 / (877) 471-8132
Email: wilfredservices@gmail.com OR info@wilfredinternationalservices.com



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