SVG

Saint Vincent and the Grenadines (SVG) welcomes Mutual Fund business conducted by professionals with integrity.

overview

St. Vincent and the Grenadines

Located in the Southern Caribbean Sea, SVG is an independent sovereign nation comprising the main island of Saint Vincent and part of the Grenadines island chain.

Resident companies have to pay a 30% Corporate Tax for worldwide income. Non-resident companies do not have to pay tax on income derived from overseas activities.

SVG allows for a great degree of flexibility in terms of the investment portfolio or risk-return profile, provided that there is full disclosure of risk in the Prospectus / Offering Memorandum.

Fund structure will be closely scrutinised to ensure that the risk of fraud on investors or money laundering is minimised.

The privacy of stakeholders is ensured by the Confidential Relationships Preservation (International Finance) Act.

The Investment Fund sector is governed by the Mutual Fund Act and Regulations, while the financial market regulator in SVG is the SVG Financial Services Authority (FSA).

  • Time Frame: Around 2 – 4 Months
  • Taxation: 0% (for income derived from overseas).
  • License: Mutual Fund License
    • Public Fund License
    • Private Fund License
For each Director, Shareholder and Ultimate Beneficial Owner:
  • Notarized / Certified True Copy of Passport
  • Notarized / Certified True Copy of Proof of Address
  • Notarized / Certified True Copy of Bank Statement
  • Bank Reference Letter
  • Reference Letter by Professionals
  • Notarized / Certified True Copy of Academic and Professional Certificates
  • Detailed CV dated and signed by the applicant

For each Corporate Shareholders of the company:
  • Certificate of Incorporation
  • Memorandum of Association
  • Articles of associations
  • Register of Shareholdings
  • Register of Directors
  • Certificate of Good Standing (if the company is over 12 months old)

Other Documents Required:
  • Detailed Business Plan
  • Proof of Source of Wealth

(All documentation shall be provided in English, or translated into English by a professional and certified by a Notary Public.)
Company structure:
  • Minimum 2 Directors (with Experience in Fund Management)

Taxation:
  • SVG has amended its International Business Company Act and the International Trust Act to comply with the requests of the EU and OECD.
  • 30% – Resident companies have to pay Corporate Tax for worldwide income.
  • 0% – Non-resident companies do not have to pay tax on income derived from overseas activities.

Accounting requirements:
  • In SVG, all companies are required to file audited accounts and annual returns with the authorities.
  • A company is required to keep financial records, which will indicate the tax amount payable to the authorities.

Others:
  • Registered Agent – Required
  • Registered Office – Required
  • Company Secretary- Required
Legal Framework: Mutual Fund Act and Regulations

Regulatory Authority: SVG Financial Services Authority (FSA)

Time Frame: Around 2 – 4 Months

Minimum Paid-Up Capital: There are no capital adequacy requirements or minimum subscription limits.

An Accredited Fund To be accredited, the fund must have a minimum subscription requirement of USD 25,000 or its equivalent in any other currency. The fund has no limit on the number of investors.
A Public Fund Such a Fund publishes or distributes a prospectus by any means and offers any shares it issues for subscription or purchase to any interested member of the general public.
A Private Fund Such a fund cannot offer its shares to the general public and must be held by
  • Not more than 50 investors and the first time investment of such investors must not be less than USD  75,000 or the equivalent in any other currency; or any number of investors where the first time investment of each such investor is not less than USD 700,000 or the equivalent in any other currency, or,
  • Is designated as a private fund by regulations.

Permitted Activities:
  • Collect funds from investors to invest in securities such as stocks, bonds, money market instruments and other assets, for the purpose of capital appreciation.

  • The portfolio must be operated by a professional fund manager, and structured in a way that meets the objectives proclaimed in the prospectus.
  1. Personal questionnaires must be filled out by the directors.

  2. Preparing Application Forms, Drafting Business Plan and Compiling Documentation for initial verification.

  3. Reviewing Documents, including Know Your Customer (KYC) Documents of Directors and Ultimate Beneficial Owners.

  4. Incorporation of an International Business Company (IBC) in St. Vincent and the Grenadines.

  5. Submit the application for Mutual Fund License to SVG Financial Services Authority (FSA).

  6. Provisional approval will be granted by FSA if it is satisfied with our submission.

  7. We will liaise with FSA on follow-up actions, submit additional documents that are requested.

  8. Fulfill all the conditions listed by FSA in order to obtain the License.
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