BCs are incorporated within 24hrs of the receipt of the application from a licensed Registered Agent in SVG. The Articles of Incorporation accompanied by the requisite Registration and Annual fee will suffice for the purposes of incorporation. A Notice of Registration of Directors may also accompany the application, if the BC chooses to register its directors.
Some additional points to note:
- Must have a Registered Agent in SVG.
- Cannot carry on any activity for which it requires a licence granted by the Authority, unless such a licence has been granted. (eg: Mutual Funds business, International Banking Business, International Insurance business).
- Must adhere to economic substance requirements, where required
- A BC may own land in SVG as long as it obtains an Alien Land Holding Licence.
- May issue registered shares only. Bearer shares are not permitted.
- May have only one director and one shareholder.
- Must register directors and shareholders.
- Shareholders, directors and officers may reside anywhere in the world and their meetings may be held wherever they decide. There is no residency or nationality requirement for shareholders, directors and/or officers of a SVG BC.
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