- Business Companies (formerly international business companies)
Business Companies (BCs)
BCs are governed by the Business Companies Act, Chapter 149 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.
Types of BCs
Ordinary/Limited
– Limited by Shares
Limited Duration
– incorporated for a maximum of thirty years.
Continued
– re-domiciled from another jurisdiction to SVG.
Hybrid
– owned by both members and shareholders. Shareholders have legal control and voting rights. Members have contingent liability to guarantee a contribution to the debts of the company.
Segregated Cell Companies
– may be registered in SVG where, inter alia, it is, or on its incorporation will be, recognized as an accredited or private fund or registered as a public fund or may obtain an international insurance licence – (Section 112 (2) (c) of the IBC Act).
The SCC may create one or more Segregated Cells (SC) for the purpose of segregating the assets and liabilities of the SCC. The assets of the SCs are segregated into separate accounts that are kept separate from the general assets of the SCC and separate books are kept for each SC.
The SCC must obtain the approval of the Authority in order to create a SC.
SCCs are registered in SVG within 24 hrs.
Incorporation time
24hrs
Apostille and Time
24hrs
Continuation (Re-Domicile from another Jurisdiction to SVG)
24hrs
Shares
Registered
/Ordinary shares
Directors
Must have minimum of one director- individual or company directors permitted. Director details must be filed with the FSA. A Register of Directors must be maintained at the office of the Registered Agent.
Shareholders
Must have minimum of one shareholder- individual or company shareholders permitted. Shareholder details must be filed with the FSA. A Register of Shareholders must be maintained at the office of the Registered Agent.
Officers
Not required.
Meetings
May be held anywhere in the world.
Who may incorporate BCs?
Licensed Registered Agents & Trustees in SVG
Restrictions?
– Restrictions? A BC cannot carry on any activity for which it requires a licence granted by the Authority unless such a licence has been granted. (e.g.: Mutual Funds business, International Banking Business, International Insurance business).
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