Business
Companies Act 1994 with a restructured offshore sector
The Companies Act 1994 follows the CARICOM harmonised model with articles of incorporation, administered by the Commerce and Intellectual Property Office. The former international business company regime was replaced by the Business Companies Act, and the Financial Services Authority regulates the international sector. Insolvency proceeds under the winding-up provisions of the Companies Act and the Bankruptcy Act.
Key rules
- Jurisdiction — National registration; international sector supervised by the FSA
- Deadline — Annual return: filed each year with the Registrar
- Deadline — Change of directors or registered office: notice within 15 days
- Deadline — Business company annual fee: due on the anniversary of incorporation
Governing law
- Companies Act 1994
- Business Companies (Amendment and Consolidation) Act
- Financial Services Authority Act
- Bankruptcy and Insolvency Act
In practice
The move from the international business company regime to the Business Companies Act was driven by OECD and EU pressure and removed the ring-fenced tax exemption, so legacy IBCs had to migrate and any structure still described as an IBC should be verified. Saint Vincent also hosts a large number of forex and financial services entities, and the FSA's licensing status for such a business is worth checking independently.