There are many countries all over the world that are considered "tax havens". These jurisdictions generally have no taxes (on foreignors) and strict privacy laws. The question is not, "which is the best", but "which is the best for a particular situation". Let’s look at North Americans as an example. First, the tax havens under consideration must have no taxes of any kind and strictly enforced privacy laws. Next, English must be the main language, the judicial system must be based on British Common Law, the country must have a long history of political stability and must be completely independent from one's home country. Ideally, the tax haven should be geographically close to home to allow for swift travel should a client desire to visit. Wilfred considers St. Vincent and the Grenadines to be one of most reputable jurisdictions that has failed to receive the recognition and positive publicity for which it deserves.
No. Wilfred Services Ltd. interfaces with all international professionals and/or institutions to form IBC's, open bank and brokerage accounts, forward offshore mail, etc. so that clients don't have to leave the office to go offshore.
International Business Companies can usually be set up within two working days on condition of receipt of all the required information from clients.
Shelf companies have been established to in the past but have either never been utilized by the original incorporator or have been surrendered due to lack of maintenance (ie. Not paying annual dues). We maintain a list of well-named companies available to trade immediately. Please look at our website for more information.
The assets in an IBC will pass to a relative according to the laws of inheritance in the jurisdiction where the IBC is formed, if you die without making advance provisions. To prevent this, you should ask an attorney to prepare a minute, adopted at a meeting of the owners of the IBC, that appoints your chosen successor in your stead, in the event of your death and lodge a copy of this with the Registered Agent.
You may show ownership either with Registered Shares or Bearer Shares. The person who has title to Bearer Shares is the person who has possession. Most jurisdictions have ceased to issue Bearer Shares. St. Vincent & the Grenadines still issues such shares, but the Registered Agent is required to hold these in safe keeping for the client. A copy of the share certificate is sent to the client.
Yes, you may. However, please note that the idea of a Nominee Director is a misnomer. One is either a Director or one is not. Our company can provide a Director if this person is fully acquainted with the business at all times and is paid as a director. No responsible Registered Agent will make provisions for "paper directors".
When your IBC is registered, you will receive the following:
- Articles of Incorporation
- Certificate of Incorporation
- Tax Exempt Certificate
- Certificate of Good Standing
- Power of Attorney
- Share Certificate(s)
You must complete and sign an application form for each beneficial owner, officer, director, beneficiary, etc. of the company, a picture ID, usually a copy of your passport or your driver's license and a professional reference letter of some sort.
The IBC documents are usually prepared and registered by a licensed professional called "A Registered Agent". Such an agent is usually an attorney, or a person trained as one, an accountant or a professional who is of high character and with the knowledge and ability to conduct this business. The IBC is registered at the International Financial Services Authority (IFSA).The office of the Registered Agent is called "The Registered Office". This will be the local address of your IBC in the jurisdiction that you choose.
You can choose any name you wish. We simply check out its availability and inform you. Some people use the names of birds, flowers, plants, place names etc. You can create a name out of thin air if you choose. In general, you should choose a name that can be easily remembered, if it is to be used in a business whose name clients will need to remember. It is sometimes a good idea to choose a name that starts with a letter that is high in the alphabet.Each name must carry a suffix such as "Limited", "Ltd.", "Incorporated", "Inc ", "S.A.", "GmBH", "AG" "Corporation" or "Corp."
The following are advantages of using St. Vincent and the Grenadines as an international financial services jurisdiction:
- The lowest government fees of any offshore jurisdiction
- Zero taxation of international entities
- Old established banking history and culture
- Home of the Mustique Company - oldest, most successful private investment project in the Caribbean
- An independent supervisory Authority
- Excellent professional services
- A stable, secure and well regulated operational environment
- Culture of Anti Money Laundering (AML) Compliance
- Absence of major financial scandals in the sector
- Absence of a reputation for having "capitulated" to the Financial Action Task Force (FATF)/international organizations
- Bearer Shares are provided by this jurisdiction. Some jurisdictions eliminated bearer shares, oblivious to the fact that many European countries still offer them
- Strong position on the OECD harmful tax initiative
- Unlike some Eastern Caribbean islands which emerged from blacklisting with zero or just one international bank, St. Vincent & the Grenadines emerged as a viable international banking center with some ten banks remaining when the jurisdiction was de-listed
- St. Vincent & the Grenadines
- St. Lucia
- The BVI
- Hong Kong
- St. Kitts/Nevis
You can do any of the following with your IBC:
- Own a bank account in any country of the world and make deposits and withdrawals at will, using bank wires, bank drafts or credit cards.
- Obtain and use a credit card in the IBC’s name with all statements going back to the offshore jurisdiction.
- Invest in stocks, bonds, mutual funds, certificates of deposit, real estate, gold, etc., in any part of the world.
- Handle all the international marketing of a product manufactured at home base though an IBC and reduce operational costs.
- Handle all advertising of a business in your domicile with an IBC and improve your profit margins.
- Operate a consulting or management business with an IBC.
- Use an IBC to apply for a banking license or an insurance license. The latter is especially suitable for professionals who wish to reduce the high insurance premiums associated with some professions such as the practice of medicine. You can also use an IBC to apply for a mutual fund license and own your own mutual fund.
An IBC can help you defer payment of taxes if your business is properly structured and in some instances it may help you to reduce taxes. It should not be viewed primarily as a tax saving vehicle, but rather as one that provides you with privacy and asset protection. We recommend that you pay your taxes and not be forced to enjoy it in a small room controlled by the judicial system in your country. It is best to be transparent in all your business dealings through an IBC.
Absolutely not. Some governments give the impression that they are frowned upon because they fear that they could lose taxes earned by such companies, but there is nothing illegal about an IBC. If your country requires payment of taxes on income earned overseas and you do not pay these taxes, this is called tax evasion and could carry a heavy penalty in your own country. The wealthy have used these vehicles for many years. It is only since common people have begun to use them that they seemed to be frowned upon. You cannot get into trouble with the authorities in your country for just owning an IBC. Your problems only begin if you choose not to pay your taxes and observe the reporting requirements of your country.
Owning an IBC will bring you the following main benefits: Privacy - It protects your business from the snooping eyes of nosy neighbours. Asset Protection - If you live in a country where people are quick to sue, having an IBC will protect you from frivolous lawsuits and from creditors who are trying to relieve you of your assets. It could protect you from being taken to the cleaners by a spouse in the event of a divorce. It is insurance against predators of all kind. Investment Opportunities - An IBC is excellent for investment purposes. Many of the best investments are available only outside of the developed countries. Some of these investments will not accept funds from citizens of certain countries. Since an IBC is a separate person, domiciled in an offshore location, you can invest through such a company and be better able to diversify your investments worldwide. As industrialized countries develop more and more repressive and controlling laws, the flood of investment money going offshore will become a veritable torrent. Family Asset Protection - An IBC can be used with one or more offshore trusts to protect family assets, saving the money usually associated with probate and inheritance taxes, and to reduce or eliminate capital gains taxes. Other reasons for getting an IBC are: • International trading • Holding portfolios of stocks, bonds and cash • Holding Investments in Subsidiary or Associated Companies • Utilising Double Taxation Treaties • Privacy and Wealth Protection • Personal Service Companies for expatriates and individuals • Property and Land Ownership • Employment Companies • Patent, Royalty and Copyright Holding • Stock Market Listings and Capital Raising Exercises • Financing • Ship Management + Yacht Owning
An "IBC" is short for International Business Company. Such a company is formed and registered in a country other than a major industrialized nation. It is considered a separate legal person and allows you to conduct business that is international in scope without the restrictions often found in a developed country.