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SAINT VINCENT COMPANY FORMATION
- Things to note when establishing a company in St. Vincent and the Grenadines -
As of May 17, 2022, St. Vincent and the Grenadines, as a member of the East Caribbean Confederation, have passed a draft legislation regarding the virtual stabbing business. Virtual asset-related business activities are not currently regulated as official regulations or guidelines for virtual asset-related regulatory laws have not been disclosed. However, we inform you in advance that it may be classified as a subject of regulation as the applicable law is enforced in the future.
After detailed legal regulations and guidelines are published, we plan to reorganize and guide you. A license system may be introduced after the virtual asset regulation law is enforced, so please refer to it before proceeding with the establishment of the company.
St. Vincent and the Grenadines - Guide to Establishing a Limited Liability Company (LLC)
Estimated time required (incorporation) :
5 business days after obtaining all documents
Saint Vincent and The Grenadines LLC will be incorporated five days after verification of compliance with the basic requirements of the Saint Vincent and The Grenadines company law and receipt of signed corporate documents.
Services include:
1. Certificate of Formation
2. Articles of Formation
3. Certificate of Exemption from Direct Taxes
4. Certificate of Exemption from Import Duties
5. Certificate of Good Standing
6. Officers Register
7. Members Register
8. Membership Certificate
9. Minutes (Organisational) [Resolution of the first board of directors of the corporation]
10. Operating Agreement
11. Company Search
12. Handling Incorporation Documents [Preparation and processing of incorporation documents]
13. Certificate of Translation for Driving License
14. Brief Business Advising
15. Providing Registered Address for 2 calendar years
16. Acting as the Agent for 2 calendar years
17. KYC/Due Diligence Test [Evaluation of customer suitability for incorporation]
Cost information:
Establishment of a limited liability company + 2 years of calendar training Administrative cost: USD 3,500 (View price in KRW)
Seker (Cyprus) bank account opening fee: USD 400 (View in Korean Won)
* Calendar Year means that the period from the beginning of the year to the end of the year is treated as one year based on the calendar.
* Annual service is based on calendar years according to local regulations. Accordingly, our company is providing the service at the above establishment cost, including the annual service period for the year of establishment and the following year.)
(From the 3rd year after establishment) Annual renewal fee: USD 1,950 (View in Korean Won)
Requirements and required documents for incorporation:
1. A copy of the shareholder/director's passport
2. Original fact authentication for the passport copy of the shareholder/director
- Korean passport: English passport copy certificate (issued by the ward office) ( View sample )
- Passport from other countries: Certified True Copy or Notarial Certificate ( see sample )
3. Two types of documents for the most recent (within 3 months) address in English for shareholders/directors (however, the address must be the same)
- Residency in Korea: English certified copy (community center) + Scan the front/back of the driver’s license ( View sample )
- Residence in another country: Utility Bill + Bank Statement (or equivalent official document) ( View sample )
4. Expert Recommendation (Request to write an expert recommendation letter)
- Those who can sign the letter of recommendation: accountant, lawyer, solicitor, tax accountant, labor attorney, administrator, insurance solicitor,
Financial planner, financier, doctor, professor, employer, etc. ( View sample )
5. Fill out the application for incorporation ( View Application )
Procedure:
1. Submit the required documents for the shareholder/director to be registered:
2. Payment of establishment cost
3. Confirmation after confirming whether the name of the corporation is possible
4. Sign the incorporation document provided by our company and send it by international mail
5. Proceed with establishment after receiving documents
6. Incorporation completion
*If you wish to open an account after establishment, please contact us in advance.
St. Vincent and the Grenadines
- Guarantee Company Limited by Guarantee establishment guide
Estimated time required (incorporation) :
After obtaining all documents, it takes 5-10 business days
The establishment of Saint Vincent and The Grenadines Company will be completed 5-10 days after verification of compliance with the basic requirements of the Saint Vincent and The Grenadines Company law and receipt of the signed corporate document.
Services include:
1. Registration fees related to establishment and related government expenses
2. Representation of the founder of Guarantee Co., Ltd.
3. Articles of incorporation and registration at the registry office
4. Drafting company bylaws and implementing them as promoters
5. Minutes of establishment and organization meetings
6. Fill out the moving agreement
7. Certificate of Formation
8. Stamped Articles of Incorporation
9. Certificate of Exemption from Import Duties
10. Certificate of Good Standing
11. Register of Directors
12. Register of Members
13. Membership Certificate
14. Company Search
15. Handling Incorporation Documents [Preparation and processing of incorporation documents]
16. Certificate of Translation for Driving License
17. Brief Business Advising
18. Providing Registered Address for 2 calendar years
19. Acting as the Agent for 2 calendar years
20. KYC/Due Diligence Test [Evaluation of customer suitability for incorporation]
Cost information:
Guarantee Co., Ltd. Establishment + 2 years of calendar training Management cost: USD 3,500 (View price in KRW)
Seker (Cyprus) bank account opening fee: USD 400 (View in Korean Won)
* Calendar Year means that the period from the beginning of the year to the end of the year is treated as one year based on the calendar.
* Annual service is based on calendar years according to local regulations. Accordingly, our company is providing the service at the above establishment cost, including the annual service period for the year of establishment and the following year.)
(From the 3rd year after establishment) Annual renewal fee: USD 1,950 (View in Korean Won)
Requirements and required documents for incorporation:
1. A copy of the member/director's passport
2. Verification of the original fact of the member/director's passport copy
- Korean passport: English passport copy certificate (issued by the ward office) ( View sample )
- Passport from other countries: Certified True Copy or Notarial Certificate ( see sample )
3. Two types of documents proving address in English (within 3 months) of the member/director (however, the address must be the same)
- Residency in Korea: English certified copy (community center) + Scan the front/back of the driver’s license ( View sample )
- Residence in another country: Utility Bill + Bank Statement (or equivalent official document) ( View sample )
4. Expert Recommendation (Request to write an expert recommendation letter)
- Expert Recommendation: Confirmation of customer relationship for more than 2 years from experts (accountant/lawyer/lawyer/tax accountant, etc.) ( View sample )
5. Fill out the application for establishment ( View Application )
Procedure:
1. Submission of required documents for member/director to register:
2. Payment of establishment cost
3. Confirmation after confirming company name availability
4. Sign the establishment document provided by our company and send it by international mail
5. Proceed with establishment after receiving documents
6. Incorporation completion
*If you wish to open an account after establishment, please contact us in advance.
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