With a strengthened regulatory and supervisory infrastructure, smart legislation to balance client security and crime prevention, industry adherence to international best practice, privacy while preserving financial sector integrity, a “New Era” is heralded. The castings off of the remaining impediments associated with blacklisting combined with the above mentioned considerations, position St. Vincent and the Grenadines as a significantly reformed jurisdiction. Since June 2003, increased growth was realized in almost every area of this sector with an average growth rate of 65% in 2005.
Attractive investment incentives include;
- A low cost operating center with low fee structures
- Zero taxation including 25 years competitive tax exemption for IBCs
- Industry legislation that is practical and friendly
- Competent and professional regulatory authority overseeing a regime that meets international standards
Investment opportunities exist in the form of International Business Companies (IBCs), Limited Liability Companies, Segregated Cell Companies, International Trusts, International banks, International Insurance Companies and Mutual Funds.
Sound regulation of the International Financial Services sector of St. Vincent and the Grenadines is achieved under the guidance of several key institutions, namely its regulatory agency, the Financial Services Authority (FSA) with assistance from, the Financial Intelligence Unit and the National Anti Money Laundering Committee. Key to investment promotions of this thriving sector is its Promotional Agency, Invest SVG.
Advantages of the Jurisdiction
The advantages of the St.Vincent and the Grenadines' jurisdiction include:
- Sovereign nation and government committed to the growth of the industry
- Stable economy and democracy
- Political stability
- Professional infrastructure
- Excellent telecommunications network
- Safe and secure business environment
- Low operating cost