Doing Business in St. Vincent & the Grenadines
Maybe you’re thinking of expanding your existing business in St. Vincent or maybe you’d like to invest your start-up elsewhere. In that case, it pays to research the place where your investment will be! Invest SVG provides you with the information you need to make doing business in SVG stress-free. Our information can give you a head start. [It is recommended that a complete business plan be prepared first.] Here are ten recommended steps to establishing your business investment in St. Vincent and the Grenadines:
Registering with CIPO will cost EC$250. You may wish to consider incorporating your business at a later stage. Be advised that incorporation is a legal process, and must be conducted through a lawyer.
The threshold upon which a business is considered subject to VAT is EC$300,000 and over.
A Trader’s Licence can be obtained at the Ministry of Trade. If your business sells alcoholic beverages, you must also apply for a Liquor Licence. This can be obtained at the Magistrates Court.
If your brokering is to be done in-house, you must register the business with Customs and Excise, and obtain a copy of the current ASYCUDA program. If you prefer to outsource the brokering, you must hire the services of a Customs Broker.
There is no cost attached to registering with the National Insurance Service. This is located at the NIS Building on Upper Bay Street in capital city Kingstown.
Depending on the sector your business falls under, see what incentives /tax concessions apply to you. Additionally, find out which Government policies impact your sector, and the benefits to be derived.
When opening your account, take along your documents of registration from CIPO. Also, take any documents that outline your partnership arrangement in the company as well. Be advised that businesses that are partnerships must be registered with CIPO as well. Also, it is in the proprietor’s best interest to take these documents along with them to the bank when opening the account.
Ensure that the utility companies have the business owners/proprietors listed as the consignee on all bills.
Check with Centre for Enterprise Development (CED), National Development Fund (NDF) and St. Vincent and the Grenadines Chamber of Industry and Commerce (SVGCIC) for training opportunities which arise from time to time.
Registering with Invest SVG not only gives you the opportunity to be alerted of grant funding and training opportunities; we also assist you with business development and market penetration for your business on a local, regional and international scale.
Benefits and rewards We care for our clients’ investments as though they were our own. At Invest SVG, we think and act like business partners, not academic advisors. We share our clients’ aspirations, we work to understand their reality, and we align our incentives with their objectives — so they know we’re in this together!