- 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.

Saint Vincent and the Grenadines - Company Name and Member Change Notice

 

(LLC and Limited Liability Company are the same)

 

Company Name Change Notice

 

1.Company Name Change Notice Procedure:

1) Provide the company name you want (at least 2-3 names)

2) Provide an invoice for changing the company name

3) Pay the fee for changing the company name

4) Check whether the company name can be applied for and prepare a resolution for changing the corporate name

5) Provide a scanned copy of the signed resolution

6) Return the original corporate registration documents** that were delivered to the customer at the beginning of the company establishment

7) After receiving the original corporate registration documents, proceed with the registration process for changing the company name.

 

** List of original documents to be returned:

1) Certificate of Formation [Company Establishment Certificate]

2) Articles of Formation [Establishment Clause Correction Version]

3) Certificate of Exemption from Direct Taxes [Direct Tax Exemption Certificate]

4) Certificate of Exemption from Import Duties [Import Duty Exemption Certificate]

5) Certificate of Good Standing [Company Survival Status Certificate]

 

2. Service included:

- Change of Articles of Incorporation

- Preparation of a resolution related to the change of the corporate name and registration

 

3. Service fee:

USD 900 (including the cost of returning the original registration documents)

 

4. Estimated time required:

At least 3 business days (from the date of receipt of all documents)

 

Manager (executive) change notice

1. Personal documents required (same as the documents required for establishment) for (newly appointed) individuals:

 

1) A scanned (or captured) copy of your passport.

 

2) Original verification of a copy of your passport.

- Korean passport: A copy of your English passport (issued by the district office or city hall) (View sample)

- Passport from another country: Certified True Copy or Notarial Certificate (View sample)

 

3) Two recent (within the last three months) English-language documents proving your address (must be the same address)

- Living in Korea: A certified copy of your English passport (issued by the community service center) + a scan of the front and back of your driver's license (View sample)

- Living in another country: Utility Bill + Bank Statement (or equivalent official document) (View Sample)

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4) Expert Recommendation Letter (Request Expert Recommendation Letter)

- Those who can sign the recommendation letter: Accountant, lawyer, judicial scrivener, tax accountant, labor consultant, administrative scrivener, insurance agent, financial planner, financier, doctor, professor, employer, etc. (View Sample) Download Sample Document (Click)

 

5) Fill out the Member Registration Application (View Application)

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​2. Additional documents to be provided: St. Vincent registration data and accounting-related data Address information for storage of documents

 

3. Service fee: USD 700 per case

 

4. Estimated duration: 5 business days (from the date of obtaining a scanned copy of the signed document) ​

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Member Change Notice

1. (For those newly appointed) Required documents for individuals (same as required documents for establishment):

 

1) A scanned (or captured) copy of your passport.

2) Original verification of a copy of your passport.

- Korean passport: A copy of your English passport (issued by the district office or city hall) (View sample)

- Passport from another country: Certified True Copy or Notarial Certificate (View sample)

 

3) Two recent (within the last three months) English-language documents proving your address (must be the same address)

- Living in Korea: A certified copy of your English passport (issued by the community service center) + a scan of the front and back of your driver's license (View sample)

- Living in another country: Utility Bill + Bank Statement (or equivalent official document) (View Sample)

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4) Expert Recommendation Letter (Request Expert Recommendation Letter)

- Those who can sign the recommendation letter: Accountant, lawyer, judicial scrivener, tax accountant, labor consultant, administrative scrivener, insurance agent, financial planner, financier, doctor, professor, employer, etc. (View Sample) Download Sample Document (Click)

 

5) Fill out the Member Registration Application (View Application)

 

2. Service fee:

USD 700 per transfer contract

* If more than two contracts are executed, USD 200 per additional transfer contract.

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Example)

Existing member A's share: 50%

Existing member B's share: 50%

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The company intends to transfer the shares to new members C and D in a 70:30 ratio, respectively.

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Accordingly,

(Contract 1) Transfer 50% of A shares to C

(Contract 2) Transfer 20% of B shares to C

(Contract 3) Transfer 30% of B shares to D

Total number of contracts: 3 cases

In this case, the service fee is USD1,100 (700+200+200).

 

* If you change the member and manager (executive) to the same person, a 20% discount will be applied.