Any experiences with crypto companies in Saint Vincent and Grenadines (SVG)?

[flyingadventures662]

Any experiences with crypto offshore companies in Saint Vincent and Grenadines (SVG)?

I am planning to open a company there but seems a bit scary from the beginning.
I was warned by a friendly sounding offshore agent SVG is a total nightmare experience, there are always some problems there and that you sometimes have to wait weeks for some documents or something else. I think I am starting to feel that energy.

I need a lawyer to go through all my questions related to my activity to give me green light and clear some details. 1-2 hours consultation.

After I emailed ALL legal offices on the island, I received just 3 replies.
One guy asked for 300$ per hour, didn't appear on the appointment then promised next week but I never hear of him. Then when I eventually decided to check to rearrange an appointment 2 months later he asked for 450$ and when I brought up the point that we have already arranged a meeting on which I was on time, he stopped replying.

A second lawyer asked for 150$. Then I sent him the questions to confirm he feels they fit his area of expertise and he stopped replying.
Now I have one other pending offer which also seems quite expensive and I am wondering if to proceed at all. It's not just the money for the 2 hour consultation (which is around the cost of the company, LOL). I have never had such unprofessional experience anywhere else and I am not sure if I want to have a company on that island.

On the other side, I have small to zero other options in terms of other jurisdictions.

Has anyone opened and managed there a crypto company? Any experiences to share? How about lawyers, can you recommend a good SVG lawyer for crypto corporate topics?

Thanks in advance

 

[Marie Manila]

Have you ever been to SVG?
I have been there for vacation and visit EPB and the closed Loyal Bank.
I could not find EPB there at all (according to their website, they still have a subsidiary there).
At least loyal bank was existent. But it looks like a private family house. (Can share a picture if requested)

They don't have a working postal service. If you want to send some documents there, you should use a courier.
During the day all people are very friendly. But you should stay at the hotel during the night. At least many residents highly recommended that.
And once I saw someone being robbed in front of me in a crowded place. Nobody cared.

If you take the bus, you should take care the bus driver will not cheat you on the fare. (Our host gave us that warning)
If you want to go for swimming, usually the people wear the clothes and carry all possession with them into the sea. So they cannot get stolen.

So, I would say, SVG is very special, if you want to live or do business there.

Maybe the lawyer is just as unreliable as many of the other people there.

 

[flyingadventures662]

Thanks. I have not been to SVG. I have been to India so few things would surprise me more I guess. But just for fun, please share the picture.

I have watched some videos on youtube for SVG so I have some idea what kind of place it is. But I was thinking that with small exceptions (like BVI), the same situation applies to all other small islands offering 0% tax for offshore companies.

Do you have experience with offshore companies in other jurisdictions which are looking better?

 

[Marie Manila]

Thanks. I have not been to SVG. I have been to India so few things would surprise me more I guess. But just for fun, please share the picture.

Here we go.
The Loyal bank in 2020:

 

[flyingadventures662]

Well at least it looks like a wealthy house

 

[aoverthemoon]

SVG is good for director privacy, its not really equipped to have anything other than virtual entities there (despite being quite a nice little island). I know lawyers who work with the jurisdiction and set up companies etc, although I think I'm not allowed to post names here (I think due to the promoting rules on this site). Feel free to PM me though.

Its finding a bank that is usually the biggest problem, but perhaps you have a plan of this already.
If we don't speak, best of luck with everything!

 

[flyingadventures662]

SVG is good for director privacy, its not really equipped to have anything other than virtual entities there (despite being quite a nice little island). I know lawyers who work with the jurisdiction and set up companies etc, although I think I'm not allowed to post names here (I think due to the promoting rules on this site). Feel free to PM me though.

Its finding a bank that is usually the biggest problem, but perhaps you have a plan of this already.
If we don't speak, best of luck with everything!

Many thanks. It seems we can't PM each other due to our membership status.

 

[VinnyStrokes]

Jumping in to ask if you ever found a bank that would work with a SVG crypto company?

 

[JohnnyDoe]

The son of SVG premier is much into crypto and he is trying to develop a crypto villas project on Bequia. So far there is just a dirt road on the site, no signs of construction. But the guy might be receptive to a business proposal involving crypto, which would open you the doors to local banking solutions. (I am not saying that if you buy a villa from him he will make your life easier)

 

[VinnyStrokes]

The son of SVG premier is much into crypto and he is trying to develop a crypto villas project on Bequia. So far there is just a dirt road on the site, no signs of construction. But the guy might be receptive to a business proposal involving crypto, which would open you the doors to local banking solutions. (I am not saying that if you buy a villa from him he will make your life easier)

Plugging him into zoom info right now - thank you for the insight.

 

[369]

The son of SVG premier is much into crypto and he is trying to develop a crypto villas project on Bequia. So far there is just a dirt road on the site, no signs of construction. But the guy might be receptive to a business proposal involving crypto, which would open you the doors to local banking solutions. (I am not saying that if you buy a villa from him he will make your life easier)

any offical source about it ?

 

[JohnnyDoe]

any offical source about it ?

Google One Bequia and dig a bit.

 

[Jerry1911]

Going a bit offtopic here but does SVG still have the option of 1% corporate tax in exchange for CARICOM double taxation treaties?

Are IBCs still available, are there any substance requirements, if yes do they apply for LLCs too?