The State of St. Vincent and the Grenadines (SVG) consists of a group of 18 islands known as the Windward Islands in the Eastern Caribbean approximately 97 km north of Grenada.
Population
SVG is a small island economy with a population of about 105,000 people and an area of 389.3 square kilometers.
Political Structure
Kingstown is the capital, and is located on the main island of St. Vincent, and is not only the seat of government, but also the center of business and finance.
The State of St. Vincent & Grenadines (SVG) achieved independence on 27 October 1979. HM Queen Elizabeth II remains head of state, represented by a governor general, appointed on the proposal of the SVG Government. SVG became the 141st member of the British Commonwealth on 16 September 1980, the 154th member of the United Nations. SVG is both a member of the Organization of Eastern Caribbean States (OECS) and the Caribbean Community (CARICOM).
Infrastructure and Economy
There is an excellent daily air service between the islands and the U.S.. Cruise ships call regularly to the islands and more than 160,000 tourists visited the islands in 2005. Economic growth was 7% in 2006. The International Financial Services Authority (IFSA) (formerly the Offshore Finance Authority) was established by Parliament as a system for managing and supervising the financial sector institution. In 2003, SVG was granted a clean bill of health by the FATF, putting its offshore economy on a stable footing and allow for a steady growth in the industry.
Language
The official and spoken language is English.
Currency
The OECS countries have a common currency, the Eastern Caribbean dollar (EC$) and a central bank (Eastern Caribbean Central Bank). EC$ is linked to the U.S. Dollar. The pound sterling and the Canadian dollar is widely used on the islands.
Exchange Control
None.
Types of Law
Common Law, based on English Common Law.
Principal Corporate Legislation
- The Companies Act, No. 8 of 1994
- The International Business Companies (Amendment and Consolidation) Act, 2007 and its regulations.
- The International Business Companies Act 1996 (as amended 2002)
- The International Trusts Act 1996 (as amended 2002)
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Offshore Services
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Office Information
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Tel: +9714 313 2891
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