Where did you hear this and what were the arguments? I think you should read about a St. Kiits company's benefits and compare them with your goals in order to figure it out.
You may figure it out as soon as you know what your goals are. For some (the majority of this forum) a Seychelles company may be sufficient while for Online merchants a Cyprus company may be better and for a 3rd group of users a mix of both will work great.
Why not open you own thread with the same question. You will only rarly get a answer here. St Vincent is a great offshore jurisdiction for banking I read.
Did yo uall forget about Belize company for privacy protection? I have heard it is easy, cheap and fast to incorporate a belize company and it offers maximum privacy.
Wola, Cyprus for onshore and legit business activity where main markets are Europe. Offshore (all other listed jurisdictions) for business that is a little shady and where repuation don't plays any role.