Gbskn2 online 12 15 (1)

The Golden Book ofSaint Kitts

www.goldenbookskn.com

2nd edition - 2015

The Golden Bookof

Saint Kitts2nd edition - 2015

www.goldenbookskn.com

THE INVESTMENT GUIDE

Readers of the Golden Book of Saint Kitts are referred to the St. Kitts Investment Promotion Agency website: www.investstkitts.kn

A COMPREHENSIVE REFERENCE MANUAL FOR INVESTORS & TOURISTS

2 | The Golden Book of St. Kitts - GENERAL INFORMATION

TABLE OF CONTENTS

Message from the Honourable Prime Minister ofSt. Kitts, Dr. Timothy Harris ...........................4

Message from St. Kitts Investment Promotion Agency (SKIPA) ............................................6

SKIPA Profile ...............................................8

GENERAL INFORMATION .................... 10

St. Kitts History......................................... 12

St. Kitts Economic Profile ............................ 14

Quick Facts ......................................... 14

Currency ............................................ 14

Banks ................................................ 14

St. Kitts: Geographic Profile ......................... 16

Location ............................................. 16

Distance by Air ..................................... 16

Map of St. Kitts .................................... 17

Why Invest in St. Kitts ................................ 18

Contacts .................................................. 20

INVESTMENT GUIDE ......................... 22

The Economy ........................................... 24

Incentives ................................................ 25

Taxation .................................................. 26

Steps to Establishing a Business ..................... 28

Priority Sectors for Investment ..................... 42

1. Tourism .......................................... 42

2. Financial Services ............................. 48

3. Information Technology ...................... 52

4. Agriculture ...................................... 53

5. Renewable Energy ............................. 56

6. International Education ...................... 57

7. Light Manufacturing ........................... 59

St. Kitts and Nevis International Ship Registry ... 60

ADVERTISER’S INDEX................................... 64

This book is published by Media Publishing International N.V.on behalf of the St. Kitts Investment Promotion Agency (SKIPA)

Media Publishing International N.V.#44 Welfare Rd., Laguna View Commercial Building,

Suite 2D - 2nd floor, Cole Bay, St. MaartenTel: 1 (721) 527-5111 | Fax: 1 (721) 544-3462

General Manager & Publisher: Emile CukierE-mail: [email protected]

Layout & Design: Estrelinda Rollan-Mc QuilkinE-mail: [email protected]

All rights reserved. No part of this publication may be reproduced without the prior written permission of the publisher. The publisher is not responsible for any

error or omission, which may be only the result of an accident.2015 © Media Publishing International N.V.

Cover Photo: Port Zante © St. Kitts Tourism Authority

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Message from Honourable Prime Minister

Dr. Timothy Harris

Greetings,

I am delighted to bring greetings on behalf of the people of our great federation, St. Kitts and Nevis.

We thank you for reading the Golden Book of Saint Kitts and Nevis which is an investment guide for those interested in partnering with us. This guide will give you a snapshot of the history of our beloved Island as well as the many projects that are being developed. This guide will show that we understand the value of a true partnership. Our government understands that investment and opportunity are the core of our long term economic strength. We cannot do it alone.

Our federation has embarked on a new journey together to promote entrepreneurship, grow and strengthen our middle class, invest in our human capital, build infrastructure, create jobs and provide an environment where all can prosper.

These are exciting days as our new government is open and ready for business and investment. Our infrastructure is ready. We have a great convenient international airport and convenient roads. Our Ministries are ready promoting our beautiful hotels, majestic mountains and breathtaking beaches. Our people are ready with warm smiles, big hearts and a strong resolve.

The opportunities are here. Development, tourism, international education, renewable energy, information technology, light manufacturing, financial services, research and agriculture, just to name a few. The potential is limitless if we work together.

Our Citizen by Investment Programme is still second to none around the world. That notwithstanding, we continue to make it better and stronger by putting in place the necessary safeguards to ensure its long term viability and success.

Our theme is “Working for You”. The you of course represents the people of our great federation. In addition, you represents people like you who believe in St. Kitts and Nevis and know that together we can be great.

We do not take for granted when someone decides to invest their money in our many projects. In fact, we are honored when that happens because that way we build long term, mutually beneficial relationships. When someone decides to visit us we want to ensure they return.

In St. Kitts and Nveis we greet each other with the word FAMILY! Well we want you to come to our federation where you are and will be treated like FAMILY!

We are at the dawn of a new era of prosperity for all. It’s a new beginning. Come join us!

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Message from

Greetings and a warm welcome to our second edition of The Golden Book of St. Kitts!

We are delighted that you have taken the time to peruse the contents of the official investment guide of the St. Kitts Investment Promotion Agency. The Golden Book of St. Kitts consolidates everything you need to know about investing in St. Kitts into this easily readable format with up to date information on the economy, priority sectors for investment and much more.

At SKIPA, our various departments, Investment Facilitation, Investment Promotion, After Care Services and Policy Advocacy all work together for the betterment of the investor by lobbying for policy changes as well assisting with the exploration of business opportunities and the successful establishment of businesses with the aim of enhancing the investment climate here in St. Kitts.

We are proud to report, that in 2014, Foreign Direct Investment (FDI) surpassed US$1.1 billion and with over half a billion dollars worth of investments already in the pipeline for 2015, FDI growth is expected to remain strong. The inflows of FDI are dominated by investment in high-end real estate; condominiums, villas and hotels. The investment flows into the real estate sector are spurred by the Government’s Citizenship by Investment Programme (CBI) and the increase in direct flights to St. Kitts from key North American and United Kingdom markets.

You are invited to familiarize yourself with the many opportunities available for investment under our priority sectors: tourism, information technology, agriculture, and financial services, Renewable Energy, International Education, Light Manufacturing and our newest sector Film Making. We have partnered with leading Hollywood’s creative talents, to establish St. Kitts as an International Film hub of the Caribbean. A number of films are already in the pipeline to be filmed substantially or in part in our beautiful country. We believe that this new industry can underpin our efforts to diversify and enhance the private sector investment portfolio, provide alternative job opportunities and facilitate knowledge transfer in film production.

At SKIPA we hope that you will find The Golden Book of St. Kitts as a useful resource for information about investing in St. Kitts. Our highly professional staff is looking forward to working with you. Let us help you make your vision a reality.

Sincerely,

St. Kitts Investment Promotion Agency (SKIPA)


SKIPAPROFILE

What We Do? (How Can We Help You)The St. Kitts Investment Promotion Agency (SKIPA) is the Government’s premier Agency responsible for attracting Foreign Direct Investment (FDI) and supporting the expansion of local investment. The Agency has been mandated to play a critical role in

the Government’s diversification plan and as such actively promote investment in tourism, information technology, financial services, international education, manufacturing, renewable energy and agriculture.

The Agency provides a one-stop shop service, where investors receive assistance in getting their projects started. Some of the services provided at SKIPA include assistance with; approval of projects for Citizenship by Investment, site visits and applications for concessions.

Our core values include; projecting a positive image of St. Kitts in the investment market through proactive promotion strategies, functioning in a facilitative role for foreign and local investments, providing aftercare services for investors and advocating for the continued development and enhancement of the business climate in St. Kitts.

We aim to meet the needs of each investor by providing prompt and reliable information in connection with opportunities for investment and much more.

For more information please contact us at:St. Kitts Investment Promotion Agency3rd Floor, Cable BuildingCayon Street, Basseterre, St. Kitts, W.I.Tel: (869) 465-1153 • Fax: (869) 465-1154Website: www.investstkitts.knE-mail: [email protected]

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GENERAL INFORMATION

HISTORY OF ST. KITTS .......................................................................12

ST. KITTS ECONOMIC PROFILE ..............................................................14

ST. KITTS: GEOGRAPHIC PROFILE ..........................................................16

WHY INVEST IN ST. KITTS ...................................................................18

CONTACTS ......................................................................................20






GENERAL INFORMATION

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ST. KITTSHISTORY

St. Kitts was originally inhabited by the Arawak

and Carib tribes; the prehistoric hunter-gatherers

who roamed the archipelago for centuries until the

arrival of Christopher Columbus in 1493. The Caribs

aptly called the island Liamuiga, meaning fertile

island because of its soft volcanic soil. Nonetheless,

it was Christopher Columbus who named the island

St. Kitts, after his favorite Saint.

The first Non-Spanish settlement in the Caribbean

occurred in St. Kitts, thus making it the Mother

Colony of the West Indies and the launching pad for

British and French expansion and domination in the

Western Hemisphere. In 1624, an English Captain,

Thomas Warner settled on St. Kitts because of its

strategic central location for expansion, fertile

soil, abundant fresh water, large salt deposits and a

hospitable native population. Then, in 1625 Thomas

Warner allowed an embattled French Captain, Pierre

D’Esnambuc, to settle on the island, thus making

St. Kitts the site of the first permanent British and

French settlements in the New World.

Consequently, St. Kitts became the battleground for

many conflicts as the European powers fought for

control of the island. The Indigenous Carib people

were eventually wiped out in an ambush at Bloody

Point, leaving the British and the French in a series

of ferocious back and forth struggles for control of

13GENERAL INFORMATION - The Golden Book of St. Kitts |

the island until 1783, when the French ceded the

island to the British in the Treaty of Versailles.

St. Kitts’ long historical past, dominated by slavery

and colonialism has been the incubator for the

resilience and fortitude of its people. The cultivation

of cane sugar spanned over three hundred and fifty

years, until, the removal of trade preferences

and un-competitive production costs forced The

Government to close the industry in 2005. The

sugarcane covered landscapes punctuated with

centuries-old former sugar plantations tell a story

a foregone era.

Basseterre, the capital city, to this day resembles

a seventeenth century European metropolis

ST. KITTS HISTORY

transplanted in the middle of a vibrant twenty

first century Caribbean, with its baroque Georgian

architecture and centuries old landmarks. The

City’s rich cultural heritage remains frozen in time;

from the imposing tower of the St. Georges Anglican

Church, originally named Notre Dame by the French

in 1670, to the enchanting garden of Independence

Square built in 1790 as a slave market.

During the Colonial era, St. Kitts claimed the title

“The Pearl of the Caribbean” because of its riches

and, the important role it played in the expansion

of the British Empire; a title many would argue still

holds true today as it engage the future in a world

of increasing globalization.


ST. KITTSECONOMIC

PROFILE

Quick Facts

Capital of Country: Basseterre

Population: 46,398 (2013 Census)

Official Language: English

GDP: US$550.62 Million (2013 est.)

Inflation: 0.8 % (2013 est.)

GDP per Capita: US$11,862 (2013 est.)

Major Exports: Electronic Components: Switches/Dimmers, Transformers

Major Imports: Petroleum, Cement, Flour

Key Productive Sectors: Construction, Tourism, Real Estate Services, Financial Services

Major Trading Partners: United States, United Kingdom, Trinidad

Government (type): Parliamentary Democracy and a Commonwealth Realm

Governor-General: Yes

Prime Minister: Yes

Opposition Leader: Yes

CurrencyThe currency used in St. Kitts is the Eastern Caribbean

Dollar (XCD), which is fixed at XCD2.70 per dollar of

the United States of America (USD) since July 1976.

The Eastern Caribbean Currency is shared by eight

states throughout the Eastern Caribbean and

controlled by the Eastern Caribbean Central Bank

ECCB) headquartered in St. Kitts. These states include

Anguilla, Antigua and Barbuda, Dominica, Grenada,

Montserrat, St. Kitts and Nevis, St. Lucia and St.

Vincent and the Grenadines.

The US dollar is generally accepted in businesses

throughout the island, as are all major credit cards.

Banks

St. Kitts Nevis Anguilla National BankCentral Street, BasseterreTel.: ................................................ 465-2204Fax: ................................................ 465-0130

Development Bank of St. Kitts & NevisChurch & Central Street, BasseterreTel.: ................................................ 465-2288Fax: ................................................ 465-4016

First Caribbean International BankThe Circus, BasseterreTel.: ................................................ 465-2449Fax: ................................................ 466-9899


ST. KITTS ECONOMIC PROFILE

Royal Bank of CanadaFort St. & Bay Road, BasseterreTel.: ................................................ 465-2389Fax: ................................................ 465-2409

Royal Bank of Trinidad & TobagoFort Street, BasseterreTel.: ................................................ 466-9900Fax: ................................................ 466-9922

Bank of Nova ScotiaFort Street, BasseterreTel.: ................................................ 465-4141Fax: ................................................ 465-8600

Banks are open Monday through Thursday, 8:00am -

2:00pm and on Friday 8:00am - 4:00pm.

Each bank, with the exception of the Development Bank

provides 24 hour ATM services. These ATM machines

are linked to MasterCard or VISA via PLUS/Electron or

Cirrus/Maestro networks so that cardholders are also

able to access their account information and make

cash withdrawals.

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ST. KITTS:GEOGRAPHIC

PROFILELocationSt. Kitts is a 68 square mile island situated in the Eastern Caribbean at 17.25˚ North and 62.5˚ West. It is part of the twin island Federation of St. Kitts and Nevis. St. Kitts is located within the same time zone as USA East Coast (daylight savings not observed).

Distance by Air1 hour from San Juan, Puerto Rico 4.5 hours from Toronto, Canada4 hours from New York, USA 8 hours from London, England3 hours from Miami, USA3.5 hours from Atlanta, USA

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ST. KITTS: GEOGRAPHIC PROFILE

Robert L.BradshawInt’l. Airport

C a r i b b e a nS e a

Nag'sHead

Pars

on's

Ghu

t

Ottley's Ghut

Godwin G

hut

Cayon R.

GreatSaltPond

Mansion

SaintPaul's

NewtonGround

Sandy Point

Middle IslandOld Road Town

Challengers

Boyd's

Cayon

Monkey Hill

Saddlers

Basseterre

Buggs HoleShitten Bay

Green PointBallast Bay

Guana PointWhite House Bay

S. Friars Bay

S. FrigateBay

LimekilnBay

PalmettoBay

BloodyPoint

Old Road Bay

Half Way Tree

Trinity

Pump BayFig Tree

Dieppe BayTown

Saint Pauls Point

White GateSandy Bay

Tabernacle

Phillips

Molineux

Lodge

Key’s

ConareeVillage

GoldenRock

DeepWater

Harbour

South East Peninsula

Grange Bay

Hermitage Bay

Conaree Bay

Half Moon Bay

North Frigate Bay

North Friar’s Bay

Turtle BayCanoe Bay

Machineel BaySandy Bank Bay

Mosquito Blu�

Turtle Beach

Cockleshell BayBanana Bay

Major’sBay Sea Bridge

BrimstoneHill

Fortress

PortZante

Racetrack

Black Rocks

Mt.Liamuiga

Verchild’sMountain

Olivee’sMountain

Map of St. Kitts

Original Map: © MAP RESOURCES | Edition & Updates: © Media Publishing International N.V.


WHYINVEST INST. KITTS

● Stable political environment

● One of the highest literacy rates in the region at 98% (Easily trainable labour force)

● Modern infrastructure: Roads, Air and Sea Ports, Water and Electricity

● Advanced Telecommunication Infrastructure

● A stable currency fixed at 1 USD to 2.70 ECD

● No personal income tax

● Direct air access from key North American markets and the United Kingdom

● The financial capital of the Eastern Caribbean – home to the Eastern Caribbean Central Bank, the Eastern Caribbean Securities Exchange, The Eastern Caribbean Regulatory Commission

● A well regulated financial services sector

● Investor friendly government

● English is the official language spoken by our citizens

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USEFUL ADDRESSES &

CONTACTS

Ministry of Justice and Legal AffairsGovernment HeadquartersChurch Street, BasseterreTel.: ................................................ 465-2521Tel.: ................................................ 467-1180Tel.: ................................................ 467-1013Fax: ................................................ 465-5040

Prime Minister’s OfficeGovernment HeadquartersChurch Street, BasseterreTel.: ................................................ 465-0299Tel.: ................................................ 467-1207Fax: ................................................ 465-1001

Ministry of TourismPort Zante, BasseterreTel.: ................................................ 465-2521Tel.: ................................................ 467-1389Tourism Authority: .............................. 465-4040

Department of Labour New Street, BasseterreTel.: ................................................ 467-1103Tel.: ................................................ 467-1144Fax: ................................................ 466-8643

St. Kitts Electricity Company Central Street, BasseterreTel.: ................................................ 465-2000Fax: ................................................ 466-7308

Chamber of Industry and CommerceHorsford Road, BasseterreTel.: ................................................ 465-3967Tel.: ................................................ 465-2980Fax: ................................................ 465-4490

Telephone Code for St. Kitts: + 1-869 Governor General’s OfficeSpringfield, BasseterreTel.: ................................................ 465-2260Tel.: ................................................ 465-2315Tel.: ................................................ 466-5046Fax: ................................................ 465-2953

Ministry of FinanceChurch Street, BasseterreTel.: ................................................ 465-2521Tel.: ................................................ 467-1091Comptroller of Customs: ....................... 467-1077 Inland Revenue Department: .................. 467-1083Fax: ................................................ 465-1532

Ministry of National SecurityPelican Mall, BasseterreTel.: ................................................ 465-2521Tel.: ................................................ 467-1534Fax: ................................................ 466-4836

Ministry of Sustainable DevelopmentBladen’s Commercial DevelopmentBasseterreTel.: ................................................ 467-1056Fax: ................................................ 466-7398Department of Physical Planning:............. 465-2277

Social Security OfficeBay Road, BasseterreTel.: ................................................ 465-2535Tel.: ................................................ 465-2536Fax: ................................................ 465-5051

Water Services Department NeedsmustTel.: ................................................ 466-3070Fax: ................................................ 466-7901

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22 | The Golden Book of St. Kitts - INVESTMENT GUIDE

INVESTMENT GUIDETHE ECONOMY ................................................................................24

INCENTIVES ....................................................................................25

TAXATION ......................................................................................26

STEPS TO ESTABLISHING A BUSINESS ......................................................28

PRIORITY SECTORS FOR INVESTMENTS ....................................................42

1. TOURISM .................................................................................42

2. FINANCIAL SERVICES ..................................................................48

3. INFORMATION TECHNOLOGY .........................................................52

4. AGRICULTURE ..........................................................................53

5. RENEWABLE ENERGY ..................................................................56

6. INTERNATIONAL EDUCATION .........................................................57

7. LIGHT MANUFACTURING ..............................................................59

ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY ..................................60














23INVESTMENT GUIDE - The Golden Book of St. Kitts |

INVESTMENT GUIDE

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THEECONOMY

Basic Facts (2012)

GDP US $774.53

GDP per Capita US $16,693

Inflation 0.7 percent

Major Economic DriversTourism, Manufacturing of Electronic Components, Construction, Real Estate Development, International Financial services, Offshore Education

Main Trading Partners United States, European Union, CARICOM

Since 2005, St. Kitts and Nevis (SKN) has been accelerating the transition to a modern service economy from one based on sugar production for export. The service sectors now dominate economic activity with the main economic drivers being tourism, international financial services, real estate, construction, manufacturing, wholesale and retail trading, and transport and communications. Together, these activities accounted for approximately 78.0 percent of Gross Domestic Product (GDP) over the five year period 2009 to 2013.

In 2013, the economy recovered following a four-year contraction of real output. Economic activity grew by 3.8 percent mainly on account of a strong recovery of the construction sector and the continuing improvements in the tourism sector. Stay-over visitor arrivals increased by 2.6 percent while cruise ship visitor arrivals grew by 9.0 percent. The cruise ship industry is supported by a major duty free shopping area which allows visitors to purchase high end luxury goods at competitive prices.

Export manufacturing is dominated by electronic component production mainly for the US market. Together, the tourism and manufacturing sectors account for about 20% of the labour force. The Federation of St. Kitts and Nevis also boasts of a vibrant offshore education sector with four (4) US based universities providing medical and veterinary training to about four thousand students.

Consistent with developments in the major trading partners, St. Kitts and Nevis recorded an inflation rate as low as 0.7 percent in 2013 compared to 5.3 percent in 2008.

The currency is pegged to the US dollar at a fixed exchange rate of EC$2.70 to US$1.00. The country’s banking system is regulated by the Eastern Caribbean Central Bank (ECCB).


INCENTIVESThe Government of St. Kitts has a favourable attitude towards investments that have had a positive impact on the citizens. In an effort to encourage such investments the government provides generous incentive packages.

Corporate Tax IncentivesUnder the Fiscal Incentives Act, four types of enterprise qualify for tax holidays. The length of the tax holiday for the first three depends on the amount of value added in St. Kitts & Nevis. The fourth type, known as enclave industry, must produce goods exclusively for export outside the CARICOM region.

Enterprise Value Added Maximum Tax HolidayGroup I 50% or more 15 yearsGroup II 25% to 50% 12 yearsGroup III 10% to 25% 10 yearsEnclave Enclave 15 years

Export AllowanceSt. Kitts provides companies with a further tax concession effective at the end of the tax holiday period. In effect it is a rebate of a portion of the income tax paid based on export profits as a percentage of total profits.

Rebate of Income Tax

% of Total Profits % of Total Profits10% to 20% 25%21% to 40% 35%41% to 60% 45%More than 60% 50%

Exemption from Import Duties Full exemption from import duties on parts, raw materials, and production machinery is also available.

Hotel Aids ActThe Hotel Aids Act provides relief from customs duties on items brought into the country for use in construction, extension and equipping of a hotel of not less than 10 bedrooms. In addition, the Income Tax Act provides special tax relief benefits for hotels of more than 30 bedrooms. These hotels are exempt from income tax for 10 years. If the hotel contains less than 30 bedrooms, gains or profits would be exempt from income tax for 5 years.

Repatriation of ProfitsCompanies registered in St. Kitts can repatriate all profits, dividends and import capital.


TAXATION

Personal Income TaxThere is no personal income tax in St. Kitts.

Corporate Income Tax (Income Tax Act – No. 17 of 1966 as amended) Corporate tax is 35% of net profits. Qualified companies enjoy full exemption from taxes on corporate profits for a period not exceeding 15 years. Corporate tax does not apply to exempt companies or to enterprises that have been granted tax concession.

Value Added Tax(Value Added Tax Act No 3 of 2010)VAT or Value Added Tax is a tax on consumption. It is charged on the value of imports and on the value added (mark-up) on goods and services supplied by one business to another or to the final consumer.

The tax is levied on imports, transactions between businesses and the final consumer and transactions with the Government.

The standard VAT rate is 17%. A special rate of 10% is extended to hotels, restaurants and tour operators.

Withholding Tax(Income Tax Amendment Act No. 14 of 1980)

Individuals and ordinary companies remitting payments to persons outside of St. Kitts must deduct 10% withholding tax from the following:

• Profits

• Administration, management or head office expenses

• Technical services fees• Accounting and audit expenses• Royalties• Non-life insurance premiums• Rent

Withholding tax does not apply to profits of an approved enterprise, which is enjoying benefits under the Fiscal Incentives Act. This tax does not apply to exempt trusts, limited partnerships, companies or foundations.

Alien Landholding Licence(Alien Landholding Regulation Act – CAP 102 as amended)

An Alien Landholding Licence is required for:• A foreign person purchasing land in St. Kitts• A foreign person desirous of acquiring 1/3 or more

of the shares in an ordinary company• A foreign person desirous of becoming a director of

an ordinary company

Foreign investors buying land are charged an Alien Landholding fee of 10% of the value of the land being purchased.

A foreign investor desirous of acquiring 1/3 or more of the shares in an ordinary company or becoming a director of an ordinary company is required to pay a fee of EC $250.00 per application.


Labour ForceSt. Kitts has a literacy rate of 98%. The country’s technical and training needs are met largely by the Clarence Fitzroy Bryant College which offers courses in plumbing, electrical engineering, air conditioning and refrigeration, masonry, carpentry, mechanical engineering, motor mechanics, typing and basic hotel skills. There is also a healthy pool of professionals in fields such as law, medicine, business information technology and accounting. Most of our professionals have been training in the Caribbean, the United States of America, Canada and the United Kingdom where, many of them gain work experience before returning home.

Work WeekThe typical work week is 40 hours during the hours of 8:00am - 4:00pm or 9:00am - 5:00pm (Mondays - Fridays).

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STEPS TO

ESTABLISHINGA BUSINESS

The steps involved in establishing a business may vary

depending on the type of business being established.

Investors are asked to contact SKIPA for information

concerning the specific type of business being

considered.

Steps to establish a business include but are not limited to:

● Incorporating the company with St. Kitts Financial

Services Regulatory Commission

● Applying for a Business & Occupations Licence

(Facilitated by SKIPA)

● Registering with Inland Revenue as a tax payer

● Registering with the St. Christopher Social Security

Board as an employer

● Applying for an Alien Landholding Licence

(foreigners owning shares in an ordinary company

or foreigners serving as directors of an ordinary

company)

● Submitting Proposals for Review (SKIPA)

● Applying for Incentives

● Applying for Work Permits

● Due Diligence for non-nationals

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STEPS TO ESTABLISHING A BUSINESS

Procedure to Acquire a Business Licence

Investors wishing to acquire a business licence need

to complete a business licence application form.

There are 3 main types of business that require

different levels of documentation. Business type “A”

only requires the completion of the business licence

form. Business type “B” requires the completion of

the business licence form along with qualifications

and experience. Business type “C” requires the

completion of the business licence form, submission

of qualifications and experience and an inspection by

a government agency.

Cost to the Investor: Licence fees vary depending

on the nature of business ranging from EC$100.00 to

EC$2,000.00

The time frame varies depending on the nature of

business. It may take 3 to 5 working days or up to a

month.

Requirements: Valid Passport or Birth Certificate,

Business Licence Fee and qualifications and experience

specific to the nature of the business

Procedure for Registration with Inland Revenue | Time frame: 1 Day

After the investor acquires a business licence, the

next step would be to register with Inland Revenue in

order to receive a tax payer number. This is done by

either presenting the certificate of incorporation in

the case of a company; completing a non-individual

registration form in the case of an unincorporated

entity; or by completing an individual registration

form in the case of an individual.

Inland Revenue uses the information gathered to

compile a database and issues the investor with a tax

payer number.

Cost to the Investor: There is no charge

Requirements: Business Licence Fee or Certificate of

Incorporation

Procedure for Registration with Social Security | Timeframe: 1 day

Investors that need to register with Social Security

need to visit the Social Security Board’s Compliance

Office where an officer will assist the investor with

the completion of the required form. Incorporated

companies register as an employer by completing

an employer registration form and presenting the

certificate of incorporation. If the entity is not

incorporated the investor still registers their entity as

an employer by completing the employer registration

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form and presenting valid photo identification.

Cost to the Investor: There is no charge

Requirements: Photo Identification or Certificate of Incorporation

Procedure for Incorporating a Company| Time frame: 24 Hours

Investors who need to incorporate a company should

seek the assistance of a local licenced service provider.

The local licenced service provider will be responsible

for preparing company documents to be delivered to

the Registrar of Companies along with the prescribed

fees. Once the Registrar of Companies is satisfied with

the documentation, a certificate of incorporation will

be issued to the company.

Company Law: Companies Act, CAP 21.03

Types of Company:

The Companies Act makes provision for the formation

of Ordinary Companies and Exempt Companies. Both

types of company may be limited by shares or by

guarantee, or by both shares and guarantee (Hybrid

Companies). The Exempt Company (which is not

subject to income, capital gains or withholding taxes

in St. Kitts as long as it conducts business with persons

who are not resident in St. Kitts and Nevis) is the type

of company preferred for international transactions.

Capital Requirements:

There are no minimum capital requirements.

Costs to Incorporate, Excluding Government Fees:

The cost to incorporate a company in St. Kitts varies

according to the service provider. There is no specific

fee set by the Government of St. Kitts.

Fees paid to the government authority to incorporate

are as follows:

A. In the case of a private company which is: - an

ordinary company USD100 - an exempt company

USD200

B. In the case of a public company which is: - an

ordinary company USD300 - an exempt company

USD600

Annual fees paid to authorities: Same as above

Taxation Rates Applied to Companies Generally:

Exempt Companies are exempted from all income,

capital gains and withholding taxes in the jurisdiction,

provided that they conduct business exclusively with

persons who are not resident in St. Kitts and Nevis.

Ordinary Companies are subject to an income tax at

the rate of 35%.

Method of Incorporation:

Memorandum and Articles of Incorporation, as well

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as a statutory statement providing the particulars

outlined in the Companies Act, must be provided to the

Registrar of Companies along with the incorporation

fee, in order for a company to be incorporated.

Who May Incorporate – Are Any Local Professionals

Required?

Companies or individuals authorised to carry on

corporate business or trust business under the

Financial Services (Regulations) Order, CAP 21.03

(Seventh Schedule) may incorporate companies on

behalf of other persons.

Minimum Number of Members:

A minimum of one member is required for the

formation of a company.

Registered Office:

The Registered office of a company may be at the

authorised person’s office or the company’s place of

business.

Directors and Secretary:

a. Must there be a resident director/ secretary? In

a case where the company is a private ordinary

both Directors and Secretary are required. In

instance where the Directors are foreigners, the

secretaries and agent should be local.

b. Are Corporate Directors allowed? Yes

c. Is a local registered agent required? Yes

d. Are Appointee directors/ secretary possible?

Alternate or appointee directors are possible. An

appointee secretary is also possible.

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Amount of Fees Payable to Appointee Directors/

Secretary:

The fees that are payable to appointee directors

or secretaries are determined by each individual

company. There is no particular amount specified in

legislation.

Annual Meetings:

A public company must have an annual general

meeting. The members of a private company may

waive the need to hold general meetings by agreement

in writing.

Annual Returns:

All companies must file an annual return. Financial

statements of all public companies and all companies

engaged in finance business must be audited.

Financial statements, including the disclosure of

profits must be filed for all public companies and for

all companies engaged in finance business. Private

exempt companies, which are not engaged in finance

business, need not file financial statements.

Exchange Controls:

Approval for the conversion of ECD270,000 (equivalent

of USD100,000) into any foreign currency is required

from the Ministry of Finance. Companies holding

foreign currency accounts in St. Kitts are not affected

by this requirement.

Is Migration of Companies Into and Out of the

Jurisdiction Permitted?

There are re-domiciliation provisions under the

Companies Act, which provide for companies to

migrate from jurisdictions to St. Kitts.

Can LLCs (US-style Limited Liability Companies) Be

Formed? Yes

Procedure to Acquire Land| Time frame: 3 to 6 months

Investors that need to acquire land should first search

for and locate a property. The next step is to engage an

attorney. If the investor is a local person, they would

enter a purchase and sale agreement with the vendor.

The attorney would obtain a survey from either the

vendor or a licenced land surveyor. The attorney then

does a transfer and prepares a Certificate of Title.

Next the stamp duty should be paid at Inland Revenue

and the documents should be carried to the High Court

(land) Registry for registration. After registration, the

attorney is notified and they collect the Certificate

of Title.

If the investor is a foreigner, they would have to apply

for an alien land holding licence. After the licence

is acquired the attorney would do a transfer and

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prepare a Certificate of Title. Next the stamp duty

should be paid at Inland Revenue and the documents

should be carried to the High Court (land) Registry for

registration. After entry in the presentation book, the

attorney is notified and they collect the Certificate

of Title.

Requirements: Survey and Purchase and Sale

Agreement

Cost to the Investor: Stamp Duty or Transfer Tax is

12% of the cost of the land; a contribution to the

Assurance Fund calculated at 0.02% of the value of

the land; and a Registration Fee of EC$7.50 Legal

Fees amount to approximately 1% of the value of the

property. Realtor charges range from 3% to 6% of the

value of the land.

Procedure for Alien Land Holding Licence | Time frame: 3 Months

Investors that need an alien land holding licence may

opt to use a local service provider. The local service

provider will submit the application form and all

necessary documents to the Ministry of Sustainable

Development.

If approved, the Ministry of Sustainable Development

will notify the local service provider/applicant and

forward the approval letter to the Legal Department

for the processing of the licence certificate. The

local service provider/applicant is required to carry

the licence certificate to Inland Revenue where the

necessary fees are paid. The final step is to register

the licence certificate at the High Court Registry

(land). This qualifies the investor to purchase land in

St. Kitts.

Requirements:

• Copy of Statutory Statements if applicant is a

company

• Copy of Memorandum of association if applicant is

a company

• Original Police Certificate

• Legal description of the land

• Certified copy of passport of photo identification

• Copy of Articles of Association if applicant is a

company

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• Legal Description of Company

• Professional reference letter for the bank

• A copy of Survey plan

• Cover Letter

• Prescribed Fees

Costs to the investor: The cost of the alien land

holding license is 10% of the value of the land plus the

cost of the local service provider if used.

Procedure for Due Diligence | Time frame: 3 Weeks to 1 Month

In cases where due diligence needs to be performed,

investors are required to complete an information

request form, sign a information release form and

submit a notarized copy of their passport with a payment

of US$5,000.00 to the department that requests the

background check. The documents are then delivered

the Financial Services Regulatory Commission. The

Financial Services Regulatory Commission would pass

on the report with the summary to the department

that requested the background check.

Requirements: Notarized copy of passport

Cost to the investor: US$5,000.00

Guide to Preparing Proposal• Description of the project including size, capital

investment, concept, and layout designs (if

applicable).

• Completed business plan

• Impact on the economy with regard to number of

jobs to be created, spin off opportunities for new

business ventures which can emerge or spin off

opportunities to attract tourism or further new

investment to the island.

• Information on work permits requirements (if

applicable).

• Time scale for completion of the full project and if

it is to be done in phases, the time period for each phase.

• Environmental Impact Assessment (if applicable)

• The licences and/or concessions required. (A

comprehensive list of items that concessions are

required on should be provided or specific categories

of items that would be required to execute the

project) If concessions from certain taxes or fees

are required, these should be stated specifically as

well.

• The amount of Government owned land required (if

applicable).

• Background information on the principals of the

business venture and their experience in the area of

business that they are applying to establish.

• Information on the financing of the project

• Due diligence check will need to be carried out on the

developers. The due diligence cost is US$5,000.00

and is for the account of the developer.

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DEMERARA DISTILLERS

Demerara Distillers (St. Kitts & Nevis) Limited

is a very small but enterprising subsidiary of Demerara

Distillers of Guyana, the home of the internationally

acclaimed and award winning El Dorado Rums. The

Company was established in 1996 with the acquisition

of Cane Spirit Rothschild previously

owned and operated by Baron Edmond

Rothschild of France and remains the

only manufacturer of liquor products

in the Federation. From the inception,

it produced the flagship product CSR

(formerly Cane Spirit Rothschild), now

Cane Spirit Ritchmont, and now boasts

a range of Belmont Estate Rums, (Gold,

White Coconut, Golden Coconut, Blended Brandy),

and Ivanoff Vodka as well as private labels Brinley

Gold and Rhum St. Kitts.

Currently, ageing, blending and bottling of our alcohol

products are done at our Plant located at Bird Rock on

the beautiful isle of St. Kitts, West Indies. An estimated

25,000 - 40,000 cases are bottled annually with a

growing capacity and of these products some are for

domestic consumption and the others make up exports

to Europe, USA and some parts of the Caribbean.

While our production is relatively small in comparison

to other producers around the Caribbean, it is our

considerable strength that enables us

to target niche products that sets us

apart in a highly competitive market.

St. Kitts is also historically known as

Liamuiga (coined by its indigenous

people or first inhabitants, the Caribs)

that describes the rich “fertile soil”

which is embedded in a basin of

naturally refined and pure tasting water that enhances

the profile of our fine products. This along with our

superior crafting techniques forms the heart of our

products and impact the consumer experiences of

natives and their tourist counterparts who visit and

share their experiences. We invite you to sip and

enjoy our products in a responsible manner.


1PRIORITY SECTORS FOR INVESTMENT

TOURISM

Invest in St. Kitts To support the current growth of the tourism sector, the

Government has made lands available for development

in areas such as the White Gate Development, Port Zante,

Frigate Bay and the South East Peninsula. Developers of

hotels, villas and condominiums are capitalizing on the

available incentives under the Hotel Aids Act and the

Government’s Citizenship by Investment Programme

to invest in St. Kitts. This is evidenced in the number

of large scale projects currently coming on stream. In

addition to projects currently under construction such

as Koi Resort & Residences, Park Hyatt St. Kitts and

Pelican Bay Condominiums, the first phase of the 300

acre Christophe Harbour Marina is nearing completion

and is set to receive its first mega yacht in December

2014.

St. Kitts is indeed poised for greater development.

The St. Kitts Investment Promotion Agency (SKIPA) has

been successful in attracting unprecedented growth

in Foreign Direct Investment (FDI), in particular, in

the real estate sector. St. Kitts has rapidly emerged as

a major competitor in the luxury property market; the

major factors contributing to the rapid pace in real

estate development are the increased number of flight

into the island and the Government’s Citizenship by

Investment Programme. During 2014, SKIPA facilitated

the approval of over $690 million United States Dollars

worth of investments in hotel, villa and condominium

projects.

St. Kitts’ Citizenship by Investment Programme, which

has been in operation since 1984 is one of the oldest

and most respected economic citizenship programme

in existence. Since the introduction of the new

www.trevorfraites.com

T: 1.869.465.1153 • F: 1.869.465.1154 • offi [email protected] • www.investstkitts.kn

GLOBALLY COMPETITIVEINVESTMENT OPPORTUNITIES

TourismSt. Kitts offers attractive incentives for investment in luxury hotels, villas,condominiums, theme parks, spas and more.Information TechnologySt. Kitts has a modern ICT infrastructure to support investment in database management, call centers, data entry, web management and mobile applications.Light ManufacturingSt. Kitts offers incentive packages to support light manufacturing, coupled with a skilled labour force.Renewable EnergySt. Kitts has an aggressive renewable energy policy that targets 60%renewable energy supply by 2015.AgricultureAvailability of fertile land for commercial farming.International EducationSt. Kitts accreditation laws have enabled the establishment of educationinstitutions of a high standard.Financial ServicesSt. Kitts Captive Insurance and Foundation laws provide excellent structures for wealth preservation.Film IndustrySt. Kitts is committed to the establishment of a new international fi lm industry,in partnership with leading Hollywood creative talent.

www.investstkitts.kn


TOURISM

Regulations in 2011 the programme has spurred a boom

in the construction of mix-use developments, i.e.

villas and condominiums across the island. Under the

programme, one may qualify for citizenship through

any of three available options: (1) a non-refundable

contribution of US$250,000.00 into the Sugar Industry

Diversification Foundation, (2) a minimum investment

of US$400,000.00 in a government approved real estate

project, (3) any resource donated or expended which,

brings substantial benefits to the country.

The Government utilizes this programme to attract

investors of good character to make a substantial

contribution to the development of the Federation.

Investors are then given the opportunity to apply

for citizenship within the strict guidelines of the

law and the relevant regulations.

Developers can make an application to SKIPA for

their project to be designated as an “Approved

Project” under the Citizenship by Investment

Programme. An investor may qualify for citizenship

under the real-estate option of the programme,

by purchasing property in a designated “Approved

Project” with a value of at least US$ 400,000.

www.birdrockbeach.com

www.brimstonehillfortress.org

www.hillsborostkitts.com


TOURISM

Sector OverviewTourism has been identified as a strategic sector for

stimulating economic growth and development on

St. Kitts. The Government, in collaboration with the

private sector, has been investing millions of dollars

to develop the tourism sector through infrastructural

development, investment in the physical plant and

marketing. Tourism, which has experienced significant

growth since the closure of the sugar industry in July

2005, and which complements other growth sectors

such as financial services, agriculture, offshore

education and information technology, is a key

contributor to the Gross Domestic Product, foreign

exchange earnings and employment generation in the

Federation.

Renowned for its natural beauty, its warm, hospitable

people and rich history and culture, St. Kitts entices

many visitors to its shores. The cruise sector continues

to grow at an impressive rate, with the number of

calls expected to increase to 365 and a projected rise

in cruise passenger arrivals for the 2014/2015 season

to more than one million for the first time in the

island’s history. This represents a 31.5% increase over

the 2013/2014 season and a total growth over the past

eight years of more than 500%. Investments are being

made by a significant number of properties to improve

the physical plant and market their products more

vigorously, while new developments are progressing

toward completion to increase available room stock

across the island.

The Government has negotiated with major airlines to

ensure that there is convenient airlift from the major

source markets of the United States of America, the

United Kingdom, Canada and the Caribbean. American

Airlines flies non-stop weekly from JFK and daily

from Miami with second daily Miami flights operating

Thursday through Sunday. US Airways offers non-stop

weekly flights to the destination from Charlotte and

British Airways provides twice-weekly flights from

London’s Gatwick Airport. Moreover, Delta and Air

Canada have both extended their peak season service

for 2014, Delta by 6 weeks and Air Canada by 4 weeks.

Starting January 15, 2014, Seaborne launched daily

flights to St. Kitts from San Juan. In addition, LIAT

which plies most of the Caribbean region, another

major key source market, flies daily to St. Kitts from

Antigua and travelers can also connect to St. Kitts via

St. Maarten on Winair.

St. Kitts has vast potential as a destination to delight

its visitors, attract investors and mobilize its people

to work together in charting the way forward for

national development. An investment in St. Kitts is a

road map to prosperity.

http://www.shipwreckstkitts.com/


TOURISM

St. Kitts is currently ranked, with sister island Nevis,

at #3 on a list of the Best Islands in the World, #3 on

a list of the Best Caribbean Vacations, and #7 on a

list of the Best Beach Honeymoon Destinations in the

World, #8 on a list of Best Caribbean Honeymoons,

and #8 on a list of the Best Affordable Caribbean

Destinations by US News & World Report. It is also

currently ranked at #7 among the Hottest Places to

Travel this Winter by CNN Money based on bookings

received by Virtuoso, #8 on a list of the Top 10 Best

Islands for a Holiday by Places To See In Your Lifetime,

#14 on a list of the 50 Travel Destinations That Will

Be Huge In The Next 10 Years by Business Insider

and one of the Top 12 Best Caribbean Vacations on

FlipKey.com, the vacation rental company of leading

travel website, TripAdvisor®. In 2012, St. Kitts was

named one of “5 Caribbean Islands to Discover

Now” by MSNBC. The island was also named one

of the “Top 12 Spots that should be on your list for

2012” by Caribbean Travel + Life magazine and a Top

Destination for 2011 by both AOL Travel and British

Airways.



FINANCIALSERVICES

The Financial Services Regulatory Commission

was established in accordance with the Financial

Services Regulatory Commission Act No. 22 of 2009

to regulate the Non-Banking Financial Sector, and as

the ultimate regulatory body for Financial Services,

Anti-Money Laundering and Countering the Financing

of Terrorism for St. Kitts and Nevis. We also perform

on-site inspections and off–site reviews and analysis,

to ensure compliance with the provisions of various

legislation. Our efforts are focused on:

1. High professional standards within the Financial

Services Industry,

2. Promoting industry codes of conduct,

3. Ensuring that regulated entities are compliant

with the Anti-Money Laundering Regulations,

and other regulations applicable to the sector.

The FSRC continues to strive in its efforts to maintain

public confidence in the financial system, and to secure

the appropriate degree of protection for consumers. In

this regard, we are responsible for supervising Credit

Unions, Money Services Business, Insurance Companies

(Domestic and Captive), Investment Business, Trust

and Corporate Service Providers and the Development

Bank of St. Kitts and Nevis. Copies of the required

legislation can be accessed from our website.

Domestic Insurance Companies – Insurance companies

Act, 2009

Credit Unions – The Co-operatives Societies Act 2011

Investment Business – The Financial Services

Regulation Order Cap.21.03 (7th Schedule)

Money Services Business – The Money Services Business

Act, 2008

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FINANCIAL SERVICES

Application Process for EntitiesAll applications are presented to the Financial Services

Regulatory Commission by persons licensed under the

Financial Services Regulation Order, Seventh Schedule,

of the Companies Act Cap 21.03. A list of persons so

authorized can be found on our website (www.fsrc.kn),

as well as copies of the various legislations pertaining

to the products we offer. The required documents

are presented to the FSRC, where they are reviewed.

Once the review is completed, and the application is

approved, the FSRC will register and deliver copies to

the Licensed Service Provider for collection.

Our Products Are:• Ordinary and Exempt Companies

• Limited Partnerships

• Trusts

• Foundations

• Captive Insurance Companies

• Non-Governmental Organizations

Non-Governmental Organizations The following Non-Governmental Organization

Act No.11 of 2008 has been introduced to provide

registration and legal status for local NGOs allowing

them to be recognized internationally.

Priority Products for InvestmentFoundations, and Captive Insurance Companies, are

identified as unique investment opportunities due to

the nature and viability of the products.

FoundationsThe Foundations Act (No.8 of 2003) provides for

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FINANCIAL SERVICES

the registration of Foundations in St. Kitts. On this

basis, any person acting on behalf of the Founder, on

delivering the Articles of a Foundation to the Registrar

and on payment of the registration fee may apply to

have a Foundation registered. The Founder is any

person who transfers the initial Asset/Capital to the

Foundation.

The Advantages of Establishing a Foundation in St. Kitts• Anyone can be a Founder to a Foundation.

• There are no capital requirements for the

registration of a Foundation.

• An Exempt Foundation will be exempted from

taxes.

• Registration fee is competitive i.e. only $200 US

• The Registration process takes only 24 hrs.

The Advantages of Establishing a Captive Insurance Company in St. KittsCorporations or affiliated persons may form a Captive

Insurance Company for the following reasons:

1. Minimizing costs by eliminating a large percentage

of traditional insurance company overheads;

2. Access to the lower-cost of reinsurance market;

3. Retaining profits that would otherwise have been

paid to commercial insurance (premiums in excess

of amounts repaid to cover losses);

4. Earning additional income on funds it controls by

choosing lucrative financial instruments in which

the company’s premiums may be invested in;

5. Reducing risk by choosing insured parties with a

low risk profile;

6. Have control over the design of the company’s

policies, as well as, the ability to repay losses

incurred;

7. The ability to insure risks which would otherwise

be uninsurable

Financial Services Regulatory Commission P.O. Box 898, Upstairs Karibhana BuildingLiverpool Row, BasseterreSt. Kitts, East CaribbeanTel: +1 869 466 5048/467-1019Fax: +1 869 466 5317E-mail: [email protected]: www.fsrc.kn

www.slservicesltd.com


FINANCIAL SERVICESApplication and Licence Fees Costs are in United States Currency (US $)

Company Incorporation:1. Domestic/Local/External2. Exempt/International

$100.00$200.00

Trust Company:1. Domestic/Local/External2. Exempt/International

$100.00$200.00

Foundation Establishment:1. Domestic/Local2. Exempt/International

$100.00$200.00

Limited Partnerships:1. Domestic/Local2. Exempt/International

$100.00$200.00

Captive Insurance Companies:1. Application Fee (non-refundable)2. Annual Licence Fee: Small Group Captive Insurance Company3. Annual Licence Fee: Captive Insurance Company other than Small Group Captive

$200.00$800.00$3,000.00

International Deposit Taking Institution:1. Application Fee: (non- refundable)2. Annual Licence Fee (restricted)3. Annual Licence Fee: (unrestricted)

$1,000.00$4,000.00$8,000.00

Investment Business:1. Application Fee (non-refundable)2. Annual Licence Fee (restricted)3. Annual Licence Fee (unrestricted)

$800.00$3,000.00$6,000.00

International Insurance Manager:1. Application Fee (non-refundable)2. Annual Licence Fee

$400.00$3,000.00

Trust Service Provider:1. Application Fee (non-refundable)2. Annual Licence Fee (restricted)3. Annual Licence Fee

$600.00$2,000.00$4,000.00

Corporate Service Provider:1. Application Fee (non-refundable)2. Annual Licence Fee

$400.00$2,000.00

Money Services Business:1. Application Fee2. Annual Licence Fee

$370.00$1,852.00

Domestic Insurance Business:1. Application Fee (non-refundable)2. Annual Licence Fee - Local Insurance Company (Long –term Insurance Business)3. Annual Licence Fee - Local Insurance Company (General Insurance Business)4. Annual Licence Fee -Foreign Insurance Company (Long term Insurance Business)5. Annual Licence Fee -Foreign Insurance Company (General Insurance Business)

$556.00$926.00

$926.00

$1,852.00

$1,852.00



INFORMATIONTECHNOLOGYThe Ministry of Information and Technology has embarked on a strategic path to ensure that St Kitts remains an enabling environment for IT-based national development and investments in the Information and Communications Technology industry. The 2015 -2020 national ICT planning process envisions the health and safety of IT-empowered

knowledge citizens as priority for the sustaining of strong economic and social growth and development.

Our ICT-Enabled National Development Focal Areas:• ICT in Health and well being• ICT for National Security• ICT-infused Education• SMART farming• Connected Citizens

The Ministry’s focus on nurturing IT development has fuelled engagements that provide modern infrastructure (Three sub-sea fibre optic Internet cables, 4G mobile communications) through 3 major telecommunications providers, friendly import duties on IT equipment and internationally and regionally harmonized Information Society IT legislation.

Our Environment and Products• Modern Communications Infrastructure• Competitive Internet and Mobile Communications market • Internally and regionally harmonized IT Society legislation• Call Centers• IT Administration services• Web site and application development services• Credit card transactions processing services

Strategic Advantages• English speaking highly literate workforce• Largely computer literate workforce• High Internet and mobile communications penetration

rates• Increasingly competitive communications costs

www.lsecurityltd.com



AGRICULTURE

The Agriculture sector in St Kitts-Nevis holds great

potential for the creation of wealth for the potential

investor. As part of its vision for food security in response

to possible global threats to food security the Government

of St Kitts-Nevis established an Agricultural Development

Strategy which also serves to guide the potential investor.

The increasing demand for food staples spurred by the

increasing world population and the adverse effects

on the price of food by factors such as fluctuating oil

prices, the occurrence of extreme weather conditions in

key export markets and others, make investment in the

agricultural sector a worthwhile venture. The road map

to development in the agricultural sector is intended to

reduce the country’s food importation bill through local

production. Tremendous opportunities for commercial

farming are available as local demands continue to

outpace local supply.

In addition, export opportunities abound. Markets in

adjacent islands such as Anguilla and St. Maarten, the

US and British Virgin Islands as well as the mainland USA

create viable and lucrative opportunities for the export

of fresh and processed products for the export-oriented

investor.


AGRICULTURE

The Government has employed a multidisciplinary

approach to its Agricultural Development Strategy,

encompassing vital components such as incentives

packages, increase availability of land, investment in

agro-processing technology, greenhouse production and

increased linkages with the tourism sector.

The hotel room stock is steadily increasing with

additional capacity from anticipated 5 star facilities

such as Kittitian Hill, the Pirate’s Nest, the Prime Hotel,

the Imperial Bay, Koi Resort & Residences and the Park

Hyatt.

The Agro-processing facility has developed more than

two dozen processed products that have been well-

received by locals and guests alike and 2015 promises

further upgrade to the facility to a strictly commercial

entity.

So here are some specific agricultural opportunities for

you the potential investor:

• Packaging Services

• Storage Facilities

• Inter-Regional Transport Services

• Commercial Farming

• Agro-processing

Remember Our strategic advantages in agriculture are

also Your strategic advantages in Agriculture.

• Enduring tradition of agriculture

• Availability of fertile land, previously used for sugar

cane cultivation

• Import duty and port fees concessions on equipment

and fertilizers

• Long established technical assistance programs

through CARDI, WHO, IICA, Republic of China on

Taiwan and more

• Availability of large work force formerly employed in

the sugar industry

Happy Food Secured Investing!!!


www.ramstrading.com



RENEWABLEENERGY

According to the National Energy Policy, St. Kitts’ vision

is to become the smallest green nation in the Western

Hemisphere – with a sustainable energy sector, where

reliable, renewable, clean and affordable energy

services are provided to all its citizens. The island

has embarked on a very ambitious goal to achieve

60 % renewable energy consumption by the year

2015. St. Kitts requires a holistic approach to address

challenges in the energy sector and to transition to

a more sustainable energy sector. Such challenges

include consumption patterns, types of fuel used,

infrastructure and management and the types of

energy carriers.

Detailed Description of Energy SectorThe transition to a more sustainable energy sector

is currently driven by high electricity rates, high

transportation fuel prices and global climate change

awareness and concerns. The aforementioned factors

impacts businesses and citizens alike and as such

the need for energy efficiency and conservation

along with increase investments in renewable energy

technologies. The National Energy Policy has created

the framework that allows St. Kitts to transition from

a primarily fossil fuel source of energy to alternative

renewable energy sources such as wind, solar,

geothermal, hydro and waste to energy (WTE).

Competitive Advantages• Renewable energy sources in the form of solar,

wind, hydro and geothermal are deemed the most

appropriate mid to long-term alternative sources to

replace imported petroleum product for electricity

generation.

• Potential for electricity interconnection between

St. Kitts and Nevis for geothermal.

• The National Energy Policy encourages public-

private partnership in the development, financing

and management of renewable energy projects.

• Increasingly high cost for imported fuel for energy

production.

IncentivesExemption from Import Duty and Customs Service

Charge on the following:

• Solar PV panels and ancillary equipment for

generating electricity

• Hydrogen fuel cells and ancillary equipment

• Wind Turbines and ancillary equipment

• Energy saving bulbs including LED Bulbs

• Solar water heaters and tanks

• Solar AC units

• And other approved related equipment

Types of Investment Required• 2-5 MW Waste to Energy (WTE) Plant

• 2-5 MW Solar Energy Project

• 2-5 MW Wind Energy

• 10 MW Geothermal Energy

• LED and Solar Street Lights



INTERNATIONALEDUCATION

The St. Kitts and Nevis Accreditation Board is also

tasked to accredit tertiary-level education institutions

and programmes that lead to MB.BS/M.D. degrees.

It is essential that schools located in the Federation

that offer these programs adhere to international

and national standards of educational quality. By

judging compliance to the Federation accreditation

regulations, the public and enrolled students would be

assured of the institution’s credibility and reliability.

www.rossu.edu/vet


INTERNATIONAL EDUCATION

To achieve and maintain accreditation, medical education programmes must meet the standards listed on this website. Medical education programmes located within the Federation must provide documentation on the following with their application:

1. The Institutional Setting2. The Students3. Educational Programmes4. The Faculty5. Educational Resources6. Internships

These requirements have been compiled using the regionally accepted standards in use by the Caribbean Accreditation Authority for Education in Medicine(CAAM), the standards of the General Medical Council of Great Britain (GMC), as well as those of the Liaison Committee on Medical Education (LCME) of the United States and Canada and the New York State Education Department (NYSED).



LIGHTMANUFACTURING

The manufacturing sector is a major pillar of the St. Kitts economy. It has been a consistent contributor to the domestic economy and the overall development of St. Kitts and Nevi over the last 30 years. The sector contributes approximately 8 -10 % of Gross Domestic Product (GDP) and sustains over 2000 jobs or 8.54 % of the country’s workforce. St. Kitts is the leading exporter in the Organization of Eastern Caribbean States (OECS).

St. Kitts possesses considerable strengths that make the island attractive for manufacturing. These include:• Stable political, social, economical and business

environment• Business incentives and fiscal exemptions for local

and foreign investors

• Low cost producers relative to the USA and other developed countries

• Free Trade Agreements and international initiatives to facilitate free movement of goods, such as the Caribbean Single Market and Economy (CSME) and the Caribbean Basin Initiative

• Trainable and experienced manufacturing human resource base

• Adequate infrastructure such as airports, sea ports, roads, telecommunication services, utilities and financial services

• Proximity to the USA, South America, Central America and Caribbean Markets

• Diverse air and sea transportation services


ST. KITTS AND NEVISINTERNATIONAL

SHIP REGISTRY

Since the closure of the sugar industry in 2005,

attempts by government to transform the economy of

St. Kitts and Nevis to a more service base economy has

resulted in creation of several economic sub-sectors.

Among such sector, is the creation and establishment

of the St. Kitts and Nevis International Ship Registry.

Established under the Department of Maritime Affairs

primarily to provide ship owners around the globe

with a high quality service, the ship registry of St.

Kitts and Nevis is holding its own and forging ahead

especially when compared to other registries such

Panama, Liberia and the Bahamas ship registry. In

fact, through the ship registry, St. Kitts and Nevis is

rapidly becoming one of leading flags under which ship

owners can be assured that all their administrative

and shipping needs will be fulfilled.

The St. Kitts and Nevis ship registry has no restrictions

on ownership of St. Kitts and Nevis ships. It is available

and accessible to local and foreign corporations and

individuals and any type of ship, including yachts,

non-propelled barges, rigs and ships under bareboat

charter.

To facilitate speedy registration, a worldwide network

of offices, staffed by professional and experience

Maritime Registrars and Special Agents to issue

pertinent documentation when authorized by head

office in the UK. These officers are empowered to

accept application documents, deal with questions and

procedural aspects of ship and seafarer registration

‘face-to-face’ as the local contact for a ship-owners

so avoiding any delays, especially those caused by

time zones. The Operational Head Office controls

www.stkittsnevisregistry.net


ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY

the issuing of all Ship and Seafarer documentation.

Located in the suburbs of London, St. Kitts and Nevis

International Ship Registry spans the office opening

hours of most major shipping and business centres.

Ongoing investment in IT and computer facilities allows

a rapid analysis of applications for registration, while

maintaining adequate controls for the identification

of owners, managers and seaworthiness of ships in

accordance with National Legislation, International

Maritime Organization (IMO) Conventions and

accepted international practice. St. Kitts & Nevis

is a signatory to all the major IMO Conventions and

participates actively in the evolutions of IMO.

Recognized Organizations or Class Societies are

authorized to carry out statutory surveys and issue

statutory certification on behalf of St. Kitts and Nevis.

A network of Flag State Inspectors carryout Annual

Flag State Inspections and occasional surveys.

Pleasure and Commercial Yachts may be registered.

St. Kitts and Nevis International Ship Registry provides

for the use of a variety of industry standard Yacht

Codes for technical regulation, giving flexibility to

the yacht owner. Pleasure yachts may be temporarily

registered as operating in a Commercial mode.

Ships registered in St. Kitts & Nevis may be

mortgaged. Supporting legislation follows the general

legal principal of English Law on ship mortgages.

The mortgager mortgages the ship by execution of a

simple mortgage deed, registering this at the office of

the International Registrar of Shipping and Seamen.

By prior arrangements, mortgage documents can be

presented at the office of a Maritime Registrar and the

http://www.maccs-skn.com


ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY

mortgage registered. The mortgagee may enforce the

mortgage by taking possession of the ship and selling

it by private sale or at auction.

Ships may be bareboat chartered both into and out of

St. Kitts & Nevis for either long or short periods. St.

Kitts and Nevis Ship Registry is a member of MAIIF - the

Maritime Accident Investigators International Forum.

A competitive fee structure and fast- turnaround of

applications to assist ship owners in today’s world

of commercial pressures and instant communication

is one of the greatest hallmarks of the St. Kitts and

Nevis International Ship Registry.

St. Kitts and Nevis Ship Registry management system

is accredited to ISO 9001 by American Bureau of

Shipping (ABS).

We welcome your applications for registration and

further information can be obtained at:

www.stkittsnevisregistry.net

Why Choose St Kitts & Nevis Ship Registry?• Worldwide Network of Maritime Registrars and

other registration offices for local contact by

Owners

• No restriction on ownership of vessel – St. Kitts &

Nevis company not required, though using one will

result in a lower registration fee

• No restriction on nationality of Master, Officers and

Crew onboard

• Central control of registration and issuing of

documents

• Rapid turnaround of enquiries and applications

• Competitive fee structure – no ‘hidden extras’

• Convenient location of Head Office for World Wide

time zones

• Individuals or corporate bodies can be owners or

BB charterers of a ship

• Recourse to a well established legal system based

on English Law

• Registration under ownership, bareboat charter

and for ships under construction

• Knowledgeable and experienced staff in both Head

Office and in the offices of our Maritime Registrars

to assist with enquires

• Merchant Shipping legislation based on British and

IMO Models

CONTACTS

International Registrar of Shipping & Seamen – Mr. Nigel E. SmithSt. Kitts and Nevis International Ship RegistryWest Wing, York House48-50 Western RoadRomford, RM1 3LPUnited KingdomTel: +44 (0)1708 380400Fax: +44 (0)1708 380401E-mail: [email protected]

Department of Maritime AffairsMinistry of Tourism & International Transport Upstairs Building # 3-4, PO Box 878, Port Zante Basseterre, St Kitts Tel: +1 869 467 1391/2 Direct: + 1 869 467 1385 Fax: +1 869 465 9475

E-mail: [email protected]

Technical & Survey Office - Mr Alan CrassMaritime & Corporate Consultancy Services Ltd.PO Box 2009Basseterre, St. Kitts Tel: +1 869 466 3330Fax: +1 869 466 8818Mobile: +1 869 669 0382E-mail: [email protected]


ADVERTISER’S INDEX

AAA REAL ESTATE ........................................ 19

ACE DESIGN CONSULTANTS ............................ 27

ADMIRAL’S (2008) LTD. ................................. 33

ALPHA & OMEGA SECURITY SOLUTIONS LTD. ........ 30

ASHBURRY’S DUTY FREE ................................ 15

BANK OF NEVIS INTERNATIONAL LTD. ................ 49

BIRD ROCK BEACH HOTEL .............................. 45

B. KASSAB & ASSOCIATED REALTORS .................. 11

BLUE WATER SAFARIS ................................... 23

BRIMSTONE HILL FORTRESS ............................ 45

BUILDERS PARADISE ..................................... 32

B WILLIAMS PROPERTY MANAGEMENT SERVICES .... 27

CARIBBEAN CREDIT CARD CORP. LTD. ................ 48

CARIBELLE BATIK ........................................ 21

CFA INTERNATIONAL SERVICES INC. ................... 47

CHRISTOPHE HARBOUR ...................................3

COMPLETE LAND SERVICES ............................. 34

DEMERARA DISTILLERS .........................39, 40, 41

D.J.C.F. ARCHITECTURE ................................ 36

EDWIN GLASFORD ASSOCIATES ..........................9

EYECARE EXPRESS .........................................9

FORUM DECO ............................................. 21

GLOBAL SHIPPING ....................................... 61

GOLDEN ROCK COMMERCIAL PARK .................... 29

HILLSBORO SUNSET SUITES ............................ 45

HOBSON ENTERPRISES LTD. ............................ 16

ISLAND PURIFIED WATER ............................... 38

JACK & ASSOCIATES REAL ESTATE .......................8

KITTITIAN HILL REAL ESTATE ........................... 35

LIAMUIGA SECURITY COMPANY ........................ 52

MARITIME & CORPORATE CONSULTANCY SERVICES . 61

PELICAN BAY DEVELOPMENT ........................... 37

RAM’S ..................................................... 55

RANGE DEVELOPMENTS .....................BACK COVER

ROSS UNIVERSITY ........................................ 57

SHIPWRECK BEACH BAR & GRILL ...................... 46

SKIPA.. .................................................... 43

SL SERVICES LTD. ........................................ 50

ST. KITTS & NEVIS INT’L. SHIP REGISTRY ............ 60

SUNDANCE RIDGE ....................................... 31

TAMARIND COVE MARINA DEVELOPMENT LTD...... 5, 7

TREVOR FRAITES & ASSOCIATES ....................... 42

TROPICAL SHIPPING ..................................... 11















































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