The Golden Book of
Saint Kitts 1st edition - 2014
www.goldenbookskn.com
The Golden Book of
Saint Kitts 1st edition - 2014 www.goldenbookskn.com
THE INVESTMENT GUIDE
A COMPREHENSIVE REFERENCE MANUAL FOR INVESTORS & TOURISTS
Readers of the Golden Book of Saint Kitts are referred to the St. Kitts Investment Promotion Agency website: www.stkittsipa.org
TABLE OF CONTENTS Message from the Honourable Prime Minister of St. Kitts, Denzil L. Douglas..................................4 Welcome Message from CEO of SKIPA, Her Excellency Ambassador Rosalyn E. Hazelle........................6 About SKIPA................................................7
GENERAL INFORMATION....................... 8 St. Kitts History...........................................9 St. Kitts Economic Profile............................. 10 Quick Facts.......................................... 10 Currency............................................. 10 Banks................................................. 10 St. Kitts: Geographic Profile.......................... 12
Steps to Establishing a Business...................... 24 Priority Sectors for Investment...................... 38 1. Tourism........................................... 38 2. Financial Services.............................. 42 3. Information Technology....................... 46 4. Agriculture....................................... 47 5. Renewable Energy.............................. 48 6. International Education....................... 49 7. Light Manufacturing............................ 51 St. Kitts and Nevis International Ship Registry.... 52 ADVERTISER’S INDEX................................... 56
Location.............................................. 12 Distance by Air...................................... 12 Map of St. Kitts..................................... 13 Why Invest in St. Kitts................................. 14 Contacts................................................... 16
INVESTMENT GUIDE.......................... 18 The Economy............................................ 20 Incentives................................................. 21 Taxation................................................... 22
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. Maarten Tel: 1 (721) 527-5111 | Fax: 1 (721) 544-3462 General Manager & Publisher: Emile Cukier E-mail: emilecukier@gmail.com Layout & Design: Estrelinda Rollan-Mc Quilkin E-mail: lindarollan@gmail.com 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.
Cover Photo: The Berkeley Memorial Clock © St. Kitts Tourism Authority
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| The Golden Book of St. Kitts - GENERAL INFORMATION
Message from Honourable Prime Minister
Denzil L. Douglas
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| The Golden Book of St. Kitts - GENERAL INFORMATION
GENERAL INFORMATION - The Golden Book of St. Kitts
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5
Welcome Message from CEO of SKIPA, Her Excellency Ambassador
Rosalyn E. Hazelle
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| The Golden Book of St. Kitts - GENERAL INFORMATION
ABOUT SKIPA Welcome to the St. Kitts Investment Promotion Agency (SKIPA)
even after they are established. After the approval process SKIPA continues to provide customer care and ongoing support to ensure the success of the
What We Do? (How Can We Help You)
business.
Investment Promotion:
Policy Advocacy:
SKIPA proactively markets St. Kitts, internationally,
SKIPA lobbies the government to implement policy
regionally and locally as an attractive investment
changes to enhance the country’s investment
location
investment
environment.
This
includes
documenting,
opportunities. The investment promotion efforts of
standardizing
and
eventually
streamlining
the agency are geared towards attracting the right
procedures, reforming the investment incentives
type of investor that will positively contribute to
regime and providing for a transparent and level
the long term development of St. Kitts.
playing field for all investors regardless of origin.
that
offers
an
array
of
Investment Facilitation: Investment Facilitation includes facilitating the
CONTACT US
investment
St. Kitts Investment Promotion Agency (SKIPA)
and
decision
assisting
in
the
by
providing
exploration
information of
business
3rd Floor, The Cable Building
opportunities. It also includes facilitating the
Basseterre,
successful establishment of businesses in St. Kitts,
St. Kitts
by becoming the investor’s point of contact in
Tel: 1-869-465-1153
matters related to the procedures to be taken to
Fax: 1-869-465-1154
establish a business. SKIPA also assists by providing
E-mail: info@stkittsipa.org
support for businesses wishing to expand. After Care Services: After care services refers directly to the belief that companies operating in St. Kitts should be supported
GENERAL INFORMATION - The Golden Book of St. Kitts
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GENERAL INFORMATION HISTORY OF ST. KITTS......................................................................... 9 ST. KITTS ECONOMIC PROFILE...............................................................10 ST. KITTS: GEOGRAPHIC PROFILE...........................................................12 WHY INVEST IN ST. KITTS....................................................................14 CONTACTS.......................................................................................16
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| The Golden Book of St. Kitts - GENERAL INFORMATION
ST. KITTS HISTORY St. Kitts was originally inhabited by the Arawak
island to the British in the Treaty of Versailles.
and Carib tribes; the prehistoric hunter-gatherers who roamed the archipelago for centuries until the
St. Kitts’ long historical past, dominated by slavery
arrival of Christopher Columbus in 1493. The Caribs
and colonialism has been the incubator for the
aptly called the island Liamuiga, meaning fertile
resilience and fortitude of its people. The cultivation
island because of its soft volcanic soil. Nonetheless,
of cane sugar spanned over three hundred and fifty
it was Christopher Columbus who named the island
years, until, the removal of trade preferences
St. Kitts, after his favorite Saint.
and un-competitive production costs forced The Government to close the industry in 2005. The
The first Non-Spanish settlement in the Caribbean
sugarcane covered landscapes punctuated with
occurred in St. Kitts, thus making it the Mother
centuries-old former sugar plantations tell a story
Colony of the West Indies and the launching pad for
a foregone era.
British and French expansion and domination in the Western Hemisphere. In 1624, an English Captain,
Basseterre, the capital city, to this day resembles
Thomas Warner settled on St. Kitts because of its
a
strategic central location for expansion, fertile
transplanted in the middle of a vibrant twenty
soil, abundant fresh water, large salt deposits and a
first century Caribbean, with its baroque Georgian
hospitable native population. Then, in 1625 Thomas
architecture and centuries old landmarks. The
Warner allowed an embattled French Captain, Pierre
City’s rich cultural heritage remains frozen in time;
D’Esnambuc, to settle on the island, thus making
from the imposing tower of the St. Georges Anglican
St. Kitts the site of the first permanent British and
Church, originally named Notre Dame by the French
French settlements in the New World.
in 1670, to the enchanting garden of Independence
seventeenth
century
European
metropolis
Square built in 1790 as a slave market. Consequently, St. Kitts became the battleground for many conflicts as the European powers fought for
During the Colonial era, St. Kitts claimed the title
control of the island. The Indigenous Carib people
“The Pearl of the Caribbean” because of its riches
were eventually wiped out in an ambush at Bloody
and, the important role it played in the expansion
Point, leaving the British and the French in a series
of the British Empire; a title many would argue still
of ferocious back and forth struggles for control of
holds true today as it engage the future in a world
the island until 1783, when the French ceded the
of increasing globalization.
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ST. KITTS ECONOMIC PROFILE Currency Quick Facts Capital of Country: Basseterre Population: 34,789 (2011 Census) Official Language: English GDP: US$674.69 Million (2012 est.) Inflation: 1% (2012 est.) GDP per Capita: US$14,360 (2012 est.)
The 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.
Major Exports: Machinery, food, electronics, beverages
The US dollar is generally accepted in businesses throughout the island, as are all major credit cards.
Major Imports: Machinery, manufactures, food, fuels
Banks
Key Productive Sectors: Services -75%, Industry -23.3%, Agriculture -1% Major Trading Partners: United States, Canada, Caribbean Government (type): Parliamentary Democracy and a Commonwealth Realm
St. Kitts Nevis Anguilla National Bank Central Street, Basseterre Tel.:................................................. 465-2204 Fax:................................................. 465-0130 Development Bank of St. Kitts & Nevis Church & Central Street, Basseterre Tel.:................................................. 465-2288 Fax:................................................. 465-4016
Governor-General: Yes Prime Minister: Yes Opposition Leader: Yes
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| The Golden Book of St. Kitts - GENERAL INFORMATION
First Caribbean International Bank The Circus, Basseterre Tel.:................................................. 465-2449 Fax:................................................. 466-9899
ST. KITTS ECONOMIC PROFILE Royal Bank of Canada Fort St. & Bay Road, Basseterre Tel.:................................................. 465-2389 Fax:................................................. 465-2409 Royal Bank of Trinidad & Tobago Fort Street, Basseterre Tel.:................................................. 466-9900 Fax:................................................. 466-9922 Bank of Nova Scotia Fort Street, Basseterre Tel.:................................................. 465-4141 Fax:................................................. 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 PROFILE
12
Location
Distance by Air
St. 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).
1 hour from San Juan, Puerto Rico 4.5 hours from Toronto, Canada 4 hours from New York, USA 8 hours from London, England 3 hours from Miami, USA 3.5 hours from Atlanta, USA
| The Golden Book of St. Kitts - GENERAL INFORMATION
ST. KITTS: GEOGRAPHIC PROFILE
Map of St. Kitts
ut
Fig Tree Pump Bay
Gh
Brimstone Hill Fortress
Phillips
Grange Bay
Mansion
C a r i b b e a n S e a
Verchild’s Molineux hut G Mountain y's Lodge e l t Ot
ut
Mt. Liamuiga
in
Sandy Point
Saddlers Black Rocks Tabernacle
Olivee’s Mountain
dw
Newton Ground
Racetrack Sandy Bay
Saint Paul's
Pars on's Gh
Saint Pauls Point
Go
White Gate
Dieppe Bay Town
Middle Island Half Way Tree
Cayon . Key’s
n yo Ca
Old Road Town
Challengers Trinity Old Road Bay Boyd's
Hermitage Bay
R
Conaree Village Conaree Bay Monkey Hill Golden Rock
Robert L. Bradshaw Half Moon Bay Int’l. Airport
Port North Frigate Bay Zante Bloody Basseterre North Friar’s Bay Point Palmetto Deep So Bay Limekiln ut Turtle Bay Water Bay h Ea Canoe Bay Harbour S. Frigate st Bay Pe Machineel Bay S. Friars Bay nin su Sandy Bank Bay White House Bay Guana Point Ballast Bay Green Point Shitten Bay Buggs Hole
la
Great Salt Pond
Mosquito Bluff Turtle Beach Cockleshell Bay Banana Bay
Major’s Sea Bridge Bay Nag's Head
Original Map: © MAP RESOURCES | Edition & Updates: © Media Publishing International N.V.
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WHY INVEST IN ST. 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
Telephone Code for St. Kitts: + 1-869 Ministry of Justice and Legal Affairs Government Headquarters Church Street, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1180 Tel.:................................................. 467-1013 Fax:................................................. 465-5040 Prime Minister’s Office Government Headquarters Church Street, Basseterre Tel.:................................................. 465-0299 Tel.:................................................. 467-1207 Fax:................................................. 465-1001 Ministry of Tourism Port Zante, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1389 Tourism Authority:............................... 465-4040 Department of Labour New Street, Basseterre Tel.:................................................. 467-1103 Tel.:................................................. 467-1144 Fax:................................................. 466-8643 St. Kitts Electricity Company Central Street, Basseterre Tel.:................................................. 465-2000 Fax:................................................. 466-7308 Chamber of Industry and Commerce Horsford Road, Basseterre Tel.:................................................. 465-3967 Tel.:................................................. 465-2980 Fax:................................................. 465-4490 16
| The Golden Book of St. Kitts - GENERAL INFORMATION
Governor General’s Office Springfield, Basseterre Tel.:................................................. 465-2260 Tel.:................................................. 465-2315 Tel.:................................................. 466-5046 Fax:................................................. 465-2953 Ministry of Finance Church Street, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1091 Comptroller of Customs:........................ 467-1077 Inland Revenue Department:................... 467-1083 Fax:................................................. 465-1532 Ministry of National Security Pelican Mall, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1534 Fax:................................................. 466-4836 Ministry of Sustainable Development Bladen’s Commercial Development Basseterre Tel.:................................................. 467-1056 Fax:................................................. 466-7398 Department of Physical Planning:............. 465-2277 Social Security Office Bay Road, Basseterre Tel.:................................................. 465-2535 Tel.:................................................. 465-2536 Fax:................................................. 465-5051 Water Services Department Needsmust Tel.:................................................. 466-3070 Fax:................................................. 466-7901
INVESTMENT GUIDE THE ECONOMY.................................................................................20 INCENTIVES.....................................................................................21 TAXATION.......................................................................................22 STEPS TO ESTABLISHING A BUSINESS.......................................................24 PRIORITY SECTORS FOR INVESTMENTS.....................................................38 1. TOURISM..................................................................................38 2. FINANCIAL SERVICES...................................................................42 3. INFORMATION TECHNOLOGY..........................................................46 4. AGRICULTURE...........................................................................47 5. RENEWABLE ENERGY...................................................................48 6. INTERNATIONAL EDUCATION..........................................................49 7. LIGHT MANUFACTURING...............................................................51 ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY...................................52 18
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THE ECONOMY Basic Facts (2012) GDP
US $674.69
GDP per Capita
US $14,360
Inflation
1.0 percent
Major Economic Drivers
Tourism, 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 about 77.5 percent of gross domestic product (GDP) in 2012. The economy is now well poised to consolidate its recovery from the effects of the global economic and financial crisis as a result of which, economic growth contracted for three (3) consecutive years and remained flat in 2012. In 2013, the economy is projected to grow by 1.9 percent. Consistent with developments in the major trading partners, St. Kitts and Nevis recorded an inflation rate as low as 1.0 percent in 2012 compared to 5.3 percent in 2008. Stay-over visitor arrivals average 100,000 annually while cruise ship passenger arrivals routinely exceed 500,000. 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. With a per capita income of approximately US$14,360, the World Bank has recently graduated St. Kitts and Nevis to a high income country. 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).
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INCENTIVES The 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 Incentives
Under 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 Holiday
Group I
50% or more
15 years
Group II
25% to 50%
12 years
Group III
10% to 25%
10 years
Enclave
Enclave
15 years
Export Allowance
St. 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 Profits
10% 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 Act
The 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 Profits
Companies registered in St. Kitts can repatriate all profits, dividends and import capital. INVESTMENT GUIDE - The Golden Book of St. Kitts
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TAXATION Personal Income Tax
Withholding Tax
There is no personal income tax in St. Kitts.
(Income Tax Amendment Act No. 14 of 1980)
Corporate Income Tax
Individuals
(Income Tax Act – No. 17 of 1966 as amended)
payments to persons outside of St. Kitts must deduct
and
ordinary
companies
remitting
10% withholding tax from the following: Corporate tax is 35% of net profits. Qualified companies enjoy full exemption from taxes on corporate profits
• Profits
for a period not exceeding 15 years. Corporate tax
• Administration,
does not apply to exempt companies or to enterprises that have been granted tax concession.
management
or
head
office
expenses • Technical services fees • Accounting and audit expenses
Value Added Tax
• Royalties
(Value Added Tax Act No 3 of 2010)
• Non-life insurance premiums • Rent
VAT or Value Added Tax is a tax on consumption. It is charged on the value of imports and on the value
Withholding tax does not apply to profits of an
added (mark-up) on goods and services supplied by
approved enterprise, which is enjoying benefits under
one business to another or to the final consumer.
the Fiscal Incentives Act. This tax does not apply to exempt trusts, limited partnerships, companies or
The tax is levied on imports, transactions between
foundations.
businesses and the final consumer and transactions with the Government.
Alien Landholding Licence (Alien Landholding Regulation Act – CAP 102 as
The standard VAT rate is 17%. A special rate of 10% is
amended)
extended to hotels, restaurants and tour operators. An Alien Landholding Licence is required for: • A foreign person purchasing land in St. Kitts
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TAXATION • 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 Force St. 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 Week The 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
ESTABLISHING A 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 See flow chart for procedures to establish a business on the next page.
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STEPS TO ESTABLISHING A BUSINESS
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STEPS TO ESTABLISHING A BUSINESS Procedure to acquire a Business Licence
on the nature of business ranging from EC$100.00 to
Investors wishing to acquire a business licence need
EC$2,000.00
to complete a business licence application form. There are 3 main types of business that require
The time frame varies depending on the nature of
different levels of documentation. Business type “A”
business. It may take 3 to 5 working days or up to a
only requires the completion of the business licence
month.
form. Business type “B” requires the completion of the business licence form along with qualifications
Requirements: Valid Passport or Birth Certificate,
and experience. Business type “C” requires the
Business Licence Fee and qualifications and experience
completion of the business licence form, submission
specific to the nature of the business
of qualifications and experience and an inspection by a government agency. Cost to the Investor: Licence fees vary depending
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See flow chart for Business Licence below.
STEPS TO ESTABLISHING A BUSINESS Procedure for registration with Inland Revenue | Timeframe: 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 See flow chart for Inland Revenue below.
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STEPS TO ESTABLISHING A BUSINESS 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 form and presenting valid photo identification. Cost to the Investor: There is no charge Requirements: Photo Identification or Certificate of Incorporation See flow chart for Social Security below.
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STEPS TO ESTABLISHING A BUSINESS Procedure for incorporating a company | Timeframe: 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 notarized company statues 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: The Companies Act, 1996 (No. 22 of 1996) 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
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STEPS TO ESTABLISHING A BUSINESS 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 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, 1997 may incorporate companies on behalf of other persons. Minimum number of members: A minimum of one member is required for the
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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. 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
STEPS TO ESTABLISHING A BUSINESS 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 See flow chart for Incorporating a Company below.
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STEPS TO ESTABLISHING A BUSINESS Procedure to acquire land | Timeframe: 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 Agreement
and
Purchase
and
Sale
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. See flow chart for Acquiring Land below.
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.
STEPS TO ESTABLISHING A BUSINESS 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.
Procedure for Alien Land Holding Licence | Timeframe: 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
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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 • 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. See flow chart for Alien Land Holding License below.
STEPS TO ESTABLISHING A BUSINESS Procedure for Due Diligence | Timeframe: 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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PRIORITY SECTORS FOR INVESTMENT
1.
TOURISM
Investment To support the current growth of the tourism built environment, 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 Christophe Harbour at the South East Peninsula and the upscale Kittitian Hill Resort, Ocean’s Edge Resort and Sundance Ridge Villas, a Fixed Based Operation for private jets at the Robert Llewellyn Bradshaw International Airport is also nearing completion. St. Kitts is indeed poised for greater development. Government has been successful in attracting other resort companies such as the Park Hyatt and Koi Resort to undertake major developments. Additionally, St. Kitts is rapidly emerging as a 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 2013, the Government approved over 250 million United States Dollars worth of investments in villa and condominium projects.
Citizenship by Investment St. Kitts’ Citizenship by Investment Programme, which has been in operation since 1984 is one of the oldest and most respected economic citizenship programme 38
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in existence. Since the introduction of the new Regulations in 2011 the programme has spurred a boom in the construction of mixuse 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$400,000.00 in a government approved real estate project, (3) any resource donated or expended which, brings substantial benefits to the country. The Government utilizes this programme to attract investors of good character to make a substantial contribution to the development of the Federation. Investors are then given the opportunity to apply for citizenship within the strict guidelines of the law and the relevant regulations.
TOURISM Developers can make an application for their project to be designated as an “Approved Project” under the Citizenship by Investment Programme. An investor may qualify for citizenship under the real-estate option of the programme, by purchasing property in a designated “Approved Project” with a value of at least US$ 400,000.
Sector Overview Tourism 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 witnessed more intense 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 has experienced significant expansion, with the number of calls expected to increase to 311 and the number of passengers estimated to reach more than 785,000 for the 2013-2014 season. The stay-over sector continues to experience challenges having been affected by the global economic downturn. However, efforts are being made by some properties to improve the physical plant and market their products more vigorously. The Government has negotiated with major airlines to ensure that there is direct airlift from the major source markets which are the United States of America, the United Kingdom and Canada. Airlines such as American Airlines and US Airways have weekly flights to the destination during the peak tourism season. Throughout the year, British Airways has twice-weekly flights from London’s Gatwick Airport to St. Kitts. Moreover, Delta and Air Canada have extended their service up to six weeks earlier for 2013. In fact, in the case of American Airlines, the number of flights will increase from nine (9) to eleven (11) weekly starting November 21, 2013. There are also smaller airlines such as LIAT which plies most of the Caribbean region, another major source market. Travelers from North America and Europe can 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. St. Kitts is currently ranked #2 in a list of the 16 Best Caribbean Vacations and #4 in a list of the 12 Best Islands in the World by US News & World Report. Last year, St. Kitts was named one of “5 Caribbean Islands to Discover Now” by MSNBC.
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PRIORITY SECTORS FOR INVESTMENT
2.
FINANCIAL SERVICES
St. Kitts is considered by many to be the financial capital of the Eastern Caribbean; home of the Eastern Caribbean Central Bank, The Eastern Caribbean Securities Exchange, the Eastern Caribbean Regulatory Commission, The Eastern Caribbean Central Securities Registry, the Eastern Caribbean Central Securities
Depository, the Eastern Caribbean Institute of Bankers and the Eastern Caribbean Home Mortgage Bank. Our Finance Business is comprised of deposit taking, investment, insurance, trust and corporate business which are regulated by licensing criterion and clear legislation which meet international standards. Our Strategic Advantages in Financial Services • St. Kitts caters to small closely held companies • Easy Application Process • Reasonable rates • Regulatory body that meets international standards • Experience and knowledgeable staff • The relatively small size of our industry makes available more choices for company names compare to other jurisdiction that are more well known Our Products • Ordinary and Exempt Companies • Limited Partnerships • Trusts • Foundations • Captive Insurance Companies
Financial Services Regulatory Commission Objectives and activities The Financial Services Regulatory Commission (FSRC) was established to supervise the non-bank financial sector in St. Kitts and Nevis. In addition, it serves as the ultimate regulatory authority for anti-money laundering and the prevention of terrorist financing. The Commission reviews applications, statutory returns and reports; performs On-site inspections 42
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FINANCIAL SERVICES and off-site review and analysis; ensures compliance with the provisions of the legislations which it is responsible for administering and where necessary makes the appropriate recommendations to the Minister of Finance. Institutions supervised The FSRC supervises and regulates the insurance companies, investment business, trust and corporate service provider business, money service businesses, credit unions and the Development Bank of St. Kitts and Nevis. Application and Licence Fees: To conduct financial services business in St. Kitts, an application, accompanied by the relevant application fees, should be submitted to the FSRC with documentation in accordance with all the requirements outlined in the relevant legislations: Domestic Insurance Companies - Insurance Companies Act, 2009 Contact: Registrar of Insurance Captive Insurance Companies – Captive Insurance Companies Act Contact: Registrar of Captive Insurance Companies
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Credit Unions – The Cooperatives Societies Act, 2011 Contact: Registrar of Credit Unions Investment Business, Trust and Corporate Service Provider Business – The Financial Services (Regulations) Order, Cap 21.03 (Seventh Schedule) Contact: Director, FSRC Money Services Business – Money Service Business Act, 2008 Contact: Director, FSRC All legislation relevant to the regulation and supervision of the financial services sector can be found on our website, www.fsrc.kn Financial Services Regulatory Commission PO Box 898, Upstairs Karibhana Building Liverpool Row, Basseterre St Kitts, East Caribbean Tel: +1 869 466 5048/467-1019 Fax: +1 869 466 5317 E-mail: skanfsd@sisterisles.kn Website: www.fsrc.kn Ms. Fidela Clarke (Director) E-mail: skanfsd@sisterisles.kn
FINANCIAL SERVICES Application and Licence Fees
Cost in United States Dollars
Company Incorporation: 1. Domestic/Local/External 2. Exempt/International
$100.00 $200.00
Trust Company: 1. Domestic/Local/External 2. Exempt/International
$100.00 $200.00
Foundation Establishment: 1. Domestic/Local 2. Exempt/International
$100.00 $200.00
Limited Partnerships: 1. Domestic/Local 2. Exempt/International
$100.00 $200.00
Captive Insurance Companies: 1. Application Fee (non-refundable) 2. Annual Licence Fee: Small Group Captive Insurance Company 3. 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 (unrestricted)
$200.00 $1,000.00 $2,000.00
Corporate Service Provider: 1. Application Fee (non-refundable) 2. Annual Licence Fee
$50.00 $500.00
Money Services Business: 1. Application Fee 2. 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
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PRIORITY SECTORS FOR INVESTMENT
3. INFORMATION
TECHNOLOGY The Ministry of Information and Technology has set in place a strategic road map to ensure that St. Kitts is well positioned in this rapidly evolving market place. A new state of the art National Information and Communication Technology (ICT) Center is now in operation, equipped with training rooms, video conferencing facilities and technical experts to nurture an e-knowledge society. Our Products • Call Centers • Credit Card Application Services • Transactions Processing Services • Data Entry and Research Services • Optical Character Recognition Applications
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• Data Base Management • Computer Aided Design • Web Application Services • Software Development Our Strategic Advantages in Information Technology • State of the art National Information and Communication Technology Training Center • Advanced telecommunication infrastructure • St. Kitts ranks well above the Caribbean and global scales for internet usage and capacity • Cost of communication is very competitive • English speaking, well-educated workforce • St. Kitts is located within the same time zone as USA East Coast
PRIORITY SECTORS FOR INVESTMENT
4. AGRICULTURE The agriculture sector holds great potential for the creation of wealth for potential investors. The Government of St. Kitts and Nevis has set in place an Agricultural Development Strategy in response to global threats to food security. The increasing demand for food staples spurred on by the increasing world population and the adverse effects on the price of food by factors such as 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. According to the Ministry of Agriculture, tremendous opportunities are available for commercial farming as local demands continue to outpace local supply. 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 and increased linkages with the tourism sector. Specific Opportunities for Investors • Packaging Services • Storage Facilities • Inter-Regional Transport Services • Commercial Farming Our 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, Republic of China on Taiwan and more • Availability of large work force formerly employed in the sugar industry
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PRIORITY SECTORS FOR INVESTMENT
5. RENEWABLE
ENERGY
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 Sector The 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 publicprivate partnership in the development, financing and management of renewable energy projects.
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• Increasingly high cost for imported fuel for energy production. Incentives Exemption 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
PRIORITY SECTORS FOR INVESTMENT
6.INTERNATIONAL
EDUCATION 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.
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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 Setting 2. The Students 3. Educational Programmes 4. The Faculty 5. Educational Resources 6. 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). 50
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PRIORITY SECTORS FOR INVESTMENT
6. LIGHT
MANUFACTURING
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).
• 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 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
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ST. KITTS AND NEVIS
INTERNATIONAL 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 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
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ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY 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 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
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ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY 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
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• Merchant Shipping legislation based on British and IMO Models CONTACTS International Registrar of Shipping & Seamen – Mr. Nigel E. Smith St. Kitts and Nevis International Ship Registry West Wing, York House 48-50 Western Road Romford, RM1 3LP United Kingdom Tel: +44 (0)1708 380400 Fax: +44 (0)1708 380401 E-mail: mail@stkittsnevisregistry.net Department of Maritime Affairs Ministry 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: maritimeaffairs@yahoo.com Technical & Survey Office - Mr Alan Crass Maritime & Corporate Consultancy Services Ltd. PO Box 2009 Basseterre, St. Kitts Tel: +1 869 466 3330 Fax: +1 869 466 8818 Mobile: +1 869 669 0382 E-mail: technical@maccs-skn.com
ADVERTISER’S INDEX
ACE Design Consultants.......................24 Admiral’s (2008) Ltd...........................29 B. Kassab & Associates........................44 Blue Water Safaris.............................19 Brinley Gold Rum..............................56 B. Williams Property Management..........23 Caribbean Journey Mastrs....................15 Caribelle Batik.................................11 Christophe Harbour............................. 3 Coldwell Banker................................. 5 Demerara Distillers....................... 17, 33 Harowe Servo Controls St. Kitts Ltd.........51 Hobson Enterprises............................30 Kajola Kristada Ltd............................35 Kittitian Hill Real Estate......................41 Pelican Bay Resort.............................12 Port Zante.......................................52 Range Developments..........................39 Ross University.................................49 Royal St. Kitts Hotel...................... 36, 37 Shipwreck Beach Bar & Grill.................40 SKIPA.............................................42 SKNAN Bank.....................................43 Tropical Shipping...............................53 56
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