The county; otherwise referred to as simply saint Vincent is a sovereign state located in the Lesser Antilles island arc. The country is located in the southern part of the Caribbean Sea’s eastern border where it meets the Atlantic. The territory has English as their official language, but natives also speak Vincentian creole in unofficial communications.
Saint Vincent and the Grenadines (SVG) is growing fast into one of the leading international financial centers. The country has modern legislation that welcomes mutual funds of various kinds. The Mutual Funds Act of 1997 as amended regulates mutual funds in the country, and it is governed by regulations issued in 1999. The Licenses can be granted either as a public fund or has private and accredited fund.
The act which provides for fund administrator licenses, direct that all fund administrators must apply for a license to be able to carry on business as an administrator. This is open to any natural person, mutual fund, company, trustee or trusts.
The application must be submitted directly to the St. Vincent and the Grenadines Financial Services Authority and directed to the Registrar of Mutual Funds.
For Private and accredited funds, a maximum of fifty investors is allowed. Shares can also be issued on a private basis but only to accredited investors with a net worth of more than 1 million USD and an initial investment of $25,000 or more. A public fund, however, can offer any shares for subscription or purchase to interested members of the public. All registered funds must publish and file a prospectus with Saint Vincent and Grenadines FSA.