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Saint Vincent Funds License

Starting Offshore > Saint Vincent Funds License

Brief Overview:

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.

Fund administrators and managers are mandated to get a license from FSA to be permitted to business as administrators or managers.

The application takes about 6 to 8 weeks to setup. Getting a license in Saint Vincent offers amongst other things, a tax regime that is genuinely favorable, speedy procedures for approval with minimum formality, which allows rapid creation of funds as soon as the investment criteria, structure, and the prospectus have been completed. It also offers no restrictions of any kind including exchange controls.

Application Process:

Documents required in order to obtain a Funds License :

For the company:

A business plan containing the following details:

  • A description of the objectives of the proposed bank
  • Proposed customer base
  • Opening balance sheet and three-year projections as certified by an auditor
  • A feasibility study
  • The nature and source of capital financing
  • The applicants have to prove their ability to meet statutory requirements for minimum paid up capital and statutory deposits
  • Detailed description of internal systems and controls
  • A copy of the ownership structure including group member as well as affiliated companies

 

For the Applicant:
  • A notarised copy of valid passport
  • Notarized or attested (stamped and/or signed) copy of proof of residential address in English or translated into English
  • Certified bank statement
  • One character reference and two bank references
  • Proof of source of funds
  • Notarized non-criminal records
  • Signed and dated CV
  • Notarized copies of Diplomas

Advantages :

  • Total exemption from all taxes
  • Minimum formality and quick approval procedures
  • There are no exchange controls;
  • Less strict tax regime.
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