St. Kitts and Nevis Money Services License

Money Services Business means the business of providing as a primary service any of the following: transmission of money or monetary value in any form; cheque cashing; currency exchange; the issuance, sale and redemption of payment instruments; any other services the Minister may specify by notice published in the gazette; or the business of operating as an agent or franchise holder.

Key Features

The several classes of licence issued under the Money Services Act, No. 26 of 2008, shall authorize the holders to carry on money services business as specified.

• Class A licence permits the holder to carry on the transmission of money or monetary value in any form, the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
• Class B licence permits the holder to carry on the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
• Class C licence permits the holder to carry on cheque cashing.
• Class D licence permits the holder to carry on currency exchange.
• Class E licence permits the holder to carry on pay day advances.

Where different places of business are kept in the name of the same legal person, a separate licence is required for each such place of business.

Legal Requirements

Requirements	Description
General
Corporate  vehicle permitted	St. Nevis International Company
·         License application fee	USD 2,000 (Class A to E)
·         Annual license fee	USD  10,000 (Class A to E)
Local physical office required	No
Share capital or equivalent
·         Minimum paid up capital	None
Directors
Minimum number	2
Corporate directorship allowed	No
Local director required	No
Shareholders
Minimum number	2
Corporate shareholder allowed	Yes
Local shareholder required	No
Service Providers Required
Company secretary	Yes
Auditor	Yes
Legal adviser	Yes

 Tax Treatment

Corporate income tax is only payable for locally generated profit, transactions made solely to non-resident entities is not subject to tax.

Duration to Set Up

Around 3 months

Distinctive Benefits of Licence

• Numerous tax advantages
• Ease and speed of licensing

The Valsen Advantage

• End to end comprehensive service
• Speedy and efficient service
• Expert advice on structuring options
• Dedicated ongoing compliance support
• Extensive network pool of service providers