St. Vincent Fund Administrator License
Mutual funds are regulated by the Mutual Funds Act, 1997 as amended by the Mutual Funds (Amendment) Act 1998, with Regulations issued in 1999. The Act provides for the licensing of Fund Administrators.
Key Features
Fund Administrators are required to apply to the Authority for a license to carry on business as administrators. The Act provides that a natural person, any mutual fund, company, trusts or trustee may apply for a license to carry on business as an administrator. Applicants must show evidence that they have or have available to them expertise and resources necessary to carry out the business proposed. The applicant must meet standard fit and proper requirements.
All applications to carry on business, as a Fund Administrator must be submitted to the St. Vincent and the Grenadines Financial Services Authority to the attention of the Registrar of Mutual Funds.
Legal Requirements
|
Requirements |
Description |
|
General |
|
|
St. Vincent International Company, Partnership or Unit Trust |
|
· License application fee |
USD 500 |
|
· Annual license fee |
USD 600 |
|
No |
|
Share capital or equivalent |
|
|
· Minimum paid up capital |
None |
|
Directors |
|
|
2 |
|
Yes |
|
No |
|
Shareholders |
|
|
2 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
Yes |
Tax Treatment
Total exemption from all taxes (International Business Companies may, however, opt to pay SVG income tax at 1% if they wish to take advantage of the Caricom Tax Treaty).
Duration to Set Up
About 4 to 6 weeks
Distinctive Benefits of Licence
- Minimum formality and speedy approval procedures, which allows funds to be created quickly, once the structure, investment criteria and prospectus have been finalized;
- No exchange controls or other restrictions; and
- Favourable tax regime.
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