St Kitts and Nevis Professional Fund_Guidelines

St Kitts and Nevis Professional Fund

The Nevis International Mutual Funds Ordinance 2004 and its accompanying Regulations provide a modern regulatory structure for mutual funds, their managers and administrators. There three types of mutual funds; Private funds, Professional Fund and Public Fund that can be structured as a company, a partnership, unit trust or other similar body formed. Nevis Professional funds are governed by Nevis International Mutual Funds Ordinance 2004 and Nevis International Mutual Funds Regulations.

A professional investor is an individual who either alone or with their spouse has a net worth of greater than US$1,000,000. Their ordinary business must involve the acquisition and disposal of fund-owned property.

Legal Requirements

Sr.

No

 Element Requirement(s)
Entity Requirements The entity making the application is St Kitts and Nevis:

  1. Company
  2. Limited partnerships,
  3. Unit trust or
  4. Any other similar body formed under the laws of Nevis or any other jurisdiction which collects and pools investor funds for the purpose of collective investment.
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The applicant will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Fund Administrator The Applicant must employ a licensed fund administrator
Fund Manager The Applicant must employ a fund manager:

  1. A Fund Manager locally licensed and approved by the FSC
  2. A Fund Manager licensed and approved under the laws of a recognized country or jurisdiction.
  3. A person with a written permission from the FSC to carry on Business as a Fund Manager.
Custodian
  1. A custodian locally licensed and approved by the FSC
  2. A Custodian licensed and approved under the laws of a recognized country or jurisdiction.
  3. A person with a written permission from the FSC to carry on Business as a Custodian.
St Kitts and Nevis Office Not Required
Auditor The Licensee shall appoint an external auditor who is acceptable to the Commission
Insurance The applicant must have indemnity insurance coverage acceptable to the regulator
Minimum Capital Requirements Must have a net worth of greater than US$1,000,000
Application Fee USD 500
License Fee USD 3,500

Ongoing Obligations

  1. Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Nevis Finance Service Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
  2. Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

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