St. Vincent Public Fund
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 both domestic and international mutual funds.
Key Features
The legal structure that can form the basis of a St. Vincent mutual fund includes an incorporated company, a partnership or a unit trust. It can include an umbrella type fund. Open ended, closed ended and integral funds are allowed.
A Public Fund offers any shares it issues for subscription or purchase to any interested member of the general public. All public funds registered must publish a prospectus and file it with the Financial Services Authority. There are no capital adequacy requirements or minimum subscription limits placed on public funds. Also they must maintain accounting records and financial statements. Public funds that intend to do business with residents must also submit an offering document synopsis to the Financial Services Authority.
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 subscription |
None |
|
· Minimum investors |
None |
|
Directors |
|
|
2 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
Yes (from anywhere) |
|
Yes (from anywhere) |
|
Yes |
|
Yes |
|
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 on the movement of funds; 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