Valsen Fiduciaries Funds

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St. Kitts and Nevis Public Fund

The Nevis International Mutual Funds Ordinance 2004 and its accompanying Regulations provide a modern regulatory structure for mutual funds, their managers and administrators.

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About St. Kitts and Nevis Public Fund

A public fund may apply to the Registrar for registration to carry on business from within Nevis. Public Funds, offering shares or units to the general public are required to be registered.

St. Kitts and Nevis Public Fund Legal Requirements

Requirements

Description

  1. Applicable legislation

Nevis International Mutual Funds Ordinance 2004

Nevis International Mutual Funds Regulations

  1. Supervising Authority

Financial Service Commission

  1. Corporate vehicle permitted

 State the legal form of the fund,

Company;

Partnership; or

Unit Trust;

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.

  1. Share capital or equivalent

  • Minimum subscription

None

  • Minimum investors

 None

  1. Directors / Partners / Trustees

  • Minimum number

2

  • Corporate Directors / Partners / Trustees allowed

No

  • Local Directors / Partners / Trustees required

No

  1. Fund functionaries required

  1. Custodian

  • Custodian required

Yes

  • Local custodian required

No

  • Eligible custodian

A custodian locally licensed and approved by the FSC

A Custodian licensed and approved under the laws of a recognized country or jurisdiction.

A person with a written permission from the FSC to carry on Business as a Custodian.

  1. Fund manager / Investment Adviser

  • Fund manager required

Yes

  • Local fund manager required

No

  • Fund manager requires to be licensed

Yes

  • Eligible fund manager

A Fund Manager locally licensed and approved by the FSC

A Fund Manager licensed and approved under the laws of a recognized country or jurisdiction.

A person with a written permission from the FSC to carry on Business as a Fund Manager.

  1. Fund administrator

  • Fund administrator required

Yes

  • Local fund administrator required

No

  • Eligible fund administrator

A fund administrator locally licensed and approved by the FSC

A fund administrator licensed and approved under the laws of a recognized country or jurisdiction.

A person with a written permission from the FSC to carry on Business as a fund administrator .

  1. External auditor

  • External auditor required

Yes

  • Local external auditor required

No

  • Eligible external auditor

 An auditor acceptable to the Regulator(in this Ordinance called “the approved auditor”)in accordance with international auditing standards

  1. Asset Requirements

  • Restriction on type of asset class invested

None

  • Asset diversification requirements

None

  • Limitation on size of the fund or total assets under management

None

  1. Local physical office required

No

  1. Prospectus / Offering Memorandum required to be filed

Yes

  1. Eligible for listing

Yes

  1. License fees

  • License

    application fee

USD 600

  • Annual license fee

USD 300

  1. Estimated license processing duration

3 months

Ongoing Obligations

Requirements Description
Monthly obligations
Office Required
Quarterly obligations
None
Annual obligations
Maintain such accounting records and financial statements available for examination by the Registrar or any person authorized under his hand at its principal place of business or registered office in Nevis;
Other obligations

Notify Minister within a reasonable period of any of the following changes:

Changes in any Key Functionary in the Fund.

Change in the registered office address

Change of its agent in Nevis

Change in name or address of-

  • each director of the fund, if the fund is a company
  • each trustee of the fund, if the fund is a trust
  • each general partner of the fund, if the fund is
  • limited partnership.
  • Appointment, resignation or removal of a Director or officer
Tax Obligations and Other Exemptions
Requirements Description
Business Tax
Mutual funds are exempt from business tax.
Withholding Tax
No withholding tax is payable on dividends and/or interest payable.
Value Added Tax (VAT)
VAT is not applicable to mutual funds in its entirety.
Stamp duty Act
Mutual funds are exempt from payment of stamp duty Tax.
Trades Tax Act
None
Immovable Property Transfer Restriction Act
None
Immigration Decree
None
Exchange Control Act
The provisions of the Exchange Control Act do not apply to mutual funds.
Foreign Earnings Act
The Foreign Earnings Act is not applicable to mutual funds in its entirety.

Benefits of a St. Kitts and Nevis Public Fund:

  • No foreign income, capital gains, gift, and inheritance tax
  • No requirement to visit St Kitts and Nevis before, during, or after application
  • Ease and speed of licensing