The classes of licence issued under the Nevis Trust and Corporate Service Providers Ordinance, 2021 are:
- Class I – licence permits the holder to act as a formation agent and provide registered agent and registered office, business address or accommodation, correspondence or administrative address for corporations, limited liability companies and foundations only or to act as or arranging for another person to act as a director, shareholder, secretary or officer of a corporation; a manager, member or officer of a company; or a member of the supervisory or management board of a multiform foundation.
- Class II – licence may be restricted or unrestricted. A restricted licence permits the holder to register and provide registered office, business address or accommodation, correspondence or administrative address for trusts only. An unrestricted licence permits the holder to carry on Class II restricted activities as well as trust business.
- Class III – licence permits the holder to carry on business as a registered agent for international insurance.
- Class IV – licence permits the holder to act as or arrange for another person to act as a director or nominee shareholder for another person
An applicant for licence under the Nevis Trust and Corporate Service Providers Ordinance, must complete the following forms:
- Form 1 – Application for a TCSP licence
- Form 2 – Application for a Class IV licence
- Form 3 – Personal Questionnaire
- Form 4 – Banker’s Questionnaire
The forms must be accompanied by supporting documents; and the prescribed fee.
The Licensing Committee will process the application in accordance with its application processing procedures. Upon completion of this process, if it is satisfied that an application is in order and the applicant is a fit and proper person to be licensed to conduct trust and corporate services business, the Licensing Committee will approve the application and issue the relevant licences to the applicant subject to the applicant paying the prescribed licence fees.
Due diligence investigations and fit and proper assessments are also conducted on the principals, shareholders, beneficial owners, directors, etc of the applicant. The relevant forms and fees are contained in the Nevis Trust and Corporate Service Providers (Forms and Fees) Regulations.
Under the Alien Land Holding Act Cap. 102, foreign beneficial owners and directors of a local company must have an Alien Land Holding licence to hold shares in the company and act as directors. These applications are made through the Ministry of Agriculture. Work permits are also required for the staff that are non-nationals of the Federation of St. Kitts and Nevis.
A licence issued by the Licensing Committee shall be subject to the conditions that the licensee:
- carries on business only in accordance with the class of licence issued;
- informs the Licensing Committee by notice in writing within 30 days of any change, or proposed change, in the information contained in, or supplied with the last application for a licence;
- informs the Licensing Committee of any change of address of the licensee;
- requests and receives prior written approval from the Licensing Committee, within 30 days of the date of the request, to operate a subsidiary, branch, agency or representative office outside of the Island of Nevis;
- does not appoint members to its board of directors or appoint any senior management staff without the prior written approval of the Licensing Committee.
- shall, if a company, at no time have fewer than two directors who must be individuals
All TCSPs are required to submit annual audited financial statements within 3 months of the end of their financial year in accordance with sections 35-37 of the Financial Services Regulatory Commission Act (FSRC Act).
They are also subject to AML/CFT compliance audits as mandated under the FSRC Act, the Anti-money Laundering Regulations, 2011, the Anti-Terrorism (Prevention of Terrorist Financing) Regulations, 2011 and the Financial Services (Implementation of Industry Standards) Regulations, 2011. The Compliance audits are undertaken pursuant to our Risk-Based Supervisory Framework to evaluate the adequacy and completeness of the measures that are in place for AML/CFT with special attention on the internal controls procedures for client acceptance, monitoring risks, suspicious activity reporting to authorities and record keeping.
- Form 1 – Application for a TCSP licence
- Form 2 – Application for a Class IV licence
- Form 3 – Personal Questionnaire
- Form 4 – Banker’s Questionnaire
- Form 5 – Application for Renewal for TCSP licence
- Form 7 – Notice of Change of Registered Office
- Form 8 – Notice of Change of Particulars
- Application for the Approval of the Appointment of a Compliance or Reporting Officer
- Renewal Application for a Compliance or Reporting Officer
LICENSING FEES
| Application for Licence |
1,890.00 |
700.00 |
| TYPE OF LICENCE | ||
| Class I Licence | 2,700.00 | 1,000.00 |
| Class II Restricted Licence
Class II Unrestricted Licence |
2,700.00
5,400.00 |
1,000.00
2,000.00 |
| Class III Licence | 4,050.00 | 1,500.00 |
| Class IV Licence | 2,700.00 | 1,000.00 |
| Additional fees for authorised persons (51 – 500 entities) | 945.00 | 350.00 |
| Additional fees for authorised persons (501 – 1000 entities) | 1,350.00 | 500.00 |
| Additional fees for authorised persons (1001 – unlimited) | 4,050.00 | 1,500.00 |
LICENCE RENEWAL FEES
| FEE
(XCD) |
FEE
(USD) |
|
|
TYPE OF LICENCE |
||
| Renewal of Class I Licence | 2,700.00 | 1,000.00 |
| Renewal of Class II Restricted Licence
Renewal of Class II Unrestricted Licence |
2,700.00
5,400.00 |
1,000.00
2,000.00 |
| Renewal of Class III Licence | 4,050.00 | 1,500.00 |
| Renewal of Class IV Licence | 2,700.00 | 1,000.00 |
| Renewal fees for authorised persons (51 – 500 entities) | 945.00 | 350.00 |
| Renewal fees for authorised persons (501 – 1000 entities) | 1,350.00 | 500.00 |
| Renewal fees for authorised persons (1001 – unlimited) | 4,050.00 | 1,500.00 |
FEES FOR ANCILLARY SERVICES
|
TYPE OF DOCUMENT AND SERVICE |
FEE
(XCD) |
FEE (USD)
|
| Due Diligence Fee – St. Kitts and Nevis National/Resident who has resided outside of St. Kitts and Nevis for five (5) years or more |
4,050.00 |
1,500.00 |
| Due Diligence Fee – Other CARICOM National | 6,750.00 | 2,500.00 |
| Due Diligence Fee – Other Foreign National | 13,500.00 | 5,000.00 |
| Application for approval of director or senior management staff of a licensee | 540.00 | 200.00 |
| Application for approval of shareholder/beneficial owner | 1,350.00 | 500.00 |
| Approval for issue, transfer, disposal of shares (no change in control) | 810.00 | 300.00 |
| Approval for name change | 270.00 | 100.00 |
| Approval for change of financial year end | 270.00 | 100.00 |
| Approval or appointment/change of Auditors | 405.00 | 150.00 |
| Amendments to the business plan | 270.00 | 100.00 |
| Approval for change of registered office | 270.00 | 100.00 |
| Approval for voluntary winding up | 270.00 | 100.00 |
| Approval to enter into a merger, amalgamation or consolidation | 1,350.00 | 500.00 |
| Request for approval of subsidiary/branch | 1,350.00 | 500.00 |
| Miscellaneous requests for letters | 405.00 | 150.00 |
| Request for extension of submission of audited financial statements | 405.00 | 150.00 |
| Late submissions | 270.00 | 100.00 |
| Penalties for late submissions | 135.00 | 50.00
(for each day in default after deadline) |