BASSETERRE, ST. KITTS, FEBRUARY 3rd 2014 (CUOPM) – St. Kitts and Nevis Prime Minister the Right Hon. Dr. Denzil L. Douglas has been invited to attend a Creating Climate Wealth Summit on Necker Island & Moskito Island, home of Sir Richard Branson in the British Virgin Islands this week.
The invitation to the most pioneering leaders in the Caribbean nations, who will be joined by the best finance institutions and top-tier renewable energy providers the world has to offer. Read more
The Financial Services Regulatory Commission (FSRC) was established to supervise the non-bank financial sector in St. Kitts and Nevis. In addition, it serves as the ultimate regulatory authority for anti-money laundering and the prevention of terrorist financing. The Commission reviews applications, statutory returns and reports; performs On-site inspections and off-site review and analysis; ensures compliance with the provisions of the legislations which it is responsible for administering and where necessary makes the appropriate recommendations to the Minister of Finance.
The FSRC supervises and regulates the insurance companies, investment business, trust and corporate service provider business, money service businesses, credit unions and the Development Bank of St. Kitts and Nevis.
To conduct financial services business in St. Kitts, an application, accompanied by the relevant application fees, should be submitted to the FSRC with documentation in accordance with all the requirements outlined in the relevant legislations:
Domestic Insurance Companies – Insurance Companies Act, 2009
Contact: Registrar of Insurance
Captive Insurance Companies – Captive Insurance Companies Act
Contact: Registrar of Captive Insurance Companies
Credit Unions – The Co-operatives Societies Act, 2011
Contact: Registrar of Credit Unions
Investment Business, Trust and Corporate Service Provider Business – The Financial Services
(Regulations) Order, Cap 21.03 (Seventh Schedule)
Contact: Director, FSRC
Money Services Business – Money Service Business Act, 2008
Contact: Director, FSRC
All legislation relevant to the regulation and supervision of the financial services sector can be found on our website, www.fsrc.kn.
Financial Services Regulatory Commission
PO Box 898, Upstairs Karibhana Building
Liverpool Row, Basseterre
St Kitts, West Indies
Tel: +1 869 466 5048/467-1019
Fax: +1 869 466 5317
Ms Kerstin Petty (Director)
2. Exempt/ International
1. Application Fee(non-refundable)
2. Annual Licence Fee: Small Group Captive
1. Annual Licence Fee: Captive Insurance Company other than Small
2. Annual Licence Fee(restricted)
3. Annual Licence Fee:(unrestricted)
3. Annual Licence Fee(unrestricted)
2. Annual Licence Fee
2. Annual Licence Fee- Local Insurance Company(Long –term Insurance Business)
3. Annual Licence Fee- Local Insurance Company (General Insurance Business)
4. Annual Licence Fee-Foreign Insurance Company(Long term Insurance Business)
5. Annual Licence Fee-Foreign Insurance Company(General Insurance Business)
Return to Financial Services
Since the closure of the sugar industry in 2005, attempts by government to transform the economy of St. Kitts and Nevis to a more service base economy has resulted in creation of several economic sub-sectors. Among such sector, is the creation and establishment of the St. Kitts and Nevis International Ship Registry.
Established under the Department of Maritime Affairs primarily to provide ship owners around the globe with a high quality service, the ship registry of St. Kitts and Nevis is holding its own and forging ahead especially when compared to other registries such Panama, Liberia and the Bahamas ship registry. In fact, through the ship registry, St. Kitts and Nevis is rapidly becoming one of leading flags under which ship owners can be assured that all their administrative and shipping needs will be fulfilled.
The St. Kitts and Nevis ship registry has no restrictions on ownership of St. Kitts and Nevis ships. It is available and accessible to local and foreign corporations and individuals and any type of ship, including yachts, non-propelled barges, rigs and ships under bareboat charter.
To facilitate speedy registration, a worldwide network of offices, staffed by professional and experience Maritime Registrars and Special Agents to issue pertinent documentation when authorized by head office in the UK. These officers are empowered to accept application documents, deal with questions and procedural aspects of ship and seafarer registration ‘face-to-face’ as the local contact for a ship-owners so avoiding any delays, especially those caused by time zones. The Operational Head Office controls the issuing of all Ship and Seafarer documentation. Located in the suburbs of London, St. Kitts and Nevis International Ship Registry spans the office opening hours of most major shipping and business centres. Ongoing investment in IT and computer facilities allows a rapid analysis of applications for registration, while maintaining adequate controls for the identification of owners, managers and seaworthiness of ships in accordance with National Legislation, International Maritime Organization (IMO) Conventions and accepted international practice. St. Kitts & Nevis is a signatory to all the major IMO Conventions and participates actively in the evolutions of IMO.
Recognized Organizations or Class Societies are authorized to carry out statutory surveys and issue statutory certification on behalf of St. Kitts and Nevis. A network of Flag State Inspectors carryout Annual Flag State Inspections and occasional surveys.
Pleasure and Commercial Yachts may be registered. St. Kitts and Nevis International Ship Registry provides for the use of a variety of industry standard Yacht Codes for technical regulation, giving flexibility to the yacht owner. Pleasure yachts may be temporarily registered as operating in a Commercial mode.
Ships registered in St. Kitts & Nevis may be mortgaged. Supporting legislation follows the general legal principal of English Law on ship mortgages. The mortgager mortgages the ship by execution of a simple mortgage deed, registering this at the office of the International Registrar of Shipping and Seamen. By prior arrangements, mortgage documents can be presented at the office of a Maritime Registrar and the mortgage registered. The mortgagee may enforce the mortgage by taking possession of the ship and selling it by private sale or at auction.
Ships may be bareboat chartered both into and out of St. Kitts & Nevis for either long or short periods. St. Kitts and Nevis Ship Registry is a member of MAIIF- the Maritime Accident Investigators International Forum.
A competitive fee structure and fast- turnaround of applications to assist ship owners in today’s world of commercial pressures and instant communication is one of the greatest hallmarks of the St. Kitts and Nevis International Ship Registry.
St. Kitts and Nevis Ship Registry management system is accredited to ISO 9001 by American Bureau of Shipping (ABS).
We welcome your applications for registration and further information can be obtained at www.stkittsnevisregistry.net.
International Registrar of Shipping & Seamen
Mr. Nigel E. Smith
St. Kitts and Nevis International Ship Registry
West Wing, York House
48-50 Western Road
Tel: +44 (0)1708 380400
Fax: +44 (0)1708 380401
Department of Maritime Affairs
Department of Maritime Affairs
Ministry of Tourism & International Transport Upstairs Building
# 3-4 PO Box 878 Port Zante
Basseterre St Kitts W.I.
Tel: +1 869 467 1391/2
Direct: + 1 869 467 1385
Fax: +1 869 465 9475
Technical & Survey Office
Mr Alan Crass
Maritime & Corporate Consultancy Services Ltd
PO Box 2009
Tel: +1 869 466 3330
Fax: +1 869 466 8818
Mobile: +1 869 669 0382
In business we think of customers as those we sell products or services too. But we as Citizens are customers of the Government. Most Ministries are still not "customer oriented", but it was a welcomed relief to find an agency such as SKIPA. SKIPA helped Peter KN Inc get incorporated quickly by providing us with the information we needed, and helped us navigate the procedures required for forming our corporation and operating a citizen owned small business.