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Objectives and activities
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.
Institutions supervised
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.
Application and Licence Fees:
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
Email: skanfsd@sisterisles.kn
Website: www.fsrc.kn
Ms Kerstin Petty (Director)
E: skanfsd@sisterisles.kn[/vc_column_text][vc_column_text]
| Application and Licence Fees | Cost in United States Dollars |
| Company Incorporation:
1. Domestic/Local/External 2. Exempt/International |
$100.00 $200.00 |
| Trust Company:
1. Domestic/Local/External 2. Exempt/International |
$100.00 $200.00 |
| Foundation Establishment
1. Domestic/Local 2. Exempt/International |
$100.00 $200.00 |
| Limited Partnerships:
1. Domestic/Local 2. Exempt/ International |
$100.00 $200.00 |
| Captive Insurance Companies:
1. Application Fee(non-refundable) 2. Annual Licence Fee: Small Group Captive
Insurance Company 1. Annual Licence Fee: Captive Insurance Company other than Small
Group Captive |
$200.00 $800.00
$3,000.00 |
| International Deposit Taking Institution:
1. Application Fee:(non- refundable) 2. Annual Licence Fee(restricted) 3. Annual Licence Fee:(unrestricted) |
$1,000.00 $4,000.00 $8,000.00 |
| Investment Business:
1. Application Fee (non-refundable) 2. Annual Licence Fee(restricted) 3. Annual Licence Fee(unrestricted) |
$800.00 $3,000.00 $6,000.00 |
| International Insurance Manager:
1. Application Fee(non-refundable) 2. Annual Licence Fee |
$400.00 $3,000.00 |
| Trust Service Provider:
1. Application Fee(non-refundable) 2. Annual Licence Fee(restricted) 3. Annual Licence Fee(unrestricted) |
$200.00 $1,000.00 $2,000.00 |
| Corporate Service Provider:
1. Application Fee(non-refundable) 2. Annual Licence Fee |
$50.00 $500.00 |
| Money Services Business:
1. Application Fee 2. Annual Licence Fee |
$370.00 $1,852.00 |
| Domestic Insurance Business:
1. Application Fee(non-refundable) 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) |
$556.00 $926.00 $926.00 $1,852.00 $1,852.00 |
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