Valsen Corporate

Saint Vincent and the Grenadines Public Fund

  • 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
    • Corporate  vehicle permitted

    St. Vincent International Company, Partnership or Unit Trust

    ·         License application fee

    USD 500

    ·         Annual license fee

    USD 600
    • Local physical office required

    No

    Share capital or equivalent

    ·         Minimum subscription

    None

    ·         Minimum investors

    None

    Directors
    • Minimum number

    2
    • Corporate directorship allowed

    Yes
    • Local director required

    No

    Service Providers Required
    • Custodian

    Yes (from anywhere)
    • Fund manager/Investment manager

    Yes (from anywhere)
    • Local fund administrator

    Yes
    • Auditors

    Yes
    • Legal adviser

    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