St Kitts and Nevis Money Service Business License_Guidelines
St Kitts and Nevis Money Service Business License
There several classes of Licence issued under the Money Services Act, No. 26 of 2008, shall authorize the holders to carry on money services business as specified.
In order to obtain a licence as a money services business, a person shall apply in writing to the Financial Services Regulatory Commission, pay the prescribed application fee, complete Form A and Form B as outlined in Schedule 2 of the Money Services Business Act of 2008 and submit the required documents. The Financial Services Regulatory Commission 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 money services business, the Financial Services Regulatory Commission will approve the application and issue a licence to the applicant subject to the applicant paying the prescribed licence fee and making the prescribed statutory deposit in accordance with the Money Services Business Act.
- CLASS A licence: permits the holder to carry on the transmission of money or monetary value in any form, the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
- CLASS B: licence permits the holder to carry on the issuance, sale or redemption of money orders or traveller’s cheques, cheque cashing and currency exchange.
- CLASS C: licence permits the holder to carry on cheque cashing.
- CLASS D : licence permits the holder to carry on currency exchange.
- CLASS E : licence permits the holder to carry on pay day advances.
|Entity Requirements||The entity making the application is St Kitts and Nevis:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
|St Kitts and Nevis Office||Not Required|
|Auditor||A licensee is required to appoint annually an Auditor who must be a Chartered Accountant, Certified Public Accountant, a member of the Institute of Chartered Accountants of the Eastern Caribbean or some other professionally qualified accountant, whose duty shall be to prepare reports on the annual financial statements and financial position of the licensee.|
|Insurance||The applicant must have indemnity insurance coverage acceptable to the regulator|
|Minimum Capital Requirements||Must have a net worth of greater than US$1,000,000|
|Application Fee Class A Class B Class C Class D Class E||USD 2,000 USD 2,000 USD 2000 USD 2,000 USD 2,000|
|License Fee Class A Class B Class C Class D Class E||USD 10,000 USD 10,000 USD 10,000 USD 10,000 USD 10,000|
- Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Nevis Finance Service Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
- Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
- Company formations and Administration
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- Trusts and Foundations setup and administration
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- Yacht and aircraft registrations.
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- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
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