An Authorized Person means a natural person or legal person who is licensed to carry on finance business within St. Kitts and Nevis, in Accordance with the Financial Services (Trust and Corporate Business) Regulations, No. 3 of 2019. Finance Business means any: a) Trust business or, b) Corporate business and involves the following activities:
- formation and/or establishing as may be appropriate, companies, foundations or limited partnerships;
- providing nominee shareholders, directors, chief executives or managers, as may be appropriate, for companies, foundations or limited;
- acting as a trustee or protector for trusts;
- maintaining the office for service as may be appropriate for Companies, foundations or Limited Partnerships;
- incorporation and/or registration of companies, Foundations or limited partnerships;
- establishing partnerships or foundations;
- providing nominee shareholders, directors, chief executives or managers for companies or partnerships;
Applicants can apply to become an Authorized Person either as a Company, or an individual (i.e. Attorney called to the Bar in the Federation, or a Certified Accountant).
They should complete an application – and submit along with supporting documents. In the case of a Company, additional information would be required to submit a business plan, information on the beneficial owners, directors and senior management, as the case may be; their qualifications and experience along with the minimum net asset requirement of EC$270,000 or US$100,000 to the Financial Services Regulatory Commission. The Business plan should contain a description of the company ; the types of services and products to be offered; organizational chart showing reporting lines for senior positions and key responsibilities; details of any material outsourcing arrangements that may be anticipated; the market that the company intends to target and its sales and marketing strategy; the number of local persons to be employed; “Know Your Customer” policies and procedures; a three-year financial projections and intended financial year end; source of initial paid-in and future capital, etc.
Submission of the application should be accompanied by the following fees. All cheques should be made payable to the Financial Services Regulatory Commission:
- Non refundable application fees of EC $1,080.00 (US$400.00).
- A payment for due diligence fees of USD$8,000.00 per non-national. Due diligence investigations will also be conducted on nationals who have resided outside of the Federation of St. Kitts and Nevis for an extended period of time.
If approval is granted, the applicable licence(s) will be issued by the after the payment of all the prescribed fees including fees for the licence(s). The fee for the Corporate Licence is EC$5,400.00 or US$2,000.00 for Un-restricted Trust business the licence fee is EC$10,800.00 or US$4,000.00 and restricted Trust Business licence fee is EC$5,400.00 or US$2,000.00.
All Authorized Persons are required to submit annual Audited Financial Statements to the Financial Services Regulatory Commission within four months of the end of their financial year in accordance with Section 19 of the Financial Services Trust and Corporate Business Regulations No. 3 of 2019. They are also subject to AML/CFT compliance audits as mandated under the FSRC Act, the Anti-Money Laundering 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, monitoring risks, suspicious activity reporting to authorities, record keeping including a review of citizenship by investment files, if applicable.Where can I obtain a list of Authorized Person/Service Providers?