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St Kitts And Nevis Targets Red Tape

Wednesday, August 18, 2010

The government of Saint Kitts and Nevis has announced that it has begun a review of bureaucracy in the twin-island federation to ease the cost of conducting business in the islands.

Illustrating areas that require improvement, the Director General of the Registrar of Companies, Fidela Clarke, said that companies are required to follow eight separate steps in order to incorporate in the jurisdiction, with prospective business owners expected to interface with numerous government agencies. She said reviews are ongoing to simplify the process.

“The proposed reforms will tend to consider amalgamating some of the [procedures] together so that instead of going to various agencies you would be able to go to only one place to have certain things done at the same time,” Clarke explained.

She noted that one proposal being considered is to have the Companies Registry interact with the Inland Revenue Department and Social Security office to obtain a tax identification number and registration number on behalf of prospective businesses. “We’d be killing several birds with one stone,” Clarke said.

According to Clarke, the reforms were prompted after the Federation was ranked number 76 out of 183 countries in the World Bank Doing Business Project, which provides objective measures of business regulations and their enforcement. The rankings are from the Doing Business 2010 report, covering the period June 2008 through May 2009.

According to the website doingbusiness.org, St. Kitts and Nevis is outranked by CARICOM neighbours St. Lucia, listed at 36, Antigua and Barbuda, ranked 50, the Bahamas, at 68, St. Vincent and the Grenadines, at 70, and Jamaica, at 75. Meanwhile the ranking given to St. Kitts and Nevis relating to starting a business in the twin-island Federation slipped to 86.

Clarke explained that the government plans are supported by the World Bank via the International Finance Corporation (IFC), which is providing assistance on reforms designed to enhance the jurisdiction's offerings to the private sector.

The IFC is also to advise authorities on enhancing cross border trade opportunities by tackling issues surrounding the import and export of goods and services.

The IFC is also undertaking similar projects with authorities in Grenada, St. Lucia and Dominica.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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