The process for obtaining an authorisation to carry on non-domestic deposit-taking or investment business in St. Kitts and Nevis is completed in three steps:
- The first step consists in ascertaining whether or not the applicant meets the requirements set forth in Official Guidelines Advisory No. 2.
- The second step consists in submitting the application in the manner set forth in Official Guidelines Advisory No. 4.
- The third step can only be undertaken once the authorisation has been granted and consists in incorporating the company which is to carry on the relevant finance business.
The application process usually takes between 9 to 18 months from the time the application is submitted and largely depends on the completeness, quality, and substance of the information provided in the application documents.
Please note that brass plate financial institutions are not tolerated and that the policy of the Government of St. Kitts and Nevis with regard to applications for obtaining an authorisation under the Financial Services (Regulations) Order of 1997 to carry on non-domestic deposit-taking or investment business is that the applicant must be either a branch or subsidiary of a financial institution of international repute and standing or an independent institution with those connection and credentials. Applications from independent institutions have failed in the past because the sponsor failed to establish that the applicant had such connection and credentials as at the time of the application. It is therefore of vital importance that the sponsor must first ascertain that the applicant is in a position to satisfy this Government policy before undertaking any steps towards an application to obtain the aforementioned authorisation.