Gbskn2 online 12 15 (1)

Page 52

FINANCIAL SERVICES the registration of Foundations in St. Kitts. On this basis, any person acting on behalf of the Founder, on delivering the Articles of a Foundation to the Registrar and on payment of the registration fee may apply to have a Foundation registered. The Founder is any person who transfers the initial Asset/Capital to the Foundation.

The Advantages of Establishing a Foundation in St. Kitts • Anyone can be a Founder to a Foundation. • There are no capital requirements for the registration of a Foundation. • An Exempt Foundation will be exempted from taxes. • Registration fee is competitive i.e. only $200 US • The Registration process takes only 24 hrs.

The Advantages of Establishing a Captive Insurance Company in St. Kitts Corporations or affiliated persons may form a Captive Insurance Company for the following reasons: 1. Minimizing costs by eliminating a large percentage of traditional insurance company overheads; 2. Access to the lower-cost of reinsurance market; 3. Retaining profits that would otherwise have been paid to commercial insurance (premiums in excess of amounts repaid to cover losses); 4. Earning additional income on funds it controls by choosing lucrative financial instruments in which the company’s premiums may be invested in; 5. Reducing risk by choosing insured parties with a low risk profile; 6. Have control over the design of the company’s policies, as well as, the ability to repay losses incurred; 7. The ability to insure risks which would otherwise be uninsurable

Financial Services Regulatory Commission P.O. Box 898, Upstairs Karibhana Building Liverpool Row, Basseterre St. Kitts, East Caribbean Tel: +1 869 466 5048/467-1019 Fax: +1 869 466 5317 E-mail: skanfsd@sisterisles.kn Website: www.fsrc.kn 50

| The Golden Book of St. Kitts - INVESTMENT GUIDE


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.