- May 24, 2013
- |Investor's Guide
The steps involved in establishing a business may vary depending on the type of business being established. Investors are asked to contact SKIPA for information concerning the specific type of business being considered.
Steps to establish a business include but are not limited to:
- Incorporating the company with St. Kitts Financial Services
- Applying for a Business & Occupations Licence (Facilitated by SKIPA)
- Registering with Inland Revenue as a tax payer
- Registering with the St. Christopher Social Security Board as an employer
- Applying for an Alien Landholding Licence (foreigners owning shares in an ordinary company or foreigners serving as directors of an ordinary company)
- Submitting Proposals for Review (SKIPA)
- Applying for Incentives
Applying for Work Permits
Guide to Preparing Proposal
- Description of the project including size, capital investment, concept, and layout designs (if applicable).
- Completed business plan
- Impact on the economy with regard to number of jobs to be created, spin off opportunities for new business ventures which can emerge or spin off opportunities to attract tourism or further new investment to the island.
- Information on work permits requirements (if applicable).
- Time scale for completion of the full project and if it is to be done in phases, the time period for each phase.
- Environmental Impact Assessment (if applicable)
- The licences and/or concessions required. (A comprehensive list of items that concessions are required on should be provided or specific categories of items that would be required to execute the project) If concessions from certain taxes or fees are required, these should be stated specifically as well.
- The amount of Government owned land required (if applicable).
- Background information on the principals of the business venture and their experience in the area of business that they are applying to establish.
- Information on the financing of the project
- Due diligence check will need to be carried out on the developers. The due diligence cost is US$5,000.00 and is for the account of the developer
The project proposal should accompany a project concept, which may different from the document which deals with the points outlined above. However a covering letter which specifically lists the licences and concessions being requested should be included which summarizes what is being asked for. This ensures that all of the things being requested are in fact included in the applications for permission and approval that are submitted to the relevant Ministries and ultimately to Cabinet.
These points are subject to review at anytime.