Trust & Corporate Service Providers (TCSPs)

Classes

The classes of licence issued under the Nevis Trust and Corporate Service Providers Ordinance, 2021 are:

• <strong>Class I</strong> permits the holder to act as a formation agent and to provide registered agent and registered office, business address or accommodation, correspondence or administrative address for corporations, limited liability companies and foundations only; or to act as, or arrange for another person to act as, a director, shareholder, secretary or officer of a corporation, a manager, member or officer of a company, or a member of the supervisory or management board of a multiform foundation.
• <strong>Class II</strong> may be restricted or unrestricted. A restricted licence permits the holder to register and provide registered office, business address or accommodation, correspondence or administrative address for trusts only. An unrestricted licence permits Class II restricted activities as well as trust business.
• <strong>Class III</strong> permits the holder to carry on business as a registered agent for international insurance.
• <strong>Class IV</strong> permits the holder to act as, or arrange for another person to act as, a director or nominee shareholder for another person.

Licensing Process

An applicant for a licence under the Nevis Trust and Corporate Service Providers Ordinance must complete the following forms:

1. Form 1 – Application for a TCSP licence
2. Form 2 – Application for a Class IV licence
3. Form 3 – Personal Questionnaire
4. Form 4 – Banker's Questionnaire

The forms must be accompanied by supporting documents and the prescribed fee.

The Licensing Committee processes the application in accordance with its application processing procedures. If it is satisfied that the application is in order and the applicant is a fit and proper person to conduct trust and corporate services business, it approves the application and issues the relevant licences, subject to payment of the prescribed licence fees.

Due diligence investigations and fit-and-proper assessments are also conducted on the principals, shareholders, beneficial owners and directors of the applicant. The relevant forms and fees are set out in the Nevis Trust and Corporate Service Providers (Forms and Fees) Regulations.

Under the Alien Land Holding Act, Cap. 102, foreign beneficial owners and directors of a local company must hold an Alien Land Holding licence to hold shares in the company and act as directors. Those applications are made through the Ministry of Agriculture. Work permits are also required for staff who are not nationals of the Federation of St. Kitts and Nevis.

Supervision

A licence issued by the Licensing Committee is subject to the conditions that the licensee:

• carries on business only in accordance with the class of licence issued;
• informs the Licensing Committee by notice in writing within 30 days of any change, or proposed change, in the information contained in or supplied with the last application for a licence;
• informs the Licensing Committee of any change of address of the licensee;
• requests and receives prior written approval from the Licensing Committee, within 30 days of the date of the request, to operate a subsidiary, branch, agency or representative office outside the Island of Nevis;
• does not appoint members to its board of directors or any senior management staff without the prior written approval of the Licensing Committee;
• if a company, at no time has fewer than two directors, who must be individuals.

All TCSPs must submit annual audited financial statements within three months of the end of their financial year, in accordance with sections 35 to 37 of the Financial Services Regulatory Commission Act.

They are also subject to AML/CFT compliance audits mandated under the FSRC Act, the Anti-Money Laundering Regulations 2011, the Anti-Terrorism (Prevention of Terrorist Financing) Regulations 2011 and the Financial Services (Implementation of Industry Standards) Regulations 2011. Compliance audits are undertaken under the Commission’s Risk-Based Supervisory Framework, to evaluate the adequacy and completeness of AML/CFT measures, with particular attention to internal control procedures for client acceptance, monitoring risks, suspicious activity reporting and record keeping.

Fees

New licences

Renewals

Approvals, documents and services

Registry access

Fees are indicative; confirm current fees with the Commission before filing.

Forms

The application, renewal and notification forms. Each opens in the document viewer, where you can read, download or print it.

Legislation

The Ordinance, its commencement order and the Forms and Fees Regulations.