The Nevis International Mutual Funds Ordinance 2004 and its accompanying Regulations provide a modern regulatory structure for mutual funds, their managers and administrators. There three types of mutual funds; Private funds, Professional Fund and Public Fund that can be structured as a company, a partnership, unit trust or other similar body formed. Nevis Professional funds are governed by Nevis International Mutual Funds Ordinance 2004 and Nevis International Mutual Funds Regulations.
A professional investor is an individual who either alone or with their spouse has a net worth of greater than US$1,000,000. Their ordinary business must involve the acquisition and disposal of fund-owned property.
The entity making the application is St Kitts and Nevis:
a) Company
b) Limited partnerships,
c) Unit trust or
d) Any other similar body formed under the laws of Nevis or any other jurisdiction
which collects and pools investor funds for the purpose of collective investment.
• The applicant will need at least one shareholder.
• Corporate shareholding is allowed and 100% foreign ownership is permitted.
The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
The Applicant must employ a fund manager:
a. A Fund Manager locally licensed and approved by the FSC
b. A Fund Manager licensed and approved under the laws of a recognized country or jurisdiction.
c. A person with a written permission from the FSC to carry on Business as a Fund Manager.
The Applicant must employ a licensed fund administrator
a. A custodian locally licensed and approved by the FSC
b. A Custodian licensed and approved under the laws of a recognized country or jurisdiction.
c. A person with a written permission from the FSC to carry on Business as a Custodian.
Not Required
The Licensee shall appoint an external auditor who is acceptable to the Commission
The applicant must have indemnity insurance coverage acceptable to the regulator
Must have a net worth of greater than US$1,000,000
USD 350
USD 3500