St Vincent & The Grenadines Sees Strong Growth In IBC Registrations
by Amanda Banks, Tax-News.com, London
06 July 2004

Since securing its removal from the Financial Action Task Force (FATF) blacklist of Non-Cooperative Countries and Territories, the Caribbean jurisdiction of St Vincent and the Grenadines has reported strong growth in the registration of international business companies.

According to the International Financial Services Authority (IFSA), by the end of April 2004, some 357 new IBCs had registered in the country, compared to 194 during 2003, representing growth of 84%.

In addition, 2004 has seen the licensing of two new mutual fund entities and five international insurance firms, and the Authority has reported strong interest in both of these sectors from potential investors.

Representing a further sign that the international finance community is taking more notice of St Vincent, the IFSA is currently processing the jurisdiction’s first new banking application for two years.

In recognition of the enactment of reforms to the anti-money laundering regime, and on-going efforts to implement these reforms, the FATF took the decision in June 2003 to remove St Vincent and the Grenadines from its blacklist.

The country is also preparing to launch a designated agency for the promotion of investment in the jurisdiction, which will be known as National Investment Promotions Inc. (NIPI). Operations are set to commence on August 16.

.