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St Kitts And Nevis Nears Completion Of Investment Promotion Laws

by Amanda Banks, Tax-News.com, London

19 November 2007


Lawmakers in St. Kitts and Nevis should have draft legislation to support the establishment of the Investment Promotion Agency (IPA) by the end of this month, according to Prime Minister Denzil Douglas.

Douglas made his announcement while updating his Cabinet colleagues on the progress towards the establishment of the Investment Promotion Agency, which was approved in early October.

“The legislation to support the establishment of the IPA has been drafted and will have its First Reading in Parliament around the end of November,” explained Minister of State for Information, Sen. Nigel Carty.

He explained that a public consultation to discuss the proposed legislation, the corporate plan, and the near term operational plan for the IPA will be conducted during the month of December, and the enactment of the legislation is to be completed in time for the New Year, 2008.

“The Investment Promotion Agency is geared towards the creation of a highly competitive business environment intended to increase investment inflows, and foster the creation, formalisation and expansion of businesses - local businesses in particular,” announced Minister Carty.

The new facility is geared towards the creation of a competitive business environment, intended to increase investment inflows and foster the creation, formalization, and expansion of businesses - local businesses in particular. The project is supported by the United States Agency for International Development (USAID).

The government has also indicated that the regulatory processes affecting the development of business will be overhauled, and the number of procedures necessary to establish and operate businesses will be decreased to put St. Kitts and Nevis more in line with the World Bank ‘Doing Business’ standards.


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