International Financial Services
On 20th June 2003 St. Vincent and the Grenadines was removed from the Financial Action Task Force (FATF) Blacklist. With this clean bill of health St. Vincent and the Grenadines has become a world-class international financial service centre, characterised by integrity, confidentiality and innovation. It also offers registration for flags of convenience. The location is ranked 11th globally for the service.
Composition of International Finance Sector
* International Business Companies (IBCs)
* International Trusts
* International Banks
* International Insurance Companies
* Mutual Funds
* Licensed Service Providers known as Registered Agents/Trustees
Agro-processing and Light Manufacturing
Agro-processing and light manufacturing are done for local consumption, as well as niche market exports. There is significant investment in food processing facilities to ensure that they are all compliant with Hazard Analysis Critical Control Point (HACCP), standards. Joint ventures are encouraged, however, foreign investors may own up to one hundred percent of any enterprise.
Current projects include vacuum packing of vegetables, poultry hatching and processing and exporting of consumer-ready bottled coconut water. Customised, as well as standard factory shells of 6,000, 10,000 and 20,000 sq. ft., which include electrical and plumbing connections, are readily available. These shells are managed by National Properties Ltd. The agro-processing and light manufacturing sectors will also be energised by the linking of the international financial Services to trade, as well as the introduction of the Free Port/Free Zone.
St. Vincent and the Grenadines is the home of the Mustique Company, the oldest most successful private investment project in the Caribbean. Mustique, one of the Grenadine islands, is among the top destinations in the Caribbean for the celebrity jet set, attracting notables ranging from Mick Jagger to Oprah Winfrey, and Beyonce Knowles.
Plans are afoot for the development of an exclusive Resort and spa on the Mt. Wynne/Peters Hope Estates.