February 28, 2008
The 2006 World Bank’s Report on doing business ranked St.Kitts- Nevis number eighty five out of over one hundred and seventy countries in the world and last among the Organization of Eastern Caribbean States (OECS).
This new administration of only 19 months old, took a giant step Thursday by making it simpler for persons to do business in Nevis.
During Thursday’s sitting of the Nevis Island Assembly at Hamilton House, the Nevis Reformation Party (NRP) led administration acknowledged the problem and provided a solution with the passage of the Nevis Investment Promotion Agency Ordinance, 2008.
In order to facilitate business transactions for both local and foreign investors in Nevis, provisions will be made to have one agency deal with the entire application process.
During the debate on the said Ordinance, Section 12, which deals with conflict of interests of members of the board, generated the most discussion.
In light of international practice, the failure of a board member to disclose a potential conflict of interest situation could result in severe penalties.
Also passed today in the Nevis House of Assembly was the Companies Amendment Ordinance, 2008.
This amendment will go a long way to stop unethical practices with regard to the reporting of shareholders in companies and also the ordinance ensures that when shares are transferred the appropriate stamp duty is paid to the Inland Revenue Department.
Both bills received ringing endorsements from both sides of the House and for this, the Nevis Reformation Party led government should be congratulated for its continued thrust in the economic development of Nevis and by extension the development of its people.