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Saint Vincent and the Grenadines: Offshore Business Sectors

Introduction

A new Saint Vincent and the Grenadines investment promotion agency, the National Investment Promotions Inc. (NIPI), commenced operations in August, 2004, taking over from the Development Corporation (DEVCO), which initially managed the investment promotion functions of Saint Vincent and the Grenadines. In an effort to bolster NIPI's image locally and internationally, it was rebranded as Invest Saint Vincent and the Grenadines and launched in August, 2009. The agency reports to the Office of the Prime Minister, Dr Ralph Gonsalves.

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

In April 2008, the Government of Saint Vincent and the Grenadines announced that it was working along with the European Union to significantly develop the e-Business Sector within the country.

This came as the Ministry of Telecommunications prepared to launch the Business Skills Development and e-Business Incubators funded by the European Union.

Speaking to NBC News, Team Leader and Incubator Manager of the EU Team, Irina Nunberger reportedly explained that the aim of the project is to develop the nation’s entire business sector, while offering services to develop ICT driven businesses.

Miss Nunberger stated that her team will provide training and advice for businesses wanting to launch an e-commerce venture, while also working along with the Government to develop the e-Government Sector.

She revealed that they will also be developing the business networking sector through the establishment of the Local Business Incubator, and that the team will foster networking locally, regionally and internationally.

Business Development Officer from the EU team, Colin Maclean added, according to the Government, that one of the main objectives of the project is to develop the rural business fraternity.

Mr Maclean revealed that the team is working alongside organizations such as the Center for Enterprise Development, the National Development Foundation and the Chamber of Industry and Commerce to develop these rural businesses, which are often overlooked.

 

 

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