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Progress Report on impact of SKIPA on St. Kitts’ Investment Climate
By D Joyette Mills-Ward
Business Reporter - SKNVibes.com
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| Mrs Shawna Lake, Acting CEO of St Kitts Investment Promotion Agency (SKIPA) at her desk |
BASSETERRE, St. Kitts – IN an exclusive interview with Shawna Lake on the effects the recently-established St. Kitts Investment Promotion Agency (SKIPA) has on the local investment climate, the Acting CEO declared that it is gaining momentum despite a slow start.
Lake revealed that since the official launch on December 11, 2007, business had initially been slow-paced in terms of new investor interest in the St. Kitts Economy.
However, from around mid-January it gained momentum and, to date, some 20 applications were received from persons wishing to invest.
These applications, Lake explained, cover three broad categories: “Locals seeking to expand existing businesses, locals seeking to establish business, and foreigners seeking to establish business.” Additional information on these categories [and two others] is contained in a pie chart below. ~~Adz:Right~~
Since the launch of SKIPA, there has been no official advertisement as it relates to the agency’s location, and some individuals felt this may have been the cause for its slow “take-off”. Lake however explained that because the current location is temporary and the agency was expected to be relocated shortly, the erection of signs and the start of a public relations campaign had to be deferred.
Notwithstanding, she is hopeful that the new accommodation at the ICT Centre at the CA Paul Southwell Industrial Site would be ready for use by mid-April and would increase business.
With regards to the absence of printed materials/brochures within the SKIPA’s locale, which are necessary in providing information to potential investors, Lake said information are currently being gathered from the relevant ministries – as to what fiscal incentives are available to new and existing investors – after which brochures would be developed. This, she added, is expected to be a part of the first phase of the public relations campaign. Lake is anticipating the roll-out of this first phase to be done by the beginning of March.
Lake said the SKIPA was established with the aim of reducing bureaucracy and streamlining investment procedures, as a number of steps/stops have to be taken before one could establish a business entity on St. Kitts. A foreigner has to take approximately five steps/stops and a local three.
Lake further explained that these steps/stops are no longer undertaken by the applicants, but by a matrix of contact persons [at different stages] who are autonomous to whichever public sector/ministry being impacted by the investment.
Pie Chart – Business Category Applications
Lake said the SKIPA is still very much on a “learning curve”, in that an agency of this nature had never existed, and “with each new or unfamiliar question we (SKIPA) are asked, we research and make record so that we are better prepared to answer any and all questions quickly and accurately in the future”.
The local IPA operates as a Level 2 IPA, which means that it exists to disseminate information to new and existing investors, transmit forms and facilitate the submission of applicants’ forms relating to all stages of establishing business on St. Kitts.
However, a review of the “Investment Code” and the fiscal incentives available within the Federation’s Legislation, as well as having the Draft Legislation finalised and passed, will help determine its movement to a Level 3 SKIPA.
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