St Helena : St Helena Investment Panel Approves Three Applications
Submitted by Saint Helena Herald (Juanita Brock) 17.12.2008 (Article Archived on 31.12.2008)
The St Helena Government’s Investment Panel has approved the following applications for approved investment status.
(Note: PDF files are available on: www.falklandnews.com.
Press Release
Investment Panel Approves Three Applications
The St Helena Government’s Investment Panel has approved the following applications for approved investment status.
Consulate Investments Limited in respect of the Consulate Project, Jamestown;
South Atlantic Trading Company Limited in respect of the Harbour View Villa Development, near Field Road; and
Sub Tropica Estates Limited in respect of the Sub Tropica Estates Development, near White Gate.
These are among the first applications to have been approved for 2008 and Cherie Dillon, Business Finance Manager for SHG said “I am very happy with the result and thank all applicants for their patience and cooperation during the process.” Cherie added that all three projects aim to enhance St Helena’s attractiveness as a tourist destination.
The investors will benefit from various concessions. In particular, the successful applicants will not pay customs duty on capital goods they bring into the island for their project during their first three years of trading, (except for vehicles to be used on the roads). The applicants must, however provide a complete list of goods to be imported before the end of their first year of trading.
A further benefit is a tax free holiday for the first three years of trading.
In addition, should the businesses need to bring in workers from overseas, then applications for entry permission will be processed through a fast-track programme.
To date, six applicants have been awarded Approved Investment Status. Five of the successful applicants are local investors and one is an inward investor.
The Investment Policy is designed to help the private sector move forward. Persons who are interested in applying for approved investment status should contact the St Helena Development Agency for further information.
Public Relations/Information Office St Helena Development Agency
Office of the Chief Secretary 17 December 20008
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