Information & Communication Technology
Heavy investments in higher education in Information Technology and plans for a new technology park will increase investment prospects in this sector. Value added services to telecommunications, Intellectual Property, Research & Development and Medical transcriptions are areas for investments that can be pursued in Saint Vincent & the Grenadines. English as a first language is a clear advantage over countries in the Far East in the transcription of medical notes dictated by Physicians. Similarly, Saint Vincent & the Grenadines is an attractive location, particularly since individual companies with proprietary software are finding it attractive to register offshore.
The Information and Communication Technology Services Investments Act, 2007 aims to encourage and facilitate investment and the creation of employment in the information and communication technology services sector. In order to receive benefits under this Act, applicants must meet the requirements of approved company status. Such a company may apply to the Minister for consideration of Cabinet to be granted the status of an approved company under this Act. The application must be in the form set out in the schedule of the Act.
An approval is for a period permitted in Section 14 from the date of the grant of approval
Approval may be revoked by Cabinet upon finding that the approval was procured by false, inaccurate or misleading information.
Incentives granted to companies with the approved company status in the ICT Sector
Imports free of duty plants, machinery, equipment and fixtures for use in the provision of information and communication technology services
N.B: Goods for the personal use of directors, officers, employees or agents shall not be exempted from import duty.