To date, 16 new businesses have registered with the Financial Services Commission, said the new FSC Commissioner and Registrar of Companies, Fabian Singh.
Singh, who took over the role in January, conducted his first public press conference on October 10, 2023, to share what the organisation is doing to improve its communication but also update on preparation for next year’s Financial Action Task Force (FATF) review.
Since 2010, the FSC was given the authority by the Government of Montserrat to manage and administer functions related to the registration of companies and intellectual property services.
As of June 2023, 16 new businesses primarily in the lawn, entertainment, food, clothing, home maintenance, and autobody repair sectors registered with the FSC, Singh shared.
There were also 24 new applications for trademarks.
Currently, the FSC reports there are 500 business names on record, and 300 companies registered. Microbusinesses make up 41 of the registered businesses with 27 categorised as a small business.
The commissioner used the press conference to remind business owners of the requirement to file their annual returns on or before April 1 each year for the preceding year which ends in December. “It is crucial to do so as we would hate to strike you off from the register,” he added. “We are intending to utilise WhatsApp and other electronic means to remind people of this.”
Business owners can also expect to receive a call from the FSC to remind them to file their company’s returns.
Commissioner Singh said he has instructed the contractors of the new FSC complex in Little Bay that they are to complete the project by December 2023. Supply chain issues and COVID have been blamed for the construction delays on the three-story building which is to house the National Audit Office on the third floor, the Financial Services Commission on the second floor and the Financial Crimes Unit on the first floor.
Watch the full press conference below.