THE INVESTMENT PROSPECTUS 2020 - 2021 ST HELENA ISLAND - St Helena ...
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THE INVESTMENT PROSPECTUS 2020 - 2021 ST HELENA ISLAND
CONTENTS Disclaimer 1 MAP - Strategic Assets 35 About St Helena Government 2 Regulatory Framework 36 About St Helena Island 3-4 Experience St Helena 37 - 38 Our Goal - Our Vision 5-6 Marine Environment 39 - 40 Invest St Helena 7-8 Raw Environment 41 - 42 Where we are - Where we’re going 9 - 10 History and Heritage 43 - 44 Opportunities and Growth Industries 11 Credits and Contacts 45 Key Statistics 12 Path to Investment 13 Investment and Tax Incentives 14 Academia,Research and Conferences 15 - 16 Introduction Agriculture 17 - 18 Construction and Property 19 - 20 Fishing 21 - 22 Opportunities Green Initiatives 23 - 24 ICT and the Digital Economy 25 - 26 Information Professional and Financial Services 27 - 28 Tourism 29 - 30 Strategic Assets 31 - 32 Additional Opportunities 33 - 34
DISCLAIMER
This Investor Prospectus is a live document and all content is subject to change
without prior notice. Any process described serves as a reference guide only and
is indicative of best effort service times only. All content in this document and
on St Helena Government’s website more generally, is for information purposes
only. It is very important to do your own analysis before making any investment.
You should take independent financial, and if necessary, legal advice from a
professional relating to investment, and independently research to verify any
information that you might find on our website, whether for the purposes of an
investment decision or otherwise.
St Helena Government will not be held responsible for any loss or damage you
may incur as a result of relying on information contained in this document and
by proceeding to engage without first contacting them, you are deemed to
acknowledge this.
Copyright Saint Helena Government 2021
1
ABOUT ST HELENA GOVERNMENT’S
SUSTAINABLE DEVELOPMENT TEAM
St Helena Government’s Sustainable Development Team is responsible for
ensuring development for the Island that meets the needs of the present without
compromising the ability of future generations to meet their own needs. The Team
focuses on delivering the Island’s Sustainable Economic Development Plan, and
meeting the Altogether Wealthier goal of St Helena Government’s 10 Year Plan
by supporting industry which increase exports, reduce imports, and by working to
manage income inequality.
The team can be contacted by emailing invest@sainthelena.gov.sh
www.sainthelena.gov.sh/st-helena/invest-in-st-helena/
2
ABOUT ST HELENA ISLAND
3
Population - 4,425 (2019) GDP - £42.4M (2017/18)
4 GNI Per Capita - £8,860 (2017/18) Inflation - 4.0% (2019)
OUR GOAL - OUR VISION 5
OUR VISION
To achieve development which is
economically, environmentally and socially
sustainable by increasing standards of living
and quality of life; not relying on aid
payments from the UK in the longer term;
whilst affording to maintain the Island’s
infrastructure; achieve more money coming
into St Helena than going out and sustain
and improve St Helena’s natural resources
for this genera�on and the next.
(Sustainable Economic Development Plan 2018-2028)
OUR GOAL
To develop St Helena industry, promote
sustainable and green growth, increase the
skilled workforce and ensure that everyone
on St Helena prospers from sustainable
economic development
(St Helena Island 10 Year Plan 2017 – 2027)
6INVEST ST HELENA
Who are we? and planned connectivity to the subsea cable during
St Helena is on a journey towards becoming a globally 2022 will amplify the opportunity for growth.
connected, green and blue-island destination with
a vibrant tourism and digital-driven economy. As a Who are you? - Responsible, Sustainable and Equitable
developing island-state, St Helena offers a unique Investors
opportunity for you to invest NOW, and benefit from You are interested in exploring opportunities and
being a first-mover. establishing relationships with key stakeholders and
local businesses that will lead to growth-markets,
Accessibility and Connectivity increased exports, reduced reliance on imports and
We are accessible via air every Saturday from sustainable increased revenue sources.
O. R. Tambo International Airport, Johannesburg, South
Africa, and from Cape Town International Airport every If you have an adventurous spirit, relish the opportunity
Tuesday from December 2019 to February 2020, with to engage with local experts, and want to be a part of a
private charter also an option. Boasting favourable globally connected, green and blue-island destination
sea conditions for most of the year, St Helena is easily with vibrant tourism and digital-driven economy, then
accessed by visiting cruise ships and private motor St Helena is your place to do business.
yachts, with a steady flow from the international
yachting fraternity.
Become part of our inclusive, responsible and
A Vibrant and Growing Private Sector sustainable development aspirations.
We have resilient local businesses that innovate and
create to adapt to the existing infrastructure; local
produce is amongst the freshest and flavourful available
7WHY INVEST
IN
ST HELENA?
AIR ACCESS MARKET SHARE
Newest world tourism Significant opportunity
and investment to be first market
des�na�on accessible entrant in your sector
by air
LOCATION SAFE ENVIRONMENT STABLE ENVIRONMENT
Warm sub-tropic climate Low crime rates, clean St Helena is poli�cally
and unspoilt beauty air and clear waters stable with the legal
system based on
English Law
CURRENCY TIME ZONE LANGUAGE ECONOMY
St Helena Pound Greenwich Mean Time English is the spoken Tremendous growth
has parity with the (GMT) all year round language on St Helena poten�al opportuni�es
Pound Sterling
8WHERE WE ARE...
• Population = 4,425 (2019) • St Helena connects to
• Opportunities to invest NOW fibre-optic subsea cable
and be a first-mover
• Launch of the St Helena
Research Institute (SHRI)
2019 2022
9WHERE WE’RE GOING...
• St Helena as a premium • Population (internal market)
brand – Economy in goods = 8,000
exports, research and • A globally connected green
development and and blue-island destination
tele-business with sustainable and low
impact tourism
• A Tourism-Driven Economy
2030 2050
10OPPORTUNITIES AND GROWTH INDUSTRIES
• A range of sectors with growth potential
• Import substitution and export opportunities ICT &
DIGITAL ECONOMY
• Fibre optic subsea cable during 2022 AGRICULTURE
• Agriculture and fishing key sectors
• Opportunity to reduce island’s trade deficit
• Green initiatives
• ICT and the digital economy OPPORTUNITIES
ACADEMIA
&
• Professional and financial services RESEARCH GREEN INITIATIVES
CONFERENCES GROWTH INDUSTRIES
• Opportunities for demonstrator projects
• Research and innovation within new and
developing sectors
• Philanthropic activities
• Land and property available CONSTRUCTION &
PROFESSIONAL &
PROPERTY
• Targeted investment and tax incentives FINANCIAL SERVICES
FISHING
• New equitable partnerships
11KEY STATISTICS
Total IMPORTS export of goods
• Imports from South Africa - £9.0m
2018/19 2018/19
• Imports from UK - £8.0m £19.3m £0.419m
• Imports from other countries - £2.3m
• Of food and live animals - £4.2m
Annual Expenditure Per Household 2017/18
Food £4.1k 34.4%
Miscellaneous goods and services £1.6k 13.2%
Transport £1.6k 13.1%
Housing £1.4k 11.6%
Household energy £0.9k 7.5%
Household goods and services £0.8k 6.5%
Alcohol and Tobacco £0.8k 6.3%
Communication £0.8k 6.3%
Clothing £0.1k 1.1%
Total £11.9k 100.0%
For more statistics visit - www.sainthelena.gov.sh/statistics/
12PATH TO INVESTMENT DISCLAIMER: The process described in this schematic serves as a reference guide only .
STEP 1 - Inital investment enquiry to be submitted to St Helena Government’s Invesment Coordinator
STEP 2 - Inital concept / proposal presented to the Investment Enabling Group (IEG) for endorsement
STEP 3 - Due dilligence checks to be made at time of full proposal application being submitted
Investment less than 1m endorsed by Approved Investor Committee (AIC) investment greater
STEP 4 - than £1m endorsed by Executive Council (EXCO)
13INVESTMENT AND TAX INCENTIVES
Investments by new or expanding enterprises that will
benefit the economy of St Helena can apply for various
incentives, providing proposals are adequately financed
Customs Import Duty Losses Carried forward
and meet the following objectives: (exemptions, reductions and/or
delayed payments)
to proceeding tax years
• Is sustainable: economically, environmentally and
socially
• Reduces the island’s dependence on imported
goods, increases exports, increases retention of
money on St Helena No VAT
• Employs local people, where appropriately skilled
staff are available
• Adds to the range of products and services on offer
to residents and visitors
• Offers value for money to SHG and ESH, where grant Corporation Tax
Grant Funding
funding and/or tax incentives are provided (Available for investors with Reduced from 25% to 15%
st helenian status) (export Sectors and
some import Substitution sectors)
Terms and Conditions apply. Enterprise St Helena is the first contact point for investors and can be contacted via investment@esh.co.sh or +290 22920.
14ACADEMIA, RESEARCH AND CONFERENCES 15
St Helena is poised to offer a variety of opportunities to the
international research and academic community. The commercial Opportunities
air service allows the island to conveniently host academic
• Sustainable research and data capturing,
conferences and enhance global academic links. St Helena invites
archiving and sharing
researchers, archaeologists and conservationists to work
in partnership with us. • Significant local expertise available
Extensive potential for research in social, technological, • Desk, laboratory, storage space and low-cost
economical, environmental and political themes, exist in parallel accommodation available
to unique biodiveoristy, natural capital and history. • Conference and convention locations available
The St Helena Research Institute (SHRI) is a new organisation • No work permit is required for voluntary and
based on the island. The Institute is affiliated to the St Helena research work in St Helena
Lifelong Learning Centre, dedicated to supporting basic, applied
• E-learning
and experimental research development in St Helena. Predicated
on ethical and responsible research that respects and protects the • Twinning teacher exchanges
people, heritage and environment, foundations have been laid for
purposeful, meaningful and equitable development opportunity.
16AGRICULTURE 17
Agriculture remains an area of significant growth. With plans
for both increased population and visitor numbers, there are
2018/19 Imports
major opportunities within this sector to reduce the trade
deficit and improve food security. • Fruit - £156K
St Helena Coffee is a rare strain of the original Green • Meat - £689K
Tipped Bourbon Arabica coffee introduced in 1733. It is • Vegetables - £209K
currently produced in small quantities for export and local
consumption. Over £100,000 of St Helena Coffee was Opportunities
exported in 2018/19, and retailed at Harrods at a premium.
• Bees and honey
Claimed as disease free, the production of St Helena honey
• Coffee
and queen bees for export is another opportunity for further
potential investment. • Sustainable forestry and timber production
• Fruit tree propagation
“There are several excellent opportunities for the
development of agri-business on St Helena. The production • Availability of shares in Solomon and
of field vegetables, salad crops and fruit could be Company (St Helenea) Plc, a local enterprise
significantly scaled-up to supply the on-island market with production assets and interests
demand. Opportunities also exist for the export of produce, available.
including an expansion of coffee and honey production, and
potentially vegetables to Ascension Island. St Helena has a • Land and potential strategic assets available
sub-tropical climate, good soils and a strong infrastructure. for new and existing primary/secondary
An investment in appropriate technology, supply chain production
management and market development would pay dividends”
Leigh Morris (Internationally recognised Horticulturist)
18CONSTRUCTION AND PROPERTY 19
St Helena’s construction industry demonstrates
resilience, ingenuity and capacity. The range of small, Opportunities
medium and large-scale projects, from single dwellings • Alternative and environmentally-friendly
to the building of St Helena’s award-winning airport and construction techniques, products and
the Rupert’s Jetty, is a testament to existing capabilities. services
As the Island aspires to increase its resident population • Minerals and rocks
and visitor economy, opportunities exist within this • Current and future development projects
critical industry for current and future government,
commercial and private infrastructure needs. This • Land for industrial spaces available
includes the development of future residential and
commercial trading zones. • Professional support services such advisory,
conveyance, technical and legal
Alternative and new environmentally-friendly sustainable • Architecture and civil engineering services
construction technologies, products and materials are are available
strongly encouraged.
20FISHING 21
This critical sector has earning potential with the right
investment into the industry, and most importantly, the
fishermen themselves.
As the historic cornerstone of the St Helenian
community, fishing has been and always will be Opportunities
a fundamental part of the island’s culture. The St
• Exclusive Economic Zone (EEZ) extends to
Helena fishery has provided sanctuary and security for
200miles offshore
generations and is an important source of income and
employment. • World’s largest one-by-one (OBO) fishery
There are further opportunities, particularly for the • Regular flights offers the opportunity to
secondary processing of fish. airfreight fresh produce
22GREEN INITIATIVES 23
Green technology, Renewables,
Waste Management and Recycling
In May 2018, St Helena won the ‘Greening the Islands’ Award
in the ‘Energy’ category for our ‘100% Renewable St Helena’
project; to become 100% energy self-sufficient by 2022.
By partnering with a highly reputable renewable energy
company, a mixed model strategy aims to provide renewable Opportunities
energy solutions via wind and solar generation. • Alternative construction aggregates, bricks
and blocks
There are opportunities to go beyond this arrangement,
including the potential to reduce government footprint in • Alternative material-manufacturing, up-
businesses, and this extends to other areas of activity and cycling and craft production
supply. • Bio-Fuel
Apart from a small operation rebottling filtered water, • Bottled water and recycling scheme
limited recycling of paper, cardboard, glass, plastics,
and the occasional export of scrap metal, St Helena has • Composting
serious potential to become a cleaner and greener island • Green technology and transport
demonstrating the possibilities that small remote island
communities can achieve.
In future, St Helena aims to become a blue island destination
promoting sustainable tourism and effective management of
terrestrial and marine resources.
24ICT AND THE DIGITAL ECONOMY 25
Some of the exciting opportunities resulting
from a globally-connected St Helena are:
• Establishing Satellite Ground Stations
• Call-Centres
• Tele-medicine
In 2022, a subsea fibre-optic cable will land on the island • Tele-jobs; work-from-home opportunities
providing back-haul capacity of multiple Terabytes Per • Research and Development, and Test
Second (Tb/s) directly to Europe and South Africa. Centres
The connectivity coupled, with St Helena’s unique • Potential for St Helena as a film location
location, will provide the Island with a number of • Capacity for St Helena as a new International
significant benefits and opportunities, including potential Conference Centre; MICE
for the evolution of a satellite and space industry,
advancements in health, education, e-commerce, and • Potential to attract and accommodate digital
growth in the knowledge economy and communications. sun-seekers
• Space Launch
• Data Centres
• E-learning
• Telescopes
26PROFESSIONAL AND FINANCIAL SERVICES 27
Opportunities
• Company Registry
With the expected growth in the private sector, inclusive • Consultancy and analytics across sectors of
of a green agenda, the digital economy and the delivery interest
of public sector plans and projects, there is a demand for • Advanced structural and intrusive
a range of professional services on the Island. ground investigations, land surveying
and production of plans and drawings,
With the imminent arrival of the submarine fibre optic architectural services including technical
cable, the opportunities presented to international design
organisations and investors will create the need for • Heritage and archaeological advisory
additional professional services to be offered on St services
Helena. • Planning and engineering services including
structural, civil, mechanical and electrical,
With tourism seen as the driver for growth, the local quantity surveying, project management
economy will expand and increase sustainable local • Legal services, commercial and residential
demand for professional services. property advisory, financial services,
advertising and marketing services
Solomon & Company (St Helena) Plc. provides agency • ICT services
and insurance services. • Solomon and Company(St Helena) Plc shares
are available
• International banking
28TOURISM 29
Opportunities
• Sell St Helena as a new leisure and niche
destination
As a cruise ship and new flight destination, the number
of visitors to St Helena continues to grow as the Island • Hotels - New build and restoration / existing
establishes itself as a destination of choice for those property investment
seeking a unique experience. In anticipation of demand,
a growth in the local food and accommodation industry • Services - Coffee tours / endemic species
over the past 24 months has been evident. tours / educational and research groups -
Projects
• Products - Golf / aquatic tours / climbing
As a future Green and Blue destination, efforts towards / hang-gliding / survival training / rehab,
achieving ‘dark skies’ accreditation opens up a range health and well-being
of possibilities for tourism development and niche
offerings. • Training
• History and heritage, natural beauty and
adventure still to be fully exploited
• Voluntourism
• Business tourism
• Historical restoration projects
30W
31Strategic Assets
A number of state-owned assets provide opportunity for investment.
• Bertrand’s Cottage
• Cliff Top
• Longwood Dairy
• Luffkins Tower
• New Ground House
• Red Roof
• Scott’s Mill
• Signal House
• Verandah Quarters (Lower)
St Helena Government’s (SHG) shares in Solomon & Company (St Helena) Plc.
St Helena Hotel Development Limited (SHHD)
Click here to see the latest strategic assets (Print version - www.investinsthelena.com)
Terms and Conditions apply. Enterprise St Helena is the first contact point for investors and can be contacted via investment@esh.co.sh or +290 22920. 32ADDITIONAL OPPORTUNITIES 33
Bottled Water Ship Registry and Sailing Qualifications
During 2018/19 over £85,000 was spent importing St Helena plays host to over 600 visitors a year arriving
bottled water to St Helena. Each plastic bottle on yachts, especially during the World Arc Rally in
contributes to the plastic waste which is currently January. St Helena is a member of the prestigious Red
landfilled on St Helena. Ensign Group allowing registration of vessels up to 150
gross tons, with an extension to 400 gross tons for
Underground fresh water stores are already utilised, pleasure vessels.
presenting an opportunity for the provision of filtered
and bottled water on Island, coupled with a bottle St Helena is able to offer ship registry services and
deposit scheme. provide sailing courses, while capitalising on existing
interest.
Liquor, Wines and Beers Traditional Products
St Helena proudly boasts having one of the most remote St Helena is known for it’s unique variety of creative
distilleries in the world, offering local products such arts and crafts, including jewellery making, photography
as Midnight Mist (Coffee liqueur), Tungi (prickly pear and carpentry, whilst traditional craft-works such as flax
liqueur) and Jamestown Gin (Juniper Berry spirit) all work and lace making form part of the islands fascinating
made with locally sourced and grown ingredients. history and heritage.
Other products include brandy, rums and wines. There Crafts produced using local and recyclable materials can
is potential to develop viticulture on island due to the be found in the Arts and Craft shop.
favourable climate and landscape.
3435
Regulatory Framework
Investment Enabling Group (IEG)
The Investment Enabling Group (IEG) enables investment, manages practical issues and is a conduit for
communication between St Helena Government and the Bank of St Helena Ltd. The IEG meets biweekly and acts as
the vehicle for facilitating and recommending investment proposals earmarked for Approved Investment Status.
St Helena Government’s Investment Coordiantor is the single point of contact for facilitating your investment
enquiries, including:
• Immigration
• Company Registration
• Land Holding
• Banking
Please contact the St Helena Government’s Investment Coordinator on via invest@sainthelena.gov.sh or +290 22470
Useful links -
https://www.sainthelena.gov.sh/st-helena/invest-in-st-helena/
https://www.sainthelena.gov.sh/public-services/registry/
https://www.sainthelena.gov.sh/public-services/income-tax/
https://www.sainthelena.gov.sh/public-services/immigration/
https://www.sainthelena.gov.sh/directorates/environment-natural-resources-planning/land-planning-and-building-
control-division/
36EXPERIENCE ST HELENA 37
...Breathe St Helena
Regarded as some of the friendliest people in the world,
St Helena’s splendid heritage, charismatic culture and
natural beauty, provides an array of opportunites and
wonderful experiences. The Island’s kaleidoscope of rich
history is represented by its diverse culture. An example
of this is the magnificent fusion of the Island’s past “A new adventure around every corner”
influences represented in the local cuisine incorporating “Out of this world – unique St Helena”
flavours and tastes from around the world.
“St Helena – Arrive as a stranger leave as
One can also experience thrilling adventure, where a friend”
you can walk in a rainforest in the morning, spend the
afternoon swimming with whale sharks and watching
dolphins and whales play. In the evening you can enjoy
a walk down the historic Georgian Main Street, in the
footsteps of Napoleon, Halley, Captain Cook and Charles
Darwin, all under one of the most magnificent dark skies
in the world.
38MARINE ENVIRONMENT 39
St Helena’s pristine sub-tropical waters,
underwater structures and an abundance of
endemic and indigenous marine life make St
Helena’s marine environment a major natural
asset.
Conditions allow seasoned travellers, explorers,
scientists, researchers and novices, the
SIMON PIERCE
The whale sharks in St Helena are the friendliest I’ve swum
opportunity to meet on and below the surface with anywhere in the world. They’re extremely curious, to
of this adventurer’s playground. the extent of being quite flirta�ous!
A�er more than a decade of researching the species, all over
• Clear and warm sub-tropical waters with the world, I had my best-ever encounters at this wonderful
15 - 25m visibility and temperatures of island. The whale sharks at St Helena are a fantas�c example
19 - 25°C of world-class eco-tourism with this iconic species, and I’m
confident that people will come from all over the world to
• Ship wrecks riddled over the centuries offer experience these amazing encounters. I’ll be strongly
thrilling scuba diving and snorkelling encouraging them, too!
• Fascinating and diverse endemic fauna and (Principal Scien�st at Marine Megafauna Founda�on and Vice Co Chair of IUCN
Shark Specialist Group)
flora
• Whales, whale sharks, dolphins, rays
• Spectacular sport and spear fishing
40RAW ENVIRONMENT 41
...Extraordinary Environment
• The island is a result of an extinct volcano
that emerged from the ocean 12 – 14 million
years ago
The Island’s unspoiled landscape of lush green, cloud
covered central peaks and breath-taking rugged coastline • There is a diverse range of endemic fauna
provides an exceptionally diverse range of habitats and and flora
features of geological interest.
• Of the 1,547 (94%) endemic species found
The landscape reflects areas of naked rock and coloured within the Overseas Territories, over 500 are
paint palette soils with higher interiors of tropical green found on St Helena
foliage. The landscape is one of our natural assets that • There is spectacular scenery with Diana’s
will excite scientists, researchers, conservationists and Peak rising 823m above sea level
preservationists.
• The Diana’s Peak National Park is home to
many of the island’s endemic plant species
• Postbox walks
42HISTORY AND HERITAGE 43
• Discovered by the Portuguese in 1502 -
controlled by the Dutch and later by the
British
• Famous prisoners - Napoleon Bonaparte,
St Helena has a fascinating history that touches many Chief Dinizulu, Boers
aspects of a world gone by. A British island initially • In 1840 became home to the British West
governed by the East India Company, and later the African Squadron which worked to suppress
Crown, it was a strategic port of call under the British the slave trade
Empire until the opening of the Suez Canal and the
advent of the Steam Ship. • St Helena Island was pivotal in the abolition
of slavery as the location for many slaver
St Helena’s heritage has a significant legacy of trials
converging and emerging culture and spans eras of
• Visiting astronomers - Sir Edmund Halley and
monumental change. St Helena was a strategically-
Neville Maskelyne
fortified island. Historic buildings, especially in the
capital Jamestown, boast a distinct Georgian flavour • Captain Cook - explorer
featuring outposts with majestic views where you can
reflect the change of rule and attempted coups. • Charles Darwin - naturalist, geologist and
biologist
• Oldest known land vertebrate - Jonathan the
Giant (Seychelles) Tortoise estimated to be
over 187 years old and resides at Plantation
House
44Useful Links 10 Year Plan – 20 January 2017 www.sainthelena.gov.sh/wp-content/uploads/2012/08/10-Year-Plan-20-January-2017.pdf Sustainable Economic Development Plan 2018-2028 www.sainthelena.gov.sh/wp-content/uploads/2018/05/SEDP-Final-April-01052018.pdf Investment Policy 2018 www.sainthelena.gov.sh/wp-content/uploads/2018/06/Investment-Policy-FINAL-14-06-18.pdf Investment Strategy – April 2019 www.sainthelena.gov.sh/wp-content/uploads/2019/04/Investment-Strategy-Final-April-2019.pdf St Helena - Inside St Helena App www.insidesthelena.com St Helena Property Finder www.propertyfinder.sh Sams Radio www.sams.sh Saint FM www.saint.fm
Credits By courtesy of the Governor’s Office Bank of St Helena Leigh Morris Simon Pierce St Helena Arts & Crafts Association St Helena Government St Helena National Trust St Helena Research Institute Photographers Tony Le Roy Rob Omerod Craig Yon Helena Bennett Hannah Durnford Simon Benjamin Des Jacobs Damien O’Bey Craig Williams Robyn Sim Andy Ayre Ed Thorpe Rainer Schimpf Simon Pierce
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