ST HELENA ATTRACTS FURTHER INVESTMENT UNDER APPROVED INVESTOR SCHEME

 

The Trade and Investment team within SHG are responsible for managing the Approved Investor Scheme (AIS). This scheme provides duty relief incentives for businesses investing in St Helena. These incentives are designed to attract investments that are sustainable, create local jobs, reduce import dependence, and add value to local products and services.

So far this financial year the Approved Investor Committee (AIC) approved six new investors with several more expected to go through the process shortly. The financial investment committed to by these investors is approximately £770,000, of which £495,000 will be imported CAPEX with the remainder spent on local Island contractors and service providers.

The investors highlighted below are a mix of both local and international enterprises and the businesses cover a range of targeted sectors which include:

  • A ground segment as a service company (GSaaS) Leaf Space, which supports satellites as well as space launch vehicles, enabling radio frequency communication between ground operators and their space assets. Leaf Space does this via a network of gateway antennas strategically distributed around the world. With St Helena’s fibre optic cable being operational, this provides Leaf Space the ability to extend their antenna network to include St Helena.
  • A local business Growspace, is about to launch a new venture to produce St Helena’s first indoor organic mushroom farm that will provide the island with a variety of freshly grown mushrooms. It is envisaged that these will be available for sale in the first half of 2025.
  • Another venture is Island Packers, an American family run business who has partnered locally to provide adventure sports equipment rentals, online guides, and longer term adventure events on the island. The equipment to be rented will be high end mountain bikes and sea kayaks.
  • With last year’s purchase of the Printech business by Moonbeams, the new owners have already commenced importing new printing equipment to replace aging infrastructure and will be purchasing additional printers to extend the range of printing services available to customers. This will provide local customers with the ability to purchase more locally printed material rather than importing.
  • With pressure on availability of serviced rooms on island, especially during the summer peak period, the team was pleased to see and approve a proposal for additional tourist accommodation. The owners of Harkate guest house have started the restoration of Perry’s cottage near Gordons Post and this will be available for short term rental during 2025.

Minister Mark Brooks said “It is very encouraging to see the AIS continuing to support both local and international investors and even more pleasing to see so many of the Sustainable Economic Development Strategy (SEDS) targeted sectors receiving backing. Great work by the Economic Development team and we look forward to providing more updates during 2025.”

The SHG Trade and Investment team continues to assist those wishing to start up or extend a business venture and if you would like further information on the AIS scheme, please contact:

Michael Ormrod, Export, Trade & Investment Manager via +290 22470 or

Email: invest@sainthelena.gov.sh

#StHelena #investsthelena #businessventure

 

SHG

19 December 2024