Company formation in Nevis
International tax exempt company
General information
Nevis is situated in the northern part of the Leeward Islands and was once known as “The Queen of the Caribbean” due to its breath-taking palm-fringed beaches and scenery dominated by Nevis Peak in the centre of the island which rises to a height of 3,232 feet.Population
The population of Nevis is approximately 54,000.Political structure
Nevis was a British colony from 1628 until 1983 when it became independent and joined the Federation of St. Kitts and Nevis. The Federation is an active member of the British Commonwealth. Nevis is a democracy based upon the British Parliamentary system with an elected local assembly. The Head of State is HM Queen Elizabeth II who is represented on the island by a Governor General.Infrastructure and Economy
Nevis was virtually a sugar monocrop economy until the late 1970s, when the government backed a drive into small-scale industrialisation. In July 2005, sugar production ceased. Tourism has become the largest source of foreign exchange although mass tourism has been rejected in favour of quality development and five star resorts. The arrival of the first direct flight from Atlanta Hartsfield Jackson International to St Kitts in February 2008 marks a significant milestone in the Federation’s (Federation of St Kitts & Nevis) efforts to penetrate the US travel market. In 1984 the Government of Nevis enacted a modern corporate statute, the Nevis Business Corporation Ordinance 1984, which has resulted in rapid growth of the finance sector with around 18,000 companies registered by 1999. The main trading partners are the US, the UK and Canada (for exports) and the US, Italy, and Trinidad and Tobago (for imports).Nevis NBCO company information
Language
English is the official and commercial language of the Island. Nevis enjoys a literacy rate of 98%, one of the highest in the Western Hemisphere.
Currency
Eastern Caribbean Dollar (EC$), which is fixed to the US Dollar.
Exchange control
None.
Type of law
Common Law based on English Common Law and American Corporate Law.
Principal corporate legislation
Nevis Business Corporation Ordinance 2017, an ordinance to repeal and replace the Nevis Business Corporation Ordinance Cap. 7.01(N) as amended, to provide for the establishment of international business corporations in the Island of Nevis and to provide for matters incidental or consequential thereto.
Principal corporate legislation
Nevis Business Corporation Ordinance 2017, an ordinance to repeal and replace the Nevis Business Corporation Ordinance Cap. 7.01(N) as amended, to provide for the establishment of international business corporations in the Island of Nevis and to provide for matters incidental or consequential thereto.
Type of company for international Trade and Investment
Offshore Exempt Company (NBCO).
Procedure to incorporate
By submission of the Articles of Incorporation to the Registrar of Companies, together with the appropriate fee.
Restrictions on trading
Cannot trade within Nevis or own real estate there. A company may not engage in the business of banking, insurance, assurance, fund and collective investment schemes or any other activity that would suggest an association with the banking or Insurance industries.
Powers of company
A company incorporated in Nevis has the same powers as a natural person.
Language of legislation and corporate documents
English.
Name approval required
Yes.
Shelf companies available
Yes.
Registered office required
Yes, must be maintained in Nevis. The Registered Agent must be licensed by the Minister of Finance.
Time to incorporate
One day, but allow five days for delivery of documentation.
Name restrictions
Any name that is identical to or similar to an existing company. Any name that in the opinion of the Registrar is undesirable or suggests an illegal activity or any name that may imply government patronage.
Language of name
May be in any language that uses the Latin alphabet. The Registrar may request an English translation if a foreign language name is to be used.
Names requiring consent or license
Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, municipal, trust, trustee, Chamber of Commerce, university or their foreign language equivalent.
Suffixes to denote Limited Liability
Limited, Company, Corporation, Incorporated, Sociedad Anónima, Gesellschaft mit beschränkter Haftung or their abbreviations.
Disclosure of Beneficial Ownership to Authorities
None.
Nevis NBCO compliance
Authorised and issued share capital
Normally the authorised share capital is either 1,000 no par value shares or US$ 100,000 with a par value of US$1. There is no minimum or maximum number of shares issued, the Government fee is US$220 irrespective of authorised or issued shares.
Classes of shares permitted
Registered shares, preference shares, bearer shares, redeemable shares and shares with or without par value. Bearer shares must be held by a licensed custodian in Nevis.
Taxation
A Nevis offshore exempt company is exempt from local taxation.
Double taxation agreement
Although Nevis does have double tax agreements, a company incorporated under the Nevis Business Corporation Ordinance 1984 cannot obtain any treaty relief through them.
License fee
There is an annual registration fee of US$260 payable to the Minister of Finance.
Financial statement required
Whilst there is no requirement to submit or file audited financial statements, a Nevis company is required to maintain financial records to reflect the financial position of the company.
Directors
The minimum number of directors is three if the number of shareholders is three. If fewer than three, the number of directors may be equal to the number of shareholders. The directors may be natural persons or bodies corporate and may be of any nationality and need not be residents of Nevis.
Company secretary
A Nevis exempt company must appoint a company secretary, who may be a natural person or a body corporate, may be of any nationality and need not be resident in Nevis.
Shareholders
The minimum number of shareholders is one.
Corporate Features
General
- Type of Company – NBCO
- Type of Law – Common
- Shelf company availability – Yes
- Our time to establish a new company – 1-5 days
- Corporate Taxation – Nil
- Double Taxation Treaty Access – None
Share capital or equivalent
- Standard currency – US$
- Permitted currencies – Any
- Minimum paid up – US$1
- Usual authorised – US$1000 or US$100,000
Directors
- Minimum number – One
- Local required – No
- Corporate Directors Permitted – Yes
- Publicly accessible records – No
- Location of meetings – Anywhere
Shareholders
- Minimum number – One
- Publicly accessible records – No
- Location of meetings – Anywhere
Company secretary
- Required – Optional
- Local or qualified – No
Accounts
- Requirements to prepare – Yes
- Audit requirements – No
- Requirements to file accounts – No
- Publicly accessible accounts – No
Recurring Government costs
- Minimum Annual Tax / License Fee – US$260
Other
- Requirement to file annual return – No
- Change in domicile permitted – Yes
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