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Saint Kitts and Nevis

Introduction

Nevis is a small island in the Caribbean Sea that forms part of the inner arc of the Leeward Islands chain of the West Indies. Nevis and the neighbouring island of Saint Kitts constitute one country: the Federation of Saint Kitts and Nevis. Nevis is located near the northern end of the Lesser Antilles archipelago, about 350 km east-southeast of Puerto Rico and 80 km west of Antigua. Its area is 93 square kilometres (36 sq mi) and the capital is Charlestown.

Population

The majority of the approximately 12,000 citizens of Nevis are of primarily African descent.

Language

English is the official language,and the literacy rate, 98 percent, is one of the highest in the Western Hemisphere.

Political Structure

The political structure for the Federation of Saint Kitts and Nevis is based on the Westminster Parliamentary system, but it is a unique structure in that Nevis has its own unicameral legislature, consisting of Her Majesty's representative (the Deputy Governor General) and members of the Nevis Island Assembly. Nevis has considerable autonomy in its legislative branch. The constitution actually empowers the Nevis Island Legislature to make laws that cannot be abrogated by the National Assembly. In addition, Nevis has a constitutionally protected right to secede from the federation, should a two-third majority of the island's population vote for independence in a local referendum.

Economy

The introduction of new legislation has made offshore financial services a rapidly growing economic sector in Nevis. Incorporation of companies, international insurance and reinsurance, as well as several international banks, trust companies, asset management firms, have created a boost in the economy. During 2005, the Nevis Island Treasury collected $94.6 million in annual revenue, compared to $59.8 million during 2001.[31] In 1998, 17,500 international banking companies were registered in Nevis. Registration and annual filing fees paid in 1999 by these entities amounted to over 10 percent of Nevis’ revenues.

Currency

Eastern Caribbean dollar (EC$)

Exchange Control

There are no foreign exchange controls in Nevis

Financial services industry

Financial Services Regulatory Commission, Nevis Branch. The Financial Services Regulatory Commission was established to regulate providers of financial services except for financial services covered by the Banking Act. It is the ultimate regulatory body for anti-money laundering for St. Kitts and Nevis.

Corporate Law/Act

Nevis corporations are formed and regulated by the Nevis Business Corporation Ordinance of 1984 law. A Nevis offshore corporation is called an International Business Corporation or “IBC” and it is tax exempt on all income earned from anywhere in the world except Nevis island. However, U.S. citizens and others from countries taxing worldwide income must report all income to their national tax authorities. Nevis has a stable government and its history shows no major disputes with neighboring nations. The more popular entity because of its exceptional asset protection and tax flow-through benefits is the Nevis LLC. For the vast majority, it is much more beneficial from a tax and asset protection perspective than the Nevis corporation.

Type of Company/Corporation

One IBC Limited provide Incorporation service in Netherlands with the type Nevis Business Corporation (NBCO) and Limited Liability Company (LLC).

Business Restriction

Prohibited Items are Antiques (breakable and/or fragile), Asbestos, Furs, Hazardous or combustible materials (as defined in IATA Regulations), Asbestos, Dangerous goods, haz. or comb. Mats, Gambling devices, Ivory, Pornography.

Company Name Restriction

When registering a new Nevis corporation the law requires selecting a unique corporate name not similar to any already existing Nevis corporate names found in the Registrar of Companies.

Incorporation Procedure

Just 4 simple steps are given to incorporate a Company in Nevis:

  • Step 1: Select basic Resident/Founder nationality information and other additional services which you want (if any).
  • Step 2: Register or login and fill in the company names and director/ shareholder(s) and fill in billing address and special request (if any).
  • Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal or Wire Transfer).
  • Step 4: You will receive soft copies of necessary documents including: Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Nevis is ready to do business. You can bring the documents in company kit to open corporate bank account or we can help you with our long experience of Banking support service.

These documents required to incorporate company in Nevis:

  • Passport of each shareholder/beneficial owner and director;
  • Proof of residential address of each director and shareholder (Must be in English or certified translation version);
  • The proposed company names;
  • The issued share capital and par value of shares.

Compliance

Capital

Nevis does not require a minimum authorized capital for its corporations.

Share

Nevis allows bearer shares with the approval of the Regulator, that is, the Registrar of Corporations. The registered agent holds the bearer certificates for the owner. Plus, they will maintain a register of each bearer share. Anti-Money Laundering  (AML) and Combating the Financing of Terrorism (CFT). The Nevis Nevis Financial Services Regulatory Commission performs inspections to make sure the agents comply.

Director

A Nevis corporation has two options when it comes to management of the company. The company can choose to be governed by either its shareholders or appointed managers. Therefore, the number of managers depends on how the company’s Articles of Organization are composed.

Nevis corporation managers do not have to be shareholders. Managers can live anywhere in the world. Also, either private persons or corporations can be named as Nevis corporation managers. Furthermore, nominee managers may be appointed for increased privacy.

Shareholder

Nevis corporations must provide a minimum of one shareholder. Shareholders can live anywhere in the world, and also can be either private persons or corporations. Furthermore, nominee shareholders are allowed in Nevis for additional privacy, should the company elect this option.

Beneficial Owner

Nevis corporation is private and confidential. For Instance, names of corporate managers, directors, and shareholders are not required to be filed with the Nevis Registrar of Companies. Thus, these names stay private and are never made known to the public.

Taxation

Nevis corporations are exempt from both income taxes and capital gains taxes. withholding tax and all stamp duty. Your company will be exempt from all estate, inheritance or succession tax.

Financial statement

Nevis corporations are not required to keep accounting and auditing records. The corporation has freedom to decide how to maintain its own records.

Local Agent

Every Nevis corporation must appoint a local registered agent who is pre-approved by the Nevis government to serve as a registered agent and have a local office address to accept service of process and official notices. However, a Nevis corporation can have its main office anywhere in the world.

Double Taxation Agreements

Nevis is party to double taxation treaties with Denmark, Norway, Sweden, Switzerland, the United Kingdom and the United States of America (limited to social security benefits).

License

License Fee & Levy

All Businesses that operate on the Island of Nevis must be duly licensed by the Ministry of Finance and must pay all relevant License fees and Taxes to the Nevis Inland Revenue Department. Requirements for Obtaining a Business License are as follows.

It is Mandatory that the Renewal of Business Licenses be done at the Inland Revenue Department during the month of January each year. Payments made after January 31st would attract interest at a rate of (1%) per month, plus (5%) penalty charged on all outstanding balances.

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