Nevis

General Business Information

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. It 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.

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. Nevis has its own premier and its own government, the Nevis Island Administration. It collects its own taxes and has a separate budget, with a current account surplus.

Issues of political dissension between Saint Kitts and Nevis are often centered on perceptions of imbalance in the economic structure.

• Many of the businesses that operate in Nevis are headquartered in Saint Kitts and pay the corporate taxes to Saint Kitts, despite the fact that profits for those businesses are derived from Nevis.
• The vast majority of Nevisians and residents of Nevis depart the Federation from Saint Kitts. This meant that departure taxes are paid in Saint Kitts.
• The bulk of cargo destined for Nevis enters the Federation through Saint Kitts. Custom duties are therefore paid in Saint Kitts.
• The largest expenditure for Nevis, approximately 29 percent of the Nevis Island Administration’s recurrent budget, is education and health services, but the Nevis Island Legislature has no power to legislate over these two areas.

Fast Facts

[Source: Wikipedia ]

Market Entry Strategy

In Nevis, there are 2 types of international companies: International Business Companies (IBCs) which are incorporated under the Nevis Business Corporation Ordinance 1984, and Limited Liability Companies (LLCs) which are incorporated under the Nevis Limited Liability Ordinance 1995.

A company formed under the Nevis Business Corporation Ordinance (NBCO) is the equivalent of what is commonly termed as an International Business Company (IBC). The Nevis Business Corporation Ordinance provides for a company to be incorporated to conduct any lawful business. The registration process is simple and easy. A person interested in registering an IBC in Nevis must first engage the services of a registered agent with a registered office in Nevis. The legislation permits the office of the registered agent to act as the office of the company.

The name of the desired IBC must be submitted to the registered agent, who would instantaneously reserve the name of the IBC using the Nevis Online Registration Module. Once the name has been reserved, the Nevis IBC can be formed by filing articles of incorporation with the Registrar of Companies. If the incorporation documents comply with the Ordinance, a certificate of incorporation can be issued in less than 24 hours.

The Ordinance permits the use of nominee shareholders, officers and directors, who may be of any nationality and who may reside anywhere. Also, a Managing Director may be appointed to guide the company’s activities. The Corporate Secretary may be a corporation or an individual. Companies may serve as directors, and alternate or substitute directors may be appointed. All shareholders and directors may act by unanimous consent, without a meeting and are allowed to issue proxies in writing. No annual reports are required to be filed in the public records of Nevis. Corporate records may be kept anywhere in the world. Whenever there is a change in shareholders, directors or officers, this change does not have to be reported to the Registrar of Companies.

The authorized share capital of the Nevis Business Corporation may be demonstrated in any recognized currency. The identity of beneficial owners and shareholders are not required to be filed in any public record or, except in the case of licensed companies, and government offices. Similarly, changes in beneficial ownership or shareholdings are confidential. With respect to Bearer Shares, they have been restricted. Bearer shares are only permitted with the approval of the Registrar of Companies or the Regulator. The Registered Agent must maintain custody of the bearer share certificate on behalf of the beneficial owner and must maintain a register of each bearer share.

Nevis IBCs may amend their Article of Incorporation, merge or consolidate with foreign corporations or other Nevis corporations, or file Articles of Dissolution in accordance with liberal provisions contained in the Ordinance. This allows for there to be minimum bureaucratic interference and enhances efficiency and reduces costs. In addition, under the Ordinance any corporation formed in another jurisdiction may easily re-domicile into or out of Nevis. The Ordinance also provides for the emergency transfer of domicile to Nevis upon the approval of the Registrar of Companies.

Establishing a Business

Section 25 of the NBCO deals with the incorporation of IBCs and sets out the guidelines to follow.

The incorporation of an IBC must be carried out by a registered agent, such as an attorney or local management company. Registration of Nevis IBCs and LLCs is easy. It takes approximately 24 hours to form a Nevis LLC or IBC.

First of all, you must utilize the services of a registered agent/ service provider. You would normally submit the name of the desired IBC or LLC to the registered agent. The registered agent could instantaneously reserve the name of the IBC or LLC using the Nevis Online Registration Module or by making a call to the registry. Once the name has been reserved, the Nevis IBC can be formed by filing articles of incorporation with the Registrar of Companies and the LLC can be formed by filing articles of organization. If the incorporation documents comply with the law, a certificate of incorporation will be issued.

The Nevis LLC recognizes a single member LLC. There are NO limitations on the number of members. The minimum number of shareholders required is one and the minimum number of directors required is three. Shareholders, Directors and other officers of the Nevis IBC can reside anywhere and be of any nationality. An IBC or LLC incorporated in Nevis must maintain at all times a registered agent and a registered office in Nevis.

Companies are NOT required to file annual returns or to divulge information relating to ownership. [Source: Nevis Financial Services Regulatory Commission]

American Corporate Services offers experience and expertise for astute investors who wish to establish offshore businesses. Whether an investor wishes to immigrate or simply to establish a business entity, our network of professionals has the ability to advise, assist, direct and enable clients to understand and navigate the process for Nevis company formation.

Our services include everything you need for starting a new business in Nevis. In addition to helping to establish a Nevis business bank account, helping you set up your business to conform to Nevis accounting standards and to comply with Nevis taxes, we also offer boutique amenities such as Nevis secretarial services. We can even help you to create a Nevis virtual office that will appear to others as though you are actually in Nevis, even though you may be just about anywhere else on the globe at the time. Our business is making your investment a success.