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The Nevis Business Corporation Ordinance was Nevis' first international financial services legislation, passed in 1984. It was drawn up by US lawyers and based on the model of Delaware Corporation laws. It is Nevis' version of the typical IBC or International Business Corporation and has stood the test of time by offering flexibility and benefits to those seeking a traditional share-based corporate structure for their business or holding operations.
Corporations are recognized and understood worldwide as being separate legal persons with rights and liabilities separate from those of their shareholders. Nevis also offers statutory confidentiality, broad powers and a fast and efficient registration process.
Advantages of Nevis Business Corporation 1. Flexibility of ownership and management structure. 2. There are no residency requirements for Directors, Shareholders or Officers. 3. Corporate or Trust entities may act as Director, Secretary or Shareholder. 4. Re-domiciliation of other foreign companies into and out of Nevis. 5. There are no limitations on corporate ownership. 6. No corporate tax, income tax, withholding tax, stamp tax, asset tax, exchange controls or other fees or taxes are levied in Nevis on assets or income originating outside of Nevis. 7. Nevis permits sole director BC's 8. The plaintiff must pay a large deposit to the Supreme Court of St. Kitts and Nevis to file a suit against a business corporation registered in the island of Nevis. Judgments of courts in other jurisdictions regarding legal entities registered on the island of Nevis are not accepted. 9. Complete powers to engage in any legitimate business worldwide, subject only to certain limitations on local business in Nevis 10. Details of management and ownership remain private.
Features 1. Legal system. The legal system of Nevis is founded on English Common Law. However its corporate law is based on both Common Law and on the corporate legislation of Delaware (USA). Company Law: Nevis Business Corporation Ordinance of 1984.
2. BC corporate name. Name may be registered in any language, with your choice of suffix such as Inc, S.A., Limited, BV, SARL, KFT etc. BC name has to be in Latin characters.
The name may not be the same as or confusingly similar to an existing company.
Restricted names: special permission is required for certain names, typically those implying a connection with financial services.
Prohibited names: some names are completely prohibited.
3. Registered agent & registered office. The company must maintain a registered agent on the island, who must be licensed by the Financial Services Regulatory Commission to provide such services.
A registered office address is also required.
4. Nevis BC must have minimum one shareholder, one director, one managing director and one secretary. They all may the same person. When a BC has less than three shareholders, the number of directors must be equal to the number of shareholders. If there are three or more shareholder, the number of directors must be three.
Nevisian law permits the use of nominee shareholders, officers and directors. Thus the true directors, officers and shareholders can remain undisclosed.
5. Privacy and Data Protection. All of the affairs of a Nevisian BC are private and cannot be disclosed except under truly extraordinary circumstances. Nevis does not require any government inspection of your BC's financial or business records.
No public records of Nevis BC; All BC shareholders, directors and officers information is held directly by a registered agent such as NTL Trust Limited, or in some cases, your personal legal advisor.
The Nevis BC provides complete anonymity, except under exceptional circumstances such as “beyond reasonable doubt” proof of fraudulent intent or links to international terrorism.
On payment of a Company Search fee, members of the public may inspect the details of an BC as filed with the Registry. However, the Articles of Organization is the only document filed with the Nevis Registrar of Companies. It lists only name of the Nevis registered agent, registered office address and company authorized capital. Therefore, the Company Search facility really on serves to confirm that the Company exists, but there is no public information on Shareholders, Directors and Officers etc.
6. Operation. Company business address can be located anywhere in the world. Meetings of Directors may be held anywhere in the world; minute books can be kept anywhere.
No need to file annual returns or reports from the shareholders or directors of Nevis BC. No need to notify the Registry about Shareholders, Directors or Officers change.
7. Purposes and Restriction Nevis BC may be organized for any lawful business purposes, including, without limitation, the rendering of professional services by or through its members, managers, officers or agents, subject to any licensing or registration requirements applicable in any jurisdiction in which the services are rendered or in which such persons are licensed or registered.
Company should not conduct banking, trust, insurance, mutual fund business unless it was properly licensed.
Nevis BC can be used as a private Trust company (PTC) in – trustee in a Nevis Trust
Company should not conduct any business within the jurisdiction of Nevis.
There are no restrictions on doing business outside of Nevis except illegal activities or such activities that require additional licenses.
Statutory requirements 1. Nevis BC shareholders may be either natural or legal persons of any nationality and domicile.
2. Nevis BC directors may be either natural or legal persons of any nationality and domicile.
3. Managing Director. Nevis BC managing directors may be only natural persons of any nationality and residency.
4. Nevis BC secretaries may be either natural or legal persons of any nationality and domicile.
5. Share Capital. Nevis BC can issue registered shares, shares of no par value, bearer shares, preference shares, redeemable shares and shares with or without voting rights.
Nevis BC shares with par value may be denominated in any currency. Standard authorized capital of Nevis BC is US$100,000. However, there are no restrictions on the minimum or maximum authorized capital amount.
6. Accounting and audit requirements. Nevis BC must keep reports, including, where applicable, contracts and invoices. Reporting must reflect:
i. All amounts received or expended by the company, and the reasons of income or expense. ii. All purchase and sale transactions, as well as other transactions, assets and liabilities of the company.
Reports of the Company must: i. Correctly explain all the transactions; ii. Allow to determine the company's financial condition at any time and with sufficient accuracy; iii. Allow to prepare complete reports.
Reporting should be kept for 5 years from the date of its preparation.
Reporting of the Company must be kept at the office of registered agent or in any other place.
The Company shall keep all minutes of meetings of shareholders, and records of actions taken by the decision of shareholders, minutes of directors' meetings and records of actions taken by them.
Reports should be kept in written or any other form, which can be converted into written within a reasonable period.
7. Audit is not required.
8. Taxes. All BC's are tax exempt. There are no Nevisian taxes on dividends, income or capital distribution or wages whatsoever. Moreover, unlike many onshore jurisdictions, Nevis does not tax a BC for accumulated (but undistributed) earnings. The wealth of your BC can grow continually and will be free from Nevisian tax.
Need Assistance INTERSHORES has over 20 years of corporate services experience and can assist you to set up your Nevis company. Please do not hesitate to contact INTRESHORES at info@intershores.hk or by whatsapp at (852) 6499 4686.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
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