KNOWLEDGE BASE

KEY CORPORATE FEATURES

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 breathtaking 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 12,000.

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).

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 Limited Liability Company Ordinance 1995.

Nevis Limited Liability Company (amendment) Ordinance, 2009.

Back to top

NEVIS NBCO COMPANY INFORMATION

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 Licence

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.

Back to top

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 Agreements

Although Nevis does have double tax agreements, a company incorporated under the Nevis Business Corporation Ordinance 1984 cannot obtain any treaty relief through them.

Licence Fee

There is an annual registration fee of US$ 220 payable to the Minister of Finance.

Financial Statements 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.

Back to top
HOW TO PROCEED

A bespoke 'offshore' solution can be complex and requires careful planning and execution. We therefore encourage our clients to contact us directly, without obligation, for a Free Initial Consultation.

Our experienced consultants will gladly assist with advice on how to approach your particular challenge.

To make contact with a consultant at one of our offices who speaks your language, click here for a full list of our office contact details.


REQUEST A QUOTATION

Legal Warnings | Privacy Policy | Feedback     OCRA Worldwide 1995 -
Disclaimer: Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other
professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.