The Island enacted the Nevis Business Ordinance in 1984 (NBCO) which was based on Delaware Corporation legislation. Such companies are not required to register the names of shareholders, directors or officers, nor are they subject to Nevisian taxes of any kind except an annual government fee of two hundred dollars $200. There is no requirement to file annual accounts and any NBCO conducting legitimate business is fully protected by the Island's Confidentiality Act.
Complementing the NBCO the International Exempt Trust Ordinance was passed in 1994 (NIET). Trusts formed under NIET provide powerful Asset Protection Vehicles and are exempt from income, gift, withholding, estate, asset, inheritance, succession and stamp tax. The primary advantage of trusts registered under the ordinance are that it places the burden of proof on claimants against the trust to prove fraudulent disposition and the creditor must give "clear and convincing" evidence to this effect. Furthermore the creditor has only a limited time in which to act, from the date of disposition of the assets.
As a further enhancement to the compendium of laws the Nevis Limited Liability Company Ordinance was passed in 1995. This legislation provides for the creation of what is sometimes known as Limited Duration Companies or LLCs with the same benefits as an NBCO but with the added benefit that the company may be structured in such a way as to be treated, for United States tax purposes, as a partnership.
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