Formation Of An International Business Corporation In Nevis

Nevis is a leading international Caribbean finance centre with a good reputation and excellent standards. Factors contributing to and enhancing the status of this jurisdiction include:

Nevis as an International Business Centre

• Nevis does not levy VAT or other indirect taxes on Nevis International Business Corporations (IBCs) and there is no income tax, capital gains tax, wealth tax, death duty or inheritance tax.
• Legislative and fiscal independence mean that the island responds quickly to the needs of business.
• New legislation is regularly being introduced offering an increased number of corporate vehicles. These include IBCs, Insurance Companies, LLCs (Limited Liability Corporations), Multiform Foundations, Registered Trusts and Mutual Funds.
• The island is independent and offers a stable political and economic environment.
• Nevis is a former British Colony and applies a common law legal system (similar to the English legal system).
• Nevis is a well regulated jurisdiction and is recognised by the FATF (Financial Action Task Force) and the OECD (Organisation for Economic Co-operation and Development).

Formation of an International Business Corporation in Nevis

• The incorporation process is simple and takes less than 24 hours.
• Company name reservations can be instant and are free for up to 10 days.
• Companies can be incorporated to conduct any lawful business.
• Privacy is retained as there are no Government or Public Registers for officers or beneficial owners.
• Officer and beneficial owner registers are maintained by the registered agent at the registered office.
• The directors and corporate secretary can be located anywhere in the world and can be a person or legal entity.
• No annual company reporting is required.
• Corporate records can be kept anywhere in the world but must be readily available to the registered agent, if required.
• Authorised share capital can be denominated in any recognised currency.
• Bearer shares may be allowed with special permission. They must be immobilised at the registered office by the registered agent.
• The procedures for Nevis IBCs to amend their articles of incorporation, merge, or consolidate with foreign corporations or other Nevis corporations are relatively simple.
• It is easy to redomicile foreign entities into and out of Nevis.
• An "emergency redomicile" is available for foreign entities, if required.
• Nevis LLCs can easily be converted into IBCs.
• It is possible for a Nevis IBC to be classified as Nevis tax resident and pay 1% tax and obtain a tax residency certificate.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.