Our Offshore Jurisdiction: Nevis
Offshore Company Registration on Nevis
Saint Kitts and Nevis are Caribbean State Islands located approximately 3.2 kilometers apart and are included in the group of the Leeward Islands. The entire area of Nevis is approximately 260sq. kilometers. Saint Kitts and Nevis have a volcanic origin with a mountainous interior and the population is about 42 thousand. The currency is Eastern Caribbean dollars and the complete State title is The Federation of Saint Kitts and Nevis. The Government is a constitutional monarchy and a member of the British Commonwealth. The capital is Basseterre and the legislation is based on English common law. The Head of state is the British Queen Elizabeth II, represented by Governor General. The executive power is vested in the government headed by a Prime Minister. In the past, St. Kitts and Nevis was a British colony. The independence was proclaimed in 1983 and Saint Kitts and Nevis signed an agreement on avoidance of double taxation with the UK.
Our law firm located in Panama is pleased to offer legal services such as offshore company registration, trust registration and company formation on the Nevis Island, the offshore jurisdiction, which is a part of the Federation of St. Kitts and Nevis.
The advantages of an offshore jurisdiction on Nevis
The advantages of an offshore jurisdiction on Nevis are:
- Political stability of the region;
- Good reputation;
- No currency exchange restrictions;
- High protection of confidentiality of business and media;
- No taxes for foreign companies (tax heaven);
Shortcomings of the tax haven Nevis
There are few shortcomings of the tax haven Nevis and they are derived from the status area:
- Nevis - offshore jurisdiction, included in the list of offshore zones of many countries, because lists of these countries are not updated. In the main lists of FATF and the OECD - Tax Haven - Islands Federation of St. Kitts and Nevis have long been in the white list.
- There are no international treaties on avoidance of double taxation with major countries of the world and economic leaders of the international trade.
The other important advantages of Offshore Registration on Nevis are:
- low cost of registration
- low cost of annual support
- the use of nominee service
- lack of requirements of presenting reports
- full tax exemption.
Requirements and information for the company:
The name of the company must end with: "LIMITED” and nonresident companies are exempt from taxation. It takes between 5-10 days to incorporate a company. The minimum number of directors is one and there are no residency requirements for directors. Directors have to be legal entities and there must be a local registered agent involved. The minimum number of shareholders is one and nominee shareholders and directors are allowed.
Authorized capital: There are no requirements for authorized capital and the standard Authorized Capital is $ 100,000. Mandatory payment of the authorized capital is not required
Stocks: Bearer shares are not allowed only shares with par value.
Confidentiality: Identities will not be shown on public record if you use nominee shareholders and directors.
Taxes: Offshore in St Kitts and Nevis is completely exempt from tax.
Annual Report: It is not necessary to present any annual or other reports.
The following documents will be provided within the stated time and format:
- Certificate of Incorporation
- Resolution on the appointment of the Director
- Memorandum & Articles of Association
- Delivery of documents by courier
- Registration period is 5-10 days
The cost of registration of offshore companies on Nevis depends on the services you need. Please contact us for further information.
Registration of an offshore company is possible in two ways:
First method is to apply for registration of an offshore company online, paying by credit card order VISA / MasterCard, bank wire, Western Union or Webmoney.
The second method is to buy a shelf company in Nevis. If you are interested in purchasing a ready offshore company on Nevis please contact us today. We always have available ready-made offshore companies specifically registered in advance and you can purchase them immediately.
How to protect the assets on Nevis Island?
Multiform Funds and Trusts are used to protect assets on the island of Nevis (except offshore limited liability companies).
Let's look at their features.
I. MULTIFORM FUNDS ON THE ISLAND OF NEVIS (Multiform Foundations)
A Multiform Fund is a unique tool for asset protection, which exists only on Nevis.
The main features:
- Any offshore company registered in Nevis can be transformed into a multiform fund in the process of activity.
- The Fund, in the process of activity, may take the form of:
- Private Foundation;
A private foundation is used in a business structure when the company has substantial assets. The main feature of the Fund is that the person controlling of its activity, has no corporate rights. To purchase the rights in countries, where exchange control takes place, the license of the central bank is required. In the case of a private foundation the protector and beneficiary of are not considered as the fund owners and formally cannot declare their assets abroad, because there is nothing to declare. It means that the owners of a private foundation cannot carry out any action with assets (disposal or return), and do not have to pay taxes.
Any offshore company in form of fund or trust which was registered outside of Nevis may be transformed into multiform Fund on the island of Nevis.
- Two or more entities can be combined into multiform fund.
- The fund may become a resident company on Nevis by the order of the founder.
- The level of availability of information about the fund depends on the decision of fund owners.
- Multiform Nevis fund may be relocated to any other jurisdiction.
Legislation about Multiform Foundation in Nevis protects their activities and information about their activities from the public. The Law about Confidential Relationships in 1985 provides protection of information. For example, for the presentation of claims to a fund in the courts is necessary to make a significant pledge. For undue disclosure of confidential information heavy fines are imposed, including imprisonment.
The Law for Nevis Island regarding Multiform Funds (2004)
The Nevis Multiform Foundation Ordinance is a unique and progressive legislation, created to provide an instrument of protecting the rights and became an ideal protective tool for a trust products, supplementing all previous legislation. The law states that multiform fund on Nevis receives a so-called "multiform." This means that regardless of the legal form of establishment: a trust, company, partnership or fund, it can be transformed into each of them. The concept of "multiform" also means that the trust is a flexible structure and can change its shape at any stage of activity. The Fund may be used for estate planning, philanthropy, finance, and special investment.
There are five requirements to establish a multiform fund on the island of Nevis:
1. The Fund must have registered agent on Nevis.
2. The Fund must have a registered office in Nevis.
3. The fund should have an appropriate name.
4. The fund should have the board of directors and a secretary.
5. The Fund must have a memorandum on the establishment (incorporation).
The registration procedure of Multiform Foundation on the island of Nevis has several stages:
The issue of incorporation of the Foundation is handled by a registered agent, who must have a registered office. The Promoter of the Fund may reserve the name of the fund through the registered agent. If the fund is registered in the form of a trust, its name must contain the word "trust" and should be acceptable in law and comply with the special registration list of names. Also, it is prohibited to use any misleading words in the title, undesirable names, or any similar names to existing funds registered in Nevis.
Once the available name of the fund is confirmed, it may be reserved for one month and in some cases for a longer period. The next step is the preparation of documents and the provision of a registered agent for the establishment of multiform fund. These are:
1. Application form (application);
2. Schedule of consent (Consent Schedule);
3. Memorandum on the establishment;
4. Proof of the termination of the legal entity (that the declaration of cessation of activity was directed to the appropriate authority), if you want to reorganize the fund.
For registration of a Multifunctional Fund in Nevis registration fee must be paid. The law describes the procedure for the transformation of the company in Multiform Foundation by joining the foundation, merger, even if it is located outside of Nevis (for example, a trust in Jersey may be transformed in foundation on Nevis). Similarly, the International Business Company (IBC) in Nevis can be transformed into multiform fund. Through consolidation or merger in which two or more companies merge into multiform Fund, it can continue its activity in another jurisdiction. The Fund may act within Nevis and beyond, i.e., we see the full mobility of the structure, the owner of the fund receives a powerful tool for asset protection.
II. The second tool of asset protection in Nevis is a Trust
In the matter of disposal of property and asset protection using international trusts is a great option. In Nevis, the most interesting and specific tool in the form of asset protection is a trust.
AN INTERNATIONAL TRUST IN NEVIS is a way for legal tax exemption
The International Exempt Trust Ordinance (Nevis 1994). This Law regarding international exemption from taxation for trusts was amended in April 1995. It regulates issues related to the activities of international trusts and maintains various forms of trusts, which can be set up on the island such as:
- a Charitable Trust;
- a Non Charitable Trust;
- a Spendthrift/ Protective Trust;
- or a Qualified Foreign Trust.
The property, assets and profits of international trusts in Nevis are exempt from exchange controls, taxes and duties.
Which requirements must be met according to the Act, so that a trust will be considered as an international trust?
- There must be at least one trustee, which may be a trust created in accordance with The Nevis International Exempt Trust Ordinance;
- The Settler and the beneficiary or beneficiaries must be not-residents of Nevis;
- Property of the trust shall not include land from St. Kitts and Nevis.
There are many opportunities for asset protection under The Nevis International Exempt Trust Ordinance:
- Trust in Nevis cannot be considered invalid by reason of the entry into force of the rules of succession in the country of settler. This means that the opening of the procedure of the Heritage does not abolish the Trust.
- The rule of indefinite tenure has force. Since the establishment of a trust it may exist on Nevis for 100 years.
- Lawsuits against the trust started by any non-residents are not enforceable on Nevis. Any civil action against the trust assets on Nevis is only considered by the Supreme Court of the Federation of Saint Kitts and Nevis.
- The private property rights and trust on Nevis is protected as much as possible.
Creditors may sue only if the fact of fraud means that the fraud was proven as a fact or confirmed a suspicious transaction, or property of the trust was transferred in somebody's favor. If the Trust is continuing its activities after a 2 year period from the date of filing of the claim of creditors, and the question settled, it is not considered as a fraud. In any case, a creditor who files a lawsuit against the trust, in case of doubt about the transparency of the transaction, should prove it clearly and convincing evidence that the deal contained a fact of fraud. When submitting a claim the lender must pay a deposit of $ 25,000 to the Ministry of Finance before submitting a claim against the Trust on Nevis.
The Nevis International Exempt Trust Ordinance appointed Protector of the trust, which is responsible for monitoring the activities of the trust, the observation of the intended use of the trust. One of the most interesting provisions of the Act is that the founder of the beneficiary and the protector can be represented by one person. The founder of a trust may be empowered to control the activities of the trust, if necessary.
The law protects the complete confidence of the activity of the trusts registered in Nevis. At the state level, there is a register of trusts, which imparts the name of the trust, date of establishment, and the trust documents are not available to the public. The only exception is when a trustee or a special trust provides written permission of the relevant inspection bodies joining the trust in the register. In addition, any claims must be submitted in confidence and not disclosed without the permission of the court.
Our Law Firm - Panama Offshore Registration can provide you with legal support services if you need to register a company in Nevis (among other jurisdictions). The price of the company registration in Nevis may change if you choose other additional legal services that you may be interested in or require. For more information about the legal and business services offered by our Law Firm - Panama Offshore Registration please get acquainted with our experienced consultants in Panama by calling or sending us an email. We look forward to finding a solution for your company.