Nevis is a small island located on the Caribbean Sea forming part of the inner archipelago of the West Indies Leeward Islands chain. Nevis and its neighbor the island of Saint Kitts are one country known as The Federation of Saint Kitts and Nevis. It is located near the Lesser Antilles archipelago, about 50 miles (80 kilometers) west of Antigua and 280 miles (350 kilometers) from Puerto Rico. Its land area is 36 square miles (93 square kilometers) and its capital is Charlestown.
Nevis corporations are formed and regulated by the Nevis Business Corporation Ordinance of 1984 law. A Nevis offshore corporation is called an International Business Corporation or “IBC” and it is tax exempt on all income earned from anywhere in the world except Nevis island. However, U.S. citizens and others from countries taxing worldwide income must report all income to their national tax authorities. Nevis has a stable government and its history shows no major disputes with neighboring nations. The more popular entity because of its exceptional asset protection and tax flow-through benefits is the Nevis LLC. For the vast majority, it is much more beneficial from a tax and asset protection perspective than the Nevis corporation.
Benefits
There are several benefits for deciding to incorporate in Nevis which include:
• Nevis is a Territorial Tax Country: Nevis only taxes income earned inside its borders and not worldwide income outside its territory. In addition, there are no Capital Gains taxes in Nevis.
• No Minimum Authorized Capital: Nevis does not require a minimum authorized capital for its corporations.
• Strict Privacy: A Nevis corporation is private and confidential. For Instance, names of corporate managers, directors, and shareholders are not required to be filed with the Nevis Registrar of Companies. Thus, these names stay private and are never made known to the public.
• One Shareholder & Director: Only one shareholder is required to form a Nevis corporation and only one director needs to be appointed to manage the corporation.
• Fast Incorporation: A Nevis corporation can be registered between 1 to 2 days with an additional 4 to 6 days for the government to complete the registration process.
Corporate Name
When registering a new Nevis corporation the law requires selecting a unique corporate name not similar to any already existing Nevis corporate names found in the Registrar of Companies.
Office Address and Local Agent
Every Nevis corporation must appoint a local registered agent who is pre-approved by the Nevis government to serve as a registered agent and have a local office address to accept service of process and official notices. However, a Nevis corporation can have its main office anywhere in the world.
Shareholders
Nevis corporations must provide a minimum of one shareholder. Shareholders can live anywhere in the world, and also can be either private persons or corporations. Furthermore, nominee shareholders are allowed in Nevis for additional privacy, should the company elect this option.
Directors and Officers
A Nevis corporation has two options when it comes to management of the company. The company can choose to be governed by either its shareholders or appointed managers. Therefore, the number of managers depends on how the company’s Articles of Organization are composed.
Nevis corporation managers do not have to be shareholders. Managers can live anywhere in the world. Also, either private persons or corporations can be named as Nevis corporation managers. Furthermore, nominee managers may be appointed for increased privacy.
Authorized Capital
A Nevis corporation is not required to declare a minimum authorized capital amount.
Taxes
Nevis corporations are exempt from both income taxes and capital gains taxes.
Annual Fees
The yearly renewal fee for Nevis corporations is US $800 to $1,600 USD.
Public Records
The corporation’s Articles of Organization must be filed with the Nevis Registrar of Companies. No other documents are required to be filed. No shareholders, managers, or beneficial owner’s names are included in the articles. Only the corporation’s local address and the name of the registered agent are included in the articles. This provides complete confidentiality and privacy. Additional privacy for shareholders can be accomplished by appointing nominee shareholders and directors.
Accounting and Audit Requirements
Nevis corporations are not required to keep accounting and auditing records. The corporation has freedom to decide how to maintain its own records.
Annual General Meeting:
Nevis corporations are not required to hold annual general meetings.
Time Required for Incorporation
Most Nevis corporations can be formed in as little as 1 to 2 business days. The time required for incorporation, however, depends on the company’s unique name submission, as well as the company’s accuracy with filling out the required corporate documentation necessary for corporate registration.
Additional time, typically two to four business days, may be needed to prepare resolutions, registers and make sure the corporate documents are appropriately legalized with Apostille stamps.
Shelf Corporations
Nevis shelf corporations are available for faster incorporation.
Conclusion
A Nevis corporation offers many benefits such as: privacy and confidentiality for shareholders, managers, and directors; no worldwide taxation, no minimum authorized capital, only one shareholder and one director required, and fast incorporation.
