A Nevis International Business Company (IBC) is governed by the Nevis Business Corporation Ordinance of 1984 (amended in 2000). This law is based on the U.S. State of Delaware’s corporation laws.
Background
Nevis is part of the island chain called “The Federation of Saint Kitts and Nevis” on the Caribbean Sea. Its political system is a Parliamentary democracy under a federal constitutional monarchy. Although it gained independence from the United Kingdom in 1983 after nearly 300 years of being a British colony, it still recognizes the English Queen Elizabeth II as its Monarch.
Benefits
A Nevis International Business Company (IBC) has these benefits:
• 100% Foreign Ownership: Foreigners can own all of the shares in a Nevis IBC.
• Limited Liability: A shareholder’s liability is limited to the capital investment.
• Total Privacy: Shareholders and directors names are anonymous and not part of any public records. Nominee shareholders, directors, and officers are permitted.
• No Taxes: IBC’s do not pay any taxes. Note that U.S. taxpayers and everyone obliged to pay income taxes on global income must declare all income to their tax agency.
• One Shareholder: The minimum number of shareholders is one to form an IBC.
• One Director: The IBC can be managed by only one director for a one shareholder company.
• Fast Registration: It only takes one business day to incorporate an IBC.
• No Accounting or Auditing Requirements: IBC’s are free to establish any accounting standards or auditing requirements.
• Low Minimum Share Capital: Currently, the required minimum share capital is $1 USD.
• No Required Authorized Capital: There is no required minimum authorized capital.
• English: Since being a former UK colony, English is its official language.
Nevis IBC Company Name
Every Nevis IBC must have a company name different from existing or reserved company names in Nevis.
The Nevis IBC name must end in one of the following words: “company”, “corporation”, “incorporated”, or “limited”. Or, abbreviations of one of the above-mentioned words like: “Corp.”, or “Inc.”, or “Ltd.”. This helps to distinguish a Nevis corporation from a partnership or sole proprietor company.
Registration
Registering a new IBC is a very simple process. The name of the new IBC must be provided to the registered agent, who would immediately reserve the name of the IBC using the Nevis Online Registration Module.
After reserving the company name, a Nevis IBC can quickly register by submitting The Articles of Incorporation to the Registrar of Corporations. If the Articles are in compliance, approval can be obtained within one business day.
Limited Liability
Shareholders are only liable up to their contributions to the company.
Shareholders
The IBC must have a minimum of one shareholder who can be a resident of any country. Shareholders can be companies or natural persons.
Nominee shareholders are allowed for increased privacy.
Directors and Officers
A minimum of three directors are required who can reside in any country and can be a legal entity (such as a LLC, corporation, trust, etc.) or natural persons. However, if there are less than three shareholders, then the required minimum is reduced. It is possible to have only one shareholder who is the sole director.
If officers are appointed, the President and the Treasurer must be natural persons. The Secretary may be a natural person or a corporation. Officers can reside in any country. Nominee officers are permitted.
Accounting and Auditing
Nevis does not have any laws requiring accounting or auditing of companies. Each company has the discretion to determine their methods of accounting and records to maintain.
Registered Office and Local Agent
Every IBC must maintain an office address in Nevis. However, the main office can be anywhere in the world.
A local registered agent must be appointed who must be licensed by the Nevis Island Administration.
Minimal Share Capital
The required minimum share capital is $1 USD per share. Every issued share must be paid up by the shareholder. Therefore, a single shareholder must pay $1 USD to the company.
Authorized Capital
The standard authorized capital is $50,000 USD consisting of 50,000 registered shares at $1 USD apiece. However, this is not a required amount. Even then, the IBC is not required to issue all the shares for the declared authorized capital during a required time limit. The IBC can issue just one share to its single shareholder with the remainder shares to be issued in the future or not at all.
Annual General Meetings
Annul general meetings are not required. The company has the discretion to decide if and when and anywhere in the world meetings can occur and how to conduct them.
Taxes
There are no corporate taxes, or income tax, dividends tax, capital gains tax, stamp duty on corporate shares transfers or any local taxes.
Note, U.S. citizens and taxpayers from countries taxing worldwide income must declare all income to their tax agency.
Public Records
Complete anonymity and confidentiality exists. No disclosures of owners, directors, or shareholders are required.
The Articles of Incorporation which is submitted to the Nevis Registrar of Companies does not name any owners, shareholders, officers, or directors.
Registration Time
It is estimated that incorporating an IBC can take one business day for approval.
Shelf Companies
Shelf companies are available for purchase in Nevis which will speed up the incorporation process.
Conclusion
A Nevis International Business Company (IBC) has these benefits:100% foreign ownership, limited liability, no taxes, complete privacy, one shareholder to form the IBC, only one director for sole a shareholder company, fast one day registration, low minimum share capital, no required authorized capital, and English is its official language.
