Nevis is situated in the northern part of the Leeward Islands and was once known as "The Queen of the Caribbean" due to its breathtaking palm-fringed beaches and scenery dominated by Nevis Peak in the centre of the island which rises to a height of 3,232 feet.
» Population
The population of Nevis is approximately 12,000
» Political Structure
Nevis was a British colony from 1628 until 1983 when it became independent and joined the Federation of St. Kitts and Nevis. The Federation is an active member of the British Commonwealth. Nevis is a democracy based upon the British Parliamentary system with an elected local assembly. The Head of State is HM Queen Elizabeth II who is represented on the island by a Governor General.
» Infrastructure and Economy
Nevis was virtually a sugar monocrop economy until the late 1970s, when the government backed a drive into small-scale industrialisation. In July 2005, sugar production ceased. Tourism has become the largest source of foreign exchange although mass tourism has been rejected in favour of quality development and five star resorts. The arrival of the first direct flight from Atlanta Hartsfield Jackson International to St Kitts in February 2008 marks a significant milestone in the Federation’s (Federation of St Kitts & Nevis) efforts to penetrate the US travel market.
In 1984 the Government of Nevis enacted a modern corporate statute, the Nevis Business Corporation Ordinance 1984, which has resulted in rapid growth of the finance sector with around 18,000 companies registered by 1999. This was followed by the Nevis Limited Liability Company Ordinance in 1995. The main trading partners are the US, the UK and Canada (for exports) and the US, Italy, and Trinidad and Tobago (for imports).
» Language
English is the official and commercial language of the Island. Nevis enjoys a literacy rate of 98%, one of the highest in the Western Hemisphere.
» Currency
Eastern Caribbean Dollar(EC$), which is fixed to the US Dollar.
» Exchange Control
None.
» Type of Law
Common Law based on English Common Law and American Corporate Law, particularly New York and Delaware corporate laws.
» Principal Corporate Legislation
Nevis Limited Liability Company Ordinance 1995.
Company Information
» Procedure to Incorporate
By submission of the Articles of Organisation to the Registrar of Companies, which state:
The name of the LLC
A statement that the LLC is formed under the Nevis Limited Liability Company Ordinance 1995
The latest date on which the LLC is to dissolve (Optional)
The statutory licensed Registered Agents address
A statement whether the LLC is managed by managers exclusive of the members or by all of the members in their capacity as members.
Any other provision not inconsistent with Nevis Law which the organisers elect to appear in the articles of organisation.
» Restrictions on Trading
Cannot trade within Nevis or own real estate there. A company may not engage in the business of banking, insurance, assurance, fund and collective investment schemes or any other activity that would suggest an association with the banking or Insurance industries.
» Powers of Company
A company incorporated in Nevis has the same powers as a natural person.
» Language of Legislation and Corporate Documents
English.
» Name Approval Required
Yes.
» Shelf Companies Available
No
» Registered Office and Agent Required
Yes, must be maintained in Nevis. The Registered Agent must be licensed by the Minister of Finance.
» Time to Incorporate
One day, but allow five days for delivery of documentation.
» Name Restrictions
Any name that is identical to or similar to an existing company. Any name that in the opinion of the Registrar is undesirable or suggests an illegal activity or any name that may imply government patronage.
» Language of Name
May be in any language that uses the Latin alphabet. The Registrar may request an English translation if a foreign language name is to be used.
» Names Requiring Consent or Licence
Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, municipal, trust, trustee, Chamber of Commerce, university or their foreign language equivalent.
» Suffixes to Denote Limited Liability
Limited Liability Company or LLC.
» Disclosure of Beneficial Ownership to Authorities
None.
Compliance
» Taxation
A Nevis Limited Liability Company pays no Tax on income earned outside Nevis.
» Licence Fees
There is an annual registration fee of US$ 220 payable to the Minister of Finance.
» Double Taxation Agreements
Although Nevis does have double tax agreements, a company incorporated under the Nevis Limted Liability Company Ordinance 1995 cannot obtain any treaty relief through them.
» Financial Statement Requirements
Whilst there is no requirement to submit or file audited financial statements, a Nevis company is required to maintain financial records to reflect the financial position of the company.
» Managers
The minimum number of managers is one. The managers may be natural persons or bodies corporate and may be of any nationality and need not be residents of Nevis.
» Members
The minimum number of members is one. Members may be individuals or bodies corporate of any nationality or domicile.
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Disclaimer
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.
