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Introducers

Nevis


Nevis

 

NEVIS

HISTORY AND POLITICAL STRUCTURE

Nevis is an island in the Caribbean Sea, located near the northern end of the Lesser Antilles archipelago, about 220
miles (350 km) east-southeast of Puerto Rico and fifty miles (eighty km) west of Antigua. The 36-square-mile (93 km²)
island is part of the inner arc of the Leeward Islands chain of the West Indies. The capital of Nevis is Charlestown.

Nevis was discovered by Christopher Columbus on his second voyage in 1493. Rich in both scenic beauty and history, it is one of the Lesser Antilles and was claimed by Spain but was not settled by Europeans until the English arrived in 1628. Nevis remained a British colony from 1628 until 1983, when it became independent and joined the Federation of St Kitts and Nevis.

Nevis is of particular historical significance to Americans because it was the birthplace and early childhood home of
Alexander Hamilton. In addition for the British, Nevis is the place where Horatio Nelson was stationed as a young sea
captain.

The majority of the approximately 12,000 citizens of Nevis are of primarily African descent. English is the official language, and the literacy rate, 98 percent, is one of the highest in the Western Hemisphere.

An ambitious infrastructure development programme has been introduced during the last 10 years, including a transformation of the Charlestown port, construction of a new deep-water harbour, resurfacing and widening the Island Main Road, a new airport terminal and control tower, and a major airport expansion, which required the relocation of an entire village in order to make room for the runway extension.

The Federation of St Kitts and Nevis is an active member of the British Commonwealth and the United Nations.The political structure for the Federation of Saint Kitts and Nevis is based on the Westminster Parliamentary system. Nevis has its own unicameral legislature, consisting of Her Majesty’s representative and members of the Nevis Island Assembly. The Nevis Island Legislature under the constitution has the power to make laws that cannot be abrogated by the National Assembly. Nevis has its own premier and its own government, the Nevis Island Administration. It collects its own taxes and has a separate budget.

The largest expenditure by Government is for education. Combined with a low crime rate, full employment and lack of drug-related difficulties, Nevis is politically stable. The political parties reflect this stability in that they are both centrist and do not have substantial ideological differences.

ECONOMY

The economy of Nevis has traditionally depended on the growing and processing of sugar cane but decreasing world prices have hurt the industry in recent years. Furthermore, the economy of the island relies mostly on its arable land for its economic sustenance.

Most of the industries revolve around the country’s agricultural production. The chief crops of the islands include sug-
arcane, cotton, rice, tobacco, yams and vegetables. Industries in the country are based on processing sugar, cotton
and tobacco. In addition, salt refining and fishing are major industries. The fervor of tourism has also caught on in the
recent past. The main export commodities from the country are food, beverages, tobacco, machinery and other elec-
tronics.

The economy of Nevis experienced strong growth for most of the 1990s but hurricanes in 1998 and 1999 contributed to a sharp slowdown. The economy experienced a mixed performance during 2002, with some sectors experiencing positive growth while others experienced varying levels of decline.

Nevis is a member of the Eastern Caribbean Currency Union (ECCU) The Eastern Caribbean Central Bank (ECCB) is-
sues a common currency (the East Caribbean dollar) for all members of the ECCU. The ECCB also manages monetary
policy, and regulates and supervises commercial banking activities in its member countries.
The official currency is the Eastern Caribbean dollar (EC$), which is shared by eight other territories in the region.

WHY CHOOSE NEVIS WHEN STARTING A BUSINESS?

Nevis is a corporate domicile used worldwide by professionals, institutions and other intermediaries. The Nevis Business Corporation Ordinance 1984 is widely recognised as a modern, flexible statute which is well-suited to the needs of international tax, business and individual planning. The Ordinance contains many features of the American and English Corporate Law. The Nevis Business Corporation Ordinance provides for a company to be incorporated to conduct any lawful business. The registration process is simple and easy.

Advantages of the Jurisdiction of NEVIS

 

•   Incorporation of Nevis Company takes 2-3 days..

•   The government of Nevis is stable

•   The laws are written in English and based on British and US business law principles.

•   The law permits offshore corporations to be incorporated for any lawful business purpose.

The corporation may be called by any name written in English characters so long as the name clearly identifies the
entity as a corporation and not a natural person, partnership or other entity.

•   Nevis has an excellent communication infrastructure and is easily accessible for most Americans and Europeans.

•   The law allows for the easy transfer to Nevis of any foreign company and transfer from Nevis to any other jurisdic-
tion of a Nevis corporation.

•   The law provides strict confidentiality of beneficial ownership.

•   There is no residency requirement for Directors, Officers or Shareholders.

•   Under the Nevis Business Corporation Ordinance Act of 1984, offshore companies are exempted from all taxes
and stamp duties.

•   There is no requirement to file annual returns or audited financial statements with the Nevis authorities.

•   The Nevis incorporation documents do not carry the name or identity of the shareholder(s) or director(s). As such
no names appear on the public record.

•   No annual or other reports by shareholders or directors are required to be filed in the public records of Nevis.

•   Shares may be in registered or bearer form. Bearer shares must be held in the custody of an approved custodian.

 

Requirements for the Registration of a Nevis company

 

•   Director: Minimum of one Director. Corporations are permitted.

•   Secretary: A Secretary is necessary.

•   Shareholder: Minimum of one Shareholder. Corporations are permitted.

•   Shareholder(s) and director(s) may be the same.

•   Shares & Capital: The standard share capital is USD 100,000.00 divided into 100,000 shares of USD 1.00 each.
Shares can be issued with or without par value. Bearer shares are permitted, but they must be held at the regis-
tered office.

•   Name Of The Company: Must end with one of the following suffixes: Limited or Ltd.; Corporation or Corp.; Incor-
porated or Inc.; Sociιtι Anonyme or S.A.; Sociedad Anonima or S.A.; Besioten Vennootshcap or B.V.; Gesellschaft
mit beschrankter Haftung or GmbH; Naamloze Vennootschap or NV.

 

Required Documents to register the company:

 

•   Articles of Incorporation to the Registrar of Companies

•   Appropriate fee

 

Corporate documents of a Nevis company

 

•   Original Certificate of Incorporation

•   Original Articles of Incorporation (Included in the Endorsement Certificate)

•   Bylaws

•   Waiver of Notice of the First Meeting of the Board of Directors

•   Share Certificate

•   Minutes of the Meeting of Incorporator and Subscriber

•   Transfer of Subscription Rights

•   First Directors Resignation

•   Initial Directors Resignation

•   Apostille Bound Set including :

- Copy of the Certificate of Incorporation
- Copy of the Endorsement Certificate
- Copy of Articles of Incorporation
- Copy Certificate of Notary Public

- Copy of   the transfer of Subscription of Rights
- Copy of   Bylaws

- Copy of   the Organizational Meeting of the Incorporator

Extra Documents:

 

•   Guarantee of Non-trading

•   Declaration of Trust

•   Nominee Directors Declaration

•   Memorandum of Sole Director

•   Affidavit

•   Company Seal

 

* Power of Attorney will be given when we act as Nominee

Nevis is an international law-abiding, politically stable, geographically accessible jurisdiction which has not been tainted by reports of money laundering or tax evasion and which offers citizens of all countries worldwide, including the US, privacy and protection through the provision of offshore company incorporation.

The government of Nevis is totally committed to the ongoing provision of competitive offshore services to companies and to maintaining the privacy and protection of those involved in legitimate business practices.  Anyone who chooses to incorporate their company in Nevis can have a great deal of confidence in the on-going stability and competitive nature of the jurisdiction’s offshore structure.

 


GENERAL OVERVIEW

Location

Eastern Caribbean, 200 miles South East of Puerto Rico.

Time zone

Atlantic Standard Time. European Standard Time +1/ 0 GMT -4 /-5 hours.

Population

12,106.

Capital

Charlestown.

Airport(s)

Vance W. Amory International Airport.

Language

English.

Currency

Eastern Caribbean Dollar.

Political system

Stable democratic.

International dialling code

+ 869.

Legal system

English Common Law.

Centre’s expertise

IBC and LLC formation and management, trust administration and foundations.

TAX

Personal income tax

None.

Corporate income tax

None for IBCs and LLCs. Local Companies 35%.

Exchange restrictions

None.

Tax treaties

UK/ St Kitts/ Nevis.

SHARE CAPITAL

Permitted currencies

US, Euro, GBP.

Minimum authorised capital

None.

Minimum share issue

None.

TYPE OF ENTITY

Shelf companies

None.

Timescale for new entities

24 hours.

Incorporation fees

US $220.

Annual fees

US $220.

DIRECTORS

Minimum number

Three.

Residency requirements

None.

Corporate directors

Yes.

Meetings/frequency

Yes, held at a time and place as fixed by the company by-laws or as indicated by the board.

SHAREHOLDERS

Disclosure

None.

Bearer shares

Yes but restricted.

Minimum number

One.

Public share registry

None.

Meetings / frequency

Yes, held at a time and place as fixed by the company by-laws or as indicated by the board.

ACCOUNTS

Annual return

No filing required.

Audit requirements

None.

OTHER

Registered office

Yes.

Domicile issues

Yes, re-domiciliation permitted.

Company naming restrictions

Yes, cannot have the same name as an existing company.

Nevis Companies

Nevis companies are required to renew their registration on the anniversary of the incorporation of each company.

The Registrar allows a grace period of 30 days where no penalties are assessed for late payment but assesses a fee of $100 if the payment is more than 30 days late.

The Registrar assesses a late payment penalty of $220 if the payment is more than 180 days late.

The Registrar eventually Strikes the company if the payment is more than one year late.