Nevis Offshore Company
Under the Nevis Business Corporations Act Nevis companies are called Nevis Business Corporations. Local or onshore companies in Nevis are provisioned for under the St. Kitts and Nevis Companies Act, 1996 (22) which sets out the essential principles for companies incorporated in Nevis and St. Kitts. However, Nevis passed its own corporate entity law, the Nevis Business Corporations Act in 1984. This act was later amended in 2002.
Nevis corporations can be incorporated by individuals or bodies corporate regardless of residency status, nationality or in the case of transferring an offshore company, the original jurisdiction of incorporation.
The Nevis corporation act is a merger of enactments that regulates both the onshore and offshore Nevis companies under which both offshore and onshore Nevis companies are governed by the same rules and guidelines, except in issues dealing with income and corporate taxation and residency requirements. For instance, the local Nevis company will benefit from only from income tax exemption, but if the Nevis Company’s operations are wholly offshore, a wider range of tax exemptions would be available. , including the freedom of exchange controls.
The advanced and investor friendly legislation for Nevis Corporations makes it possible to fulfill incorporation of a Nevis company within a few days. Nevis companies can also be established with a choice of one or several members, or by one or more corporate entities. The number of directors or shareholders in a Nevis corporation may be increased or decreased over the lifetime of the corporation. Normally the number of directors needed to incorporate a Nevis Company is three (3) however if there are less than three (3) shareholders the number of directors can be equal to the shareholders.
Nevis corporations must have an agent who is based in Nevis as an authorized offshore service provider. This agent would be the person handling the incorporation process in Nevis.
The process to incorporate a Nevis corporation begins with the selection and approval of the corporation name. The names of Nevis companies must be unique and apparent. All Nevis corporations names must end with a word or an abbreviation which signifies the legal structure of the business, distinguishing it from a Nevis LLC corporation or partnership.
Nevis offshore companies or Nevis business corporations can issue shares in one or more classes and can issue bearer or registered shares with or without par value. Shares of a Nevis offshore company give certain full or limited voting rights, preferences or privileges to their holders.
No income tax, corporate tax, capital gains tax and inheritance tax are paid by offshore companies in Nevis. Since a Nevis offshore company does no business in the territory that Nevis Company will have no responsibility of filing its financial audits to the tax office in Nevis.
Directors and shareholders of a company incorporated in Nevis can be of any nationality. On or before incorporation a Nevis Company must take on a company secretary who can be of any nationality. The Company secretary can be a corporation or individual and does not necessarily have to reside in the tax haven.
Nevis Companies provide much desired privacy and confidentiality for the company’s shareholders and directors as these names are not publicly disclosed. Similarly, assets held by a Nevis company is protected under Nevis law and cannot be affected by judgments of foreign courts or foreign governments.
The nature of business of a Nevis company does not have to be commercial, but can be personal or familial in its nature. Often times, the main goal of the beneficial owner of an offshore corporation such as a Nevis coronation, is to reduce their personal net worth for asset protection purposes, or to have access to an offshore account in the name of a Nevis company for use as a will or testamentary trust.
Nevis offshore corporations are under no obligation to actively engage in any form of trade or business. Nevis offshore companies are ideal for doing any type of business dealings and Nevis companies are most frequently used as trading companies. Nevis offshore companies are very modern and easy to incorporate. Nevis offshore companies are incorporated largely because of their flexibility and ability to be used for various types of activities and capacity to form new companies. The number one advantage of using a Nevis company – offer tax avoidance and tax reduction options.
Incorporations are fulfilled within a few days and sophisticated telecommunications systems facilitate offshore agents with Nevis company incorporation advice and attention, so one has no need to feel alienated from the formation process of his offshore company in a foreign country.