St Kitts Offshore Company
In the beautiful Federation of St. Kitts and Nevis in the Caribbean, there is provision for two legal offshore or tax exempt entities that can be incorporated and used on the international level or non-resident level. These are: the offshore partnership and the offshore corporation. Of these the offshore company/offshore corporation are more common. St Kitts “offshore” companies are “exempt” from taxes normally imposed on domestic companies.
The St. Kitts offshore corporation is set up as a private company, and is not subject to local corporation taxes, income tax, withholding tax, and stamp duty and transfer tax.
St Kitts offshore companies dare not subject to inheritance tax, death tax, gift tax and capital gains tax. Additionally, all offshore corporations, similar to Belize corporation, in St. Kitts are exempt from foreign exchange controls. This is a great advantage to companies conducting international transactions and dealing with multiple currencies. Stamp duties are waived for corporate transactions as well.
St. Kitts offshore companies are available only for international nonresident investors (personal or corporate). The St Kitts offshore company has a simple corporate structure and is versatile in its uses. St Kitts offshore companies are regulated by the Companies Act 1996.
The incorporation documents for a St. Kitts Exempt Private Company will include the Memorandum of Association and the Articles of association. These documents are filed with the Registrar of Companies and a Certificate of Incorporation is issued to prove incorporation.
The flexibility of the St Kitts private offshore company can be seen in the company’s ability to set a duration marking the life of the company, and increase or reduce the number of members in the company at any time. St Kitts companies can be formed with a minimum of one director and one secretary.
All St. Kitts offshore companies must maintain a register that shows the names of the directors/shareholder, the class of shares, and the number shares owned.
This register must be kept and a registered office that must be located in St. Kitts. While there is no requirement to file annual audits with the authorities for offshore companies in St. Kitts, accurate accounts and audits must be maintained by the St. Kitts offshore company. There must be an annual meeting for exempt offshore companies; these meetings can take place at any location deemed convenient by the members.
All St. Kitts offshore companies registered under the tax exempt status must have a registered address and a local registered agent.
St Kitts offshore companies, qualify for “tax exemptions” so long as the St Kitts offshore company does not conduct any business within St Kitts or with its residents. There are certain activities the exempt St. Kitts company can undertake within St Kitts without losing the tax waivers. the offshore company can contract the services of local professionals such as bankers, accountants, lawyers and it can purchase other goods or services in St. Kitts; it can hire, rent or lease property to hold operations or house employees, but it may not do any trade or profit generating business in St. Kitts.