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VANUATU

   
   
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1. Company law
The Nevis Business Corporation Ordinance 1984,as amended and the Nevis Limited Liability Company Ordinance 1995, as amended.
    2. Types of company:
Non resident exempt companies (NBCOs), limited liability companies (LLCs)

  (a) type of company preferred for international transactions: Both types.

  (b) shareless companies: Limited liability companies are shareless entities.

    3. Capital requirements: No paid-in capital requirements exist for NBCOs or LLCs.
   
4. Costs to incorporate, excluding government fees:
For an NBCO: USD660. For an LLC: USD430. Professional fees may vary depending on the service provider.
    5. Fees paid to authorities to incorporate: USD220 government fee for both NBCOs and LLCs.
   
6. Annual fees paid to authorities:
USD220 government fee for both NBCOs and LLCs.
    7. Taxation rates applied to companies generally:
NBCOs and LLCs are exempt from all Nevis taxation
    (a) the taxation of companies in 2 (a) Both types are exempt from all Nevis taxation.
    8. Method of incorporation: For NBCOs: incorporation is achieved by filing the Articles of Incorporation with the registrar. For LLCs: the Articles of Organisation must be filed with the registrar.
 
9. Who may incorporate - specify what, if any, local representatives/ professionals required?
An incorporator, in the case of an NBCO, or an organiser for an LLC, is normally furnished by a registered agent, who files documents with the registrar.

   
(a) are ready made companies available?
Yes, ready-made or shelf companies are available, but not for LLCs..

   
10. Length of time to incorporate:
One hour ?incorporation process for NBCOs and LLCs.
   
11. Minimum members:
For NBCOs, one director if one shareholder. For LLCs, one member.
   
12. Registered office:

A registered office is not required. Every NBCO and LLC must maintain a registered agent in Nevis.
    (a)Can the registered office be a bank/ lawyer/ accountant's office (brass plate)? Brass plate registered agents are not permitted. The registered office must be that of a qualified entity or professional licensed by the government, with ECD500,000 paid in capital.
    13. Directors and secretary: A minimum of one director is permitted when there is one shareholder of an NBCO. Every NBCO must maintain a president, secretary and treasurer or a managing director and secretary. Corporate directors and secretary are permitted. LLCs may have officers as it deems necessary.

   
(a) Must a director/ secretary be resident?
There are no residency requirements for directors, officers, members or managers.
   
(b) Are Corporate Directors allowed?
Corporate Directors are permitted for NBCO entities. LLC entities typically do not have Directors. Corporate Manager is permitted for LLCs.
   
14. Appointee directors/ secretary possible?
Resident or appointee directors, officers, managers and members are possible.
    15. Amount of fees payable to appointee directors/ secretary: Standard management fees range from USD500-1,000.
    16. Meetings: Meetings of shareholders and directors should be held for NBCOs. Meetings for LLCs are held as determined by the members.
    17. Annual return:


No annual returns of any nature are required for NBCOs or LLCs.

    (a) Must financial statements of a company be audited?

There is no statutory requirement for audited accounts.

    18. Is disclosure of profits required by filing balance sheets with annual returns? Disclosure or filing of balance sheet is not required.
    19. Are there any exchange control or other financial restraints imposed upon a company? NBCOs and LLCs are exempt from all taxation and exchange controls.
   
20. Companies formed in the last year:
Not public knowledge due to confidentiality law.
    21. Number of companies on the company register altogether: Not public knowledge due to confidentiality law.
    22. How, if any, is migration into and out of the jurisdiction achieved? Migration of NBCOs and LLCs into and out of Nevis is achieved easily and procedures are provided by statutes.
    23. Is migration out of your country provided for? Progressive flight provisions are contained in both NBCO and LLC Ordinances.
    24. Any amendments to company law over the last 12 months: There were no amendments to the offshore statutes in 2007.
    25. Anticipated amendments to company law over the next 12 months: Anticipated amendments proposed for 2008 are not available as of the date of this writing.

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Compiled by Mario Novello, Trident Corporate Services Ltd.
   
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