Company Formation Survey 2008


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		1. Company law	The Companies Act, 1996 (No. 22 of 1996).
		2. Types of company:	The Companies Act makes provision for the formation of Ordinary Companies, Exempt Companies. Both types of company may be limited by shares or by guarantee, or by both shares and guarantee (Hybrid Companies.)
		(a) type of company preferred for international transactions:	The Exempt Company (which is not subject to income, capital gains or withholding taxes in St. Kitts as long as it conducts business with persons who are not resident in St. Kitts and Nevis) is the type of company preferred for international transactions
		(b) shareless companies:
		3. Capital requirements:	There are no minimum capital requirements.
		4. Costs to incorporate, excluding government fees:	The cost to incorporate a company in St. Kitts varies according to the service provider. There is no specific fee set by the Government of St. Kitts.
		5. Fees paid to authorities to incorporate:	Fees paid to the government authority to incorporate are as follows: in the case of a private company which is: - an ordinary company USD100 - an exempt company USD200 in the case of a public company which is: - an ordinary company USD300 - an exempt company USD600
		6. Annual fees paid to authorities:	Annual fees paid to the government authority are as follows: in the case of a private company which is: - an ordinary company USD100 - an exempt company USD200 in the case of a public company which is: - an ordinary company USD300 - an exempt company USD600
		7. Taxation rates applied to companies generally:	Exempt Companies are exempted from all income, capital gains and withholding taxes in the jurisdiction, provided that they conduct business exclusively with persons who are not resident in St. Kitts and Nevis. Ordinary Companies are subject to an income tax at the rate of 35%.
		(a) the taxation of companies in 2 (a)
		8. Method of incorporation:	Memorandum and Articles of Incorporation, as well as a statutory statement providing the particulars outlined in the Companies Act, must be provided to the Registrar of Companies along with the incorporation fee, in order for a company to be incorporated.
		9. Who may incorporate - specify what, if any, local representatives/ professionals required?	Companies or individuals authorised to carry on corporate business or trust business under the Financial Services (Regulations) Order, 1997 may incorporate companies on behalf of other persons.
		(a) are ready made companies available?	N/A.
		10. Length of time to incorporate:	A company may be incorporated within 24 hours.
		11. Minimum members:	A minimum of one member is required for the formation of a company.
		12. Registered office:	The Registered office of a company may be at the authorised person’s office or the company’s place of business.
		(a)Can the registered office be a bank/ lawyer/ accountant's office (brass plate)?
		13. Directors and secretary:
		(a) Must a director/ secretary be resident?	No.
		(b) Are Corporate Directors allowed?	Yes, provided that the corporate director has no corporate directors.
		14. Appointee directors/ secretary possible?	Alternate or appointee directors are possible. An appointee secretary is also possible.
		15. Amount of fees payable to appointee directors/ secretary:	All companies must file an annual return. Financial statements of all public companies and all companies engaged in finance business must be audited.
		16. Meetings:	Financial statements, including the disclosure of profits must be filed for all public companies and for all companies engaged in finance business. Private exempt companies, which are not engaged in finance business, need not file financial statements.
		17. Annual return:	All companies must file an annual return. Financial statements of all public companies and all companies engaged in finance business must be audited.
		(a) Must financial statements of a company be audited?
		18. Is disclosure of profits required by filing balance sheets with annual returns?	Financial statements, including the disclosure of profits must be filed for all public companies and for all companies engaged in finance business. Private exempt companies, which are not engaged in finance business, need not file financial statements.
		19. Are there any exchange control or other financial restraints imposed upon a company?	Approval for the conversion of ECD270,000(equivalent of USD100,000) into any foreign currency is required from the Ministry of Finance. Companies holding foreign currency accounts in St. Kitts are not affected by this requirement.
		20. Companies formed in the last year:	Not disclosed.
		21. Number of companies on the company register altogether:	Not disclosed.
		22. How, if any, is migration into and out of the jurisdiction achieved?	There are re-domiciliation provisions under the Companies Act, which provide for companies to migrate from jurisdictions to St. Kitts.
		23. Is migration out of your country provided for?	Provision is not made for migration of a company out of St. Kitts. (The Re-domiciliation Regulations are currently being revised to provide for this).
		24. Any amendments to company law over the last 12 months:
		25. Anticipated amendments to company law over the next 12 months:	Re-domiciliation Regulations are being revised to provide for companies to migrate out of St. Kitts.
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