Nevis is more than a popular holiday destination. Its competitive offshore banking and company formation capabilities, together with its stable political and economic system, low crime rates, and English as its official language, make the Nevis offshore bank system a reliable option for high-net-worth individuals who want to protect their corporate and personal assets.
The ease of forming a corporation, competitive pricing, regular improvements to its law to meet modern demands are why a Nevis offshore company formation option is ideal.
The Nevis offshore company formation costs are among the lowest. For less than US$ 2,000, an investor can form an LLC, making it one of the cheapest Nevis offshore company solutions.
The Nevis Business Corporation Ordinance allows a company to incorporate a Nevis offshore company under the same laws as an international business corporation (IBC). Once registered the company may conduct any legitimate business offshore.
Saint Kitts and Nevis’s citizenship is the best solution for this situation! This country provides a wealth of benefits for business people. Such are privacy, asset protection, favorable tax regime, flexibility in business laws, etc.
There are two forms of legal entities:
The IBC is an international business company that issues shares; an LLC is a limited liability company without shares.
To form an offshore business in Nevis, an investor may follow the simple requirements outlined below and adhere to the restrictions set out by the Nevis Business Corporation ordinance.
Investors are required to register their Nevis offshore company with a registered agent. The agent must possess an administration license to operate in Nevis and have a registered office in the country. An agent can be a solicitor or barrister registered as per the 1984 ordinance
Nevis law requires any new business to utilize a unique name for its company. It must not be similar to another existing business in the country.
All corporations in Nevis need to have a minimum of one shareholder at any given time. This shareholder can be an entity or individual and may reside anywhere in the world.
Directors of a Nevis corporation can either be appointed managers or shareholders. The company needs to have at least one director at all times. Company directors can either be entities or individuals. A company secretary is also required. The secretary can either be an entity or an individual.
Corporations need to acquire a license or special approval to conduct certain business activities. These include savings, banking, loans, fund management, insurance, building societies, investment fund, chamber of commerce, municipal, or a university. A Nevis LLC may not conduct any business within the country relating to real estate.
If the investor is working with a registered local agent for incorporation purposes, the investor may use the agent’s office for the company’s official notices. The investor may also maintain an office for its Nevis offshore company anywhere in the world.
There is no minimum authorized capital required to incorporate a Nevis offshore company
There are no requirements for statutory accounting and auditing. That said, Nevis’s laws require LLCs and IBCs to maintain their company accounts and documentation.
Offshore companies with no operations in Nevis are tax exempt. There is no corporate, income or property tax, or stamp duty. As such, Nevis does not require any tax returns to be filed by Nevis Business Corporations. In place of taxes, IBCs and LLCs pay an annual registration fee of US$ 220.
If you want to know more about tax diversification (which can play a vital role in stretching your savings), then download our tax checklist. This short pdf is just a bulk of information and your way to understanding this complex topic!
There are two options for opening offshore bank accounts in Nevis, a personal account held by an individual or a Corporate account through the formation of an LLC or IBC. For investors, opening an offshore Nevis corporate account is best as it creates a separation between the individual and their assets, strengthening the asset protection capabilities.
The banking features and offshore services Nevis bank account offers include:
The Nevis Banking system features two advantages:
In Nevis, there is no taxation on any income earned outside of the jurisdiction. Nevis offshore LLCs and their owners and directors are not subject to withholding tax, capital gains tax, estate tax, dividends, capital distribution, wages, and other incomes.
Nevis has a strong reputation for providing financial privacy by not making any information public regarding owners and directors of offshore companies. The government has exhibited a total commitment to maintaining the confidentiality of those involved in a legitimate business.
An investor opening a Nevis offshore bank account will need to provide the following:
Investors wanting a Nevis offshore account may consider the following banks in Nevis for offshore companies.
St Kitts and Nevis have an ‘Unincorporated Business Tax’ calendar consisting of three separate tax periods. The first is from December – February, the second is from March-May, and the third is from June – August. Details about the St Kitts tax rates and respective tax schedules can be found at the tax office in St Kitts.
St Kitts and Nevis actively participate in this tax matter. On December 21, 2016, the National Assembly of St Kitts and Nevis passed the Common Reporting Standard (Automatic Exchange of Financial Account Information) Act to implement the Common Reporting Standard. The Act is also supported by the Common Reporting Standard Regulations and made official on December 29,2016. All reporting financial institutions in St. Kitts and Nevis are required, in respect of the calendar year 2017 and every following year, to file with the Competent Authority all prescribed information on reportable accounts.
There is no personal income tax for individual St. Kitts and Nevis passport holders; thus, it is unnecessary to file a tax return form, nor is there a need to deal with filing payment or penalties. With corporations, any business incorporated in St Kitts and Nevis will need to file an Income Tax Return, even if the corporation did not have any business transactions during the year or even if it applied for a tax holiday. Any non-resident, corporation, or otherwise, with a permanent business establishment in the Country must file an annual Income Tax Return. An offshore corporation’s local branch office will be considered as if they were incorporated in St Kitts and Nevis and as a separate tax entity from their head office.
A trust incorporated in Nevis is exempted from taxation on any income earned anywhere in the world outside of Nevis, including dividends and interest, withholding taxes, capital gains taxes, or estate taxes. Nevis trusts or offshore banking from Nevis are not required to pay stamp duty on transactions. There are no exchange controls in Nevis, and the Country has steadfastly refused to sign any taxation treaties with other countries.
Read by topic
Beyond minimum investments: Comparing Caribbean Citizenship by Investment programs
Which Caribbean country to choose to live in and invest in?
A cost breakdown for obtaining a St. Kitts and Nevis passport through investment
St Kitts and Nevis CBI program is amongst the best options for high-net-worth individuals seeking a cost-effective and expedited solution to obtaining a second citizenship and passport for the ease of visa-free travel for themselves and their family members.