Nevis Corporate Law
- Last updated on .
Nevis Business Corporation Ordinance 1984
A Nevis offshore company is called an International Business Corporation or 'IBC' and it is TAX EXEMPT on all income earned from anywhere in the world except Nevis island.
An IBC need NOT file annual returns. Corporate records may be kept anywhere in the world and annual general meetings or meetings of the Board of Directors are NOT required to be held in Nevis.
An IBC has a number of other very attractive advantages:
- There are no income taxes, social security taxes, capital gain taxes, withholding taxes, stamp, or duty taxes.
- There are no gift, death, estate, dividend, distribution, or inheritance taxes.
- No minimum authorized capital; bearer shares permitted.
- A business license is not required.
- Officers, directors, and members are not identified.
- Plaintiff bringing civil suit must post US $25,000 bond.
- Statute of limitations for civil suits is one year.
The registration process is simple and can be accomplished with little effort.
A Company may be incorporated to conduct any lawful business and there is no need to enumerate the particular objects for which the company is incorporated.
An IBC registered in Nevis is required to maintain a registered agent at all times. The Minister of Finance licenses trust companies and registered agents. A Nevis IBC is also required to maintain a registered office in Nevis. This requirement is easily satisfied as the legislation permits the office of the registered agent to act as the office of the company.
The Nevis Business Corporation Ordinance Act was enacted in 1984 and is modelled in large part on USA Delaware corporate statutes. The legislation is contemporary and user-friendly. It is routinely updated to ensure that it remains progressive and avant-garde.
On Nevis there are no exchange controls, no tax treaties with other nations (including the U.S.), and the government will not exchange tax or other information with any other foreign revenue service or government. Principal corporate offices and records may be maintained by Nevis companies anywhere in the world.
The Nevis corporation law is almost unique in that it contains a very modern legal provision allowing the international portability or transfer of an existing foreign company from its country of origin to the island.
Known as the 're-domiciling provision', this allows the smooth and instantaneous transfer of an existing American, British, Panamanian or any other nation's corporation, retention of its original name and date of incorporation -- all without interruption of business activity or corporate existence. The only requirement is the amendment of existing articles of incorporation to conform with local laws.
In 1995 Nevis enacted the Limited Liability Company Ordinance, which provides for the existence of what is sometimes known as a Limited Duration Company, or LLC, with the added benefit that the company may be structured in such a way as to be treated as a partnership under United States tax laws.
An innovative Nevis corporate identity was formed in 2004 with the establishment of the Nevis Multiform Foundation Ordinance. Similar to those already in place in Panama and Liechtenstein, the foundations can be used not just for charitable purposes but for asset protection as well. Of the many benefits of a Nevis foundation, it also simplifies what can often be complex intricacies often associated with a trust, which often leads to misunderstandings.
Nevis Offshore Solutions from Offshore-Protection.com
Visit these pages for more information on Nevis-based offshore company formations available from Offshore-Protection.com: