Location:
Nevis is located about 1,200 miles southeast of Miami in the Leeward Islands.
The island has an area of 36 square miles.
Language: The
official and commercial language is English.
Population:
The population of Nevis is approximately 8,000, with a literacy rate of
96%.
Political System:
Nevis became independent in 1983 after being a British Crown Colony since
1628. The island is part of the Federation of St. Kitts-Nevis, a member
of the British Commonwealth. Nevis is a democracy with an elected local
assembly and a political system that is based on the British Parliamentary
system.
Legal System:
The legal system is based on the English Common Law with a High Court of
Justice and a Court of Appeal. The island's governor-general is head of
the federal Parliament.
The formation of non-resident
domestic companies is governed by the Nevis Business Corporation Ordinance
1984, which is based on American, New York, Delaware and British Company
Law.
Taxation: Local
companies normally pay a 50% tax rate on profits, but offshore companies
are exempt from all taxation. Double-taxation agreements exist with following
countries:
Denmark
New Zealand
Norway
Sweden
Switzerland
United Kingdom
Incorporation:
A Nevis Corporation can be incorporated within 48 hours, and ready-made
companies are also available. Following are requirements for incorporation:
A registered agent in Nevis
is obligatory.
The share capital can be of
par value or no par value, and in any currency.
Shares can be either registered
or bearer or both.
The corporation can use any
name, which must include the word Incorporated, Corporation, Company or
Limited to indicate limited liability. However, the words Bank and Insurance
cannot be used.
The Board of Directors must
appoint three officers: a president and a treasurer, who must be individuals;
and a secretary, who may be a corporation. Alternate officers can be appointed.
At least three directors who
may be either persons or corporations of any nationality are required.
However, if the number of shareholders are less than three, the number of
directors has to be equal to but not less than the number of shareholders.
Alternate directors can be appointed.
At least one shareholder is
required, but there is no maximum limit. Shareholders can be persons or
corporations of any nationality.
It is not obligatory to file
the names of the officers, directors and shareholders with the Registrar
of Companies, but all other documents filed with the Registrar are accessible
to the public.
Annual General Meetings must
be held. However, meetings of directors, officers and shareholders can take
place anywhere in the world.
The internal affairs of the
corporation is ruled by the By-Laws, which are adopted by the Board of
Directors. Alterations of the By-Laws can only be done by a vote of the
shareholders.
At least one natural or legal
person must subscribe to the Articles of Incorporation, which must contain:
Names and addresses of each
incorporator, initial directors and registered agent.
The office address in Nevis.
The name, the continuance and
the object of the corporation.
The share capital.
The classes of shares, the number
of issued shares as registered and/or bearer shares, and if they may be
substituted for each other.
Special Features:
A foreign company can relocate
to Nevis and, conversely, a Nevis company can change domicile to a foreign
jurisdiction.
A Nevis company is exempt from
tax on income, dividends and distribution earned outside Nevis.
There are no requirements to
file financial returns, annual reports or changes of directors, officers
or shareholders.
The main company office can
be located anywhere as well as the company records. Directors, officers
and shareholders can be of any nationality and live anywhere. Companies
can be used as directors and secretaries.
A Nevis company is allowed to
alter its Articles of Incorporation, consolidate, or merge with other Nevis
companies or foreign companies, or file Articles of Dissolution.
Summary: Following
are some of the advantages of selecting Nevis as an offshore center:
Social, political and economic
stability
Excellent communication facilities
Offshore companies are exempt
from all form of Nevis taxation
Double-taxation agreements
Redomicilation of foreign companies
to Nevis and from Nevis to a foreign jurisdiction
Immediate incorporation or ready-made companies for immediate use
Bearer shares are permitted
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