Admiral Horatio Nelson, arguably Britain's finest naval
commander of all time, married a Nevisan, made Nevis
the center of British naval operations in the Western
Hemisphere, and considered it the most lovely place
he'd ever lived. Alexander Hamilton, the first Secretary
of the Treasury of the United States of America, and
a signer of the Declaration of Independence and participant
in the drafting of the U.S. Constitution, was born in
Charlestown, the current capital of Nevis.
Miles of beaches facing onto aquamarine and turquoise
seas encircle the island. The natural beauty of Nevis
is breathtaking. Tourism is a major revenue source and
the Nevis Four Seasons Resort has recently been rated
the Number One Resort in the world for the third straight
year in a row.
Nevis was sighted by Christopher Columbus in 1493 and
settled by the British in 1623. Even today, cricket
is a favorite pastime, the motorists drive on the left,
and the official language is English. Formerly one of
the West Indies Associated States, it became an independent
state within the British Commonwealth in 1983. Nevis
is a democracy based on the British parliamentary system
and has an elected local assembly.
The legal system is based on English common law, served
by a high court of justice and court of appeals. A Nevis
offshore company is known as an International Business
Corporation ("IBC") and although formed in
a British Commonwealth country, corporate structure
is based on the USA State of Delaware model.
The East Caribbean dollar is the official currency
although U.S. dollars are accepted anywhere. The East
Caribbean dollar is fixed to the United States dollar
at EC $2.70 per US $1.00 and therefore a stable rate
of exchange has been in force for many years. Nevis
banks allow for accounts to be held in either U.S. or
Caribbean dollars.
Nevis offers excellent communication facilities with
direct dialing to Europe, the U.S. and Canada. Cable
and Wireless operates the local telephone company and
now provides ADSL internet service.
Nevis offshore companies are exempt from Nevis taxes
on all income, dividends or distributions not earned
on the island. Indeed the government collects no income
taxes but relies primarily on indirect taxes and import
duties.
A low-key economic promotional program authorized by
the 1984 "Citizenship Act" offers nationality
and a passport in return for a $200,000 investment,
usually the purchase price of a seaside condominium
and certain "fees." Citizenship for the investor
and spouse are included in the deal. (A less expensive
route to citizenship is marriage, since St. Kitts &
Nevis is one of the few countries that gives instant
citizenship upon marriage to a spouse of either sex.)
The Nevis Business Corporation Ordinance
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
accept 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:
1. There are no income taxes, social security taxes,
capital gain taxes, withholding taxes, stamp, or duty
taxes.
2. There are no gift, death, estate, dividend, distribution,
or inheritance taxes.
3. No minimum authorized capital; bearer shares permitted.
4. A business license is not required.
5. Officers, directors, and members are not identified.
6. Plaintiff bringing civil suit must post US $25,000
bond.
7. 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 modeled 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 "redomiciling 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. |
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