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JND - Formation of an International Business Corporation in Nevis
WHY USE NEVIS?Nevis is a leading international Caribbean Offshore Financial Centre with a good reputation and excellent standards. Factors contributing to and enhancing the status of this jurisdiction include:
Nevis does not levy VAT or other indirect taxes. There is no income tax, capital gains tax, wealth tax, death duty or inheritance tax.
Legislative and fiscal independence mean that the island responds quickly to the needs of business.
New legislation is being regularly introduced to offer a greater number of services. These include LLCs (Limited Liability Corporations), Registered Trusts, Multiform Foundations, Insurance Companies and Mutual Funds.
The island is independent and offers a stable political and economic environment.
Nevis is a former British colony and applies a common law legal system (similar to the English legal system).
Nevis is a well regulated jurisdiction and is recognised as such by FATF (Financial Action Task Force) and OECD (Organisation for Co-operation and Development).
Formation of an International Business Corporation in Nevis
General information is detailed below, outlining the formation and regulation of a Nevis International Business Corporation (IBC) as embodied in the Nevis Business Corporation Ordinance (NBCO) 1984, as amended.
1. Incorporation
Incorporation can be effected rapidly (one day).
2. Company Name
The company name may be in any language.
3. Minimum Capitalisation
There are no minimum or maximum capital requirements.
4. Shareholders
A minimum of one shareholder.
5. Shares
Corporations may issue both registered and bearer shares. However, the regulations regarding bearer shares have changed and, as a result, Dixcarts policy is not to incorporate companies with bearer shares. Further information is available upon request. Par and no par value shares are permitted.
6. Directors
The minimum number of directors required is stipulated as three. However, if the number of shareholders is less than three (as is generally the case) the minimum number of directors can be equal to the number of shareholders. There are no residency requirements. Annual General meetings, as well as director and/or shareholder meetings do not need to be held in Nevis.
7. Resident Representative
The corporation must maintain a representative in Nevis to receive notices on behalf of the corporation. There is no requirement to maintain a registered office.
8. Accounts
Shareholders may waive the requirement to have accounts audited. Accounts do not need to be filed.
9. Taxation
Nevis does not impose income tax, tax on profits, capital gains tax or gift tax on non-resident corporations. Nevis has a double tax arrangement with the UK, although a company incorporated under the Nevis Business Corporation Ordinance cannot obtain treaty relief.
10. Double Tax Arrangement
Nevis has a double tax arrangement with the UK, although a company incorporated under the Nevis Business Corporation Ordinance cannot obtain treaty relief. The Dixcart office in Nevis can provide further details as to whether a tax resident Multiform Foundation might be an appropriate option.
SUMMARY OF FEES SCHEDULE INCORPORATION AND ANNUAL COSTS NEVIS COMPANIES
SUMMARY OF FEES SCHEDULE INCORPORATION AND ANNUAL COSTS NEVIS COMPANIES
| 1. SET UP COSTS | US$ |
| Incorporation fees (includes the first years annual costs as set out below)
Liaison cost |
850.00
650.00 |
| Total | 1500.00 |
Liaison costs include appointment of the first directors, issue of shares, adoption of the company seal, establishing minute books.
In addition, a consultancy fee will be charged. This will be based on time occupied and will be dependent on the number of required meetings and the complexity of the corporate structure.
| 2. ANNUAL COSTS (due on the anniversary of incorporation) | US$ |
|
220.00
380.00 |
| TOTAL | 600.00 |
| 3. ADDITIONAL COSTS (OPTIONAL) | US$ |
| Courier delivery of documentation from | 90.00 |
| Legalisation of statutory documents from | 75.00 |
| 4. OPTIONAL COSTS | US$ |
| Provision of directors (total amount includes 3 directors plus a company secretary)
Nominee Shareholders |
2,250.00
250.00 |
| Administrative fees | Variable |
In calculating administrative fees it is assumed that Dixcart provides full management of the company, including the provision of directors, and that the company maintains a bank account. These costs will be based on a time occupied basis and will be dependent on the level and complexity of the arrangements. For clients selecting this service, an initial deposit against future time charges of US$ 2,500 will be charged. Chargeable time will be monitored and may require Dixcart Nevis to raise further charges if necessary. Such fees would be in addition to the initial fees detailed overleaf.
Where it is agreed that Dixcart provides full management, initial fees of US$ 4,600 will be required prior to formation to cover the set up costs and the first years annual and additional optional costs.
ORDERING A NEVIS INTERNATIONAL CORPORATION
Should you wish Dixcart to incorporate a Nevis IBC please fax a written request to John Terry or email him: john.terry@dixcartnevis.com. Alternatively please speak to your regular Dixcart contact. The following information will need to be provided:
Name of Company (please suggest at least one alternative).
Authorised share capital - default is 10,000 registered shares of
US$ 1.00 each - please state if an alternative amount is required.
Name(s) of first director(s) this is in order that we can appoint them
A brief description of the proposed activity of the company.
Know-your-client regulations require that sufficient work has been carried out to ensure that the ultimate beneficial owner(s) of the corporation to be formed is not engaged in criminal activities. In addition confirmation is required that all activities to be undertaken by, and sources of funds to be introduced to, the corporation are legitimate. Dixcart therefore require confirmation that you have conducted this due diligence with your clients, using forms that will be sent to you. This process must be completed by a director of your company and received by us prior to the release of any corporate documentation.
INFORMATION REQUIRED FOR INCORPORATION IN NEVIS
(a) Type of Company: IBC______________________________
(b) Name of Company:_________________________________
(c) Authorised Share
Capital - (Default
10,000 registered
shares): _________________________________
(d) Brief Description
of Company
Activity: _________________________________
(e) Directors(s): Name:____________________________
Nationality:_________________________
(f) Secretary: Name:____________________________
(g) Shareholders*: Name:____________________________
Address:__________________________
__________________________
__________________________
__________________________
Number of shares:__________________
Name:____________________________
Address:__________________________
__________________________
__________________________
__________________________
Number of shares:__________________
*Additional information will be required to meet Anti-Money Laundering Legislation