Nevis, a small island nation in the Caribbean, is known for its favourable business environment and strong asset protection laws.
Among the popular business entities available for establishment in Nevis are the Nevis Limited Liability Company (LLC) and the Nevis International Business Corporation (IBC). Historically they had marked differences, but the law has changed over time so that they now broadly offer the same thing. The main difference being that the LLC is owned by members and controlled by managers and the IBC is more similar to the traditional offshore company with shareholders and directors and has ‘Limited’ in the name.
Why incorporate a company in Nevis?
Tax Benefits: Nevis offers a favourable tax regime for companies, including no corporate income tax in most circumstances*, no capital gains tax, and no withholding tax on dividends or interest payments.
*contact [email protected] for further information
Asset Protection: Nevis has strong asset protection laws that make it an attractive jurisdiction for business owners who want to protect their assets from creditors and lawsuits. Nevis’ laws make it difficult for creditors to seize assets held in Nevisian entities, which can help to shield a business owner’s personal assets from business liabilities.
Privacy and Confidentiality: Nevis offers a high level of privacy and confidentiality for companies and their owners. Nevis has strong privacy laws that ensure the confidentiality of a company’s financial and ownership information. Nevis LLCs are not required to file annual reports or disclose any financial information to the public and there are no centrally held beneficial ownership or director registers.
Simplified Corporate Governance: Nevisian corporate law provides for a simplified corporate governance structure, which can make it easier and less costly for companies to operate. For example, Nevis allows for single-member LLCs, which do not require the appointment of officers or directors. IBCs allow a minimum of one director which can be an individual or a corporate.
Flexibility in Company Structure: Nevis offers a range of structures, including LLCs, corporations, and trusts, which can provide flexibility for business owners in terms of management, taxation, and liability. Additionally, Nevis allows for the formation of hybrid entities, such as a Nevis LLC that decides to transform to a Nevis Multiform Foundation, which can provide even more flexibility. See alternative notes regarding Nevis Multiform Foundations and Nevis Trusts for further information on these types of entities.
Fast incorporation: Once we have gathered all of the required due diligence, Nevis LLCs and IBCs can be incorporated within 48 hours, making them a convenient option for clients looking to set up corporate entities quickly.
Low maintenance costs: Nevis IBCs and LLCs have low annual maintenance costs, making them affordable options for small businesses.
How to set up a Nevis Corporate Entity
- Select a Company name
- Appoint a Registered Agent, such as Dixcart
- Provide the required due diligence to the Registered Agent on all parties to the Company
- Review / draft the company statutes
- Incorporation with the Nevis Registry by Registered Agent
Summary
In conclusion, both Nevis LLCs and Nevis IBCs offer a variety of benefits to individuals looking to establish a corporate structure in Nevis. It is also worth noting that both LLCs and IBCs are required to file an annual tax return with the Nevis Inland Revenue Department annually and that all corporate entities must be incorporated by a local service provider and must maintain a registered office and registered address in Nevis, Dixcart Management Nevis is happy to offer this service to our Clients.
Additional Information
If you require additional information regarding the jurisdiction of St Kitts & Nevis and the services offered, speak to Beth le Cheminant at the Dixcart office in Nevis: [email protected].
