Saint Kitts & Nevis Company

Nevis is situated in the northern part of the Leeward Islands and was once known as “The Queen of the Caribbean” due to its breathtaking palm-fringed beaches and scenery dominated by Nevis Peak in the centre of the island which rises to a height of 3,232 feet.The population of Nevis is approximately 12,000.

Infrastructure and Economy

Nevis was virtually a sugar monocrop economy until the late 1970s, when the government backed a drive into small-scale industrialisation. In July 2005, sugar production ceased. Tourism has become the largest source of foreign exchange although mass tourism has been rejected in favour of quality development and five star resorts. The arrival of the first direct flight from Atlanta Hartsfield Jackson International to St Kitts in February 2008 marks a significant milestone in the Federation’s (Federation of St Kitts & Nevis) efforts to penetrate the US travel market. In 1984 the Government of Nevis enacted a modern corporate statute, the Nevis Business Corporation Ordinance 1984, which has resulted in rapid growth of the finance sector with around 18,000 companies registered by 1999. This was followed by the Nevis Limited Liability Company Ordinance in 1995. The main trading partners are the US, the UK and Canada (for exports) and the US, Italy, and Trinidad and Tobago (for imports).

Political Structure

Nevis was a British colony from 1628 until 1983 when it became independent and joined the Federation of St. Kitts and Nevis. The Federation is an active member of the British Commonwealth. Nevis is a democracy based upon the British Parliamentary system with an elected local assembly. The Head of State is HM Queen Elizabeth II who is represented on the island by a Governor General.

Language

English is the official and commercial language of the Island. Nevis enjoys a literacy rate of 98%, one of the highest in the Western Hemisphere.

Currency

Eastern Caribbean Dollar(EC$), which is fixed to the US Dollar.

Exchange Control

None.

Type of Law

Common Law based on English Common Law and American Corporate Law, particularly New York and Delaware corporate laws.

Principal Corporate Legislation

Nevis Limited Liability Company Ordinance 1995.
Nevis Limited Liability Company (amendment) Ordinance, 2009.

NEVIS LLC COMPANY INFORMATION

Procedure to Incorporate

By submission of the Articles of Organisation to the Registrar of Companies, which state:

• The name of the LLC
• A statement that the LLC is formed under the Nevis Limited Liability Company Ordinance 1995
• The latest date on which the LLC is to dissolve (Optional)
• The statutory licensed Registered Agents address
• A statement whether the LLC is managed by managers exclusive of the members or by all of the members in their capacity as members.
• Any other provision not inconsistent with Nevis Law which the organisers elect to appear in the articles of organisation.

Restrictions on Trading

Cannot trade within Nevis or own real estate there. A company may not engage in the business of banking, insurance, assurance, fund and collective investment schemes or any other activity that would suggest an association with the banking or Insurance industries.

Powers of Company

A company incorporated in Nevis has the same powers as a natural person.

Language of Legislation and Corporate Documents

English.

Name Approval Required

Yes.

Shelf Companies Available

No.

Registered Office Required

Yes, must be maintained in Nevis. The Registered Agent must be licensed by the Minister of Finance.

Time to Incorporate

One day, but allow five days for delivery of documentation.

Name Restrictions

Any name that is identical to or similar to an existing company. Any name that in the opinion of the Registrar is undesirable or suggests an illegal activity or any name that may imply government patronage.

Language of Name

May be in any language that uses the Latin alphabet. The Registrar may request an English translation if a foreign language name is to be used.

Names Requiring Consent or Licence

Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, municipal, trust, trustee, Chamber of Commerce, university or their foreign language equivalent.

Suffixes to Denote Limited Liability

Limited Liability Company or LLC.

Disclosure of Beneficial Ownership to Authorities

None.

ST.KITTS & NEVIS LLC COMPLIANCE

Taxation

A Nevis Limited Liability Company pays no Tax on income earned outside Nevis.

Licence Fee

There is an annual registration fee of US$ 220 payable to the Minister of Finance.

Double Taxation Agreements

Although Nevis does have double tax agreements, a company incorporated under the Nevis Limted Liability Company Ordinance 1995 cannot obtain any treaty relief through them.

Financial Statements Required

Whilst there is no requirement to submit or file audited financial statements, a Nevis company is required to maintain financial records to reflect the financial position of the company.

Managers

The minimum number of managers is one. The managers may be natural persons or bodies corporate and may be of any nationality and need not be residents of Nevis.

Members

The minimum number of members is one. Members may be individuals or bodies corporate of any nationality or domicile.

What’s included: