Main Characteristics of a Company in Nevis:
General Background – Nevis is a small island in the Caribbean Sea that forms part of the inner arc of the Leeward Islands chain of the West Indies. Nevis and the island of Saint Kitts forms the Federation of Saint Kitts and Nevis. Nevis is the smaller of the islands but its reputation precedes it as a center for foreign companies. The islands are located about 2000 km south east of Miami. The population of Saint Kitts is about 35,000 while that of Nevis is about 8,500 residents. The official language in Nevis is English and the currency is the East-Caribbean dollar.
Economy – Nevis’ economy is based on tourism and agriculture. The most common agricultural crops grown on the island are sugar, cotton and vegetables. The tourism on the island is comprised mainly of American tourists who come to enjoy the tropical climate and amazing views. Over the years, with the encouragement of the government, the financial industry has grown and is accelerating forwards and has become one of the most requested jurisdictions in the world.
Tax – Nevis offshore company pays 0% tax on all income from outside of the island. Dividends and interest that are paid to foreigners are exempt from tax. There is no tax on capital gains, gifts or estate tax. In addition, it is important to note that Nevis has no tax treaties with any other countries.
Confidentiality – There is a high level of confidentiality, including the names of the directors whose names appear only with the local representative, in that the information is not open to the public. GBO offers the service of nominating a director to retain complete anonymity and discretion.
Name of the Company – Any name is accepted except for those that require a special approval – that contain the words: bank, community building, savings, loans, insurance, reinsurance, fund management, fund investment, municipal, trading room, university or any similar word in another language.
Shareholders – There is a requirement of at least one shareholder, private or a corporation. The names of the shareholders are completely confidential and appear only with the local representative.
Directors – There is a requirement of at least one director, but the number of the directors must not be less than the number of shareholders. The director does not have to be a local resident.
Financial Statements – There is no obligation to submit financial statements.
Registering a Company in Nevis:
Nevis company formation is done under the Business Association of Nevis from 1984, and the privacy of a foreign company on the island is incorporated under the Confidentiality Law of 1985. A Nevis offshore company that is incorporated under these laws can do business in any legal field. A foreign company incorporated in Nevis is exempt from tax.