Population

The population of Nevis is approximately 12,000 people

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 on the British parliamentary system of elected local assembly. The head of state is Queen Elizabeth II, represented on the island by a governor-general.

Infrastructure and Economy

Nevis was virtually a monoculture sugar economy in the late 1970s when the government supported a drive in small-scale industrialization. In July 2005, sugar production ceased. Tourism has become the largest source of foreign currency, even if mass tourism has been rejected in favor of quality and five star resorts. Arrival of the first direct flight from Atlanta Hartsfield Jackson International to St Kitts in February 2008 marks an important milestone in the Federations (Federation of St Kitts & Nevis) attempt to penetrate the U.S. Travel market.
In 1984 the Government of Nevis adopted a modern corporate statute, the Nevis Business Corporation Ordinance 1984, which has resulted in rapid growth in the financial sector with around 18,000 companies registered in 1999. This was followed by the Nevis Limited Liability Company Ordinance in 1995. The largest trading partners are the United States, Britain and Canada (for exports) and the U.S., Italy and Trinidad & Tobago (for imports).

Language

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

Currency

East Caribbean Dollar (EC$) which is fixed to the U.S. Dollar.

Exchange Control

None.

Type of Law

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

Principal law firms

Nevis Limited Liability Company Ordinance 1995.
(There are changes to the above in 2009)

 Procedures to Incorporate

The filing of articles of organization 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 last date on which the LLC is to dissolve (optional)
• The statutory licensing Registered Agents Address
• A statement of whether the LLC is managed by executives with the exception of the members or all members in their capacity as members.
• Any other provision not inconsistent with Nevis law, the organizers choose to appear in the articles of organization.

Restrictions on trading

Can not trade within Nevis, or own property there. A company may not engage in the business of banking, insurance, assurance, fund and collective investment or any other activity that an association with the banking or insurance sector would suggest.

Powers of Company

A company in Nevis same powers as a natural person.

Language of legislation and corporate documents

English.

Name Approval Required

Yes.

Shelf companies available

No.

Registered Office and Agent Required

Yes, must be maintained in Nevis. The registered agent must be licensed by the Finance Ministry.

Time to Incorporate

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

Name Restrictions

All names that are identical or similar to an existing company. All names which in the opinion of the Registrar are undesirable or suggests an illegal activity or a name that may imply government support.

Language of Name

Can be in any language using the Latin alphabet. Registrar may request an English translation if a foreign name is to be used.

Names Requiring Consent or a license

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

Suffixes to denote Limited Liability

Limited Liability Company or LLC.

Publication of Beneficial Ownership to Authorities

None.

Tax

A Nevis Limited Liability Company pays no taxes on income outside of Nevis.

License Fees

There is an annual registration fee of U.S. $200 payable to the Finance Ministry.

Tax Agreements

Although Nevis has tax treaties, a company incorporated under the Nevis Limted Liability Company Ordinance 1995 can not obtain treaty relief through them.

Financial Statement Requirements

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

Managers

Minimum number of managers is one. Managers may be natural or legal and can be of any nationality and need not be a resident in Nevis.

Members

The minimum number of members is one. Members may be individuals or legal persons irrespective of nationality or residence.

How can I get more information on company formation in Nevis?

Please contact us if you wish to open a company in Nevis and we will be pleased to discuss your Nevis company formation matters in greater detail.

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