In Europe, Nevis is recognized as a country that maintains the advantages of a popular offshore center while steering clear of sanctions. This gives the small island a significant advantage as the global push against offshore business practices intensifies, driven by the OECD and other international entities. To prevent being blacklisted, Nevis has aligned its legislation with EU demands and the OECD’s Common Reporting Standards. Despite these changes, the perks and incentives for global businesses operating there are largely unchanged.
Nevis has successfully adjusted to the latest economic conditions. Setting up a company here still requires little time, with the added benefit of tax exemptions on corporate and other taxes for profits made outside the country. The nation also offers super-efficient asset protection, as it does not enforce foreign court rulings.
The state has also successfully maintained a neutral stance in its international relations and garnered respect from the United States.
Nevis’ asset protection laws: analysis
Discussing asset protection in Nevis reveals unique features. Foreign court judgments are not directly enforceable here. A local court must validate any claims before imposing sanctions on a company.
Creditors aiming to initiate legal action in Nevis must deposit a USD 100,000 bond. The likelihood of a creditor losing the case is high. In the event of a creditor’s victory, which is rare, they are limited to claiming only the company’s court-ordered compensations, like capital gains and dividends, while its primary assets and property are safeguarded against seizure.
In Nevis, legal action is taken against a company only. However, if an employee or co-owner breaks the law, they alone are responsible for any damages.
A company must be operational for a minimum of one year and have a clean legal history to qualify for court protection. Class action lawsuits are not permitted against companies in Nevis.
The appeal of Nevis LLCs for international investors
In Nevis, a Limited Liability Company (LLC) is established as a legal entity that enjoys significant financial and operational benefits. These LLCs are not subject to taxation on their worldwide income, dividends, interest, and capital gains, ensuring a favorable fiscal environment. The privacy of LLC members is strictly protected, with their information securely stored at the registered agent’s office and not disclosed publicly. While nominee services are allowed, the use of bearer shares is prohibited in line with global financial compliance standards.
The liability of LLC members in Nevis is limited to their respective contributions, providing a safeguard for personal assets. Financial flexibility is further enhanced by the absence of currency controls, allowing LLCs to freely manage funds in any denomination. In terms of compliance, LLCs are required to maintain company documents for five years, presenting them only upon request from Nevis authorities or regulatory bodies.
Setting up an LLC in Nevis is a relatively simple process, with no minimum capital requirement and the possibility of single-shareholder ownership, which can be a physical or legal person from any country. This inclusivity extends to corporate governance, as board or shareholder meetings can be convened anywhere globally, offering convenience and global reach.
Nevis also encourages corporate growth and restructuring, permitting mergers between LLCs and amalgamations with other business entities. This provides an opportunity for expansion and diversification in line with the jurisdiction’s supportive legislation.
Establishing an offshore LLC in Nevis: this is how you do it
Opening an offshore company in Nevis involves a series of steps. The primary ones include locating a registered agent and preparing the necessary documentation for LLC registration. To ensure the process is free from fraud and deception, don’t hesitate to direct any inquiries you may have to our seasoned experts. The International Wealth team is highly experienced and well-regarded in the offshore company establishment and registration sector.
These are the submissions required to set up an offshore LLC in Nevis:
- Provisional Company Name: The name must include abbreviations like LLC, LC, or Limited. Note that certain words are prohibited in company names, while others require authorization from the authorities.
- Provisional Business Activities: A concise description of your company’s intended activities.
- Shareholder and Director Information: Details for each shareholder and director, including those who are professional directors.
- Legal Local Address: This is typically the address of your registered agent.
- Corporate Documents: The company’s Memorandum of Association and Articles of Association.
For setting up a company in Nevis, the following documents are necessary:
- Identification Documents: A certified copy of the passport and an additional ID (e.g., your driving license).
- Address Verification: A certified document confirming your address, which must be recent (issued within the last 3 months).
- Professional References: A professional letter of recommendation.
- Professional Profile: Your current resume.
- Banking Reference: A letter of recommendation from your bank (a draft may be provided upon request).
- Financial Proof: Documentation proving the source of your funds, like a recent bank statement.
- Compliance Forms: The due diligence and order form, filled out and duly signed.
The required documents for offshore LLC registration must be either translated into English or originally compiled in English. The registration process for an offshore LLC will take a minimum of 10 working days, which does not account for the time needed to open a corporate bank account in Nevis.
Corporate bank account in Nevis to boost your business potential
Establishing both a Nevis company and its corresponding corporate bank account offers significant benefits. The ease and speed of opening a bank account are enhanced when it’s done in the company’s country of incorporation. These are the perks you’ll enjoy when opening a corporate account with the Nevis bank we recommend:
- International Expertise: The bank is well-versed in international business, ensuring swift transactions in euros, dollars, and other currencies.
- SWIFT Network: Utilization of the SWIFT system for secure and rapid global financial transfers.
- Reputable Partnerships: The bank boasts long-standing relationships with global financial institutions like JP Morgan, Citibank, and Deutsche Bank.
- Escrow Services: Availability of an escrow account for significant transactions, including real estate, securities, and other property sales and purchases.
- Account Types Offered: Personal, private banking, business, and escrow accounts.
Should you have any further questions or requests, the International Wealth team is right here to assist you. To ensure success with your business in Nevis, get in touch with us for tailored advice and valuable recommendations!
