Business Company (Company limited by shares)
Business Corporations are incorporated under the Nevis Business Corporation Ordinance Act
Nevis BCs benefit from a simple and fast registration procedure and a flexible structure.
They can be incorporated with a single shareholder and director, who may be from any nationality, may be the same person and a corporation or a natural person.
Unlike other jurisdictions, a Nevis BC does not have to face mandatory audits, and corporate compliance is minimal.
Nevis BCs are commonly used for asset protection and confidentiality, estate, and tax planning and international trade.
Legal
Country code – KN
Legal basis – Common law
Legal framework – Nevis Business Corporation Ordinance Act 2017
Company form – Business Corporation (BC) (Company limited by shares).
Liability - The liability of the shareholders for the company is limited to the amount of their respective shareholdings.
Share Capital – There is no minimum issued share capital required other than issuing at least 1 share at the time of incorporation.
Shares can be denominated in USD or any other currency, and they may be issued as registered shares, preference shares, redeemable shares and shares with different dividend rights, voting rights and right to surplus assets upon liquidation.
Shareholders – Business Corporations may be formed by one or more shareholders, who can be natural or legal persons and non-residents. Details of shareholders are not publicly available. There is no limitation on the use of nominees.
Directors – A minimum of one director is required, and directors may be individuals or corporations, resident or non-residents. Details are not publicly disclosed. Nominee directors are allowed.
Secretary – The appointment of a secretary is not required, and if appointed, the secretary can be a corporation or an individual, resident or non-resident.
Registered Address – BCs must have a registered agent authorized by the Government who provides the registered office address of the company in Nevis.
General Meeting – Annual meetings are not required by law and can be conducted in or outside Nevis.
Electronic Signature – Allowed.
Re-domiciliation – Migration of company domicile is allowed.
Compliance – Nevis BCs are required to prepare and maintain accounting records, to reflect the financial position of the company. Accounting records should be kept for 5 years from the date of its preparation and may be kept anywhere.
Companies are not required to file accounts, annual returns or to divulge information relating to ownership. However, Registered Agents acting on behalf of companies are required to obtain and maintain such information pursuant to AML/CFT Regulations. Nevis BCs are subject to an annual government fee.
A CIT-101 tax return shall be filed with the SKNIRD every year for the previous tax year, regardless of whether the company is subject to taxes in Nevis or not. Such tax return does not provide any information about the financials of the company.
If the company is tax resident in Nevis or constitutes a permanent establishment in Nevis, CIT-100 tax return must be filed as well.
- Shareholders not disclosed
- Directors not disclosed
- Corporate shareholders permitted
- Corporate directors permitted
- Local director required
- Secretary required
- Local secretary required
- Annual general meetings required
- Redomiciliation permitted
- Electronic signature
- Annual return
- Audited accounts
- Audited accounts exemption
- Exchange controls
- Common law Legal basis
- 1 Minimum shareholders
- 1 Minimum directors
- - Minimum issued capital
- - Minimum paid up capital
- USDAny Capital currency
- Anywhere Location of annual general meeting
- 2018 AEOI
Taxes
Corporate income tax - Corporate taxes in Nevis are levied on worldwide income at a 33% tax rate.
However, Nevis companies that are not controlled and managed in or from within Nevis are considered nonresident for tax purposes in Nevis, and therefore, not subject to corporate income tax in Nevis, unless they constitute a permanent establishment in Nevis.
A permanent establishment can be constituted when a company carries on certain business activities via a place of business in Nevis or has a dependent agent in Nevis that regularly exercises the authority to conclude contracts in Nevis.
Other taxes - Saint Kitts and Nevis does not levy direct personal taxes. Personal income, as well as, capital gains and net wealth are not subject to taxation.
Property tax is assessed on the market value of the real property, ranging from 0.2% to 0.3%, depending on the location and use. There is a stamp duty on transfer of real property from 6% to 10%. Value-added tax is 17% for most goods and services. Reduced rate of 10% applies to the tourism sector. Certain goods are tax-exempt.
- Offshore Income Tax Exemption
- Offshore capital gains tax exemption
- Offshore dividends tax exemption
- CFC Rules
- Thin Capitalisation Rules
- Patent Box
- Tax Incentives & Credits
- Property Tax
- Wealth tax
- Estate inheritance tax
- Transfer tax
- Capital duties
- 0% Offshore Income Tax Rate
- 33% Corporate Tax Rate
- 0% Capital Gains Tax Rate
- 33% Dividends Received
- 15% Dividends Withholding Tax Rate
- 15% Interests Withholding Tax Rate
- 15% Royalties Withholding Tax Rate
- 0 Losses carryback (years)
- 5 Losses carryforward (years)
- FIFOAverage cost Inventory methods permitted
- 17% Social Security Employee
- 0% Social Security Employer
- 0% Personal Income Tax Rate
- 17% VAT Rate
- 36 Tax Treaties
Country details
Nevis is a Caribbean island located in the Windward Islands, in the Antilles. Along with the island of Saint Kitts, it constitutes the Federation of Saint Christopher and Nevis. An independent sovereignty country, member of the Commonwealth and the CARICOM.
Saint Kitts & Nevis is the smallest country in the Americas, both in size and population. With an area of 261 sq. km and a population of 54,961 inhabitants. Its capital and the most populated city is Basseterre, in Saint Cristopher. Its official language is English. Its legal tender currency is the East Caribbean Dollar (XCD), which has a fixed exchange rate with the dollar at 2.7: 1.
Being an independent member of the Commonwealth of Nations, Saint Kitts and Nevis has a stable political and financial system.
The head of state of the islands is the British monarch, who elects a resident Governor-General to represent him in local affairs.
The prime minister is the leader of the majority party of the House, and the cabinet carries out state affairs. St. Kitts and Nevis have a single legislative chamber, known as the National Assembly. It is made up of fourteen members: eleven elected representatives (three from the island of Nevis) and three senators who are appointed by the Governor-General. Two of the senators are appointed on the recommendation of the Prime Minister, and another with the advice of the opposition leader.
Unlike other countries, the senators do not constitute a separate chamber of the Senate or upper chamber of the parliament, since they sit in the National Assembly, next to the representatives.
Saint Kitts and Nevis was the last place to practice sugar cane monoculture in the Lesser Antilles. But because the sugar industry was increasingly struggling to make a profit, the government decided to eliminate the large-scale sugar cane production and carry out a diversification program for the farming sector and stimulate the development of other sectors of the economy, particularly tourism, export-oriented manufacturing, and offshore financial services. The issue of postage stamps, mainly for philatelic collecting, is also an important source of income for its economy.
Saint Kitts and Nevis also offers a citizenship by investment program. Through a donation to the Sustainable Growth Fund or an investment in Real Estate, a foreigner would become a St Kitts and Nevis citizen and obtain a passport with visa-free or visa-on-arrival access to 136 countries (including South America and European Union).