Nevis Business Corporation – Nevis IBC
What is a Nevis IBC?
A Nevis IBC functions as an independent legal entity distinct from its shareholders, possessing its own rights and obligations. It provides clients with a standard corporate framework using shares/stocks. This structure provides key benefits such as limited liability, enhanced confidentiality with no compulsory corporate filings, and extensive operational capabilities. Interestingly, no creditors winding up is permitted.
A Nevis IBC may be used to conduct lawful business anywhere in the world and has been a preferred option for fintech businesses, estate planning, asset protection, tax efficiency and managing financial affairs.
Nevis Limited Liability Company (Nevis LLC)
What is a Nevis LLC?
The Nevis LLC (Limited Liability Company) also offers a limited liability structure and enhanced confidentiality, similar to the IBC, because it doesn’t have compulsory corporate filing requirements. However, it differs significantly from a Nevis IBC in its foundational structure: instead of shares or stocks, its ownership is based on percentage interests held by its members and managers.
The owner of a Nevis LLC is known as a member. An LLC must have at least one member, and that member can also serve as the manager. Alternatively, any other person or business entity can act as a manager. The LLC’s oversight can be handled exclusively by managers who aren’t members, or by all of the members themselves. Both corporations and individuals are allowed to act as managers and/or members.
A notable asset protection feature is that charging orders issued by foreign courts are not enforceable in Nevis against a Nevis LLC. As such, a separate order will have to be sought from the Nevis Court by a creditor of a Nevis IBC.
Why a Nevis IBC or LLC?
- Can be registered within 1-2 business days
- Can be used to conduct any lawful business internationally
- Officers of the company are not a matter of public record
- Exempt from paying taxes in St. Kitts and Nevis once not doing business in St. Kitts and Nevis
- Renewed annually upon paying annual renewal fees
- No requirements for financial statements to be filed annually
- Redomiciling into Nevis and out of Nevis is permitted
- Excellent asset protection statutory features
How do I form an IBC or LLC in Nevis?
Clients wanting to form a Nevis IBC or Nevis LLC are provided with a due diligence questionnaire which contains all the information required to incorporate the company and the supporting documents required for formation. Standard due diligence requirements include two forms of
government issued identification, a utility bill, a professional reference and a bank reference.
What information is available publicly on a Nevis IBC or Nevis LLC?
On a public service of a Nevis IBC or Nevis LLC, the Companies Registry can issue a report confirming the company’s incorporation, its registered agent, registered office, any registered charges against it, and its good standing status. However, this search does not include details about the IBCs directors or shareholders or LLCs managers and members. Such information is only publicly accessible if the IBC/LLC has chosen to voluntarily file it with the registry.
When are annual fees due?
Annual renewal fees for a Nevis IBC/LLC are due each year on the anniversary of their incorporation or formation date.
Nevis International Exempt Trusts (Nevis Trusts)
What is a Nevis Trusts?
The Nevis International Exempt Trust is a versatile and powerful offshore structure, highly effective for estate planning, charitable giving, and investment holding. Its primary strength lies in its robust asset protection features, shielding wealth against third-party claims, and serving various other wealth management objectives with enhanced confidentiality and flexibility.
Advantages and Characteristics of a Nevis Trusts:
- Creation of Protective trusts, Spendthrift trusts, Purposes trusts, Charitable and Non-Charitable Trusts, and Qualified Foreign Trust
- Option for a protector to be appointed over the trusts
- The same person may be the Settlor, Beneficiary, and Protector of the trusts
- A Nevis IBC may be formed to act as trustee
- No public information available in relation to a trusts inclusive of its existence
- Trust deed or Deed of Settlement is not a matter of public record
- Foreign judgments are non-enforceable against trusts
- Registration within 48 hours
- The rule against perpetuities does not apply to an international trust
- You can designate Nevis law or the law of a different jurisdiction as the trust’s governing rules. If you don’t make an explicit choice, the trust will automatically be subject to the law of the place it had the strongest link with when it was formed.
- To provide greater flexibility, a trust may be designed to be “severable,” enabling distinct aspects or assets within it to be governed by the laws of different jurisdictions.
- Any claim for fraudulent transfer of assets into a trusts must be commenced within the first two years of the creation of the trusts.
- Limited remedies available to creditors seeking to enforce on trust assets
- Highly efficient Court system for adjudicating matters
How do I set up a Nevis Trusts?
Clients wanting to form a Nevis Trusts are provided with a due diligence questionnaire which contains all the information required to form the trusts and the supporting documents required for same. Standard due diligence requirements include two forms of government issued identification, a utility bill, a professional reference and a bank reference.
It is important to note that you need:
- At least one trustee incorporated in Nevis as a Nevis IBC or a licensed trusts services provider in Nevis
- There can be no real property located in St. Kitts and Nevis as assets in the trusts
- The trusts must have a Trust Deed
- The Settlor and beneficiaries of the trusts cannot be resident in St. Kitts and Nevis.
When are annual fees due?
Annual renewal fees for a Nevis Trusts are due each year on the anniversary of its incorporation or formation date.