Nevis is located in the Northern part of the Leeward Islands in the Eastern Caribbean, 210 miles east of Puerto Rico and 1,100 miles from Miami, with a population of approximately 10,000.
Nevis is part of the twin island Federation of St. Kitts and Nevis and was formerly a British colony which became independent in 1983.
Nevis has a democratic government based upon the British Parliamentary system.
Nevis enjoys a stable and secure economy based mostly on tourism, an untarnished international reputation and a government whose watchwords are quality, innovation and integrity.
The official language is English and the currency used is the Eastern Caribbean Dollar.
Highlights of Nevis BC’s
Nevis Business Corporations (BC’s) registered in Nevis under the Nevis Business Corporation Ordinance 2017, enjoy many benefits:
- There are no residency or nationality requirements for the officers and directors of a Nevis BC.
- Directors and Shareholders meetings may be held anywhere in the world.
- The law also permits the domiciliation in and out of Nevis.
Corporate Requirements – Nevis BC
Name: BC’s names must contain the words: Corporation, Incorporated, Limited, Corp., Inc, Ltd., GmbH, NV. or S.A.
A name may be in any language that uses the Latin alphabet.
The Registrar will request an English translation if a foreign language name is used.
Any name that is identical to or similar to an existing corporation is prohibited.
Directors: There must be a minimum of one (1) director, who does not have to be a resident in Nevis.
Single director is recognized regardless the number of shareholders.
Directors may be corporations or natural persons of any nationality.
There is no requirement for the filing of directors’ details at the Public Registry.
Officers: Following July 1, 2015 Nevis Ordinance amendments, the appointment of officers is discretionary and, shall this be the case, officers must be appointed by the director(s).
Capital/Shares: There is no minimum or maximum number of shares a corporation is authorized to issue.
All companies regardless of the number of shares authorized to issue shall pay the same annual renewal government fee.
Typically, a corporation is incorporated with 1,000 no par value shares or 50,000 par value shares.
All shares can be of any type and class.
The registered agent (or another approved Nevis-based custodian) must maintain custody of all bearer shares certificates if issued.
Books, Records, and Seal: All corporations should keep the register of shares and other records and statutory books at the registered office or at any other place in the world provided the location of such address is disclosed to the registered agent and updated copies are kept at the registered office.
The corporation seal is optional.
Registered Office / Agent: All corporations incorporated in this jurisdiction are required to maintain a Registered Agent and a Registered Office in Nevis.
Annual Requirements – Nevis BC
Corporate Income Tax Return [ CIT -101]: Since August, 2020, the St. Kitts and Nevis Inland Revenue Department (”IRD”) introduced a regulatory initiative in which Nevis entities will be required to file a Corporate Tax Return (CIT-101 Return) with the IRD.
This regulatory initiative was launched in order to comply with agreements made with the European Union and the Organization for Economic Cooperation and Development in relation to fair taxation which has affected a number of international financial centers in recent years.
The CIT-101 Tax Return shall be completed by all St. Kitts Exempt companies, Nevis BC’s and LLC’s.
It is required to report whether or not they have tax residence in SKN (if directors are resident in Nevis, or if the corporation operates within SKN)
The filing shall be submitted through the CIT-101 IRD Portal either by the registered agent or by the entity itself.
This does not preclude OMC Group as a registered agent from filing on behalf of our registered entities.
There is an annual renewal fee of US$250 payable to the Nevis Island Administration.
Failure to pay the annual fee on time will result in government penalties which range from US$115 to US$250.
|Due Date||US$115 Penalty|
|Strike Off Date|
|Due on the anniversary of the incorporation date and must be paid within one month of that date.||When payment of the annual renewal is made more than one month but less than six months from the anniversary date.||When payment of the annual renewal is made more than six months but less than 12 months from the anniversary date.||When payment of the annual renewal is not made within one year of the anniversary of incorporation.|
Information contained in this publication does not constitute any kind of advice on any particular matters and should not be considered as such.
OMC Group accepts no responsibility for clients’ decisions. LR_MR_0421.
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