Nevis as One of the Best Options for Offshore Company Incorporation
Despite the global deoffshorization trend and the information war in some media, offshore companies remain an excellent legal tool to protect business and reduce the tax burden. Among the classic offshore jurisdictions, one of the leading positions is rightfully occupied by the small Caribbean island of Nevis.
Wealth International experts, recognized leaders of the offshore industry, told why this jurisdiction is so attractive for foreign investors, what advantages it provides, registration features, and other nuances.
So, let’s find out what offshore incorporations are and why Nevis is so good for registering them.
What is an offshore company?
An offshore company is a foreign legal entity registered in a special jurisdiction with a sparing tax regime and benefits. Such organizations have the right to conduct international activities while being fully or partially exempt from the fiscal burden in the territory of registration.
In addition to the favorable tax regime, offshore companies receive a number of other advantages, among which are:
- fast registration due to flexible legislation
- high level of confidentiality of information about beneficial owners
- low registration and administrative service costs
- asset protection
- lack of currency control
- simplified requirements for maintaining and filing financial statements.
In turn, offshore governments also benefit from preferential terms for businesses. Creating a favorable business climate makes it possible to attract significant foreign capital, investment, and profit from office rentals, registration fees, and agency services.
It is important to note that offshore companies are an absolutely legal tool used to protect assets, conduct international business, and optimize the tax burden. Today, there are about five dozen offshore jurisdictions in the world. One of them is the island of Nevis.
Nevis is a small tropical island of volcanic origin located in the Caribbean Sea and is part of the Windward Islands group. It is part of the island nation of Federation Saint Kitts and Nevis and an independent member of the British Commonwealth.
The legal system of the island nation is based on English common law. Nevertheless, corporate law is based on the laws of the state of Delaware (USA) and includes American and English law elements.
The primary sources of income for the country in general and the island of Nevis in particular are the tourism industry, agriculture, and the offshore business sector. The activities of international companies registered in the jurisdiction are regulated under the Business Corporations Ordinance of 1984. After making appropriate amendments to the corporate legislation, Nevis was removed from the lists of black and grey lists of offshore zones.
The population of the island is just over 12,000 people. The official language is English. The national currency is the East Caribbean dollar (XCD), which is in circulation in 6 other countries of the region.
Advantages of an offshore company registered in Nevis
Most often, international business uses Nevis offshore companies to protect assets and optimize taxation. This Caribbean jurisdiction is perfect for such purposes due to the optimal combination of compliance with international laws and minimum requirements for legal entities created by foreign investors.
Among the main advantages of offshore companies registered in Nevis are:
- No taxes on income, property, capital gains, inheritance, wealth, and dividends. It is worth noting that these tax benefits are only valid if the company conducts business outside the jurisdiction.
- Fast and relatively cheap process of establishing a legal entity. With a properly prepared and submitted package of documents, the registration process takes from 1-2 days.
- There is no requirement for minimum authorized capital. Nevertheless, the recommended amount is indicated from USD 50,000 with the issue of 50,000 shares with a par value of USD 1. The authorized capital may be deposited at any time.
- Minimum requirements for directors and shareholders. To register a company, only one director and shareholder are required, and it can be the same legal entity or individual. There are also no requirements for tax residency or citizenship.
- High level of privacy. According to local law, the registration authority does not have the right to require the disclosure of the personal data of beneficial owners and shareholders. All registries are closed, and disclosure of the information is possible only by a local court order.
- Asset protection. This is one of the main advantages of jurisdiction. Nevis has strict laws to protect assets from creditors, government agencies, and lawsuits from other jurisdictions. The rulings of the courts of other countries have no legal force here.
- The issue of bearer shares is allowed, but on the condition that these securities will be kept exclusively at the registered office in the territory of the jurisdiction.
- No requirements for mandatory accounting and auditing.
- Minimum administrative costs and annual fees to maintain active status.
How to open an offshore company in Nevis quickly and safely
Opening an offshore company in Nevis can be a big step in developing your international business, especially if your main goals are to protect capital and reduce the fiscal burden. Thanks to political and economic stability, business-oriented legislation, and a high international reputation, this Caribbean jurisdiction is one of the leaders among the world’s classic offshore zones.
To establish a legal entity here, it is necessary to prepare a number of documents. The procedure for registering and opening a corporate account can be both remote and in-person. Selection of the optimal legal form of a company that meets the goals and objectives of a particular business requires in-depth analysis and possession of up-to-date information.
Therefore, the best option would be to seek the help of experienced offshore industry experts, such as International Wealth. The high professionalism and extensive experience of the experts allow to solve such problems efficiently and quickly.
International Wealth offers professional advice, assistance and support in solving the following issues:
- registration and purchase of an offshore company
- domiciliation from one jurisdiction to another
- opening bank accounts
- preparation of all corporate documents
- optimization of taxation and setting up tax reporting
- language, notarial and accounting support.