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Going Offshore in Nevis: IBC or LLC?

Nevis, with its 35 years of experience as a reputable offshore jurisdiction, offers stability and other numerous advantages for IBC or LLC formation. Are you looking for a destination with business-friendly legislation and environment, a skilled workforce ready for hire, a commitment to best practices in service, competitive fees, and straightforward rules for offshore IBC and LLC formation? Nevis is right for you. Moreover, the strong asset protection against legal and financial risks makes Nevis an ideal choice, especially for creating offshore trusts and foundations. No wonder Nevis continues to attract global investors and HNWIs who would like to register an offshore company in Nevis. 

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How to safeguard your assets from foreign creditors and lawsuits in 2023? Read our posts and seek guidance from our seasoned experts.

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Before You Register an Offshore Company in Nevis: A Quick Rundown of Key Facts about Nevis

Here are some key insights about Nevis. It’s a small island located in the Caribbean Sea, forming a federation with St Kitts. The population of this offshore country is approximately 11,000 people, and the official language is English. Nevis relies heavily on 2 main sources of income: the thriving tourism industry and the registration of offshore companies. By incorporating an IBC, LLC, trust, or foundation in Nevis, you can achieve your business objectives while making a positive impact on the economic stability and growth of the island.

What Makes Nevis Such a Hit? Insights for Clients Wishing to Register an Offshore Company in Nevis

International entrepreneurs opting to register an offshore company in Nevis are attracted by the following benefits:

  • Non-resident offshore corporations in Nevis do not pay taxes on income sourced outside the country.
  • Anyone can register an offshore company in Nevis quickly and even remotely.
  • No minimum share capital or investment requirements are necessary to register an offshore company in Nevis.
  • A single individual or legal entity is sufficient to register an offshore company in Nevis. 
  • There are no restrictions on the number of members in LLCs and shareholders in IBCs in Nevis.
  • Offshore companies in Nevis do not have specific requirements concerning the profiles, residence, or nationality of their founders, directors, or managers unless they are listed under sanctions. 
  • While financial reports are mandatory for offshore companies in Nevis, there is no need to regularly submit them to authorities. Instead, these reports and audits are kept by the registered agent and can be accessed by authorized representatives of the FSRC (Nevis Branch) upon request. 
  • Nevis’s absence from the FATF black and grey lists makes it an appealing destination for those seeking to register an offshore company. 
  • Nevis allows the use of professional directors/nominee services. Any updates or modifications related to beneficial owners, shareholders, directors, or officers of offshore companies in Nevis must be recorded by the registered agent.
  • Nevis has no foreign exchange transaction restrictions or currency controls.
  • Nevis has established international agreements to avoid double taxation, including 6 Double Tax Treaties (DTTs) with Denmark, Norway, Sweden, Switzerland, the United Kingdom, and the United States of America. Additionally, it has 21 Tax Information Exchange Agreements (TIEAs) with Aruba, Australia, Belgium, Canada, Curaçao, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, Liechtenstein, Netherlands, New Zealand, Norway, Portugal, Saint Maarten, Sweden, and the United Kingdom.
  • In Nevis, courts do not recognize court decisions from other countries, including the USA. Only rulings made by local judges hold legal authority within the country. This provides a significant advantage in terms of asset protection.
  • Nevis provides the opportunity to re-domicile a company from another jurisdiction while keeping the company name and foundation date intact. An expedited re-domiciliation procedure is available through the Corporation Registrar.

The government incentives and business-friendly legislation on the island have fueled the growing number of IBCs, LLCs, trusts, and foundations in Nevis over recent decades. This trend is particularly appealing to small and medium-sized business owners and corporations worldwide who choose to register their offshore companies in Nevis.

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In 2023, seize the opportunities for IBC and LLC formation in Nevis, along with offshore banking services like online personal and corporate account setup. For comprehensive information, guidance, and expert assistance, schedule a free private online session with our professionals and book our services. 

ONLINE OPENING OF BANK ACCOUNTS IN NEVIS. PROF SERVICES

Exploring the Options to Register an Offshore Company in Nevis 

You can register 2 types of offshore companies in Nevis: an International Business Company (IBC) or a Limited Liability Company (LLC)

Additionally, you can register 3 types of trusts in Nevis: Protective Trust, Charitable Trust, and Purpose Trust, along with multiform Foundations

What business structures are most popular with entrepreneurs who register offshore companies in Nevis? The number of offshore companies registered in Nevis in 2022 was as follows (according to the Financial Services Regulatory Commission, Nevis, March 2023):

  • IBCs – 1826
  • LLCs – 729
  • Trusts – 106
  • Foundations – 12.

As you can see, IBCs outnumber LLCs and other types of Nevis business structures.

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When it comes to choosing between different types of trusts, foundations, or IBC/LLC offshore companies to register in Nevis, it’s crucial to consider your individual needs and objectives. To ensure you make an informed decision and address all relevant concerns, we offer free one-on-one consultations and customized professional services.

Nevis IBC Formation Advantages: What to Appreciate When You Register an Offshore Company in Nevis

  • The requirements for founders and management of offshore Nevis IBCs are very relaxed:
  • Shareholders, directors, managers, and secretaries of Nevis IBC offshore companies can be residents or non-residents, regardless of their nationality, and individuals or legal entities, regardless of their location.
  • The appointment of nominees/professional directors and managers for Nevis IBCs is a legitimate strategy in Nevis.
  • Nevis IBC shareholders and directors are allowed to make important decisions without calling a meeting and can issue proxies in writing.
  • Annual financial reports need to be maintained by Nevis IBCs, but there are no requirements to submit them to the authorities. These reports must be archived for 5 years, not necessarily in Nevis. Access to these reports will be provided promptly upon special request from the registered agents or the FSRC – Nevis Branch.
  • The names of the offshore IBC founders do not need to be disclosed to the Public Business Register, ensuring the confidentiality of their data by the registered agent. However, it is mandatory to update the agent’s records regarding the Nevis IBC’s beneficial owner(s) and top manager(s).
  • There is no requirement for mandatory auditing of the financial records of Nevis IBCs.
  • The share capital of an offshore IBC in Nevis can be formed in any currency.
  • Nevis IBCs’ Articles of Incorporation can be amended at any time.
  • IBCs in Nevis can be merged or amalgamated with foreign corporations and international entities.
  • Any foreign corporation can be re-registered or redomiciled as an offshore company in Nevis.
  • Double taxation treaties provide relief from Nevis IBCs’ double taxation.
  • The above-given list of benefits makes Nevis IBC formation an attractive choice for various business needs.

To learn about the Nevis IBC incorporation costs and services or the legitimacy of IBC formation, please look up our articles on this portal.

Nevis LLC Formation Advantages: What to Appreciate When You Register an Offshore Company in Nevis

The key strengths of offshore LLCs and IBCs in Nevis are similar. However, Nevis LLCs have some additional advantages, including the following ones:

  • Nevis LLCs are taxed on a pass-through basis, which means the LLC itself is not taxed, while its owners are individually liable for the taxes.
  • The Nevis LLC registration procedure is simplified, and it takes a lesser set of documents.
  • Offshore LLC registration in Nevis is more cost-effective compared to Nevis IBC formation.
  • The Nevis LLC founder can also serve as its director.
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In Nevis, if you’re a member of an LLC, you don’t have to worry about being personally held responsible for the company’s debts, obligations, or legal troubles. This, along with tax advantages like no capital gains tax on foreign income, makes Nevis a perfect destination for asset protection and an appealing place for international corporations seeking a secure and tax-efficient environment for investments and offshore branches.

IBC and LLC Formation Requirements to Consider When You Register an Offshore Company in Nevis

IBC vs LLC

IBCLLC
Corporate lawsNevis Business Corporation Ordinance 2017Nevis Limited Liability Company Ordinance 2017
Capital formationissuance of sharescash and non-cash contributions, but initial capital is not required
Employeesrequired (managers, secretary)optional
The main documented proof of incorporationArticles of IncorporationArticles of Organisation, Operating Agreement (the latter is optional)
Mandatory company suffixesIncorporated, IncLLC, L.L.C., LC, L.C.
Registered AgentMandatory + registered office in Nevis
ReportingAccounting records and financial statements are required but not filed unless requested. Nevis LLC and IBC must retain complete and accurate records for 5 years from their preparation. Records are kept at the registered agent’s address or any other location as determined by company management. Records need to be updated in case of essential changes in shareholders, company structure, directors, etc. Reports need to be readily accessible on the request from the FSRC and the registered agent.
Number of shareholders/membersat least 1 at least 1 person
Minimum number of directorsprivate IBC – 1, public IBC – 3at least 1
Ownership requirements / Shareholder/partner qualificationsshareholders, directors, and other officers of Nevis IBCs can reside anywhere and be of any nationalityparticipants and managers of LLCs are permitted to be both residents and non-residents.
Double taxation avoidance agreements (DTTs)applicablenot applicable
Ultimate goalsto conduct an IPO (Initial Public Offering), raise capital, and attract investments to establish SMEs, to act as a holding company 

As you see, the main differences between IBC and LLC incorporation are primarily related to their legal frameworks. Here are a few key distinctions: 

  • Nevis LLCs are regulated by the Nevis Limited Liability Ordinance under common law, while Nevis IBCs are governed by the Business Corporation Ordinance 1984 under British common law.  One key distinction is that Nevis IBCs have shareholders, while Nevis LLCs have members. Additionally, there are variations in terms of liability and asset protection for the main stakeholders. Understanding these differences is crucial for making informed decisions that align with the goals of business owners.
  • Double taxation treaties do not apply to LLCs, but they are accessible for IBCs, so the members can take advantage of them to avoid double taxation.
  • Public IBCs in Nevis require a minimum of 3 directors, whereas LLCs (just like private IBCs) do not have this requirement.

If you’re looking to register offshore companies in Nevis and need guidance on Nevis IBCs or Nevis LLCs formation, we’re here to help. Our team of InternationalWealth experts can assist you with the following:

  • advise on the optimal business structure to align with your objectives,
  • assist with the preparation of the documents needed to register an offshore company in Nevis,
  • help you register the offshore company in Nevis with the Registrar of Corporations,
  • facilitate the opening of bank accounts with local/foreign banks or foreign payment systems.
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Please feel free to reach out to us through our online chat or the provided contact details. We’ll get back to you promptly and support you in your efforts to register an offshore company in Nevis – one of the world’s premier offshore jurisdictions.

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