Warning! There is no full-fledged online banking in the island of Nevis. The banks of St. Kitts and Nevis do not provide customer service in all the languages we need. Therefore, in 99% of cases, we open accounts for the companies registered in the island of Nevis, not in Nevis, but in other Caribbean island states, i.e. in Antigua or St. Vincent. In addition, we can open bank accounts in Europe, Hong Kong, Singapore… and even in Tanzania. But certain clients are interested in incorporating a company in Nevis and opening a bank account in the same island state. We can assist you in opening of such an account remotely, without you having to visit the island of Nevis in person, but we can not guarantee you convenient and high-quality service without the Internet banking and multi-language customer support. The service in Nevis cannot be compared to the one in Latvia, Switzerland, Andorra or Estonia. You will have to wait for the responses to your emails for weeks. When you want to make a phone call, you must take into account the time difference with the Caribbean islands. Perhaps in a few years the bank in Nevis will become the kind of bank that is suitable for working with the international clients, but at the moment we can only be really proud of the LLCs opened in Nevis, as well as international business companies, trusts, and of course, the program of economic citizenship. Banks of the island of Nevis will not meet the needs of the majority of demanding clients and will disappoint them with the lack of online banking and the quality of service.
Nevertheless, our clients do have questions about opening bank accounts in Nevis, so we will answer these questions in the article below. Readers of the Internationalwealth.info portal are also often interested in the possibility of opening a foreign bank account in the island of Nevis.
Nevis is an offshore center in the Caribbean region, and an independent stable state (The Federation of St. Kitts and Nevis) with its own banking system and banking secrecy, securely enshrined in the law.
Originally, the Nevis Offshore Banking Ordinance was designed to give a boost to the development of Nevis as an offshore banking financial center and ensure incentives for the country’s development by cutting taxes, as well as providing benefits and preferences to the local offshore banks. Banking legislation is stable and backed by the regulatory framework to ensure the local banks licensing, to protect depositors’ funds and to maintain acceptable accounting standards and comply with the bank capital requirements.
The largest bank in Nevis was a pet project of Simeon Daniel, ex-Prime Minister of Nevis. Although the bank was established in August 1985 under the laws of the Federation of St. Kitts and Nevis, its doors opened to private clients and businesses in December of the same year only. Incidentally, the founding of the new bank in Nevis took place two years after Nevis gained independence under the Constitution of the Federation of St. Kitts and Nevis. Independence from Great Britain was proclaimed on September 19, 1983.
The bank was established because of the logical need of providing banking services to the local population with a view to stimulating the island’s economy development via attracting non-resident deposits. It is for this reason that the bank adopted the motto of “Improving the quality of life.”
Located perfectly in the heart of the capital, Charlestown, the bank offers a full range of banking services, including the opening of deposit accounts with attractive interest rates, credit and debit bank cards, and loans. ATM, brokerage and currency exchange services are available to the bank’s clients.
The start was modest: a simple building, five employees, and the bank’s capital was about USD 250,000. Back then, five banks were competing in Nevis, each of them had offices or branches in Charlestown. Over the years, the bank has grown not only in terms of providing banking services to the residents of Nevis, but also has acquired clients from all over the Federation and the world at large. Now it is time, dear readers, to get to know the bank in Nevis better, so we will tell you about a great opportunity of opening an account with the largest and the most reliable bank in Nevis remotely.
The bank we are talking about was the first bank that was listed in the Eastern Caribbean Securities Exchange (ECSE). This significant event took place in October 2001. The bank in Nevis is a licensed broker, dealer and ECSE intermediary. The bank’s capital has increased to more than USD 36 million, bringing the total amount of assets to about USD 400 million. The bank employs more than 55 managers whose salaries are rather high.
Continuing the topic of international development, the bank in Nevis established its first affiliated company on April 29, 1998, to gain access to the new markets, attract foreign clients and obviously take advantage of the new opportunities offered by the growing offshore sector of Nevis, and start doing international business. Today, this affiliated bank is a purely offshore bank of the Federation, offering great opportunities to clients from all over the world to enjoy the benefits of the classic offshore jurisdiction that promotes confidentiality, stability and security of deposits.
You are certainly interested in doing international business, which means that we continue with the topic. The offshore bank was established in 1998 under the 1984 Nevis Business Corporation Ordinance Act as a subsidiary of its parent bank.
At the offshore bank, you can get a full range of services enjoyed by the Limited Liability Companies (LLCs) incorporated in Nevis, International Business Corporations (IBCs) and trusts. By the way, an ordinary Nevis LLC is a simple company, inexpensive in terms of incorporation and maintenance, while providing good protection of capital (and together with the New Zealand Partnership, this protection becomes iron-clad). A Nevis LLC can be a great alternative to a trust established in Nevis.
|Incorporation of an LLC/IBC||USD||Service timelines|
|Basic Package of Your Company’s Corporate Papers that Includes:|
Certificate of Incorporation;Endorsement Certificate;Articles of Incorporation;Certificate of Notary Public;Designation and acceptance of Registered Agent;Transfer of Subscription Rights;Appointment of director;By-laws;Written Resolution of Director;Register of Directors;Register of Officers;Register of Shareholders;Share Certificate(s).
|1899 USD||2 to 3 working days|
|Apostille Package:Certificate of Incorporation;Endorsement Certificate;Articles of Incorporation;Certificate of Notary Public;Designation and acceptance of Registered Agent;Transfer of Subscription Rights;Appointment of director;By-laws;Written Resolution of Director;Register of Directors;Register of Officers;Register of Shareholders;Share Certificate(s).One set of apostilled copies of corporate documents.||2499 USD||5 to 6 working days|
|Apostille Package + Full Nominee Service:|
Company incorporation;State registration fee payment;Registration agent services in Nevis;Registered office (legal address) in Nevis;One set of the corporate documents originals;One set of apostilled copies of corporate documents.Nominee Director/Manager**;Apostilled Power of Attorney, original copy;Nominee Shareholder/Member**;Trust declaration, original copy;One set of copies of the corporate nominee documents, apostilled;One set of copies of corporate documents;Company Certificate of Stable Financial Position;Certificate of Incumbency;Copy of the Power of Attorney;Copy of trust declaration;Passport copy;Copy of the utility bill;Letter of reference from a bank or a statement on the account.Courier delivery worldwide.
|7949 USD||6 to 8 working days|
|Company’s Annual Renewal Fee:|
State renewal fee payment;Registration agent services in Nevis;Registered office (legal address) in Nevis;Scanned copy of the renewal certificate.
|1699 USD||3 working days|
|Annual Payment to the Company’s Nominees in Nevis:|
|Nominee Director/Manager (Nevis corporation)||1399 USD||1 working day|
|Nominee Shareholder/Member (Nevis corporation)||1399 USD||1 working day|
|Nominee Officials (Nevis Corporation)||1399 USD||1 working day|
|Additional Documents Issued after the Company’s Incorporation:|
|Set of notarized copies of corporate documents.||600 USD||1 to 2 working days|
|Set of notarized and apostilled copies of corporate documents;||799 USD||2 to 3 working days|
|Copy of the Certificate of Incorporation.||400 USD||1 to 3 working days|
|Register preparation Managers/Members/Shareholders/Directors/Officers||200 USD||2 working days|
|Preparation of the first Board Meeting Minutes||450 USD||from 2 working days|
|Share Certificate||200 USD||2 working days|
|Finding a company||500 USD||2 to 3 working days|
|Simple Power of Attorney||399 USD||1 working day|
|Notarized Power of Attorney||599 USD||1 to 2 working days|
|Apostilled Power of Attorney||799 USD||2 to 3 working days|
|Simple Trust Declaration||400 USD||1 working day|
|Notarized Trust Declaration||600 USD||1 to 2 working days|
|Apostilled Trust Declaration||800 USD||2 to 3 working days|
|Additional Certificates Issued Upon the Company’s Incorporation:|
|Simple Certificate of Good Standing||680 USD||2 to 3 working days|
|Apostilled Certificate of Good Standing||880 USD||2 to 3 working days|
|Certificate of Incumbency (Simple)||490 USD||1 working day|
|Certificate of Incumbency (Notarized)||690 USD||1 to 2 working days|
|Certificate of Incumbency (Notarized, with Apostille)||890 USD||2 to 3 working days|
|Tax-exempt letter||500 USD||2 to 3 working days|
|Apostilled tax-exempt letter||700 USD||2 to 3 working days|
|Company Liquidation Certificate||1700 USD||up to 7 working days|
|Certification and Notarization:|
|Certificate signed by the Registration Agent (per document)||150 USD||2 working days|
|Notarization, per one document||200 USD||2 working days|
|Apostille, per one document||250 USD||2 to 3 working days|
|Letter of Certification from the Register||500 USD||5 workdays|
|Changes to the Company Name/Capital/Structure:|
|Company name change (no seal)||800 USD||up to 7 working days|
|Company name change (with a seal)||1220 USD||up to 7 working days|
|Changes to the share capital||1625 USD||up to 7 working days|
|Change of Officers/Directors/Managers (including drafts, registers)||800 USD||up to 5 working days|
|Change of Shareholders/Members (including drafts, registers and up to 2 Share Certificates)||800 USD||up to 5 working days|
|Transfer of shares/ownership, includes Minutes and up to two new Certificates||1200 USD||5 working days|
|Amendments to the Articles of Association (addition to a paragraph, capital change, any change in the Company’s Articles stamped by the Register)||1200 USD||up to 7 working days|
|Reissue of incorporation documents||1625 USD||up to 7 working days|
|Making Changes to the Company After the Incorporation:|
|Continuation (Change of the company’s registration country)||2520 USD||T.b.d. individually|
|Certificate confirming the change of jurisdiction||1200 USD||up to 7 working days|
|Transfer of a company to Nevis||1500 USD||T.b.d. individually|
|Fast-track transfer of a company to Nevis||3000 USD||up to 7 working days|
|Recovery of the company struck out of the Register||1700 USD||2 to 3 working days|
|Company liquidation||1700 USD||up to 7 working days|
|Transfer Out (Change of the registration agent)||1999 USD||2 to 3 working days|
|Transfer In (Change of the registration agent)||500 USD||T.b.d. individually|
|Signing of a document by the Nevis nominee:one signature on a corporate document (per 1 document)one signature on a bank form (per 1 document)|| 160 USD|
|1 to 2 working days|
|Scanned copy of a document (per 1 page)||100 USD||1 working day|
|International courier delivery||200 USD||2 to 4 working days|
|Rushfee (fast document preparation). The cost is specified per one operation||150 USD||2 working days|
|Professional Director Services||3400 USD||T.b.d. individually|
|General advice||Contractual||T.b.d. individually|
|Legal advice||Contractual||T.b.d. individually|
|Substance for Nevis Company:|
|Financial report (up to 20 transactions)||1900 USD||T.b.d. individually|
|Financial report (from 20 transactions)||from 1900 USD||T.b.d. individually|
|Website development fee, State Registration fee and Registration Agent fee||This cost depends on the complexity||T.b.d. individually|
|Virtual Office (Panama)Address;Mail/Courier;Phone with a message-recording function.||3000 USD||up to 7 working days|
The Best Products In the Island of Nevis:
If you have not yet decided about opening a bank account in Nevis, I have got some priceless arguments I would like to share with you. All of them are related to an international bank in a well-regulated jurisdiction that offers upscale advantages, namely:
According to the 1985 Confidential Relationships Act, any unauthorized disclosure of information to the third parties is strictly prohibited.
Nevis complies with the highest international FATF regulatory standards since the introduction of anti-money laundering provisions under the 2000 Proceeds of Crime Act and the 2002 Anti-Terrorism Act.
The bank in Nevis offers a great opportunity for its customers to enjoy the benefits of the jurisdiction that promotes privacy, freedom of action and the preservation and protection of the corporate structures of any complexity.
Located in the Eastern Caribbean, three hours from the United States of America and eight hours from Europe, the Islands of Nevis and St. Kitts constitute a sovereign and democratic federate state. Nevis has its own autonomous legislative body that enacts laws governing the international financial and related services.
Stability, Safety and Security
Nevis has a long history of political and economic stability. Its parliamentary and legal systems are based on the British government model and Common Law.
Information About the Bank in Nevis
The bank in Nevis opens non-resident accounts in US dollars, euro, British pounds sterling and Canadian dollars. Starting from December 1, 2015, the minimum deposit for opening a corporate (or a private) account is 10000 USD, and for a trust account it is 20000 USD. The transition to this limit will take six months, after which all accounts that have not been replenished to the required limit amount will be closed.
Online banking is provided via the B-online system (a specially developed software of the bank).
Visa Classic, Visa Gold and Visa Business credit cards are available.
Benefits of Opening a Corporate Bank Account in Nevis
In order to open an offshore bank account, the following information about beneficial owners must be provided, regardless of whether they are signatories to the account:
1. Two references:
– One reference from your bank and
– One reference from a professional (a lawyer, an accountant or any other certified professional)
These references must be made on the official letterhead specifying the address, name and phone/fax numbers of the institution.
2. Certified/notarized copies of your valid travel document.
3. Certified copy or the original document confirming the address of residence (e.g. utility bill, a bank statement, a credit card statement with your name and address on it).
4. Certified copies of the company’s corporate documents.
5. Your business description showing the geography of your products and/or services.
6. Confirmation of the source of your funds.
7. Planned deposit amount, information about the frequency of replenishments.
8. A completed bank’s questionnaire;
9. Signed Agreement on informing the bank of any changes in the information provided when opening the account;
10. Filled out and signed bank forms.
The minimum deposit to open a company account with the bank in Nevis is USD 1500.
If you are interested in opening any account with a foreign bank or you would like to open a bank account in Nevis but you are not sure whether this bank is what you need, you can save both your time and the time of your expert by sending your answers to the questions that help select the right bank to the e-mail: firstname.lastname@example.org.
The nature of the funds that you plan to deposit to the account and use the account for is no less important than the confirmation of the origin of the source of funds. The bank in Nevis absolutely does not carry out any transactions related to Internet gaming. Should any funds of this nature be found in your account, it will be automatically blocked.
Let us talk about the banking system of the Federation of St. Kitts and Nevis.
The Eastern Caribbean Central Bank in Nevis is the Central Bank of the Organization of Eastern Caribbean States.
The Eastern Caribbean Central Bank was established in October 1983. This regulatory financial body was established for a group of eight island countries: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines. The Central Bank’s mission is to maintain stability of the Eastern Caribbean dollar (the currency of the Federation of St. Kitts Nevis) and the integrity of the banking system in order to promote the balanced growth and development of all member states of the Organization of Eastern Caribbean States (OECS).
The Central Bank of Nevis has the exclusive right to issue banknotes and coins for all of the member states. The East Caribbean dollar is the currency of OECS.
The governing bodies of the East Caribbean Central Bank are the Monetary Board and the Board of Directors. The Monetary Council is the highest decision-making body. It consists of the ministers appointed by the Governments of the countries participating in the Organization of Eastern Caribbean States, one minister from each country. The function of the Council is to provide directives and guidance on the Central Bank’s monetary policy. The Board of Directors consists of ten Governors and a Deputy Governor, and directors representing each Government of the eight member states. The Board of Directors is responsible for the policy and general administration of the bank, while the Governor, the Chief Executive, is responsible for the day-to-day management and operations.
In 2000, St. Kitts and Nevis were blacklisted by the OECD and FATF, but the Federation was removed from both lists, pledging to address the legislative issues and improve the laws, bringing them into line with the requirements of international organizations, which was done by adopting a number of laws in 2001 to 2003. After St. Kitts was found to be a tax haven refusing to cooperate in the war on money laundering, the Government passed the following laws: the Money Laundering (Prevention) Bill against money laundering, and laws that promote bringing of the island nation’s financial system in line with the Financial Services Intelligence Unit Bill and the Financial Services Commission Bill. The latter claimed that the Financial Services Commission is the main regulatory body for the offshore sector. In June 2002, the Federation of St. Kitts and Nevis was formally removed from the blacklist drawn up by the Organization for Economic Co-operation and Development (OECD).
The banking activities of St. Kitts and Nevis are governed by the 1991 Banking Act. External banking activities are regulated by the 1997 Financial Services (Regulations) Order. Nevis has got its own law regulating the offshore banking called the 1996 Offshore Banking Ordinance.
The Federation’s Banking System Consists of:
1. State-owned banks with 100% public capital, such as: St. Kitts-Nevis-Anguilla National Bank Ltd, the Development Bank of St. Kitts and Nevis and
2. Banks with complete and partial private ownership: Bank of Nova Scotia, Bank of Nevis, First Caribbean, Royal Bank of Canada, Royal Bank of Trinidad and Tobago, St. Kitts-Nevis Finance Co. Ltd (FINCO), the Nevis Cooperative Bank, the St. Kitts Credit Union, Nevis Credit Union and the Police Credit Union.
Banking Institutions of the Federation of St. Kitts and Nevis:
St. Kitts-Nevis-Anguilla National Bank
Development Bank of St. Kitts and Nevis
Bank of Nevis
First Caribbean International
Royal Bank of Canada
Royal Bank of Trinidad and Tobago
The cost of our services that include support of your corporate account remote opening with the bank in Nevis is 3999 EUR. You can send your application to the email: email@example.com.
You can learn everything about companies in Nevis (LLCs/IBCs), trusts, the second citizenship for investment and the sought-after second passport of St. Kitts and Nevis from a separate and very informative section of this blog.