In previous articles on Nevis multiform foundations, we have detailed the benefits of the Nevis Multiform Foundation Ordinance of 2004 for asset protection, as well as the advantages and possibilities of such structures.
Nevis multiform foundations are becoming more and more popular among business persons from all over the world as these are independent and self-sustaining structures. In this article, we will tell you in more detail about the requirements and necessary documents for registering a Nevis foundation. In addition, we will acquaint you with prices for our assistance.
So, why does Nevis multiform foundation have such a name? Everything is straightforward! Multiform foundations registered in Nevis can take any of the following forms very quickly and at any time: ordinary foundation, trust foundation, company foundation, or partnership foundation.
Requirements for establishing Nevis multiform foundations
The list of requirements for setting up a Nevis foundation includes:
- Having a board of directors and a secretary.
- Having a registered agent in Nevis.
- Having a registered office in Nevis.
- Having a memorandum of establishment.
- Having an appropriate name.
When creating Nevis multiform foundation, you can:
- use the standard set of by-laws documents or develop your own
- appoint a supervisory board or protector
- decide whether to publish by-laws and board data or not
- choose how you will subscript for assets or property, and for what ammount
- choose legislation
- choose the beneficiary rights
- choose the multiform type.
Continuation, transformation, conversion, consolidation, and merger
Nevis multiform foundation is a very flexible tool. It allows:
- Continuation – a foundation from a foreign jurisdiction can continue its activities on the island of Nevis already as a multiform foundation.
- Transformation – any organization outside the island jurisdiction can transform into a Nevis foundation. For example, a trust in Jersey could become a multiform foundation in Nevis.
- Conversion – an existing Nevis entity can be converted into a Nevis multiform foundation.
- Consolidation or merger – any two or more organizations can merge into a Nevis multiform foundation.
- Nevis foundation can operate both on the island and outside it.
Documents required for registration of a Nevis multiform foundation:
- Application form:
An application for registering Nevis multiform foundation needs to contain the foundation name (it must necessarily end with FND or foundation) and the details of the beneficiaries, managers, secretary, and members of the supervisory board (if it exists).
If a multiform foundation has taken the form of a Nevis trust foundation, it is required to have beneficiaries and contain the word “trust” in its name. The beneficiaries’ names will not be made public unless you indicate otherwise.
If you want to create a revocable foundation, then in the application form, you need to indicate who has the right to revoke it and under what circumstances.
Nevis multiform foundation and its beneficiaries are exempt from income and capital gains tax, provided that the foundation founder, beneficiaries, property, assets, and contributions come from outside the island of Nevis. Nevis foundation can become a tax resident of this jurisdiction and pay taxes at a maximum rate of 1%. In this case, it is necessary to submit a tax return to the Register annually. The tax is calculated on undistributed accumulated net profit. If you want to create a foundation as a Nevis tax resident, this also needs to be indicated in the application form.
- Consent schedule:
In this schedule, it is necessary to indicate the data of the secretary and members of the board, as well as the supervisory board (if it was created). All of these persons must be of legal age. The signatories of the consent schedule agree to act in the foundation as secretary, or member of the board, or supervisory board.
- Memorandum of establishment:
Foundation memorandum of establishment contains the following points:
- Multiform foundation name.
- Registered address of the multiform foundation in Nevis (registered agent address).
- The main purpose and objectives of the multiform foundation: for obtaining benefits by the beneficiaries mentioned in the statutory documents, or, in the event of the beneficiaries’ refusal, the purpose and objectives prescribed for Nevis multiform foundations by the law.
- Multiform types (this information will be made public): ordinary, trust, company, or partnership foundation.
- Validity term of this foundation: long-term or short-term.
- Revocable or irrevocable multiform foundation.
- Legislation to which the multiform foundation will be subject.
The requirements for filing information with the Register apply only to the foundation name, the chosen multiform type, By-laws copy, and the registered office name. By-laws will be protected until otherwise specified.
Typically, standard regulations are used, but founders may choose other law than the Nevis Multiform Foundation Ordinance 2004 (MFO) to manage the whole business or its part. Therefore, at the registration stage, we will ask you to decide whether you want to completely subordinate the Nevis Multiform Foundation Ordinance or not. If you wish to choose a different law, you will be required to state the jurisdiction and the name of the law and indicate the foundation part that will be subject to the other jurisdiction’s law.
Appropriate applications are submitted if it is necessary to reorganize Nevis foundation, change the multiform, change the name, secretary, registered agent, etc.
Term for registering Nevis multiform foundation
Upon receipt of all required documentation and the original Consent schedule, Nevis multiform foundation will be registered within 24-48 hours.
The principal member of the board may be a professional provided by the registered agent in Nevis. In this case, all documents for the registration will be signed on the island, and the foundation will be established faster (no need to wait for the original documents). As soon as Nevis multiform foundation is registered, the professional board member will resign their position in favor of the person(s) you specify. A board member can be either an individual (Panamanian professional services) or a legal entity (Nevis professional services). At least one board member is required.
If you use Panamanian professional services, the foundation’s reputation will be higher, but the registration period will take longer.
If you want to register Nevis multiform foundation or have any questions about this product, please contact us by e-mail at firstname.lastname@example.org. Our experts will be happy to provide you with all the details and assist at all registration stages!