If you would like to do business via an offshore-registered company that has a corporate bank account in the same jurisdiction, please consider the country of St Kitts and Nevis in the Caribbean. The company registered there can also serve as an effective asset protection mechanism.
The advantages of registering a business company in Nevis
A Nevis-registered International Business Company (IBC) can become a powerful instrument for developing your business and multiplying your profits. These goals can be achieved by use of the classic offshore advantages that the jurisdiction has: low (zero) taxes, flexible legislation, asset protection, and personal information confidentiality.
Offshore jurisdictions are going through hard times at the moment. Mass media and politicians believe that they are economically evil while, in fact, they keep the international business going. Ironically, such jurisdictions are often found on various black lists of sanction countries.
However, many classic offshores have been able to adapt to the new requirements and experts have started talking about a possible renaissance of offshore jurisdictions. Nevis, for instance, has managed to comply with the modern rules while simultaneously keeping many offshore advantages.
The most evident such advantage is zero taxes in the country.
A foreign national is entitled to set up a company in Nevis. He or she can be the only owner of the company and its director at the same time.
The level of personal information confidentiality protection is high in Nevis. The personal data of company owners, directors, managers, and other beneficiaries is not publicly available.
The company owner’s is liability is limited by the amount of money that he or she has invested in the establishment of the company or his/her share of the company ownership.
Under the pressure from the EU authorities, Nevis has started exchanging its residents’ fiscal information with foreign countries. Besides, the taxation system in the country is undergoing some changes.
Nevertheless, Nevis remains attractive for international business and asset protection. Few countries in the world offer so many different advantages to business people.
The company registered in Nevis can have only one director if it has only one owner. If there are more stockholders, there has to be minimum three directors. Legal entities are allowed to act as Nevis-registered company directors.
Company stockholders as well as its directors and managers can be citizens of any country.
There are no requirements as to the company charter capital but we recommend that you register around US$ 50,000. There is no need to put the registered capital in the bank.
The Government of Nevis requires keeping financial records but it does not require that these should be audited nor submitted for inspection. At the same time, we highly recommend that you should keep the financial records in a neat way because you do have to submit them to the bank when opening a corporate account for your company in Nevis.
Offshore Pro Group provides professional accounting support to offshore-registered companies. Please contact us at firstname.lastname@example.org to find out more about this service.
Choosing the name for your company in Nevis
There are multiple ways of naming your Nevis-registered company and many acronyms can be used. However, there are words that cannot appear in the company name and those whose use has to be approved by the Government of the country.
For instance, you cannot use the words ‘Offshore’ or ‘Deposit’ in the company name. There are also restrictions on the use of some words such as ‘Nevis’ and ‘Fund’, for example.
Documents required for establishing a business company in Nevis
In order to register a business company in St Kitts and Nevis every prospective company owner shall submit the following documents:
- A notarize copy of the foreign passport or some other identification document;
- Completed and signed due diligence and order forms;
- Confirmation of residential address (such as a utility bill less than three months old).
All documents shall be translated into English and apostilled.
Registering an IBC in Nevis takes only two to three business days since the date when the application documents are submitted.
An International Business Company in Nevis: registration and maintenance costs
|IBC registration||USD||Service provision terms|
|Corporate document package 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(s) · Company By-Laws · Written Resolution of Directors · Register of Directors · Register of Company Officers · Register of Shareholders · Share Certificate(s).||1,899 USD||2-3 business days|
|Documents to be translated and apostilled: 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(s) · Company By-Laws · Written Resolution of Directors · Register of Directors · Register of Company Officers · Register of Shareholders · Share Certificate(s).||2,499 USD||5-6 business days|
|Packaged service – company registration + nominee services: · Company registration · Payment of the state company registration fee · Registration agent services in Nevis · Registered legal address in Nevis · A package of original corporate documents · A package of apostilled copies of corporate documents · Nominee company director/ manager · Apostilled Power of Attorney, the original · Nominee company shareholder · Trust Declaration, the original · A set of corporate documents for the nominee, apostilled · A set of corporate document copies · Certificate of good standing · Certificate of Incumbency · Power of Attorney, a copy · Trust Declaration, a copy · Passport copy · Utility bill copy · A letter of recommendation from the bank or a bank statement · Courier delivery all around the world.||7,949 USD||6-8 business days|
|Annual company registration extension: · Payment of the company registration extension fee · Registration agent services in Nevis · Registered legal address in Nevis · A canned copy of the company registration extension certificate.||1,699 USD||3 business days|
|Economic substance for the company in Nevis:|
|Financial report (up to 20 transactions)||1,900 USD||individual timeframe|
|Financial report (from 20 transactions)||from 1,900 USD||individual timeframe|
|Company website development||the cost depends on the complexity of the website||individual timeframe|
|Virtual office (in Panama) · Address · Mail acceptance/ handover to the courier · Telephone calls recording.||3,000 USD||up to 7 business days|
Please contact us to learn more about these and other company registration and maintenance services that we provide.
A corporate account with a bank in Nevis
The international bank in Nevis that we recommend has correspondent accounts with a number of large banks such as JP Morgan, Citibank, Deutsche Bank, and others.
All transactions are performed via SWIFT. EUR and USD transactions are processed at an especially fast rate.
In addition to euros and dollars, you can put securities in the bank (bonds, shares, and so on). The bank offers most modern financial instruments such as private banking, brokerage services, and escrow accounts for making large deals.
The international de-offshorization efforts have affected Nevis. For this reason, the jurisdiction now exchanges fiscal information with other countries. However, all other advantages that classic offshore jurisdictions boast are still available: zero taxation, personal information protection, and comfortable company management conditions.
The bank that we are advertising here is also willing to work with other banks and companies that deal in cryptocurrencies. It is possible to set up an escrow account there for large-scale trade of digital and physical assets.
You can also open a personal account with this bank in addition to the corporate account.
Before you can set up an account, however, you have to pass the due diligence check. The check is performed by an independent company and its cost is 3,000 USD. You have to cover the cost only if the bank approves your application for services.
It takes approximately 15 days to set up an account with this bank. When the account opening is confirmed, you have to transfer 100,000 USD to the account within five days. This is the minimum required initial deposit.
You can make the deposit in a fiat currency or in securities. After you have made the initial deposit, you can use the money at your discretion, as there is no minimum balance requirement with this bank.
There is also no account maintenance fee.
Citizens of Iran, Syria, Venezuela, and North Korea will not be able to set up an account in this bank.
Documents required for opening a corporate account in the Nevis bank
The following documents are required to set up a corporate bank account in Nevis:
- A legalized copy of the Good Standing Certificate for the applicant company;
- A legalized copy of the Certificate of Incorporation;
- A legalized copy of the corporate documents such as Memorandum and Articles of Association, and so on;
- Legalized copies of two personal IDs for the account signer (the passport should serve as one of the IDs);
- A copy of the company financial reports for the previous year;
- Legalized copies of two letters of recommendation from professionals such as lawyers, accountants, and so on;
- A legalized copy of the Corporate Resolution to open the bank account and assign the signer;
- A legalized copy of the document that confirms the signer’s residential address (a utility bill less than three months old);
- An application to the bank for opening a corporate account signed by the applicant.
All the documents have to be scanned. The copies have to be of high quality and made in color. If necessary, the application documents have to be translated into English by a sworn translator.
If any of the documents are more than six months old, the application will be rejected.
The procedure of registering a company in Nevis and opening a corporate bank account there
- Request our packaged service ‘An IBC in Nevis + a bank account in Nevis’ by writing to email@example.com.
- Acquire a consultation from our expert that will show if it is possible to provide this service to you.
- If the result of the consultation is positive, cover the cost of the service that starts at 5,699 EUR.
- Supply all the application documents to us. When we have all the required documents and the payment, we will initiate the company registration and bank account opening procedures.
- After the bank approves your application for services, we will send you all the corporate documents and you can start doing business using your Nevis-registered company.
Should you have any questions, please do not hesitate to contact us at firstname.lastname@example.org. We are always quick to reply!