Nevis companies are 0% tax traditional offshore companies in the style of the British Virgin Islands (BVI) International Business Company (IBC). They are highly flexible, affordable 0% tax companies which can be registered quickly with the minimum of reporting and disclosure requirements. Nevis is strongly associated with tax planning and with this inevitably goes an element of stigma and the risk of attracting unwanted attention from onshore tax authorities. For more information about offshore companies generally please see our main page on offshore products. Alternative 0% tax entities include other offshore countries which may be quicker or cheaper (though still attract as much negative attention) and UK LLPs (0% if correctly structured) or Gibraltar Companies (0% if correctly structured).
Agents
Nevis companies can only be formed by local licensed agents.
Trading and Holding
Nevis companies pay no tax (0%) of any sort making them highly popular for all purposes, both holding and trading.
Directors
Nevis companies must have at least one director who may be a natural or legal person (such as a company). The identity of the directors is not public record and is known only to the local agent. This provides a high level of confidentiality although it may be necessary from time to time to disclose this information such as when executing contracts on behalf of the company or when opening bank accounts. Most local providers offer professional management for a fee which can be either discretionary management or nominees for the beneficial owners.
Secretary
Nevis may have a company secretary which can be a natural or legal person (such as a limited company), secretaries are often provided by local providers for ease of administration (so that they can sign off documents if necessary).
Shareholders
Nevis must have at least one shareholder who may be a natural or legal person (such as a limited company). Details of shareholders are not public information. Nominee shareholders are available for all local providers to remove any connection between the beneficial owner and the company. For information about the pros and cons of nominee shareholders please see our main article on nominee services in the products section.
Share Capital
Nevis companies effectively have no minimum capitalisation requirement.
Accounts
Nevis companies are required in theory to prepare accounts and these need not be filed or audited. In reality in most cases accounts are not prepared.
Banking
Nevis companies should not bank in Nevis but can bank elsewhere. Many providers offer bank opening services in the Caribbean or elsewhere, the process takes some time given the need for original documents to be sent to the bank.
Reporting
Nevis companies have no real reporting obligations. They are required to update their agents following significant changes to the companies.
Registered Office
Nevis companies must have a registered address in Nevis but this is provided by local agents and is part of the formation costs.
Timescale
Nevis formation itself is very quick (it takes around one day) but there are often delays associated with both the acceptance of due diligence requirements and the shipping of documents by courier (if originals are required). Nevis applies fairly stringent criteria and since all documents need to be received in original under apostille this can cause significant delays and costs (for information on certification of documents see our main article on documentary services).
Names
Nevis companies can be called by any name which is not offensive, does not imply they will be undertaking licensable activities and is not already taken. Nevis company names can end in 'Ltd', 'Limited', 'Corporation', 'Corp', 'Incorporated', 'Inc'.
Liquidation
Nevis companies in theory need to be liquidated and the process is fairly complicated and expensive. In practice Nevis companies will simply be struck off without any further action if the agents lose contact with their clients.