Being well-known as an offshore jurisdiction, Nevis has become a hotspot for many business incorporators all over the world. There are multiple reasons why many entrepreneurs opt for Nevis IBC formation.
Favorable tax treatments. Taxation is always the most concerning topic for offshore business owners. Nevis taxation is one of the top factors attracting a significant number of entrepreneurs opting for business incorporation in the country. Below are preferential tax policies that a company can enjoy as a registered IBC in Nevis:
No corporate tax for income sourced out of the border;
No estate, inheritance, gift, duty, capital gains taxes, withholding tax, stamp tax, asset tax, or other taxes and fees levied on assets and income generated beyond St Kitts and Nevis.
The flexibility of shareholders, officers and directors. There is no residency requirement for shareholders, officers and directors of a Nevis IBC. They can reside outside the country and participate in corporate meetings using online platforms. They can also be individuals or any business entities. Moreover, there is no limitation of corporate ownership.
No exchange control. To encourage more foreign businesses registered in the country, Nevis applies no exchange control on IBCs. So your company can use and exchange any currency at your convenience. Besides, the authorized share capital can be performed in any recognized currency.
High layer of corporate anonymity. Nevis legislation allows the company registered within the border to use nominee directors and shareholders. Therefore, the information of the company’s members and shareholders will be kept confidential. The information just needs to be provided internally or by court order.
Less maintenance requirements. There is no need to file corporate financial reports or audits. Corporate and accounting records just need to be submitted to the registered agent or tax authorities. Still, an annual renewal fee must be paid from the second year of corporate registration to maintain the company’s legal existence.
Remote access. With support from authorized registered agents or service providers, business procedures and affairs can be processed remotely such as company registration, bank account opening, contract signing, investing.
Besides many benefits provided by Nevis IBC, there is one disadvantage of this legal entity is that the company is not allowed to operate business in some specific fields.
Comments