There are no mandatory audit requirements for offshore companies.
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All business companies incorporated in Saint Kitts and Nevis must keep accounting records to the extent that will make it possible to judge the company’s business and will reflect the company’s financial position.
There are no requirements regarding compulsory accounting and audit. Offshore companies that do not conduct business in Nevis are exempt from taxes. There is no corporate, income or property tax or stamp duty. Thus, Nevis does not require business corporations to file any tax returns. Instead of taxes, companies pay an annual registration fee.
However, all resident companies incorporated in Saint Kitts and Nevis must file an income tax return even if the corporation did not make any business transactions during the reporting period.
Any non-resident, corporation or other person that has a permanent business establishment in Saint Kitts and Nevis must also file an annual income tax return.
A local branch of an offshore corporation will be considered registered in Saint Kitts and Nevis and a tax entity separate from the parent company.
The minimum requirements regarding filing tax returns for persons who file a tax return with the Inland Revenue Department:
Financial statements (in accordance with the International Financial Reporting Standards – IFRS), including
Companies must keep all source documents and accounting records that confirm the filed corporate tax return during at least 6 years after the date when the initial tax return was required to be filed.
Taxpayers are obliged by law to keep proper books of accounts in English; the currency of the Federation of Saint Kitts and Nevis is the Eastern Caribbean dollar (XCD) pegged to the US dollar.
Offshore companies are not required to be audited.
However, all resident companies, corporations or other persons that have a permanent business establishment in Saint Kitts and Nevis must audit their financial statements.
A corporate tax return must be filed 3.5 months after the end of the financial year of the enterprise.
For example, if a corporation’s financial year ends on 31 December, an income tax return must be filed with the Inland Revenue Department not later than on 15 April of the next year. Similarly, if corporate year ends on 30 June, an income tax return must be filed not later than on 15 October.
In the case of failure to meet deadlines, a penalty of 100 XCD per month applies. The late payment penalty is 10% of the amount + a late payment fee of 1.25% per month.
Companies that have an offshore status are not required to prepare a consolidated report.
For resident companies, requirements regarding preparation of consolidated financial statements are regulated by the International Financial Reporting Standards (IFRS).
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