Legislation of Nevis

List of laws and regulations

Nevis Business Corporation Ordinance (NBCO)

Business Corporation Ordinance

Nevis Limited Liability Company Ordinance

Limited Liability Company Ordinance

Nevis Multiform Foundations Ordinance

Multiform Foundations Ordinance

Nevis International Insurance Ordinance

International Insurance Ordinance

Nevis International Exempt Trust Ordinance

International Exempt Trust Ordinance

Nevis International Banking Ordinance

International Banking Ordinance

Nevis Trust and Corporate Service Providers Ordinance

Trust and Corporate Service Providers Ordinance

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Tax treaties entered

Denmark

Norway

Sweden

Switzerland

the United Kingdom and the United States of America

Tax Exchange Information Agreement (TIEA)

Aruba

Australia

Belgium

Canada

Curaçao

Denmark

Faroe Islands

Finland

France

Germany

Greenland

Guernsey

Iceland

Liechtenstein

Netherlands

New Zealand

Norway

Portugal

Saint Maarten

Sweden

United Kingdom

List of state regulatory authorities

Government of Saint Kitts and Nevis

http://www.gov.kn/

Nevis Island Administration

http://www.nia.gov.kn/

Nevis Investment Promotion Agency

https://www.investnevis.org/

Inland Revenue Department

https://www.sknird.com/

Customs Department

https://skncustoms.com/

Financial Services Regulatory Commission

https://www.nevisfsrc.com/

Nevis Housing and Land Development Corporation

http://www.nhldc.com/

Corporate info

Legal system

Common law, based on English common law and American corporate law (that of the states of New York and Delawer)

Types of entity

Nevis Business Corporation (NBCO);
Limited Liability Company (NLLCO);
International Exempt Trust (NIETO);
Multiform Foundations (MFO)

Shelf companies permitted

Yes

Incorporation timescale for a new company

1 day

Company suffix

“corporation”, “incorporated”, “company”, or “limited”

Sensitive words

Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, municipal, trust, trustee, Chamber of Commerce, university, or their equivalents

Cyrillic alphabet permitted in company name

No

Local registered office

Yes

Local registered agent

Yes

Information to be kept at the registered office

No requirements

Seal required, type of seal

Not required

Redomiciliation (to, from) permitted

Permitted

Director and secretary

Minimum number of directors

1 (if there is only 1 shareholder)

Residency requirements for directors

No

Corporate directors permitted

Yes

Directors’ meetings/frequency/location

No requirements

Disclosure to local agent

Yes

Disclosure to public

No

Company secretary required

Yes

Residency requirements for a secretary

No

Qualified secretary required

No

Corporate secretary permitted

Yes

Shareholder and beneficiary

Minimum number of shareholders

1

Residency requirements for shareholders

No

Corporate shareholder permitted

Yes

Meetings/frequency/location

Yes / annually / anywhere

Disclosure to local agent

Yes

Disclosure to public

No

Beneficiary info disclosure to

No

Shares and share capital

Minimum authorized share capital

No requirements

Minimum issued share capital

1

Minimum paid share capital

1

Authorized capital payment deadlines

No requirements

Issued capital payment deadlines

Upon the issue of shares

Standard currency

USD

Standard authorized share capital

50 000

Standard par value of shares

1

Shares with no par value permitted

Yes

Bearer shares permitted

Yes

Taxes

Personal tax

No

Сorporate tax

33%

Corporate tax (in detail)

Resident companies pay tax on global income, non-residents - on income from sources in the country. The income tax rate is 33%

Capital gains tax

20%

Capital gains tax. Details

Gains from the sale of assets with a holding period of up to a year are taxed at half the tax rate, in any case not more than 20%

VAT

17%

VAT. Details

The standard VAT rate is 17%. A preferential rate of 10% applies to the tourism and hospitality industry

Withholding tax

15% (dividend), 15% (interest), 15% (royalty)

Other taxes

Social contributions, real estate tax

Exchange control

No

Government fee

—

Stamp duty

Stamp duty is payable at various rates for real estate transactions.

Accounts

Requirement to prepare accounts

Yes

Requirement to file accounts

No

Publicly accessible accounts

No

Requirement to file Annual Return

No

Publicly accessible Annual Return

No

Audit required

No

General information shortly

Location

The Caribbean

Total area

93 sq. km.

Population

54 779 (2023)

Capital

Charlestown

National currency

East Caribbean dollar

Conditional reduction of currency

XCD

Against USD

0,37 (2023)

Climate, average max and min t°

Tropical under constant influence of north-easterly sea breeze. There is a slightly hotter and rainier season from May to November. Average monthly temperature is about 26°С, very seldom going down to 18°С or up to 32°С.

Time difference from Moscow

- 7 hours

Dialing code

+1 869

State language

English

Ethnic groups

Black 90,4%, mulatto 5%, Indian 3% and other 1,6%

Literacy rate

98%

History

Nevis was discovered by Christopher Columbus in 1493; however, Spain did not colonize the island. In two consequent years (1623 and 1624) the English and then the French colony were established. Since then, two major European states had fought for the dominance over the islands. The fight was over in 1783, with signing the Treaty of Versailles (Peace of Paris), and the dominion of Britain. Saint Kitts and Nevis used to be a constituent part of the British Leeward Islands and West Indies. In 1967 the islands St. Kitts, Nevis and Anguilla gained the status of the UK “Associated State”, which was entitled to having a local government. Traditionally, the foreign policy and defence matters were dealt with by the UK. In 1980 Anguilla seceded from federation of the three islands. On 19 September 1983 the islands were proclaimed an independent state: the Federation of St. Kitts and Nevis.

Credit rating

Government type

Parliamentary democracy

Executive branch

Government: the Nevis Island Administration headed by the Premier

Legislative branch

Deputy Governor General, members of the Nevis Island Assembly; 3 Nevis seats in the House of Representatives of National Assembly

Judicial branch

The Eastern Caribbean Supreme Court

Unemployment

4,5% (2021)

GDP per capita rank

62 (2021)

Corruption perceptions index rank

—

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Banks of Saint Kitts and Nevis

Bank of Saint Kitts and Nevis

2 500

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