Among the beautiful tourist destinations, Nevis has perfectly made its stand to grab the attention of the international audience. The Caribbean Island of Nevis has equally converted itself as a profitable offshore business jurisdiction that has allowed the business investors to step in and incorporate their business units.
The country is a famous offshore financial centre and a growing market for the incorporation of international companies. An offshore company Nevis is a universal tool for asset protection and the techniques of tax planning. It offers smooth and quick incorporation, requires a low start-up budget, and no requirements for financial reporting throughout the firm's lifetime.
Nevis Offshore Company Incorporation
Offshore company incorporation in Nevis has become one of the feasible options among the business investors. An International Business Company commonly referred to as an IBC, is one of the most common business units.
The offshore business units established in Nevis gets managed under the 'Nevis IBC Companies' and are legally permitted to carry out the business activities outside the zone.
An offshore company incorporated in Nevis gets the following exemptions, namely:
- Withholding tax
- Sales tax
- Capital gains
- Currency tax
- Payroll tax
- Custom duties
- Corporate tax
How to Start an Offshore Business in Nevis?
Any business investor who plans to set up a new offshore company in Nevis has to undergo the following steps:
1. Name approval
The first and foremost task is to get approval of a Nevis company name by applying to the Company Registry. The general company name requirements are set out below:
- A business with an English name or a Chinese name must be registered
- No combination of Chinese and English characters is permitted
- Should have traditional Chinese characters
- The business name should not be a clone of an actual enterprise
2.Draft An Article of Association
The next move is to draft the Articles of Association (AOA) after company approval. An AOA is one of the company's crucial documents holding the proceedings that would take place within a company. The AOA is involved in the roles and responsibilities, the hierarchy of organizations, etc.
3.File the Documents with Company Registry
Once the documents are drafted, the next step will be to submit essential documents which will include:
- Certified copy of passport
- Certified copy of proof of address (utility bill like landline bill, electricity bill, water bill etc.)
- Individual Self-Certification forms
4.Open an Offshore Bank
A corporate bank account is a mandate recommended to go ahead with the registration of offshore companies in Nevis. It will allow you from the very initial stage to keep a focus on client finance.
Here’s a guide on the advantages of offshore banking that will help you understand the numerous benefits you can make by opening one.
5.Register with Inland Revenue Department
An offshore company must register with the Inland Revenue Department and obtain a Business Registration Certificate within one month of the incorporation of Nevis Company in compliance with the legal requirements.
6.Avail for Business License (if required)
If you want to carry out your business activities in Nevis land, you need to test if the legal processes require obtaining a business license. If the business license is required, you need to get the same from the relevant authorities.
The moment you set up an offshore company in Nevis, you will be able to gain numerous benefits, right from tax exemption to international investment opportunities.
However, the idle way to proceed ahead is under the guidance of a certified business expert as they hold complete knowledge on the legal process that gets followed.
At Business Setup Worldwide, we take care of the essentials that get followed in the company incorporation process. Our business advisors are well-versed with the proceedings and can provide you with tailored solutions.
If you are looking forward to forming a company in Nevis, have a word with your guide. Contact us today-we’d be glad to assist!