Insurance
This section provides links to relevant laws, regulations, instructions, rules, codes, guidance and other documents that govern the Nevis International Insurance Department.
The legislations hereunder provide the supervisory framework for the supervision and regulation of International insurance companies. The Nevis International Insurance division is governed by the Nevis International Insurance Ordinance 2004 as amended. In keeping with good governance and regulations, registered insurance companies must abide with the Nevis Business Corporations and follow the rules set out by the NIIO 2004, as amended.
The key regulatory features of the Nevis International Insurance product are:
- Every registered insurer must have a registered agent or insurance manager resident in Nevis. An Insurance Manager may be non-resident subject to the approval of the Registrar of International Insurance and in this case, the insurance manager must also appoint a registered agent.
- Generally, cash, debt securities, precious metals, irrevocable letters of credit, equities, mutual funds, commercial loans, premiums receivables and reinsurance receivables are considered allowable assets. However, if an insurer wishes to hold assets other than those generally allowed, he must seek guidance from the Registrar of International Insurance.
- Registered insurers holding a General Insurance, Long-Term Insurance or Reinsurance license must submit annual audited accounts. Registered insurers holding a Captive Insurance, Allied Reinsurance or Allied Annuity Insurance license must submit financial statements and tax returns, as filed and accepted by the relevant authority in the country of origin (or where filed); however the Registrar at his/her discretion may request audited financial statements for further analysis of the insurance company’s financial stability.
- An insurer of long-term insurance business must file an actuarial valuation of its assets and liabilities, every three years at the end of its financial year.
- A Registered Insurer licensed as an allied reinsurer cannot issue contracts with the consuming public, or otherwise act as a primary insurer. A Registered Insurer, upon approval from the Registrar, may be allied to a maximum of five (5) primary insurers, provided that it is reinsuring a different line of business from each primary insurer.
- A person registered as an insurance manager or a registered agent or any person acting as an insurance manager or an registered agent shall not directly or indirectly be interested as a shareholder in or an officer or employee of any registered insurer for which he acts as manager or registered agent.
Definitions
The Nevis International Insurance Ordinance 2004 as amended allow for entities to be licensed insurance companies under the defined Act.
The following are the types of Insurance Entities:
- Allied Reinsurance – means a company carrying on insurance business where the registered reinsurer is allied to a primary insurer who typically initiates insurance contracts as part of its normal course of business, and the allied reinsurer will only assumes risks and accepts premiums from this primary insurer;
- Allied Annuity – means a company carrying on insurance business where the registered insurer’s business entails only the issuance of annuity contracts, and/or single premium life contracts, and where premiums are acceptable only from its parent(s), or other person(s) of substantial relationship, whether personal or business, and the number of annuitants does not exceed ten (10) persons;
- Captive Insurance Business – means insurance business where the insured is a parent or affiliated company of the registered insurer or is a person in respect of whom the registered insurer is authorized by the Registrar to provide insurance;
- General Business – means insurance business that is not long-term business, reinsurance business or captive business and without limiting the generality of this term includes marine insurance, engineering insurance, aviation insurance, transportation insurance, motor insurance, property liability insurance, pecuniary loss insurance, credit and guarantor insurance and miscellaneous personal insurance;
- Insurance Adjuster – means a person, not being an employee of a registered insured, but employable by insurer or insured, who investigates, qualify and/or quantify a loss experienced in relation to a covered risk;
- Insurance Broker– means a person, not being an employee of a registered insured, who arranges contracts of insurance between insurer and insured, or gives advice facilitating the sale of insurance contracts, or is authorized by one or more insurer to enter that insurer into contracts of insurance, collect premiums, and otherwise act as the insurer in dealing with the insured.
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- provides management services for one or more insurers; or
- holds himself out as a manager in relation to one or more insurers, but does not include the keeping of insurance business accounts for a registered insurer
No Person shall act as an insurance manager for, or in relation to, a registered insurer, unless that person is registered in a register to be kept by the Registrar in accordance with regulations and has paid to the Registrar the prescribed fee and every prescribed registration fee and every prescribed annual renewal fee.
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- Long Term Insurance Business– means insurance business of any of the following kinds, namely,–
- affecting and carrying out contracts of insurance on human life or contracts to pay annuities on human life;
- effecting and carrying out contracts of insurance against risks of the persons insured sustaining injury as the result of an accident, or of an accident of a specified class, or dying as the result of an accident or of an accident of a specified class, becoming incapacitated in consequence of disease, or disease of a specified class, being contracts that are expressed to be in effect for a period of not less than five years or without limit of time and either not expressed to be terminable by the insurer before the expiration of five years from the taking effect thereof or are expressed to be so terminable before the expiration of that period only in special circumstances therein mentioned;
- effecting and carrying out contracts of insurance, whether effected by the issue of policies, bonds or endowment certificates or otherwise, whereby in return for one or more premiums paid to the insurer a sum or a series of sums is to become payable to the persons insured in the future, not being contracts such as to fall within either paragraph (a) or (b); and
- any kind of insurance business declared by regulation to be long-term business;
- Reinsurance – means insurance business where the risk insured by a person is a risk that person has accepted from an insurer;
- Registered Agents – A Registered insurer shall appoint a Registered Agent in Nevis where its principal place of business is outside Nevis and Manager is not resident in Nevis.
Minimum Paid Up Share Capital
The minimum paid up share capital for the classes of insurance business are as follows:
| US$185,000 | Long-Term Business |
| US$185,000 | General Insurance Business |
| US$75,000 | Reinsurance Business |
| US$10,000 | Single-Owner Captive |
| US$20,000 | Less than 5 Owners Captive and |
| US$50,000 | 5 or more Owners Captive |
| US$10,000 | Allied Reinsurance Business |
| US$10,000 | Allied Annuity Insurance Business |
Minimum Margin of Solvency
“Minimum margin of solvency” is the amount by which an insurer’s assets must exceed its liabilities.
In the case of an insurer other than an insurer carrying on long-term business, the minimum margin of solvency shall be at least the minimum amount of paid up capital as prescribed in section 7 (1)(b) of the Ordinance or, if greater:
- where the net retained premium of the insurer does not exceed $5,000,000 the prescribed amount is 20% of net retained premium;
- where the net retained premium of the insurer exceeds $5,000,000, the prescribed amount is US$1,000,000 plus 10% of the amount by which net retained premium exceeds US$5,000,000.
In the case of an insurer carrying on long-term business the minimum margin of solvency shall be at least the minimum amount of paid up capital as prescribed in sub-regulation (a)(ii) of the Ordinance.
In the case of an insurer carrying on long-term business and other business the minimum margin of solvency shall be the aggregate of the amounts required by sub-regulations (a) and (b) of the Ordinance, in respect of both categories of business.
For the purposes of calculating the margin of solvency of an insurer, the registrar shall take into account all assets of the insurer that he reasonably considers to be allowable and shall exclude all those that he reasonably considers to be not allowable.
| License | Application | Registration | Renewal |
| Allied Annuity Company | 450 | 1,500 | 1,500 |
| Allied Reinsurance | 450 | 1,000 | 1,000 |
| Captive Insurer | 450 | 2,000 | 1,500 |
| General Insurance | 2,500 | 3,000 | 3,000 |
| Reinsurance | 450 | 2,200 | 1,700 |
| Long Term Insurance | 2,500 | 3,000 | 3,000 |
| Insurance Adjuster | 500 | 2,000 | 2,000 |
| Insurance Broker | 500 | 2,000 | 2,000 |
| Insurance Manager | 500 | 3,000 | 3,000 |
| Registered Agent | 500 | 3,000 | 1,500 |
| Penalties for late filing of any of the above renewal fees (to be paid in addition to renewal fee):- | |||
| (a) After January 31 | 1/2 of applicable annual renewal fee | ||
| (b) After June 30 | a sum equal to the applicable annual renewal fee | ||
Other Fees (USD)
| Certificate of Endorsement | 10 |
| Certificate of Incorporation | 10 |
| Change of Shareholder/Director/Other Control Person | 300 |
| Approval for Issue, Transfer, Disposal of shares where ultimate beneficial ownership remains the same | 100 |
| Change/ Amendment to the business plan | 200 |
| Dividend Request | 300 |
| Other Miscellaneous request | 200 |
| Request for extension of submission of annual accounts | 300 |
| Request for waiver of submission of annual accounts | 200 |
| Request for a name change | 200 |
| Request for change in auditor | 300 |
| Request for cancellation of licence | 200 |
| Request for re-domiciliation (outward) | 200 |
| Request for dissolution/voluntary wind up | 200 |
| Penalties | |
| Late submission of annual accounts (General & Long Term) | 1500.00 with 150.00 for each additional day for failing to submit |
| Late submission of annual accounts (Other) | 200 with 50.00 for each additional day for failing to submit |
It is essential that all prospective applicants familiarize themselves with the relevant local insurance laws, regulations, rules and codes, including the anti money laundering requirements, before applying for a license to become a registered insurer in Nevis’ jurisdiction. An international insurer applicant should contact one of the licensed insurance managers in Nevis to discuss any management requirements. Please be aware that the Financial Services Department is unable to make any recommendations in this respect.
It is recommended that prospective applicants contact the Department at the earliest possible opportunity to discuss their outline proposals.
Should a prospective applicant wish to proceed with a formal application for licensing, a completed application form, together with the relevant fees and all necessary documentation, should be submitted to the Department for processing.
The required documents are as follows:
In order to apply for a registered insurer, registered Insurance Manager or registered agent’s license the following must be submitted to the Nevis Financial Services Department:
Completed Application form –
- Form 1 – Insurance Manager, Registered Agent: Application for Insurance Manager's or Registered Agent's Licence
- Form 3 – Captive: Application for Captive Insurer's Licence
- Form 4 – General, Long Term, Reinsurance: Application for General and or Long-Term or Re-Insurer's Licence
- Form 5 – Allied Reinsurance: Application for Allied Insurer's Licence
- Form 7 – Insurance Broker and Insurance Adjusters: Application for Insurace Broker's or Insurance Ajuster's Licence
- Completed Personal Questionnaire Form (Form 2) (all directors, beneficial owners and shareholders, managers and officers) At least 2 directors is required – Section 34 of the Ordinance
- Completed Insurance Manager Undertaking Form (Form 6) (all beneficial owners of the entity to be registered)
- Application fee
- Due diligence documentation must be submitted with the application for each control person (directors/ shareholders/managers/officers) who have completed a Form 2, this includes:
- Notarized passport declaration pages or government issued photo ID
- Utility bill confirming address (dated within 3 months of application date)
- 2 references: 1 professional reference (from accountant, lawyer, or administrator etc), 1 bank reference (on company stationery) attesting to good standing of individual
- Police record (preferred) and/ or notarized criminal history declaration form or affidavit
- Curriculum vitae for each control person (directors, manager, officers). For each director it is preferred that skill and expertise along with professional qualifications be highlighted.
- Annual accounts for 2 years preceding year of application, of each shareholder which is a body corporate holding more than 10% of the applicant’s issued share capital or total voting rights, together with similar accounts for the parent body, if any, of each such body corporate.
- Business plan must be submitted with application
- Financial projections (3-5 yrs minimum) including Pro Forma Income Statement, Balance Sheet and Cash Flow Statement
- Documents by which the body corporate is to be constituted such as Articles of Incorporation, Memorandum of Association, Articles of Association, By-laws etc. If not yet incorporated attach the proposed documentation.
- Insurance Manager/ Registered Agent Agreement (ALLIED REINSURANCE AND ALLIED ANNITY).
- A list of all insurers whom the applicant is, or will be engaged to act as manager or consultant (INSURANCE MANAGER/ REGISTERED AGENT)
- External Due Diligence Fee of US 5000 per non national control person (INSURANCE MANAGER/ REGISTERED AGENT/ GENERAL INSURANCE/ LONG TERM INSURANCE)
- An undertaking from company management that risks and premiums will only be assumed from named and approved primary company; (ALLIED REINSURANCE)
- Specimen Contracts indicating (i) the annual maximum frequency and amount of contribution; and (ii) maturity (ALLIED REINSURANCE)
- Registration fee is required to be paid before the applicant receives the license.
Foundations
The Nevis Multiform Foundation Ordinance is a very unique and cutting-edge legislation which was designed to remedy some of the problems seen in other foundation products.
The Nevis Multiform Foundations Ordinance provides that each Nevis Foundation will have a stated ‘multiform’. This means that the constitution of the foundation will state how it is to be treated whether as a trust, a company, a partnership or an ordinary foundation. Through the ‘multiform’ concept the stated identity of the Foundation can be changed during its lifetime, thus allowing for there to be greater flexibility in its use and application. Generally, the Nevis Multiform Foundation product can be used for estate planning, charity, financing and special investment holding arrangements.
There are five basic requirements for establishing a Nevis Multiform Foundation:
- It must have a Nevis based registered agent
- It must have a Nevis registered office
- It must have an acceptable name
- It must have a management board and secretary and
- It must have a memorandum of establishment
The Nevis Multiform Foundation Ordinance also provides for entities to be converted or transformed, continued or consolidated and merged into a Nevis Multiform Foundations. Through the process of Continuance, a foundation in another jurisdiction can be continued in Nevis as Multiform Foundation. Through the process of Transformation, any entity outside of Nevis can be transformed into a foundation in Nevis. Therefore, a trust in Jersey can become a multiform foundation in Nevis.
Through the process of Conversion, an existing Nevis entity like an IBC can be converted to a multiform foundation. Through the process of Consolidation or Merger, any two or more entities can merge into a multiform foundation and alternatively, through the process of Discontinuance, a multiform foundation can move to another jurisdiction. These provisions allow for the mobility of the foundations as an entity into and out of Nevis and give the founder an extremely valuable estate planning tool.
Part II of the Multiform Foundations Ordinance, Cap 7.08 sets out the establishment procedure for a foundation.
Like the formation of a company, one must first engage the services of a registered agent who is authorized to act as agent of the foundation. That registered agent must have an office to which all communications and notices may be addressed. The promoter of the foundation, through its registered agent may reserve a name prior to establishment of the foundation.
If the foundation is a trust foundation, then the name must accord with that multiform so that the trust foundation has the word “trust” in it. The name must not be prohibited by law: schedule 5 of the Nevis Multiform Foundation Regulation has a list of restricted names. Irrespective of the prohibited word list, the Registrar of Foundations will not reserve a name that is misleading, undesirable, confusing or similar to another name of an entity registered in Nevis.
Once the Registrar confirms that a name is available and valid for use, that name can be reserved for a period of one month. The Registrar has discretion to permit a name to be reserved for a longer period. Once a name has been reserved, the following establishment documents must be submitted to the Registrar in order to establish the Multiform Foundation:
- Application Form
- Consent Schedule
- Memorandum of establishment setting out the following:
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- The foundation’s name and address of its registered office in Nevis;
- The particulars of the initial subscription transferred, or to be transferred, to the foundation;
- The particulars prescribed by the Registrar with respect to the registered agent;
- The particulars prescribed by the Registrar with respect to any person or persons who are to be the first management board;
- The particulars prescribed by the Registrar with respect to any person or persons who are to be the first supervisory board;
- The particulars prescribed by the Registrar with respect to any person who is to be the first secretary;
- An undertaking, in the case of a tax resident foundation, that the management board shall forthwith notify the Minister, by notice in writing, if the multiform foundation ceases to be a tax resident foundation;
- A statement as to its initial multiform and which, in the absence of any such statement, shall presumed to be an ordinary foundation;
- A statement as to whether the by-laws are to be made available for public inspection; and
- Any other particulars required by the Registrar to be provided for under or in accordance with this Ordinance.
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- By laws (if standard by-laws are not adopted)
- The relevant fees must accompany the documentation for establishment of a foundation.
| The Matter in Respect of which Prescribed Fee Shall be Payable | USD | XCD |
|---|---|---|
| Filing Annual Return | 300.00 | 810.00 |
| Issuing any Certificate (including Certificate of Filing) | 50.00 | 135.00 |
| For undertaking an Apostille | 50.00 | 135.00 |
| Issuing a Certificate of Correction | 150.00 | 405.00 |
| Issuing a Certificate of Discontinuance | 400.00 | 1,080.00 |
| Issuing a Certificate of Establishment | 300.00 | 810.00 |
| Issuing a Certificate of Establishment by Consolidation | 450.00 | 1,215.00 |
| Issuing a Certificate of Establishment by Continuance | 200.00 | 540.00 |
| Issuing a Certificate of Establishment by Conversion | 450.00 | 1,215.00 |
| Issuing a Certificate of Establishment by Merger | 450.00 | 1,215.00 |
| Issuing a Certificate of Establishment by Transformation | 450.00 | 1,215.00 |
| Issuing a Certificate of Establishment for Change in Proper Law | 200.00 | 540.00 |
| Issuing a Certificate of Good Standing | 50.00 | 135.00 |
| Issuing a Certificate of Filing of Amended By-laws | 200.00 | 540.00 |
| Issuing a Certificate of Establishment of Change in Multiform | 300.00 | 810.00 |
| Issuing a Certificate of Registration on Change of Name | 200.00 | 540.00 |
| Issuing a Certificate of Revival | 300.00 | 810.00 |
| Issuing a Certificate of Tax Residency | 1,157.00 | 3,215.00 |
| Issuing a certified true copy of filed documents: | ||
| -First three pages | 30.00 | 81.00 |
| -Each additional page | 1.50 | 4.00 |
| For conducting searches | 20.00 | 54.00 |
| For late penalties for filing annual returns/filing document: | ||
| – for first six (6) months | 200.00 | 540.00 |
| – after six (6) months400 | 400.00 | 1,080.00 |
| For undertaking a name reservation | 50.00 | 135.00 |
| For Undertaking a Renewal of Name Reservation | 50.00 | 135.00 |
| For filing a notice of change of or by the registered agent or situation of the registered office | 50.00 | 135.00 |
| For filing a notice of change of the particulars of the secretary, management board or supervisory board | 50.00 | 135.00 |
| For filing a notice of dissolution | 300.00 | 810.00 |
| For filing a withdrawal of a notice requesting by-laws are made available for public inspection on the Register | 50.00 | 135.00 |
| For filing a withdrawal of notice requesting that particulars of members of management board are available for public inspection on the Register | 50.00 | 135.00 |
| For filing a withdrawal of a notice requesting particulars of members of the supervisory board are available for public inspection on the Register50 | 50.00 | 135.00 |
| For filing a notice requesting by-laws are made available for public inspection on the register | 50.00 | 135.00 |
| For filing a notice requesting particulars of members of management board are made available for public inspection on the Register | 50.00 | 135.00 |
| For filing a notice requesting particulars of members of supervisory board are made available for public inspection on the Register | 50.00 | 135.00 |
| For using a Restricted word | 30.00 | 135.00 |
| For receiving voluntary filings | 50.00 | 135.00 |
| Administrative Fee (rush requests,re-application of Fees requests etc.) | 100.00 | 270.00 |
| Using Foreign or Special Character | 20.00 | 54.00 |
| Printing of Certificate | 10.00 | 27.00 |
| Administrative Fee (Refunds) | 50.00 | 135.00 |
| For filing of Bylaws | 200.00 | 540.00 |
| For filing a notice of withdrawal of Bylaws | 50.00 | 135.00 |
| For filing Court proceedings by a Registered Agent with the Registrar | 60.00 | 162.00 |
Trusts
The use of the international trust remains an important feature of estate planning.
The Nevis International Exempt Trust Ordinance provides for the creation of various types of international trusts including Charitable Trust, Non-Charitable Trust, Spendthrift or Protective Trust and Qualified Foreign Trust.
To qualify as an international trust under the Nevis International Exempt Trust Ordinance, the following criteria must be met:
- There must be at least one trustee, which can be a corporation incorporated under the Nevis Business Corporation Ordinance;
- The Settlor and Beneficiaries must at all times be non-residents of Nevis; and
- The trust property must not include any land situated in St Kitts and Nevis.
There are many important estate planning features of the Nevis International Exempt Trust Ordinance including:
- An international trust cannot be declared void, voidable or defective by reason of any forced heirship rules of the Settlor’s domicile, residence, place of current incorporation, formation or establishment;
- The rule against perpetuities does not apply to an international trust and unless otherwise provided, an international trust shall have unlimited duration.
- Foreign Judgments against the trust are not enforceable in Nevis. Any civil action to recover assets from an international trust must be brought anew in the Courts of the Federation of St. Kitts and Nevis.
- The Ordinance was amended recently to give a trustee additional powers to help achieve the purpose of an international trust by allowing the trustee to combine two or more separate trusts into a single trust or divide a single trust into two or more separate trusts provided that such action does not impair the rights of any beneficiary or adversely affect the purpose of the trust or trusts. Rules governing any such combination or severance are also provided for in the Ordinance.
- The Ordinance also allows property owned by tenants by the entireties (“TBE”) contributed to an international trust (or to a trust that subsequently becomes an international trust) by married couples to continue to be treated as TBE property. TBE is a form of property ownership for married couples that in many jurisdictions prevents the creditors of only one spouse from attaching to the property. This form of property ownership is severed upon contribution to a trust in the absence of a provision explicitly recognizing its continued existence.
- The 2015 amendment also expanded the list of authorized trust investments to include such assets approved by the protector so that trustees can hold a wider variety of assets.
- The sole remedy available to a creditor is to allege fraudulent transfer or disposition. If the Trust is settled after the expiration of one year from the date that the creditor’s cause of action accrued or originated, it is not deemed fraudulent. In any event, a creditor seeking to set aside a transfer to an international trust must prove beyond a reasonable doubt and with clear and convincing evidence that the transfer constituted a fraudulent disposition;
- A creditor of a beneficiary cannot compel or force a distribution with regard to a discretionary interest in an international trust or compel or force a trustee to exercise the trustee’s discretion to make a distribution with regard to a discretionary interest in an international trust. Neither can a creditor of a beneficiary compel or force a protector to exercise a power to direct a trustee to make such distributions to any beneficiary of an international trust. Furthermore, a trustee is permitted to make payments on behalf of the beneficiary without liability to any creditor.
- Creditors of a beneficiary of an international trust will have a right to a beneficiary’s interest only in the circumstances where the beneficiary has unfettered control of the trust property and exercises such control. Similarly, creditors will only have a right to a settlor’s interest in an international trust if that settlor has retained a power to revoke the international trust entirely and to appoint the trust property to the settlor, the settlor’s estate, the settlor’s creditors, or the creditors of the settlor’s estate, to the extent the settlor exercised such retained power.
Note that the Ordinance provides for the appointment of a Protector, who is responsible for monitoring the operations of the international trust. This provision allows the Protector to ensure that the purpose of the international trust is fulfilled. The Ordinance was recently amended to clarify the role of the Protector who has the authority to direct a trustee to make and approve distributions made by a trustee or direct the trustee to make particular investments. Statutory protection is also given to the trustee for acting in accordance with the directions of a Protector absent the trustee’s own willful misconduct.
The Proper Law of the international trust is the law of the jurisdiction expressed by the terms of the trust, or failing that, with which the trust at the time it was created had the closer connection. Failing either, then the proper law of the international trust shall be the law of Nevis.
AML/CFT Regulations mandate that the Registered Agent responsible for the registration of an international trust is under an obligation to maintain accurate and updated information on their customers including beneficial owners of the trust. This includes information on the settlor, trustee(s), protector(s) and beneficiaries of the trust. Additionally, the Ordinance provides that all non-criminal judicial proceedings relating to the international trust shall be heard in private and that no details may be published without leave of the court.
Part 7, Section 36 of the NIETO outlines the registration process for Trusts.
The registration of a Trust must be carried out by a registered agent, such as an attorney or local management company. An application for entry on the register of International Trusts shall be made in a manner and form prescribed by the Registrar. The application shall be accompanied by:
- The prescribed fee
- Notice of the name and registered office of the Trust
- Undertaking that Trust document has been read and it conforms with NIETO
- Name of the Trustee – one of the trustees has to be a corporation incorporated under the NBCO or a trust company doing business in Nevis
- A certificate from a trustee company, a barrister or solicitor certifying:-
- That the trust upon registration will be an international trust
- The date on which the Trust was created, settled or established
- In the case of a qualified foreign trust, the law under which the trust was settled
- Where the governing law is changed to the law of Nevis, that the trust is registered as a qualified foreign trust and the date of its registration
- (a) There has been no changes made to the International Trust
(b) There is no illegal activity perpetuated by the Trust and/or
(c) Pending litigation against the Trust
| Type of Document | XCD | USD |
|---|---|---|
| Registration Fee (International Exempt Trust) | 810.00 | 300.00 |
| Registration Fee (Qualified Foreign Trust) | 810.00 | 300.00 |
| Certificate of Registration | 54.00 | 20.00 |
| Annual Renewal Fee | 810.00 | 300.00 |
| Certificate of Renewal of Registration | 54.00 | 20.00 |
| Penalty for Late Renewal | 1,080.00 | 400.00 |
| Reinstatement/Restoration Fee | 810.00 | 300.00 |
| Certificate of Good Standing | 135.00 | 50.00 |
| Voluntary Filings | 135.00 | 50.00 |
| Termination of Trust | 405.00 | 150.00 |
| Apostille | 135.00 | 50.00 |
| Miscellaneous Letter | 270.00 | 100.00 |
| Administrative Fee (rush requests, re-application of fees request etc.) | 270.00 | 100.00 |
| Filing Notice of Change of Registered Agent and Registered Office | 135.00 | 50.00 |
| Filing Notice of Change of Trustee | 95.00 | 35.00 |
| Name Reservation ( after 10 days ) | 135.00 | 50.00 |
| Renewal of Name Reservation | 135.00 | 50.00 |
| Certified True Copies of Filed Documents (Including first 3 pages) | 81.00 | 30.00 |
| Each Additional Page | 4.00 | 1.50 |
| Certificate Certifying True Copy | 95.00 | 35.00 |
| Using a Restrcited Word | 81.00 | 30.00 |
| Using Foreign/Speical Character | 54.00 | 20.00 |
| Printing of Certificate | 27.00 | 10.00 |
| Duplicate Certificate of Registration | 68.00 | 25.00 |
| Filing Notice of Change of Name/Amendment | 540.00 | 200.00 |
IBCs
A corporation formed under the Nevis Business Corporation Ordinance (NBCO) is the equivalent of what is commonly termed as an International Business Corporation (IBC). The Nevis Business Corporation Ordinance provides for a corporation to be incorporated to conduct any lawful business. A person interested in incorporating an IBC in Nevis must first engage the services of a registered agent licensed by the Nevis Island Administration with a registered office in Nevis. The legislation stipulates that the office of the registered agent is the registered office of the corporation.
The name of the desired IBC must be submitted to the registered agent, who would instantaneously reserve the name of the IBC using the Nevis Online Registration Module or by contacting the Corporate Registry. Once the name has been reserved, the Nevis IBC can be incorporated by filing Articles of Incorporation with the Registrar of Corporations. If the incorporation documents comply with the NBCO, a certificate of incorporation and/or endorsement certificate certifying the incorporation can be issued.
The benefits of using the Nevis Business Corporation can be summarized as follows:
- The NBCO permits the use of shareholders, officers and directors, who may be of any nationality and who may reside anywhere. Also, a Managing Director may be appointed to guide the corporation’s activities. The Corporate Secretary may be a corporation or an individual. Corporations may serve as directors, and alternate or substitute directors may be appointed. All shareholders and directors may act by unanimous consent, without a meeting and are allowed to issue proxies in writing.
- Corporate and accounting records may be kept but must be readily accessible by the Registered Agent of the corporation and the FSRC – Nevis Branch upon request. Whenever there is a change in beneficial owners, shareholders, directors or officers, this change must be reflected in the records held by the Registered Agent as stipulated in the NBCO and AML/CFT Regulations. AML/CFT On-site Examinations are conducted by the FSRC – Nevis Branch to ensure that Registered Agents comply with these stipulations.
- The authorized share capital of the Nevis IBC may be demonstrated in any recognized currency. The identity of beneficial owners and shareholders are required to be obtained and maintained by the Registered Agent of the corporation.
- Nevis IBCs may amend their Articles of Incorporation, merge or consolidate with foreign corporations or other Nevis corporations, or file Articles of Dissolution in accordance with liberal provisions contained in the NBCO.
- Additionally, the Ordinance provides that any corporation may re-domicile into or out of Nevis. Companies formed under or that have been re-domiciled or continued under the Nevis Limited Liability Company Ordinance, can be easily converted into corporations by a simple conversion procedure. The Ordinance also provides for the emergency transfer of domicile to Nevis upon the approval of the Registrar of Corporations.
- Charges in writing created or entered into by Nevis IBCs can be registered with the Registrar of Corporations.
Part IV of the NBCO deals with the incorporation of IBCs and sets out the guidelines to follow.
The incorporation of a Nevis IBC must be carried out by a duly licensed registered agent.
- The name of the corporation may be reserved.
- The registered agent files the Articles of Incorporation with the Registrar of Corporations.
- The Articles of Incorporation must include the following:
- the name of the corporation;
- the authenticated translation of the name of the corporation, if it is so registered;
- a statement that the corporation is incorporated under this Ordinance;
- the succession of the corporation if other than perpetual;
- the purpose or purposes for which the corporation is incorporated;
- the name of the registered agent of the corporation;
- the registered office of the corporation in Nevis which shall be the address of its registered agent;
- the aggregate number of shares which the corporation shall have authority to issue; description and par value if any to be included;
- if the initial directors are to be named in the Articles of Incorporation, the names and addresses of the persons who are to serve as directors;
- the name and address of each incorporator;
- The articles must be signed by the incorporator(s), execution of which is to be done in accordance with Section 4.
| Particulars | XCD | USD |
|---|---|---|
| Articles of Incorporation | 810.00 | 300.00 |
| Articles of Incorporation with Bylaws | 810.00 | 300.00 |
| Certificate of Incorporation | 54.00 | 20.00 |
| Endorsement Certificate | 54.00 | 20.00 |
| Articles of Amendment | 540.00 | 200.00 |
| Annual Renewal Fee | 810.00 | 300.00 |
| Articles of Merger or Consolidation/Conversion | 1,215.00 | 450.00 |
| Re-stated Articles of Incorporation | 311.00 | 115.00 |
| Articles of Dissolution | 810.00 | 300.00 |
| Certificate of Dissolution | 54.00 | 20.00 |
| Certificate of Renewal | 81.00 | 30.00 |
| Certificate of Correction | 405.00 | 150.00 |
| Certificate of Good Standing | 135.00 | 50.00 |
| Voluntary Filings | 135.00 | 50.00 |
| Name Reservation (after 10 days) | 135.00 | 50.00 |
| Renewal of Name Reservation | 135.00 | 50.00 |
| Certified True Copies of Filed Documents (Including first 3 pages) | 81.00 | 30.00 |
| -Each Additional Page | 4.00 | 1.50 |
| Copies of Filed Documents (per page) | 4.00 | 1.50 |
| Certificate Certifying True Copy of Filed Documents | 95.00 | 35.00 |
| Filing Notice of Change of Registered Office/Agent | 135.00 | 50.00 |
| Apostille | 135.00 | 50.00 |
| Transfer of Domicile to Nevis | 540.00 | 200.00 |
| Certificate of Departure | 1,080.00 | 400.00 |
| Emergency Transfer of Domicile to Nevis | 932.00 | 345.00 |
| Tax Exemption Letter | 270.00 | 100.00 |
| Any other Certificate | 68.00 | 25.00 |
| Penalty for late filing of Annual Fees | ||
| -(First six months) | 540.00 | 200.00 |
| -(After six months) | 1,080.00 | 400.00 |
| Reinstatement/Restoration Fee | 810.00 | 300.00 |
| Miscellaneous Letter | 270.00 | 100.00 |
| Corporation Search (inspection only) | 54.00 | 20.00 |
| Corporation Search Report (including inspection) | 162.00 | 60.00 |
| Administrative Fee (rush request, re-application of fees requests etc). | 270.00 | 100.00 |
| Application for Registration of a Charge | 675.00 | 250.00 |
| Application for Variation of Registered Charge | 675.00 | 250.00 |
| Registration of Satisfaction of Registered Charge | 675.00 | 250.00 |
| Filing Notice of Resignation of Registered Agent | 135.00 | 50.00 |
| Certificate of Continuation | 54.00 | 20.00 |
| Issuing a Statement/Declaration of Involuntary Dissolution | 54.00 | 20.00 |
| Failure to obtain or designate a new Registered Agent | 1,350.00 | 500.00 |
| Duplicate Endorsement Certificate | 68.00 | 25.00 |
| Duplicate Certificate of Incorporation | 68.00 | 25.00 |
| Using a Restricted word | 81.00 | 30.00 |
| Using Foreign/Special Character | 54.00 | 20.00 |
| Printing of Certificate | 27.00 | 10.00 |
| Administrative Fees (Refunds) | 135.00 | 50.00 |
LLCs
The Nevis LLC is a business entity that provides an alternative to those who might consider using corporations or partnerships. An LLC formed under the Nevis Limited Liability Company Ordinance (NLLCO) shall be a legal entity with separate rights and liabilities, distinct from its managers or members. Therefore, the LLC shall be liable for its own debts, obligations and liabilities.
An LLC formed in Nevis may be used for any lawful business purpose. It may be used for any legitimate business venture or professional practice including international financing arrangements for US or non-US operations, real estate holdings, manufacturing concerns and as an operational or investment vehicle for international trusts.
The owner of a Nevis LLC is referred to as a member, who may be thought of in the same way as one thinks of partners in a partnership or shareholders in a corporation. Their precise characterisation depends on the nature of the LLC’s management. One or more persons can form a Nevis LLC, such person or persons do not have to be a member of the LLC. The Nevis LLC should have at least one member and such member can be the Manager. Any other person or business entity can also act as Manager. The LLC can be supervised exclusive of the members or by all of the members. Corporations are permitted to act as Managers and/or members. The Nevis LLC does not require the appointment of officers. This allows for there to be flexibility in the management structure.
By virtue of the legislation, a Nevis LLC is required to maintain a registered agent in Nevis. Failure to do this can result in the dissolution of the LLC. A Nevis LLC is formed by filing Articles of Organisation with the Registrar of Companies. No initial capital is required at the formation of a Nevis LLC and the LLC is not required to issue any membership interest to commence operations. The members of a LLC may enter into written “Operating Agreement” but this is not mandatory unless specified by the Articles of Organization. The company’s operation and the rights among the members are defined through the operating agreement.
A foreign LLC (or similar entity) may easily transfer its domicile to Nevis. Other foreign entities, such as corporations, may convert to a Nevis LLC after transferring their domicile under an equally simple process. There is also provision for emergency transfer of domicile into Nevis by application to the Registrar of Companies.
Part IV of the NLLCO offers direction on the formation of LLCs.
The organisation of an LLC must be carried out by a duly licensed registered agent.
- The name of limited liability company may be reserved.
- The registered agent files the Articles of Organisation with the Registrar of Companies.
- The Articles of Organisation must include the following:
- the name of the limited liability company;
- the authenticated translation of the name of the limited liability company, if it is so registered;
- a statement that the limited liability company is formed under this Ordinance;
- the latest date on which the limited liability company is to dissolve, or if the limited liability company shall have unlimited duration;
- the name of the registered agent of the limited liability company;
- the registered office address of the limited liability company in Nevis which shall be the registered office of its registered agent;
- whether the limited liability company is managed by managers exclusive of the members or by all of the members in their capacity as members;
- the purposes for which the limited liability company is formed;
- the name and address of each organiser of the limited liability company.
| Type of Document | XCD | USD |
|---|---|---|
| Articles of Organization | 810.00 | 300.00 |
| Articles of Organization with Operating Agreement as exhibit | 810.00 | 300.00 |
| Endorsement Certificate | 54.00 | 20.00 |
| Articles of Amendment | 540.00 | 200.00 |
| Annual Renewal Fee | 810.00 | 300.00 |
| Restated Articles of Organisation | 311.00 | 115.00 |
| Articles of Dissolution | 810.00 | 300.00 |
| Certificate of Dissolution | 54.00 | 20.00 |
| Articles of Merger/Consolidation/Conversion | 1215.00 | 450.00 |
| Certificate of Renewal | 81.00 | 30.00 |
| Certificate of Good Standing | 135.00 | 50.00 |
| Voluntary Filings | 135.00 | 50.00 |
| Name Reservation (after 10 days) | 135.00 | 50.00 |
| Renewal of Name Reservation (after 10 days) | 135.00 | 50.00 |
| Certified True Copies of Filed Documents (Including first 3 pages) |
81.00 | 30.00 |
| Each additional page | 4.00 | 1.50 |
| Copies of Filed Documents (per page) | 4.00 | 1.50 |
| Certificate of Certifying True Copy of file documents | 95.00 | 35.00 |
| Filing Notice of Change of Registered Office/Agent | 135.00 | 50.00 |
| Apostille | 135.00 | 50.00 |
| Transfer of Domicile to Nevis | 540.00 | 200.00 |
| Certificate of Departure | 1,080.00 | 400.00 |
| Emergency Transfer of Domicile to Nevis | 932.00 | 345.00 |
| Tax Exemption Letter | 270.00 | 100.00 |
| Any Other Certificate | 68.00 | 25.00 |
| Penalty for late filing of Annual Fees | ||
| -(First six months) | 540.00 | 200.00 |
| -(After six months) | 1,080.00 | 400.00 |
| Reinstatement Fee/Restoration Fee | 810.00 | 300.00 |
| Certificate of Correction | 405.00 | 150.00 |
| Miscellaneous Letter | 270.00 | 100.00 |
| Company Search ( includes inspection only) | 54.00 | 20.00 |
| Company Search Report ( including inspection ) | 162.00 | 60.00 |
| Administrative Fee (rush requests, re-application of fees request etc.) | 270.00 | 100.00 |
| Certificate of Formation | 54.00 | 20.00 |
| Application for Registration of a Charge | 675.00 | 250.00 |
| Application for Variation of a Registered Charge | 675.00 | 250.00 |
| Registration of Satisfaction of a Registered Charge | 675.00 | 250.00 |
| Filing Notice of Resignation of Registered Agent | 135.00 | 50.00 |
| Certificate of Continuation | 54.00 | 20.00 |
| Issuing a Statement/Declaration of Involuntary Dissolution | 54.00 | 20.00 |
| Failure to obtain or designate a new Registered Agent | 1,350.00 | 500.00 |
| Duplicate Endorsement Certificate | 68.00 | 25.00 |
| Duplicate Certificate of Incorporation | 68.00 | 25.00 |
| Using a Restricted word | 81.00 | 30.00 |
| Using Foreign/Special Character | 54.00 | 20.00 |
| Printing of Certificate | 27.00 | 10.00 |
| Administrative Fees (Refunds) | 135.00 | 50.00 |