Nevis Offshore Services

Nevis Business Corporations (International Business Companies)

Nevis Business Corporation or Nevis IBC formation is an important component of offshore services in Nevis.

Offshore services in Nevis for offshore corporations are provided by agents who are authorized and registered by the government of St. Kitts and Nevis to act as the agents of Nevis IBCs. Besides resident agents, a business entities with a paid-in capital of $500,000 for the least and holds a license as an offshore service provider in Nevis can also be the agent of a Nevis offshore company. After care services are also available for Nevis international companies with regard to making amendments to a company’s management, shareholding and offshore bank accounts in the event that an account needs to be opened in the company’s name for convenient banking and in furtherance of business interests.

International or Captive Insurance

Captive insurance companies were introduced as an offshore service in Nevis for the first time in November 2004. Captive insurance services in Nevis since then have developed because of the provisions that were designed for captive insurance companies as entities that are easily structured, organised and managed.

As an offshore service in Nevis, captive insurance companies are able to undertake international, long-term, reinsurance and general insurance services which can be provided from within Nevis. Every three years, captive insurance companies that are engaged in long-term insurance offshore services in Nevis are required to submit an actuarial valuation of the assets and liabilities that held at the close of the financial year.

The Captive insurance law in Nevis states that companies undertaking general or long-term insurance offshore services in Nevis must have a paid-up share capital of at least US $185,000, which is also the Minimum margin of solvency set for long-term insurance companies.

Reinsurance

Reinsurance offshore services in Nevis were also introduced in 2004. By the end of 2005 more than 50 Captive Insurance Companies were registered in Nevis. Any business entity that offers international reinsurance services must be a company incorporated under the Nevis corporation Ordinance 1984.

Under the Insurance Act, reinsurance business involves provided insurance for risks which have been accepted from an insurer. Nevis reinsurance companies are required to have a minimum share capital of US $200,000, have more tangible or other assets than liabilities as dictated by the law and be capable of providing written proof of its financial stability is asked to do so by the registrar.

Reinsurance offshore services in Nevis can be provided by any registered insurer, who in turn is capable of assigning the rights if the registered insurer to the policy holder against the reinsurer with respect to any given policy.

For insurance offshore services in Nevis, a long-term insurer must have a margin of solvency of at least US$185,000 but other insurance business are required to maintain their margin of solvency at a minimum of 20% of the net retained premium at US $500,000. And, Nevis international insurance companies whose net premium is over US $5,000,000 must maintain a solvency margin of US $1,000,000 including 10% of the amount the company’s net premiums are over US$5,000,000.

International Exempt Trusts

International exempt trust offshore services began in 1994 upon the enactment of the Nevis International Exempt Trust Ordinance, which later was amended in 2002. International exempt trusts continue to be important to offshore services in Nevis because of their versatility as asset protection and estate planning offshore entities.

The Ordinance requires that at least one of the trustees of a Nevis international trust is either a trust company that provides offshore services in Nevis or an international business company which is incorporated and regulated by the Nevis Business Corporation Ordinance. Also, the trust’s beneficiaries and settlor must at all times during the trust’s existence reside outside Nevis and that the trust property is situated outside St. Kitts and Nevis.

International trust offshore services in Nevis encompass the creation of Qualified Foreign Trusts, Protective or Spendthrift Trusts and Charitable and Non-Charitable Trusts. Nevis international trust offshore services permit for easy establishment of these entities with the added advantage of tax exemption.

Nevis Multiform Foundations

Offshore services in Nevis for creating foundations are just right for legal entities and individuals that are searching for a multifunction offshore entity. Nevis foundations make it possible to do business, sign contracts, invest in the stock market and open bank accounts in the name of the foundation. This offshore service in Nevis is one of the main aspects of Nevis as an offshore shelter that attracts people from around the world.

A Nevis multiform foundation can be set up initially as a company and over time be converted into an offshore partnership, international trust or Nevis business corporation. This removes the hassle of seeking other offshore service providers in Nevis to incorporate another offshore company or entity in addition to the foundation, while being able to delve into other business interests by using the one and the same offshore entity.

Offshore Banking

Banking offshore services in Nevis primarily involves registering and issuing licenses to Nevis business corporations which have the intention of venturing into offshore banking. Unlike other offshore entities which are not obligated to establish physical presence in Nevis, an offshore company is expected to commence operations as an offshore bank within a specific period of time after having been issued with an offshore banking license. Though physical presence is established and staff employed, banking services cannot be made available to the local public and must be provided only to non-residents.

Limited Liability Companies (LLCs)

Limited Liability Companies are among the simplest offshore structures that can be formed in Nevis. After the IBC, the LLC represents another simple way of structuring an offshore company for undertaking the affairs of the business. Nevis LLCs can freely trade in any country with the exception of Nevis and my engage any legally accepted business activity.

International Mutual Funds

In 2004, the Government of Nevis enacted the International Mutual Funds Ordinance in order to explore the potential of a funds market. The existence of this Act permits Nevis companies, partnerships and unit trusts to invest collectively by pooling investor funds. The three types of Nevis offshore mutual funds that can be established in accordance with the Act include public funds, private funds ad professional funds.

 

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