Nevis Companies Or A Nevis Offshore Co. Once The Nevis Corporation- IBC
Nevis companies are formerly known as Nevis Business Corporations under the Nevis Business Corporations Act.
The Nevis Business Corporations Act was formulated to regulate both offshore and onshore Nevis companies, which are governed by the same rules and guidelines, save in a few matters dealing with taxes and the residence of customers.
Local Nevis companies benefit from the absence of income tax but if operations were to be taken offshore the full range of tax exemptions available to offshore entities would be received.
For many years agriculture in Nevis was the predominant economic activity and economic progress was slow. However, from the mid 90’s the tourism sector grew and eventually a new era of economic prosperity was ushered in with the introduction of the Nevis company and other offshore business entities and financial services.
Nevis companies are highly sought after as a result of the name the jurisdiction has earned itself as an excellent tourist destination and financial services centre. The island of Nevis is equipped with a pool of experienced lawyers, investment consultants, accountants and businessmen who in one way or the other are actively involved in registering Nevis offshore companies for non-residents.
Nevis is small, but has big taste for providing quality Nevis company formation. Incorporations are fulfilled within a few days and sophisticated telecommunications systems facilitate offshore agents with Nevis company incorporation advice and attention, so one has no need to feel alienated from the formation process of his offshore company overseas.
The ease of structuring a company thanks to friendly yet advanced legislation create the possibility of establishing a Nevis company with a single member, several people or by one or more corporations. More directors and shareholders can be added to a Nevis company as time goes by and if the demands of the company are altered due to circumstances.
Really, just the thought of owning a company that does not require any advanced or formal setting makes the idea of registering a Nevis company something to look forward to if going offshore. Nevis offshore companies help keep operation costs very low, save if a medium sized to large offshore business corporation is concerned. Plus, a Nevis company does not have to be formed for providing services or doing corporate business. The business of a Nevis company may well be personal or familial. Hence, if the beneficial owner’s sole interest is to reduce his or her personal net worth for asset protection purposes or opening an offshore account in the name of a Nevis company for use as a will or testamentary trust, then so be it. There is absolutely no obligation to actively engage in any form of trade or business just because of owning a company in Nevis. Consequently, the only business that the beneficial owner of the company have, may be that of protecting his assets from possible litigation, planning his estate or setting up a ‘trust’ structure for charitable or non charitable purposes.
Cash placed in a Nevis offshore company account may well be used as a spendthrift trust by the customer to protect ‘him from himself’. If the interests of the Nevis company change to be more business oriented, the Nevis company can be used to do business, provide marketing, IT, financial consultancy services or to run an online clothing store depending on the person’s area of interest and profession.
All in all, Nevis companies can be used as alternatives to trusts and other mechanisms that can be established for the purpose of protecting assets or planning for the future. A Nevis company for many serves as a personal insurance plan that guarantees full pay out when the funds are needed without the shady insurance clauses that limit one’s ability to cash in after years of paying premiums.
Complementing all these possibilities is the number one advantage of using a Nevis company – tax avoidance and reduction.