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GENERAL INFORMATION
INTRODUCTION
The Island of Nevis in the Eastern Caribbean was
a British Colony from 1628 until 1983 when it
became independent and joined the Federation of
St Kitts & Nevis, it is now a member of the
British Commonwealth and the United Nations. The
Federation comprises two islands: Nevis, with
an area of 93.2 sq. km and St.Kitts (St. Christopher),
with an area of 168.4 sq.km. The total area is
261.6 sq. km. The population is about 47,000,
mainly Mulatto and Black. The capital, Baster,
is on St. Kitts Island. The population of Nevis
is approximately 9000. The local currency is the
EC dollar, which is worth approximately 2.7 US
dollars.
The economy is based primarily on agriculture
and tourism. The economy has traditionally been
dependent on the growing and processing of sugar
cane, export of coconuts and cotton growing.
LANGUAGE
The official and spoken language is English.
TYPE OF LAW
The legal system is based on English Common Law,
but the Nevis Business Corporation Ordinance,
which was introduced in 1984, incorporates both
British and US laws, with the Ordinance drawing
heavily on statutes applicable in the US state
of Delaware.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND
INVESTMENT
The type of Company used for international trade
and investment is the Offshore Exempt Company
(NBCO).
TIME TO INCORPORATE
Three Days, but allow ten working days for receipt
of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words,
or their relevant abbreviations - Limited, Corporation,
Incorporated, Societe Anonyme, Sociedad Anonima.
The following names require consent or licences:
Assurance, Bank, Building Society, Savings, Loans,
Insurance, Investment Fund, Royal, Trust, Chamber
of Commerce, University Co-operative and Municipal.
Companies cannot undertake banking or insurance
activities. However reinsurance activities are
permitted and trust companies can be formed for
private use.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, preference shares,
redeemable shares and shares with or without voting
rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
Exempt companies pay a licence fee of US$200 per
year.
FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file annual
audited accounts with the authorities, a company
is required to keep financial records, which reflect
the financial position of a company.
Whilst every effort has been made to ensure
that the details contained herein are correct
and up-to-date, it does not constitute legal or
other professional advice. We do not accept any
responsibility, legal or otherwise, for any error
or omission.
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