Re-domicile the Company to Nevis and Saint Kitts – Is It Possible?
Nevis is a small island located in the Caribbean Sea. It is part of the Federation operated by St Kitts and Nevis. Businesses that want to locate their company in Nevis can do so under the Nevis Business Corporation Ordinance Act. This act provides businesses with a registration procedure and a flexible structure.
Additionally, Nevis Business companies (BC) face significantly fewer mandatory audits and compliance regulations than those in other jurisdictions. This, coupled with strong asset protection legislation, makes Nevis an attractive option for businesses looking to re-domicile their company.
In order to qualify for this status, however, businesses must be managed and controlled outside of the Federation, like in Europe. These companies will be classified as ‘non-resident’ and will not, therefore, be subject to tax in Nevis. The Inland Revenue Department (IRD) has issued guidelines related to international companies wishing to avail of this status.
Provided that these guidelines are adhered to, businesses can re-domicile their company to Nevis with relative ease. Consequently, business owners looking for a favorable taxation regime and fewer compliance burdens would be wise to consider re-domiciling their company to Nevis.
Re-domiciling your company simply means changing its jurisdiction of incorporation from one country to another. This process is also sometimes referred to as “company relocation.”
There are a number of reasons why companies choose to re-domicile, but the most common one is to take advantage of more favorable tax laws and the ease of doing business in the new jurisdiction.
For example, if your company is currently incorporated in the United States, you may be able to save on taxes by re-domiciling it to Nevis and Saint Kitts.
Re-domiciling your company to Nevis and Saint Kitts is relatively straightforward; simply file the necessary paperwork with the Registry of Companies in Nevis. You’ll also need to provide a copy of your company’s Certificate of Incorporation from its current jurisdiction of incorporation, as well as a resolution from your board of directors authorizing the move. Once the paperwork has been filed, your company will be officially re-domiciled to Nevis and Saint Kitts. Once your company is incorporated, you’ll need to obtain a business license from the Department of Economic Development. The application process for a business license is equally effortless and can be completed online.
Once you have your business license in hand, you’ll need to open a bank account in Nevis or Saint Kitts. This can be done at any of the major banks operating in the country, such as First Caribbean International Bank or RBC Royal Bank. Once your bank account is open, you’ll need to transfer your company’s registered office to Nevis or Saint Kitts. This can be done by filing a Notice of Change of Registered Office with the Registrar of Companies.
Re-domiciling to Nevis and Saint Kitts helps companies to save on taxes, and enjoy a number of financial incentives, and other benefits like
- 0% corporate income tax
- 0% capital gains tax
- 0% inheritance tax
- 0% stamp duty
- Double taxation treaties with several countries
- A highly skilled workforce
- A stable political environment
- A pro-business government
To incorporate a St Kitts & Nevis company, the following information is required:
- Company or Corp. Name
- Description of Company formation, management, and it’s services
- List of Company Directors and shareholder details
- Registered Office Address in Nevis or Saint Kitts
A company may decide to re-domicile for a variety of reasons; to be closer to its customer base or suppliers. Whatever the reason, there are certain costs associated with re-domiciling that businesses should be aware of.
The first cost that businesses will face when re-domiciling is the cost of incorporation in the new jurisdiction is around £1200. It can range from a few hundred dollars to a few thousand, depending on the jurisdiction and the type of business.
Another cost that businesses will need to consider is the cost of registered agent services. In order to do business in most jurisdictions, companies must appoint a registered agent, an individual or company that agrees to accept service of process on behalf of the business. Registered agents typically charge an annual fee of around £560 for their services.
Lastly, businesses should take into account the costs of moving their operations to a new country. This may include the cost of setting up new office space, hiring local staff, and relocating existing employees.
Minimizing the re-domicile cost of a company is important for several reasons. First, it helps to keep the company’s overall costs down. Second, it allows the company to focus its resources on more productive activities. Finally, it reduces the risk of the company incurring liabilities associated with its new domicile.
Companies can minimize their re-domicile costs by appointing a registered agent that charges reasonable annual fees and being mindful of the migration costs. Nevis makes it easier for businesses to start; for example, it doesn’t put a limit to the minimum or the maximum amount of capital to start a company. You don’t have to start with a huge amount of money to open a business; even $1 will do. The average starting capital is around $10,000, but you don’t have to pay it all upfront. Plus, Nevis and Saint Kitts are welcoming to the new businesses re-domiciling in their jurisdiction. The process is easy, and the Islands offer tons of benefits that make them an ideal place to shift your business with minimal costs.
St Kitts and Nevis is an increasingly attractive option for those looking to establish a business abroad. Here are just some of the reasons why this Caribbean country makes an ideal destination:
St Kitts and Nevis offer one of the most favorable tax systems in the world. Companies here pay no corporate income tax or capital gains tax on profits earned outside of the country. This puts foreign businesses in a much better position than they would be in their home countries, where taxes can often be weighed down with heavy obligations. Additionally, businesses based in St Kitts and Nevis are not subject to withholding taxes on dividends received from foreign subsidiaries or interests received from foreign bonds or loans.
Re-domiciling your company in St Kitts and Nevis puts you in the unique position of being shielded from the political instability often present in other parts of the world. The country has a stable government with strong protections for investors who wish to do business there. Furthermore, any disputes between companies established within its borders are dealt with swiftly thanks to efficient laws governing commercial activities.
Re-domiciling your company allows you to protect your assets against potential legal actions taken by creditors or claimants back home. Businesses based in St Kitts and Nevis are exempt from any claims that may arise due to events outside of their own control, such as economic downturns or changes in government policies and regulations. Furthermore, companies established here enjoy limited liability status, which further shields them against third-party claims involving fraud or mismanagement.
By re-domiciling your business in St Kitts and Nevis, you will gain access to global markets that would otherwise remain inaccessible due to restrictive laws or tariffs imposed by your home country. This gives you more flexibility when it comes to expanding into different markets, allowing you to take advantage of opportunities presented by different economic regions worldwide without having to worry about legal barriers getting in the way. Furthermore, being based out of St Kitts and Nevis provides businesses with an international reputation, providing assurance that they are reliable companies worth doing business with across borders due to their stability as well as their commitment to fair practices like protecting intellectual property rights and upholding ethical business standards across all industries they operate within.
Discretion and confidentiality are of utmost importance when it comes to your finances. When you re-domicile your company to St Kitts and Nevis, you can rest assured that your information will be kept safe and secure. All communications between attorneys and clients are protected by the Attorney-Client Privilege, and all financial records are kept confidential. In addition, the government of St Kitts and Nevis has strict banking secrecy laws in place, ensuring that your financial information will not be shared with anyone without your explicit permission.
An important benefit of re-domiciling a company to St Kitts and Nevis is the flexibility it provides in terms of corporate entities. Directors and owners can be either natural persons or corporate entities, residents or non-residents of Nevis. This provides considerable flexibility in terms of both ownership and management.
US dollars and local EC$ are both accepted in St Kitts and Nevis, and the exchange rate between them is fixed. This means that there is no need to worry about currency control when re-domiciling your company to St Kitts and Nevis. This free-floating currency policy provides stability and peace of mind for businesses operating in the country. Additionally, it makes it easier to conduct trade with other countries whose currencies are also pegged to the US dollar.
The country is home to several reputable banks that offer a wide range of services and products. You can find everything from basic checking and savings accounts to more sophisticated investment options. And because the banking system is well-regulated, you can be confident that your money is safe and sound.
Re-domiciling a company to Nevis and Saint Kitts is an excellent way to ensure that your business remains protected while gaining access to global markets with fewer restrictions.
The country’s stable government, favorable legal system, and reliable banking institutions make it the perfect place to re-domicile your business. So if you’re looking for a safe and secure home for your company, look no further than Nevis and Saint Kitts!