A Nevis LLC can be a useful vehicle to use as a holding company, to own specific assets or for trading. It offers significant advantages for asset protection and privacy not available in other offshore jurisdictions.
Nevis is the smaller of the two islands that comprise St Kitts and Nevis. It has a population of only 12,000. Nevis has its own parliament. It has considerable autonomy from the main St Kitts parliament. Nevis has its own Prime Minister and its own government. The offshore industry makes up a substantial part of the budget for the Nevis government. That’s why they have particularly innovative rules for company formation. Forming a Nevis Company is a substantially better option for privacy and asset protection than anywhere else in the Caribbean.
What is an LLC
LLC stands for limited liability company. It protects members of the company from individual liability from any actions of the company. Just like a corporation does for its shareholders.
An LLC is different from a corporation in the way that it’s taxed. A Nevis LLC is not subject to tax. The profits of an LLC flow directly to the members. Tax liabilities for LLCs are down to the members of the LLC. ANevis incorporated LLC can have as many members as you want.
A Nevis LLC has a manager who acts on behalf of the members. The manager does not have to be a member. The Nevis LLC manager can have full control of the company.
Nevis LLC members can be from any jurisdiction. It’s possible to have corporate members too.
There is no tax in Nevis for a Nevis LLC. There’s no tax on members in Nevis. There are no tax returns to file in Nevis. Nevis does not have any kind of corporate tax, income tax, estate tax, stamp duty or withholding tax on income earned outside Nevis. Local companies doing business in Nevis are taxed at 33%.
Nevis has very strong privacy laws. There is no public disclosure requirement for Nevis LLC members or managers. Nevis has laws preventing any third party such as lawyers or formation agents discussing your business with third parties. It’s impossible for anyone to find out who owns or controls a Nevis LLC. Nevis has the strongest privacy laws of any offshore jurisdiction worldwide.
Statute of Limitations
Nevis has a statute of limitations on fraudulent transfers. Often in civil cases such as bankruptcy and divorce claims are made of fraudulent transfer of assets. With a Nevis LLC it’s impossible to make such a claim after 2 years. Any claims against a Nevis company must be made in a Nevis court. The Nevis courts require anyone taking legal action against a Nevis company to post a bond of at least $100,000. After 2 years the court will refuse to hear a case against the Nevis LLC.
Court Orders Against Members of Nevis LLC
If a court order is made in another jurisdiction against a member’s interest in a Nevis LLC this can be difficult for a creditor to enforce in Nevis. Foreign judgements are not recognised against Nevis LLCs. The trial would have to take place again in Nevis to get a Nevis court order. For a creditor to do this they’d have to post a bond of at least $100,000 with the Nevis court. There’s also a limit of 3 years for any court order against members of a Nevis LLC to be enforced. After 3 years the order automatically falls away.
Annual Filing for Nevis LLCs
The only annual filing needed for a Nevis LLC is the corporate license. This does not contain any useful information. No accounts or financial information needs to be filed. The names of the manager and the members remain confidential.
Own Nothing and Control Everything
It’s possible to set up a Nevis LLC to own important assets. You could appoint yourself as the manager, while other entities are the members. You then control the assets without having an ownership interest in them. The ownership can be set up to pass to your heirs or to a foundation or trust. A Nevis LLC itself can be set up to operate in a manner similar to a trust. Th emanager takes the role of the trustee, while the members are the beneficiaries. It’s a simple structure that works well for asset protection.
A Nevis LLC provides some of the strongest privacy and asset protection features of any offshore vehicle. With a Nevis LLC, you’ll be tax free. It will be impossible for anyone to know of your involvement from public records. It’s very difficult for anyone to get a judgment against an LLC or its members because of the asset protection measures in place in Nevis. If privacy and asset protection are important to you, a Nevis LLP may be the right vehicle.
What is a Nevis LLC?
It’s a limited liability company formed in the Caribbean jurisdiction of Nevis. This type of entity offers significant benefits for privacy and asset protection.
How much does it cost to set up a Nevis LLC?
Costs vary, depending on the structure you need. Prices start from around $1,800.
Contact us for more information on setting up a Nevis LLC and advice on how to to set up your offshore structure in the best jurisdiction for you.