Type of Company – The IBC is able to act as a Private Trustee Company for trusts established as a common law trust.
Legislation – Nevis Business Corporation Ordinance 1984 and Nevis International Exempt Trust Ordinance (NIETO).
Registration - To register a trust the trustee must be either a licensed fiduciary in Nevis or a Nevis IBC.
Company name - A company name must end with Limited, Company, Corporation, Incorporated, Sociedad, Anónima, Gesselschbeshränkter Haftung or their abbreviations and may contain the word ‘Trustee’.
Time-scale for incorporation - 5 to 7 days.
Disclosure of beneficial owners prior to incorporation is NOT required.
Double tax treaties - Although some agreements are in existence, a Private Trustee Company cannot obtain any treaty relief through them.
Ready-made companies are available.
Money laundering legislation is in existence.
Local Requirements
Registered Office and Registered Agent must be maintained. Details of Settlors and Beneficiaries must be provided to the Registered Agent. Trust Deed must be prepared or reviewed by the Registered Agent.
Company Secretary is NOT required but advisable. May be a natural person or corporate body residing in any country.
Public recording of trust details to the authorities are: trust Name, Registered address of the trustand signed declaration that the trust complies with the Nevis International Exempt Trust Ordinance and is an international trust.
Accounts are NOT required for public filing.
Corporate Requirements
Minimum number of shareholders - One (1). May be a natural person or a body corporate and can be of any nationality or residency.
Minimum number of directors - One (1). May be a natural person or a body corporate and can be of any nationality or residency.
Minimum capital requirement - None
Standard Authorised Capital - US$100,000.
Bearer shares are allowed, subject to be held by an approved custodian in Nevis.
Corporate Directors are permitted.
Annual Requirements
Annual return and annual statutory meetings are NOT required.
Statutory accounting is NOT required.
Annual Government filing fee of US$220 for the IBC. Annual Trust Renewal fee of US$525 for the registered trust.
