Formation of an International Business Corporation in Nevis

General information is detailed below, outlining the formation and regulation of a Nevis International Business Corporation  (IBC ) as embodied in the Nevis Business Corporation Ordinance  (NBCO ) 1984, as amended.

1. Incorporation
Incorporation can be effected rapidly  (one day ).

2. Company Name
The company name may be in any language, but must be written in English characters or letters.

3. Minimum Capitalisation
There are no minimum or maximum capital requirements.

4. Shareholders
A minimum of one shareholder.

5. Shares
Corporations may issue both registered and bearer shares. However, the regulations regarding bearer shares have changed and, as a result, our policy is not to incorporate companies with bearer shares. Further information is available upon request. Par and no par value shares are permitted.

6. Directors
The minimum number of directors required is stipulated as three. However, if the number of shareholders is less than three  (as is generally the case ) the minimum number of directors can be equal to the number of shareholders. There are no residency requirements. Annual General meetings, as well as director and/or shareholder meetings do not need to be held in Nevis.

7. Resident Representative
The corporation must maintain a representative in Nevis to receive notices on behalf of the corporation. There is no requirement to maintain a registered office.

8. Accounts
Shareholders may waive the requirement to have accounts audited. Accounts do not need to be filed.

9. Taxation
Nevis does not impose income tax, tax on profits, capital gains tax or gift tax on non-resident corporations.

10. Double Tax Arrangement
Nevis has a double tax arrangement with the UK, although a company incorporated under the Nevis Business Corporation Ordinance cannot obtain treaty relief.

ORDERING A NEVIS INTERNATIONAL CORPORATION

The following information will need to be provided:

• Name of Company  (please suggest at least one alternative ).
• Authorised share capital – default is 10,000 registered shares of
  US$ 1.00 each – please state if an alternative amount is required.
• Name (s) of first director(s) – this is in order that we can appoint them.
• A brief description of the proposed activity of the company.

Know-your-client regulations require that sufficient work has been carried out to ensure that the ultimate beneficial owner(s) of the corporation to be formed is not engaged in criminal activities. In addition confirmation is required that all activities to be undertaken by, and sources of funds to be introduced to, the corporation are legitimate. Monarch&Co and our partners therefore require confirmation that you have conducted this due diligence with your clients, using forms that will be sent to you. This process must be completed by a director of your company and received by us prior to the release of any corporate documentation.