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FAQs about Forming a Company in Nevis

If you are interested in forming a company in Nevis, read on to discover questions to some of the top questions you may have beforehand.

Do I Need to Open a Corporate Bank Account to Form a Company in Nevis?

Opening a corporate bank account is not a mandatory requirement for forming a company in Nevis. While having a bank account is needed for conducting business operations, especially for managing finances and facilitating transactions, it is not a prerequisite for the company registration process itself.

Once your company is established, you need to open a corporate bank account to facilitate your business activities, including receiving payments, paying expenses, and managing funds. A local bank account is necessary for hiring employees and leasing office space.

What Are the Requirements for Maintaining Economic Substance for a Company in Nevis?

Companies incorporated in Nevis must demonstrate that they have substantial business activities and operations conducted within the jurisdiction. Key aspects of maintaining economic substance include having an adequate physical presence, employing qualified personnel, and conducting core income-generating activities locally.

Additionally, companies are expected to maintain proper records and hold board meetings in Nevis. It’s important to ensure that the company’s activities align with its declared purpose and generate real economic value within the jurisdiction.

What Are Annual Renewal and Compliance Requirements in Nevis?

In Nevis, companies are subject to annual renewal and compliance requirements to maintain their legal status and good standing. These requirements include submitting annual returns and paying renewal fees to the Nevis Financial Services Regulatory Commission (FSRC).

Annual returns provide updates on the company’s directors, shareholders, and registered office address, ensuring accurate and up-to-date corporate records.

Companies may also be required to comply with ongoing reporting obligations, such as filing financial statements or other relevant documentation, depending on their corporate structure and activities.

What Are the Differences between Director and Secretary Duties?

Directors are responsible for overseeing the overall management and strategic direction of the company, making decisions on behalf of the company, and ensuring its compliance with legal and regulatory requirements. They have fiduciary duties to act in the best interests of the company and its shareholders, exercising care, skill, and diligence in their decision-making.

Secretaries primarily handle administrative tasks and ensure that the company complies with statutory and regulatory obligations. Their duties may include maintaining corporate records, organizing board meetings, filing required documents with government authorities, and serving as a liaison between the company and its stakeholders. Having both a director and a secretary can greatly benefit your business.

What Are the Costs Associated with Establishing a Nevis LLC?

These costs may vary depending on the following factors:

  • Consultation services
  • The complexity of the company’s structure
  • Initial expenses, including government registration fees

While the costs of establishing a Nevis LLC may vary, you should consider the long-term benefits and advantages of operating within a jurisdiction known for its favorable tax environment and asset protection laws.

Our team at First Anguilla Trust Company Limited can help you form your company in Nevis. Contact us today!

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