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Saint Kitts: Types of Company

Introduction

Within the Federation of Saint Kitts and Nevis, the island of Nevis has a considerable degree of autonomy, which it has used to establish offshore legislation which is different from that of the Federation. Enterprises in Nevis can therefore choose between Federation or Nevisvian forms, while enterprises in Saint Kitts can use only Federation forms.

Two bills strengthening the jurisdiction's offshore legislation were passed into law by the Nevis Island Assembly at its meeting on January 26, 2009. These were the Nevis Limited Liability Company Ordinance and the Nevis International Insurance Ordinance.

The amendments to the International Insurance Ordinance tightened some issues in the legislation surrounding reinsurance companies’ share capital which lowered the threshold requirement from USD200,000 to USD75,000.

Speaking on the amendments made to the Limited Liability Ordinance 2009, Legal Advisor to the Nevis Island Administration, Patrice Nisbett explained to the Department of Information what parliament sought to address: “We were putting in place a provision for a prescribed fee for persons who wish to search the register of limited liability companies. Also when foreign companies or foreign limited liability companies wish to re-domicile in the jurisdiction of Nevis, the Nevis Island Administration after consultation with the service providers came to a consensus, whereby they had indicated to us that they would wish that at least a 60-day period in terms of a certificate of good standing should be made available to the Registrar of Companies,” he said. See Law of Offshore for more detail.

 

 

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