Nevis Limited Liability Corporation (LLC)
An LLC formed under the Nevis Limited Liability Company Ordinance is a legal entity with separate rights and liabilities, distinct from its managers or members. Therefore, the LLC shall be liable for its own debts, obligations and liabilities. The LLC may be managed either by its members or by third parties.
Key features and benefits
· LLC is transparent (disregarded) for tax purposes.
· Substantial flexibility within operating agreement with an emphasis on freedom and enforceability of contract. LLCs are more adaptable to the needs of small businesses. They are ideal for carrying on an active business or holding assets.
· No public record requirement of members or managers, owners or directors.
· Records may be maintained anywhere in the world.
· No requirement for typical corporate formalities like meetings, minute books.
· Assets transferred to an LLC become property of the LLC and are no longer under control of the member, meaning that the manager assumes a role similar to that of a trustee, but without many of the restrictions of a trust. For example, the LLC may conduct an active business.
· An LLC can easily be structured so as to divide control and membership interests. Assets of the LLC controlled by a Nevisian manager, wherever in the world they are situated, are subject to exclusive jurisdiction of the Nevis courts. A foreign court order is not valid and forced repatriation of assets is not possible.
· Unlike shares in a corporation, a creditor cannot seize a membership interest in an LLC. Creditors are restricted to a charging order that does not create membership rights or give any control over the business. A fair value exchange of assets for an LLC membership interest is statutorily protected against future claims of fraudulent conveyance.
The Nevis LLC is our clients' preferred vehicle for both business and asset protection purposes given it completely avoids any tax complications by being tax transparent, and it offers greater flexibility and asset protection than a corporation, while being more readily understood worldwide than a trust.
An LLC may be combined with other structures or with other LLCs for more complex planning solutions. Its simplicity and corporate personality makes international banks and financial services providers very comfortable with the LLC, thus facilitating account opening and full due diligence procedures in the shortest possible time.
Nevis Business Corporation (IBC)
The Nevis Business Corporation Ordinance was Nevis' first international financial services legislation, passed in 1984. It was drawn up by US lawyers and based on the Delaware Corporation law model. It is Nevis' version of the typical IBC or International Business Corporation and it has stood the test of time by offering flexibility and benefits to those seeking a traditional share-based corporate structure for their business or holding operations.
Corporations are recognised and understood worldwide as being separate legal persons with rights and liabilities separate from those of their shareholders. Nevis also offers statutory confidentiality, broad powers and a fast and efficient registration process.
Key benefits of the Nevis Business Corporation (Nevis IBC)
· Complete powers to engage in any legitimate business worldwide, subject only to certain limitations on local business in Nevis.
· Name may be registered in any language, with your choice of suffix such as Inc, S.A., Limited, BV, SARL, KFT, etc. The name must; however, be written in the Latin/English alphabet.
· Any person or company from any jurisdiction may incorporate a Nevis IBC. Corporate directors and single subscriber companies are permitted.
· Complete exemption from Nevis taxes.
· Details of management and ownership remain private.
· Redomiciliation permitted into and out of Nevis, including emergency redomiciliation.
· Certification of documents under the Hague Convention.