GENERAL INFORMATION

INTRODUCTION
The Island of Nevis in the Eastern Caribbean was a British Colony from 1628 until 1983 when it became independent and joined the Federation of St Kitts & Nevis, it is now a member of the British Commonwealth and the United Nations. The Federation comprises two islands: Nevis, with an area of 93.2 sq. km and St.Kitts (St. Christopher), with an area of 168.4 sq.km. The total area is 261.6 sq. km. The population is about 47,000, mainly Mulatto and Black. The capital, Baster, is on St. Kitts Island. The population of Nevis is approximately 9000. The local currency is the EC dollar, which is worth approximately 2.7 US dollars.

The economy is based primarily on agriculture and tourism. The economy has traditionally been dependent on the growing and processing of sugar cane, export of coconuts and cotton growing.

LANGUAGE
The official and spoken language is English.

TYPE OF LAW
The legal system is based on English Common Law, but the Nevis Business Corporation Ordinance, which was introduced in 1984, incorporates both British and US laws, with the Ordinance drawing heavily on statutes applicable in the US state of Delaware.

COMPANY INFORMATION

TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
The type of Company used for international trade and investment is the Offshore Exempt Company (NBCO).

TIME TO INCORPORATE
Three Days, but allow ten working days for receipt of documentation.

RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words, or their relevant abbreviations - Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima.

The following names require consent or licences: Assurance, Bank, Building Society, Savings, Loans, Insurance, Investment Fund, Royal, Trust, Chamber of Commerce, University Co-operative and Municipal.

Companies cannot undertake banking or insurance activities. However reinsurance activities are permitted and trust companies can be formed for private use.

CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, preference shares, redeemable shares and shares with or without voting rights.

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.

LICENCE FEES
Exempt companies pay a licence fee of US$200 per year.

FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file annual audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.