Nevis Government enacted two new Ordinances for Business Corporation and Limited Liability Company

Nevis Government enacted two new Ordinances for Business Corporation and Limited Liability Company

March 2018

As of 1 January 2018, the Nevis government revamped two foundational corporate legislations and replaced by the new Nevis Business Corporation Ordinance 2017 and Limited Liability Company Ordinance 2017. These changes should further enhance Nevis’s reputation as a premier jurisdiction and ease of doing business for Corporations and Limited Liability Companies (LLC).

1) The Nevis Business Corporation Ordinance, 2017

Companies within scope

  • Any corporations incorporated in the Nevis under this ordinance
  • Any corporations to which the insurance Law is applicable, but the provisions shall prevail over any conflicting provisions of this ordinance

How it could affect you

Following are some major enhancements of the new statute: 

  • Use of non-Latin alphabet characters for corporate names now permitted
  • Issuance of share certificates to shareholders is optional
  • Corporations may file charges on an optional basis
  • Streamlined requirements for voluntary dissolution
  • Enhanced requirements for the transfer of domicile to Nevis by foreign corporations
  • New requirements for the transfer of domicile of Nevis corporations to foreign jurisdictions
  • Optional tax residency regime introduced 

2) The Nevis Limited Liability Company Ordinance, 2017

Companies within scope

Any limited liability company formed in the Nevis under this ordinance.

How it could affect you

Following are some major enhancements of the new statute: 

  • Use of non-Latin alphabet characters for company names now permitted 
  • LLCs may file charges on an optional basis
  • Streamlined requirement for voluntary dissolution
  • Enhanced requirements for the transfer of domicile to Nevis by foreign LLCs
  • New requirements for the transfer of domicile of Nevis LLCs to foreign jurisdictions
  • Optional tax residency regime introduced

Please refer to Business Corporation Ordinance 2017 and LLC ordinance 2017 for further detailed information. 

How Vistra can support

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