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These days, many businesses are choosing to set up their companies overseas in order to take advantage of the considerable benefits in terms of finance and corporate governance that are offered by an offshore incorporation.
One of the most popular jurisdictions for this practice is the small Caribbean island of Nevis, which is part of the nation of St Kitts and Nevis. A limited liability company set up in Nevis is exempt from all forms of taxation, including income tax and corporation tax, and is not subject to foreign exchange controls.
A Nevis-based LLC also has the advantage of not having to file details of managers (directors) or members (shareholders) with the local Registrar of Companies, nor is it required to submit to annual audits, hold annual general meetings or reveal details of any share issues.
Setting up a limited liability company in Nevis does, however, come with certain legal obligations. The most important step is the drawing up of the articles of organisation, which has to be filed with the Nevis Registrar of Companies, and which must include the name of the registered Nevis agent and the registered office address. The articles of organisation must also include the title of the LLC, which must be distinguishable from existing companies, and it must name a minimum of one member of the company (you do not need to list the name of your member (director/shareholder) at the articles of organisation).